A business credit card offers a number of benefits to the small business that uses them, such as being used as a source of financing and to help fuel their expansion. Let’s examine these and other advantages provided by the Small Business and Entrepreneurship Council and the Better Business Bureau.
1) Provides a financing means for small businesses. Credit cards offer a quick and reliable means to access funds needed for day-to-day operations or long-term expansions. Credit cards are typically easier to obtain than a line of credit or loan, and take much less time to process and receive the requested funds.
2) Helps to get through the tough times. The economy is cyclical and goes through ups and downs. A business credit card can help a company get through a temporary downturn.
3) Aids tracking of business expenses. A business credit card is a convenient way to track business expenses for budgeting and tax preparation purposes. Most credit card companies can provide the business owner with a itemized list, often by expense category, of all expenses paid during a particular period.
4) Higher credit limits. A business credit card typically has higher credit limits than a personal credit. This is particularly helpful when purchasing new equipment, technology, supplies, or inventory.
5) Establishes a business credit history. Building a business credit history is essential for acquiring business-related loans and lines of credit in the future.
6) Provides protection. Purchasing products or travel services with a business credit card provides additional insurance for you and the employees using the card.
7) Provides special perks. Much like consumer personal credit cards, some business credit cards offer cash-back rewards, airline miles, or airport lounge perks.
For more information, go to Business Credit Card at http://www.unsecuredbizloan.com/business-credit-card