What is a Business Credit Card?
A business credit card allows the business to take, on credit, a sum necessary for the purpose of the business. Simply put, it is a credit card for businesses.
How do we benefit from a business credit card?
Like consumers who need credit cards, businesses also benefit from a credit card that gives the business financial credibility and borrowing capability.
Today most businesses start off, right way, with an application for a business credit card, and they do so not without reasons and benefits.
Top 10 benefits of business credit cards :
1.As a business man or an entrepreneur, you get a chance to track your business expenses, much like the expenses made using your personal consumer credit cards. There is a clear understanding of what was spent towards what.
2.Since a business credit is ostensibly designed to lend credit to businesses, these cards definitely come with greater credit limits and borrowing capabilities.
3.Most Business Credits Cards have relatively more flexible payment options, much more than an average consumer credit card, simply because of the nature of use they are put to. Being essentially business cards, issuing companies understand the need to offer more flexibility on the card usage.
4.Business Credit Cards come loaded with more business oriented features; to be supportive of the business, and definitely are more acceptable than consumer credit cards within the business contexts.
5.The Business Credit Card is very much a part of your company or organization and reflects the entity. Today it is considered unprofessional to start off a business, be it small or big, without a dedicated business card.
6.When paid off in full, they become an indispensable business tool giving you interest free money for your business needs, and are hugely popular for this attribute.
7.No matter how much you use your Business Credit Card it will not reflect on your personal credit, making a clear distinction between your personal credit rating, and the credit rating of your business.
8.Rewards are not uncommon on Business Credit Cards, and many are known to fetch huge rewards and discounts that are geared to help business. Supply discounts are often offered for business purposes and no consumer card can offer that.
9.Your Business Credit Card reflects the health of your business, and gives you more and more credibility with lenders and prospective investors, as you grow financially. It is a clear indicator of how your company grows and performs.
10.One of the widest spread problems of both small and large businesses is that of time and effort spent on issuing checks. Checks need approval, need the signatory to be physically present to issue and often take time, while a business credit card doesn’t take more than the time needed to swipe or transact online.