Orangeville, ON (Jason Mead) Small business plays a vital role in today’s economy. It is now easier than ever to establish a new business. So why apply for a small business credit card?
Keep Track of All Your Small Business Expenses The most obvious is to separate personal finances from business related purchases. A small business credit card lets you make all your transactions by phone, internet or in person. Then get periodic statements detailing all your business expenses.
Business credit cards are convenient. Covering business purchases with employee’s personal money can get very messy. So instead of relying on cash, use a business credit card. Most credit card issuers offer a credit limit for employee cards. They also provide different methods to track the card.
You no longer have to dread the year-end nightmare of trying to track where and when you spent your money. It’s like having all your book-keeping done automatically for you! In a digital world, why should your business have to collect every last printed receipt?
Establish Your Small Business A credit card with your business name on it gives your business credibility. A business credit card looks a lot more professional than paying from your own wallet. It also gains the respect of financial institutions. By owning a business credit card, your business can build credit. So when you need that business loan, you will get the best interest rate and qualify for higher amounts. As your credit builds you might also qualify for a lower interest business credit card.
So even if your business doesn’t have a 6 figure budget, a business credit card could help your business grow. You never know when your business might need extra money. Office equipment might need immediate replacement. Without a business credit card, financing could interfere with your daily routine.
Earn Rewards with a Business Credit Card You can also save money and earn rewards. Certain business credit cards give you cash back on all your purchases. Other cards give you varying cash back percentages depending on where you shop. A cash back business credit card is a great way to increase your profit margin.
Other cards give you airline travel rewards for using your credit card. They could include travel discounts, free flights, free companion travel or upgraded flight seating.
A small business credit card provide convenience and rewards. It also helps to build business credit for the future of your company as you watch it grow! Research the business credit cards available. Find the card that best suits your business needs. Finance your business for today and tomorrow.