Tweet

Business Reward Credit Cards; Six Things You Need to Know

Guest post by: Wendell & Charmayne Vannatter

Article Overview: It doesn’t matter if you're a sole proprietor or the owner of a large corporation with hundreds of employees, business reward credit cards can give you a source of quick capital and help in the process of managing your daily business transactions.

Business Reward Credit Cards; Six Things You Need to Know

It doesn’t matter if you're a sole proprietor or the owner of a large corporation with hundreds of employees, business reward credit cards can give you a source of quick capital and help in the process of managing your daily business transactions. Although the specific features of all cash rebate credit cards are different, here's some information that you need to know about this $300 billion industry so you may choose which new best credit card is right for you.

#1: Personal and business credit history will determine your eligibility. Credit card issuers will always look at your personal as well as your business credit history to determine which card you will qualify for as well as the terms of your card. Obviously a history of good credit will impact your chances the most for receiving good rates, you also need to make sure the personal credit bureaus such as Experian, TransUnion and Equifax have up to date and accurate information about your credit history. The same should be true for the business bureaus such as Dun & Bradstreet and the Small Business Financial Exchange. Card issuers may also move in your favor if your business' licenses and insurance policies are current. This shows that you're running a legitimate business.

#2: Are you liable for all the debts? Liability concerns differ depending on two different card offers. These are, ‘commercial liability' or ‘joint and several' liability. The first offer means your business is liable for all of the cards debts. Whereas “joint and several” liability means both the individual and the business are responsible for the cards debts. Be sure to know your rights and responsibilities before choosing your new best credit card.

#3: Higher credit limits are often given to business cards. Credit limits for business credit cards are often higher than they are for a personal card. Small business owners often charge more purchases for the business than for personal goods. Many business credit cards do not have spending limits. Although such cards often carry higher annual fees.

#4: Employers and employees can be issued cards. More than one card can be issued to the same account to be used by the employer and different employees. Such cards can be tailored with different privileges attached so the business owner may determine how much credit individual employees may have access to and where they can make certain purchases.

#5: The accounting process made easier. Business reward credit cards help business owners to separate their personal expenses from their business expenses. This is a necessity if you wish to avoid problems with the I. R. S. Your monthly credit card statement will help you to track your business and personal spending.

#6: Make business spending pay off with Business Reward Credit Cards. It doesn’t matter if your business spends money on travel, or business entertainment or office supplies; you can find a cash rebate credit card with a rewards program that lets you accumulate points to use towards these kinds of purchases when you use it. Some card issuers work in agreement with other companies giving their cardholders discounts on various business-related items and services.

Related Articles
  Credit cards: how do we use them?
  Expansion of The Indian Payment Card Market in the Recent Years
  To Franchisees: Be Wary of Using Company Credit Cards
  Get rewarded properly from your credit card
  Why Use Credit Cards to Start Your Small Business?
  Debits, the good kind!
  Credit Cards: Business Necessity or Trap?
  Facts About Bad Credit Unsecured Credit Cards
  SquareUp Allows Anyone with an iPhone to Accept Credit Cards
  Things to Know About a Small Business Credit Card
  A True Business Credit Card
  It's Time for a Balanced Budget Amendment
  Sage Wisdom About Borrowing Money For Your Small Business
  Consumers Continue to Choose Credit Cards Over Mortgages
  Build Corporate Credit for Your Small Business
  Integrated Payments
  Should I use personal credit to fund my business?
  Custom Gift Card Programs for Businesses
  Establishing Business Credit with a Secured Business Credit Card
  Improving Credit Score - Good Credit is Essential to any Business

Article Tags: Business reward credit cards, Cash rebate credit card, New best credit card
Referred by: http://jaykubassek.com



Related Forum Posts
What is your age - Hi there, Life is not dull. It is amazing, how one thing can lead to an entire different subject. It began with the age question. Finally it referred to 'Credit Cards'. I was interested to know, the age groups involved in the forum. It indicates that most of the users are between 20 - 35 years old. I am sure there are some visitors who are in the older group. Let us have your vote. Kindest Regards, Beat "Unlock People's Potentials!"
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Building credit - Credit is like reputations, I suppose. Takes a lifetime to build, and only a second to destroy.
Marketing and PR ideas related to a Credit Organization - Hello Everybody! I would be very grateful if you suggested some PR and Marketing ideas for a Credit Organization which target market is poor public who live in village and haven't any access to the internet. Thanx in advance
Exclusive: Interview with Results - Hi Forum Members, I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles). As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business. This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business. I am looking to interview about 30 businesses across North America over the span of 3 months. At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews. I would like to extend this opportunity to members of the Forum. If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM. Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Why We MUST Reinvent The Wheel

Ready for a Fresh Image?

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.