As a business owner, you know that it is not wise to mix personal and business expenses together. A great way to keep things separate is to have a business credit card. All the major companies offer the opportunity to have a separate business credit card account. These business credit cards help you make transactions over the Internet, by phone or simply whip it out from your wallet to pay in person. However, you do need to take into consideration what type of business credit card gives your company the best deal in interest rates, perks, and credit lines. It is important that you just do take your business credit card and run off on a shopping spree. Know Thyself! Make sure you calculate what your monthly expenses will be and see if you have the cash flow to pay it off. Also, you need to determine who will carry the business credit card and who will have authorization to use it. Sometimes, based upon company size, you may need to have several business credit cards. Make sure your business credit card company can give you an employee expense breakdown. Business credit card companies offer the possibility of downloading expense records in QuickBooks or excel formats. Always be aware of the interest rates with business credit cards. The point in business is to make as much money as possible and you do not want some of your profits to go to the coffers of the business credit card company. While some business credit cards may offer great introductory interest rates, it may be for a limited time offer. Also, if you happen to miss the deadline, the business credit card company might pull a fast one on you and increase the interest rate significantly. When you were just paying 5% interest rate, all of sudden, you are going to pay 24% to your business credit card company. Make business credit cards work for you. See if your business credit card can give discounts on hotels, car rentals, travel accident insurance, and overdraft protection. Also, check if your business credit card has an annual membership and ask if they could waive the fee for the first few years. Do not use your business credit card to pull out cold hard cash. There are extra fees that your business credit card company will put on your monthly bill for this type of transaction and the interest rates are different from purchasing directly with the business credit card itself. A business credit card is a great way to build up your business. Use it wisely!
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