The Benefits of a Business Credit Card Still Ring True

Wednesday, June 24th, 2009

When you own a small business, one of the first rules of thumb is to separate your personal finances from that of your business. For many entrepreneurs, it can be difficult to undertake this task but a small  business credit card may be just the solution you are looking for and one that will also help the credit score of your business.

Small Business Benefits
One of the greatest assets a small business credit cards will afford your company is the ease of accounting. If you are using your credit card responsibly for legitimate purchases your business can afford, you will be able to take your monthly credit card statements and itemize it for accounting purposes. You will be able to not only keep track of what you are spending but also be able to get a very clear picture of just what your business expenses are each month. Should it ever come important to cut costs, you’ll know exactly where to look.

Another benefit of the small business credit card is it helps your company develop its own credit score that will be necessary down the road when you need business financing and vendor credit. You will need to prove your worth as a business and hence your company’s credit score will become invaluable.

You will also be able to have a card at your disposal that caters to small business owners in that it is designed to provide reward, discounts, rebates, and bonus points
on the things that matter most when you are running a business in any industry. Most credit cards designed for business offer relatively low APR’s and some pretty attractive introductory rates that can help your business during its initial growth period. This also helps you save additional money when you need to make larger purchases without having to have the cash immediately. This can be great when you need operational equipment to get your business off the ground.

Small business credit cards also may offer incentives for business owners who must travel often to make a profit. From free flier miles to discounts at participating hotels, the more money a business can save in expenses, the more can be put back into the business’ growth. Traveling with a business credit card also makes sense for practical safety reasons. Face it – if you lose cash while you are traveling, it is likely you will never get it back. The credit card, if stolen or misused, can help protect your business.

Small businesses that operate with several key personnel can utilize credit cards individually
. Employees can have a credit card at their disposal for convenience and all charges can be tracked individually so the powers that be can conduct easy audits on company spending. Credit cards offer convenience and protection that cash, checks and money orders do not. Fraud protection is especially important for a business that needs to make purchases online or often because it can keep your company credit card from being used improperly.

Business credit cards are a great resource for every company but one designed for a small business better caters to the entrepreneur and start ups. Managing finances for a business is no easy task but the benefits of a small business credit card definitely make financial management much more simplified at the same time, your business will build its own credit reputation. Be careful in selecting the right card for your company as there are many options on the market today. Doing the proper research and not falling for the first card offer that drops in your mailbox can make your small business’ first credit card experience a positive one.



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