Ultimate Guide to 2017's Best Business Credit Card Options
Discover the best business credit cards of 2017 with this comprehensive guide. Learn about key features, choosing tips, credit building strategies, and how these cards can support your business growth. Improve financial management and maximize rewards with expert insights tailored for entrepreneurs and small business owners.
Ultimate Guide to 2017's Best Business Credit Card Options
Business credit cards are crucial for entrepreneurs and corporate owners, offering quick access to funds and simplifying expense management. They often come with rewards like airline miles and cashback offers. Higher credit limits enable businesses to finance equipment and operational costs, promoting growth.
Understanding the distinctions between business and personal credit cards is vital:
Business cards usually feature larger credit limits than personal ones.
Some cards may not adhere to consumer protection laws like the Credit CARD Act of 2009, which can cause APR and grace period changes without notice.
They often offer higher rewards, bonuses, and discounts on office supplies or shipping services like FedEx.
Bank reporting affects your credit score, as business activity is shared with credit bureaus.
Picking the Right Business Credit Card: Key Factors
Focus on these aspects to choose the best fit for your enterprise:Quick Funding - Access immediate capital for expenses, expansion, or startup costs.
Asset Separation - Keep personal and business finances distinct to protect assets and liabilities.
Expense Oversight - Use spending caps, mobile controls, and detailed reports to manage expenses effectively.
Tax Benefits - Leverage business cards to finance equipment and deduct related costs for easier tax filing.
Applying for the Top Business Credit Cards in 2017: What to Consider
Eligibility - No need for physical storefronts; good credit scores suffice. New or credit-challenged businesses can opt for secured cards with deposits defining credit limits.
Credit History - A solid business credit score (0-100) indicates financial reliability, influenced by data from banks, vendors, and trade organizations, affecting approval chances and terms.
Tips to Boost Your Business Credit
Develop a comprehensive business plan - Demonstrates stability and growth potential to lenders.
Obtain an EIN - Establishes your business as a separate legal entity, enhancing credit prospects.
Build credit history - Strong credit reduces dependence on personal guarantees for loans.
Disclaimer:
This platform provides financial insights on various topics. While informative, this information is general and may not cover all current offers or schemes. Users should conduct further research and consult financial professionals for tailored advice. We do not assume responsibility for discrepancies or inaccuracies.