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Business Credit Cards by Tom Markel


Many credit card companies are now more than willing to give small business owners credit cards for their businesses. This provided much needed cash flow in the case of emergencies and gives the business more credibility when a card has been issued in its name. It is also a great way to build a credit history for your business and this is where proper management of the card is critical. Below are 8 tips to managing your business credit cards properly.
 
  • When you have a business credit cards, be sure not to use it for your personal expenditures. This will create a lot of problems for your accountant as well as create problems with money management. If you want to use a credit card to shop for yourself, then get one. Using your business credit card for business purchases only also says that you are serious about doing business.
  • Use your card to monitor your business expenditures at the end of each month and year. This is one of the most wonderful advantages of having a business credit card as many small business owners find it daunting to go through a bunch of receipts in a effort to keep track of their expenses for the business.
  • As I've stated before, your fledgling business will get a badly needed opportunity to build a credit history when you use a business credit card. This history will prove very useful in a few years when you want a loan to expand your business. For this reason, it is best to apply for a business credit card at a lending institution where you will most likely go for a loan. A well managed card will show lenders that you know what you are doing with your money.
  • Credit card companies often offer additional cards for employees. This is great as it keeps all the expense records on the same account while providing you with an opportunity to monitor their spending. Some even allow you to set different limits for each employee.
  • You do not need more than one business credit card. Multiple card will lead to confusion with your accounting and will also impact negatively on your credit score. It can also be challenging to manage them all.
  • Do not use your business credit card for cash advances at any time. The fees associated with this transaction are not worth the cash that you are getting. If you need cash, use your checking account.
  • Pay your cards before the interest kicks in. Since you are using your business credit card for accounting purposes, be sure to make payments promptly and pay off everything at once if you are able to. This will help you to avoid having your business paying interest on the purchase of a ream of copy paper. Avoid paying late or just the minimum amount.
  • Pay online. It is safe, immediate, saves on paper and shows that you are able to use modern technology.
  • If you heed these tips, you are sure to be successful at managing your business credit card and your business.
 
iBank.com has business lines of credit available for all sizes of business. A borrower can choose between multiple types of credit. Registering with iBank.com puts the borrower in touch with local banks that can help them get the business lines of credit they need to keep cash flow steady and business running smoothly. 


Most Recent Postings

Type Amount Location Date Posted
Business Credit Cards $5000 Mahomet ,
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