Business Credit Cards.
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Top 4 Business Credit Cards
How Different Is It From Other Credit Cards?
Just like a consumer credit card, business credit cards provide your business with a revolving line of credit. It also has a credit limit set to it. You can also use it to withdraw cash (or make a cash advance) or you can just use it to purchase different items.
Just like a consumer credit card, it also charges account holders (well, this time your business is the account holder) a certain amount of interest if a balance remains after each billing period.
That also means your business will be working with the credit card’s business cycle. There are also a plethora of credit card issuers around, banks included in the many options. Business credit cards applications can be processed in person, via the internet, or by mail.
As you can see, these credit cards are very much like a consumer credit card. It presents you with the option to separate your personal credit use from that of your business. That way you can keep your personal and business expenses separate.
Traditional Line of Credit vs. Business Credit Cards
You may have seen the offers for these credit cards in your business mail. The offers usually portray these credit cards as an attractive alternative to all the usual credit lines that you have been using for your business.
There are a few differences that you should be aware of before you sign up for one. First off, traditional credit lines will offer you with a loan and a fixed interest rate. On the other hand, a credit card for your business represents a revolving credit line.
Pros and Cons of Business Credit Cards
Now, before you take that business credit cards offer you should know the pros and cons. Getting a business credit card carries its own risk. Your business can benefit from it and of course you can also drive your business deep in debt by it as well. Let’s start with the benefits: