What Is The Difference Between Personal Credit Cards And Business Credit Cards
The respondent is the business (Although a person is normally required to sign for and guaranty the debt on behalf of the company.) If you are a small business, and have a business tax ID number and business license, there may be tax advantages to using a business credit card for payment of all your business related items.
The fees and spending limits for one thing and business credit cards are usually associated with a business and not a given individual, but a business credit card will be tied to the business owner for credit purposes. Business Amex has an annual fee that must be paid and pretty high interest charges, so it's not a card for everyday use.
One thing that is nice about a business credit card is that they send you quarterly reports with the expenses broken down into categories. It makes some accounting paperwork a lot easier. The fees tend to be about the same
Business credit card is offered through your employer and can be unlimited depending on the business. The APR will depend on that business as are personal APR's
Consider some thing before you choose one:
1. Be sure to comparison shop the bank cards offered by Visa and Master Card, American Express and Discover. Check interest rates, fees and grace periods for payment. Some bank cards partner with hotel chains and restaurants to offer you additional discounts.
2. Analise how you will use the card. If you travel often to meet clients, find a card that provides the most travel benefits and frequent flier miles - those cost-savings can really add up at the end of the year.Compare card programs offered directly by the airlines. Some let you redeem miles on any company while others have restrictions on which airline you can use it. (for example Citi Business Premier Pass let you choose any airline that is convenient to your business needs)
3. If you don't travel much but still need to entertain clients, you'll want a card that offers discounts to restaurants or gift merchandise as opposed to a card that mostly gives discounts on standard business supplies or computer equipment.
4. Check with companies like FedEx Kinkos, Staples to see which credit card companies they deal with.
Pay the card off in full each month to obtain the most benefit out of it. Interest charges can quickly add up and wipe out any cash back savings you might gain.
Related Tags: business, business credit cards, small business credit cards, best small business credit cards
Madiha writes for http://www.smallbusinesscreditcardsinfo.com a directory of business credit cards from top issuers such as American Express, MasterCard, Visa, Advanta, Chase and CitiBusiness
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