Starting or growing a small business is an exciting, hopeful
time with many plans and purchases to be made. Even small items add up and
quickly drain financial resources. Small business credit cards resolve cash
flow problems for struggling new or expanding businesses. They are also a way
for a small business to build credit.
As with personal credit cards, there are many different plans available.
Interest rates and fees vary. Some banks offer cash back rewards on certain
types of purchases or frequent flyer miles. Credit card incentives may outweigh
a lower interest rate for certain businesses. Research is the key to finding
just the right card for your needs. There are resources available online that
compare features of various credit cards making the process easier.
Having an account with multiple cards makes it easy to track employees
business expenses such as travel and meals. All monthly expenses are on one
account making bookkeeping and bill paying easier. Care should be taken that
business cards are not used for personal purchases. Mixing personal and
business expenses on the same card causes accounting nightmares and problems at
Judicious use of small business credit cards can help a business grow and free
up ready cash. They can provide crucial short-term loan funds when cash is low.
Paying credit card bills on time is a simple way for a new business to build
and establish credit thus qualifying for a larger credit line and lower
interest rate in the future.
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