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What can small business credit cards do for me?
Business credit cards 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 business credit cards. 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 substantial savings.
Common Usages of Business Credit Cards
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 business credit cards offer promotional rates and incentives for transferring. This can effectively reduce your costs by reducing your long-term interest.
Credit Cardscome in a 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 Cards, this is the one specifically designed for business users. 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.
When there is a maximum amount available to the cardholder, 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. Clover Capital is one of the most trusted sources to assist you in wading through a variety of offerings and choices.
As indispensable as business credit cards are to the 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.
Additional Funding Options
Business Loans, Financing, and Lines of Credit Products
Clover Capital provides a full range of business financing options, which ensures that merchants find the right financing option. Our experienced funding specialists guide our customers into selecting the best-suited loan product for their needs.
PDF Application
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