Frequently,Asked,Questions,abo business, insurance Frequently Asked Questions about Business Credit Cards
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Despite the popularity of business credit cards, many entrepreneurs are still apprehensive about using them. Are you a business owner? Are you thinking about applying for a business credit card? Understanding the basic points about them may help you come up with a decision. Here are some of the most Frequently Asked Questions about business credit cards:Do you need to own a large business in order to qualify?In the past years, business credit cards are offered only to larger companies. These days, even small business entrepreneurs and home based business owners can apply for a business credit card. It doesnt matter whether you are managing a small business or a big one, as long as you meet the requirements of the card.When applying for a business credit card, would your personal credit history count?Yes. For new businesses who have not yet established a corporate credit, the business owners personal credit history would be used as the basis for approval. The best business credit cards in the market often require good to excellent credit so its best to check the status of your credit first before sending in your application. Still, there are also business credit cards for business owners with imperfect credit or with no credit at all.What are the requirements for a secured business credit card?You can get easily approved for a secured business credit card regardless of the status of your credit. However, youre expected to submit a security deposit in your account. This would be used in case you fail to keep up with your credit card payments. Thus, the amount of your security deposit would also determine the value of your credit limit. Can a secured business credit card help rebuild bad credit?Yes. You can apply for a secured business credit card not only to get the financing assistance you need but to have the chance to rebuild your damaged credit as well. However, its important to choose a secured credit card that reports your payments to the credit bureaus. Take note that not all secured credit card provide this service. By consistently submitting your payments on time and staying within your given credit limit, you are also improving your credit score. After a year, dont forget to request from your credit card company to upgrade your account to a non-secured account.Are reward business credit cards really worth it?The answer to this question depends on how well you manage your business credit card. It is important to remember that reward credit cards have higher interest rates and costs than non-reward cards. If you make it a habit to carry over your balances from month to month, you may end up paying for more because of the additional interest rate charges. Thus, if you decide to get a business credit card with reward, make it a point to settle your balances in full each month. Also, reward credit cards impose expensive late penalty charges so you must make sure that you wont miss or delay with your payments.
Frequently,Asked,Questions,abo