Small Business Credit Card

By: EconomyWatch   Date: 30 June 2010

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A small business requires free access to cash for expenses associated with daily operations, which can be easily accessed with the help of a small business credit card.

Small Business Credit Card: Features

  • Low interest rates

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  • Free online statements

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  • Free supplementary card for employees

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  • Balance transfers

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  • Rewards program

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  • Personalized card

    Small Business Credit Card: Benefits

    Some of the benefits of a small business credit card include:

    • No annual fee.

    • Most card issuers offer a 0% interest rate on all balance transfers conducted during the initial period.

    • The card offer fraud protection facilities throughout the day.

    • Card owners have access to 24-hour customer services.

    • Easy access to information on the Internet.

    • Free car insurance

    • Travel benefits, such as free or reduced air travel.

    • Higher credit limits

    • Many people tend to merge their professional and personal finance in the first few years which can make it hard to keep the accounts straight.

    • The interest rate is very high. Ensure that you pay all outstanding bills on time to avoid late payment charges and high interest on the balance owed.

    • A few late payments can spoil your credit score, since each credit card payment record is reported to the credit bureaus.
    • Discover Financial Services

    • American Express

    • Visa

    • MasterCard

    • Advanta

    • HSBC

    • Chase Bank

    • Citi

    • MetaBank
    • Go online and evaluate the offerings of various banks before deciding on a bank.

    • Compare interest rates, services and privileges that suit your business needs.

    • Find the right credit card that can help your business grow, manage finances or offer cash backs.

    • Many banks have online application forms for customers’ convenience. Fill up your personal details, including SSC (Social Security Number), previous personal credit history if any, business credit history and annual earnings.

    • Submit the form.

    • Also, many issuers provide accidental insurance and VAT reclaim services.

    Small Business Credit Card: Benefits

    Some of the benefits of a small business credit card include:

    Problems Related to Small Business Credit Card

    While the small business credit card has many benefits for business owners, some limitations do present themselves to cardholders, such as:

    Who Issues the Small Business Credit Card?

    Small business credit cards are provided to qualified business owners by banks, financial institutions, credit unions and private lenders. Some of the small business credit cards providers include:

    Things to Remember While Applying for the Small Business Credit Card

    The first step towards acquiring a small business credit card is to select a bank or a financial institution. The next few steps are as follows:

    Usually, banks complete the whole process within one week.


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