Credit cards seem to have become a fad today. Almost everyone has a personal credit card today (a lot of people have more than one credit cards). Though most of the people use personal credit cards for what they are really meant for, some are unable to decide on when to use which type of credit card.
Debt Consolidation And Credit So is there a difference in terms of what credit card - Personal or business, you use for what transactions?
Business and Personal Credit Card List There are a lot of different types of online business and low interest personal credit cards available today. Some of the major card companies are Chase, Fleet, Capital one, Discover, Bank One, MBNA and Amex. Each of these companies offer very low interest credit cards and some even offer 0 apr (zero percent APR) as an incentive. Since interest rates have dropped over the past few years, there are a lot of companies who offer low interest fixed cards.
Check Credit Rating The answer very clearly is 'Yes'.
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Improve Credit Rating Some people use their personal credit card for paying the bills of the small business they run. However, this is not what you should be doing. Personal credit cards are meant for just personal expenses and the business credit cards just for business expenses. So unless you want to utterly confuse yourself and spend hours together on sorting out business and personal expenses, you should not create this confusion in the first place. This confusion is very easy to avoid and just requires some discipline on your part. Just use your small business credit card for whatever spends you do for your business and the personal credit card for the personal expenses.
This is the conclusion reached by a comprehensive study of the credit scores associated with small business owners' commercial and personal spending habits, carried out by Experian. Both types of credit report were studied in an attempt to determine which would impact the small business most if it turned out to be poor. The study monitored 50, 000 small businesses for four years, recording data related to the size of the business, the number of employees and the age of the business, as well as business owners' approach to personal credit.
Credit Online Rating Report If you feel that getting the business expenses segregated is not much of a problem and you would rather use just your personal credit card, you need to re-consider using a small business credit card. This springs from the fact that the small business credit cards generally carry a lower APR as compared to the personal ones. So it makes more sense to make your business spends on your small business credit cards. Moreover, the small business credit cards also carry a reduced or no annual fee on them.
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Credit Score Rating Scale Also, the customer query resolution and support services are much better with the small business credit cards than with the personal credit cards. The credit card companies always give preferential treatment to the small business credit card customers. This is owing to the simple fact that small business owners are much bigger consumers of such services than the personal credit cards. Obviously, the needs of an enterprise are expected to be more than those of an individual. Moreover, if the business grows, it might create more customers for the credit card company (e.g. in the form of corporate credit cards).
(click on images for larger view) If you are based in the United States and are looking for a merchant account and payment processor, we have partnered with Cardservice International to provide services to our customers. A merchant account is a business bank account that allows you to receive credit card payments from your customers. You cannot deposit credit card funds directly into a personal bank account. Payments received from credit cards must be deposited in a merchant account before being allocated to your personal or business account.
Bad Card Credit Credit People There are times when one requires quick money for a short period of time. This can be due to some immediate purchase requirements which you are ultimately going to invoice your client to or some other unplanned/emergency expenses. In most of the cases you have a visibility of a month or so in which you are expecting your invoices to clear. Having the small business credit card can be more beneficial in such cases (as compared to a personal credit card).
Free Credit Rating Report Moreover, as with personal credit cards, the small business credit cards can also help in building your business' credit rating. So when it comes to getting a loan for business expansion, you at least have something to show for the credit rating.
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