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ADVANTAGES OF HAVING A BUSINESS CREDIT CARD

A Credit Card is used for two purposes: one is the convenience it offers of buying now and paying later or in instalments and the second reason, though used by a very few people, is to make it easier for them to track their expenses. This becomes all the more important when you need to distinguish between your personal expenses and the money that you spent for the company you are working for.

Several employees find themselves in bad situations because they mix their personal and company expenses by swiping with the same credit card and then 2 months later they don’t remember how much they spent for a business meeting with their clients. The “business credit card” will make sure that you don’t have to be in such situations.

There are several reasons why you should have a business card. The most important being: they will save you a lot of time by avoiding confusion and they will decrease your difficulties at the time of paying tax.

However, like with all types of credit cards you should do sufficient amount of research before you choose the provider of your “business credit card”. Some of the major benefits of the “business credit card” include:

  • Personal and business expenses are segregated which is more convenient for you.
  • The “business credit cards” provide more flexibility than the business checks.
  • The “Big Boys” in the business will provide discounts to the card holders.
  • They allow taking of balances forward.
  • You will get other benefits like zero – liability features and travel insurance.
  • Most small businesses use these cards for convenience and also image.
  • These “business credit cards” can be personalised to suit their businesses.
  • The payments can be made quickly and without the need of paper documents.
  • These cards don’t have limits and most of them need full payment of accounts every month.

But these “business credit cards” can cause a lot of trouble for you, if you give it to the wrong employees or if you yourself misuse it. The high degree of convenience may also lead to its overuse which results in overspend.

Most of the companies track all the expenditure of these cards of all the employees and give a very low limit for an employee who is over using the card.

The bottom line is small businesses and corporations will greatly benefit by issuing the business credit card. It will help the small businesses more significantly as they cannot waste their available capital. Therefore, the “business credit cards” allow them to make the employees accountable if they spend the company’s money, thereby saving a huge amount of that much needed capital.

It is always recommended to consider the APR percentage while making the choice of the provider of your business credit cards. Buy the one which offers you the best balance of the APR percentage and card holder perks. You will greatly benefit from these cards.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.