Getting credit for your business is essential, regardless of size or industry. If you don’t have a lot of cash on hand or have to wait for payment for extended periods of time, business credit cards may be the way to go. Credit cards give business the flexibility and allow owners to separate their personal and professional finances. There are numerous options when it comes to choosing a credit card for your company, but there are three different things you’ll want to look at before you sign up.
When you’re choosing a business credit card, make sure you pay attention to all the associated fees. From annual to overdraft fees, if you’re not aware of costs that you can accrue simply from having and using the card, your credit, and business, can suffer.
As you choose a business credit card, it’s important to keep in mind that business can become personal. Small businesses are often asked to personally guarantee payment, which means bad business credit management will impact your personal finances. And while the perks or rewards program may seem to be worth the fees or rates, small businesses starting out without much capital should consider a card with no frills. The most important things to consider when choosing a business credit card are the rates and the fees. Make sure to shop around for your business and read the fine print before you sign the dotted line.
Erica Bell is a small business writer for Business.com. Though she writes on a variety of industries, there is a focus on topics such as online marketing, business buying, phone services and social media trends.
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