What can a small business credit card do for me?
A business credit card can provide more than just credit.
There are several different types of businesses. Each of them is unique, however, all of them have one thing in common, they all use cash to make daily purchases. This can be very difficult to keep track of and create a black hole of sorts for accounting. One way to overcome that dilemma is to utilize a business credit card. There are several advantages. One is that you can track expenses very accurately. A record is made of each purchase and it is tied to a purchase amount and vendor.
There is also another advantage attached to this type of credit. That consists of travel miles and purchase points or even cash. These accumulate over time and result in additional savings on desirable services and products. In the long run that saves you and your business money just by using them until they accumulate into a substantial savings.
A balance transfer can save you money as well.
Using a card with a high interest rate and balance can be excessively expensive. One way to overcome that is to transfer the balance to a card that is offering reduced fees and/or increased perks. Some cards offer promotional rates and incentives for transferring. This can effectively reduce your costs by reducing your long-term interest.
There are a variety of credit card types, choose wisely.
Credit cards come in variety of types and kinds. There is a charge card which does not have a pre-set spending limit but must be paid in full each month. They don’t typically have a finance charge, but, are usually riddled with fees and restrictions if not paid in that month.
Secured Credit Cards, are for folks who have less than stellar credit. There is a security deposit placed on the card and that is most often the amount that is accessible. There is still a monthly payment and there is still reporting the reporting agencies.
Business Credit Card, this is the one specifically designed for business usage. It is tailored to keeping personal and business expenses separate. A personal credit history is often required to secure this card to ensure the creditors repayment.
So, what is revolving credit?
When there is a maximum amount available to the card holder, and an amount that is due which is less than the total balance each month, that is revolving credit. The card may have a balance of $550, but only require a payment of $40/mth., the balance may change each month as withdrawals are made but the payment required remains less than the total balance. There can also be other features such as alerts to notify you when you are at or over the limit.
You can’t afford to be without a business credit card to assist you in your day to day operations. Dynamic Capital is one of the most trusted sources to assist you in wading through the variety of offerings and choices. As indispensable as a credit cards are to business’s nowadays, our exclusive one step application process with a “Soft Credit” pull, provides you with the widest selection of options to ensure your business gets the tools you need to exceed.