Should I Get A Business Credit Card?
Ask Andi: Biz Finance Advice for Solopreneurs
English - February 04, 2020 23:40 - 28 minutes - 52.7 MB - ★★★★★ - 22 ratingsEntrepreneurship Business Management accounting entrepreneur finance quickbooks smallbusiness smallbusinessowners Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Have you ever thought of opening a business credit card? It can be confusing to understand the pros and cons of opening a new card, but I’m here to help you figure out the next steps for your business finances. Learn how to determine which business credit card is right for you and how to best manage it. I’m even sharing tips on how to maximize those credit card perks and points.
So, join me as we dive in and explore all things business credit cards!
What We’re Talking About
Why Should I Get a Business Credit Card? Why Shouldn’t I Get a Business Credit Card? How to Manage a Business Credit Card The Best Business Credit Card for You
Why Should I Get a Business Credit Card?
The biggest perk to a credit card is racking up points and cash back bonuses. So, why not do the same for your business? Start earning rewards with big business expenses as soon as possible. Remember, you can use those points and rewards personally! Credit cards also deliver easy access to start-up funding, providing you with a quick and easy way to obtain cash up front. Lastly, and most importantly for the future of your company, a business credit card will help you build business credit. After all, your business has it’s very own credit score.
Why Shouldn’t I Get a Business Credit Card?
While there are many upsides to a business credit card, it’s important to recognize potential pitfalls. Emotionally, some of us have a hard time managing spending when using credit cards, and personal habits can transfer over to your business. Credit cards can also be hard on cash flow. While you’re trying to get your business off the ground, you will need to not only pay for current expenses, but payoff credit card debts as well. Lastly, a business credit card adds more administrative and bookkeeping work.
How to Manage a Business Credit Card
It’s surprisingly easy to manage a business credit card. As with a personal credit card, best practice includes paying off in full monthly and using less than 10% of available credit. Don’t forget to make payments toward your business credit card from your business checking account to avoid confusing personal and business finances.
The Best Business Credit Card for You
Some important questions to ask yourself when selecting a business credit card include: How are you going to use your business credit card? Ongoing business expenses or massive start up costs? It’s important to align the purpose of the card with rewards that will pay off big! You can search for different credit card perks online to find the best fit for you.
Are you ready to financially prepare your business for the future?
Links Mentioned
Chase Business Preferred Ink - My Business Credit Card