Debunking,Business,Credit,Card business, insurance Debunking Business Credit Card Myths
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There are business owners who may have a negative notion about credit cards for business, thinking that using business credit cards is really not necessary or that using one will only lead to bad credit. But in reality, benefiting from a business credit card depends on how the cardholder makes use and manages the account. Listed below are some of the most common business credit card myths and what you need to know about them:Credit cards for business have expensive fees. Some business credit cards may come with expensive charges but if you do your research well, you should be able to find credit cards for small business with reasonable interest rate, low fees, and great provisions.All business credit cards have annual fees. Annual fees can range from $50 to as much as $100 or higher especially for business credit cards rewards but there are also some great credit cards with no annual fees at all.Paying with credit cards mean paying additional interest fee. A credit cardholder can actually eliminate the interest rate fees simply by paying off the full balance on time each month. Find a business credit card with sufficient length of grace period so you can have more time to post your payment without incurring the APR charge.Using business credit cards is risky. Some entrepreneurs may be hesitant to use a business credit card for fear of being a victim of fraud or identity theft. To prevent this from happening, purchase only from reliable merchants and review your credit card bill before payment. Also, find a business credit card that offer liability protection against unauthorized charges and purchase protection as well.Business credit cards are all about debt. In using your business credit card, an entrepreneur is also building up credit history for his/her company. Building corporate credit is a must for all business-whether big or small- since good or excellent business credit is a major requirement when applying for a business loan or in seeking financing.Business credit cards are only for big businesses. On the contrary, you can find credit cards for small businesses that are especially designed to meet the demands of smaller enterprises. Unlike a corporate credit card, small business credit cards are easily available in the market. In fact, a business owner can simply apply online and wait for approval. In fact, because the application process is uncomplicated, credit cards for small businesses are great tools for establishing business credit history.Business credit cards are no different from personal credit cards. Some business owners may prefer to use their personal credit cards rather than apply for a new credit card. But does it really make a difference whether you use a personal credit card or a business credit card? The answer is yes. Small business credit cards are equipped with special features and services that are not available in personal credit cards. These features (online account access, yearly summary report, etc) help a business owner in managing the account more easily and effectively.
Debunking,Business,Credit,Card