Learn How to Choose the Right Business Credit Card for You
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Frequently Asked Questions About Business Credit Cards
What exactly is a business credit card?
Credit cards are issued to businesses as opposed to individuals. Credit cards geared toward small businesses typically include perks designed to attract and retain business customers, such as employee cards and discounts on company expenditures. Yet, they are similar to personal credit cards in that approval may be based on your credit history and a guarantee of repayment.
Can I utilize a credit card I already have for my company’s needs?
If you’re a lone entrepreneur, you can put business expenses on your personal credit card. But, separating your company and personal spending on separate credit cards might simplify the process of reporting and substantiating business expenditures.
How can using a credit card for commercial purposes influence one’s personal credit?
If the card issuer discloses your company credit card activity to consumer credit bureaus, it could have the same effect on your personal credit as a personal credit card. Questions about the issuer’s specific policy might be asked in advance of an application. If you fail to make payments on time and the account is turned over to a collections organization, it could have a negative impact on both your business and personal credit.
I was wondering if business credit cards had the same security features as consumer credit cards. Given that the CARD Act of 2009 only applies to consumer credit cards, business credit cards are not required to provide the same protections as personal credit cards. On the other hand, some business credit card issuers voluntarily include some of these safeguards with their small business cards.
