business credit cards are not simply convenient, but they are a great way to monitor your spending. They also make bookkeeping and accounting easier because there are fewer cash transactions to wade through and register.
However, whatever the reason or reasons you choose to have a business credit card , there are still things you need to know about the terms and conditions attached to such a card. For example the annual fee for a business credit card is higher than that of a personal credit card.
You could find yourself paying as much as $150 per year for cards with extras but if you simply need a credit card to make basic purchases, you would be best choosing a card offering an introductory interest free period.
This actually means that you will pay no interest whatsoever for a given period and this can be anything up to twelve months or so. This is super news for new businesses when all manner of setting up expenses are incurred ? it could almost be looked upon as an interest free loan!
Your statement shows when the payment is due and this is the last date your money must be received by the company. Some cards such as American Express require that you pay the balance in full each month, so make sure you take a good look at the terms of any credit card before signing up. If you run over there will be no hesitation on the part of the company to apply a late payment fee onto your existing balance and if you are not on an interest free or fixed rate card, you are likely to be penalized for late payment by an increase in your APR too.
Your APR, or annual percentage rate, is the interest you are charged on the outstanding balance of your credit card. Because of this, it’s much better to get a fixed-rate card, generally, instead of a variable one. With a fixed-rate card, a credit card company will not be able to charge you a higher interest rate because of a late payment. This is also going to help you keep an eye on your budget. Don’t let having one card stop you from looking around for a new low rate introductory credit card or for a new interest free credit card if your current interest rates on your card are very high. Oftentimes, you can transfer balances on a card. This is an incentive companies provide to entice you take out a new card. This can save you a lot of money over the long run, provided you use it right.
It may be true that at some point, you’ll need to face a problem with a business credit card. In this case, you’ll need information quickly. Many companies have a website with a frequently asked questions page. This is a great place to start when you need questions answered. More than likely, someone else has already faced an issue similar to yours, so that your answers will be right there. Most companies will also provide a phone number so that you can talk with a customer service representative over the phone; most of these companies also have the ability to talk to a customer service representative via an online messenger program directly on their website. Try one or both of these methods out and see what customer service response is before you agree to sign up for a certain card.
Before applying for a business credit card, be realistic about your ability to service any debt you create as well as your actual need for the credit. Don’t accept more available credit than you need or can handle. If you are a small business, your personal credit rating will be affected by these decisions. Even if you are not, your long term financial health can certainly be impacted by your choice and the use of a business credit card.
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