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Business Credit Cards versus Personal Credit Cards
| Guest post by: Joe Ferriolo |
Article Overview: I get asked this questions a lot. What is the difference between a business credit card and a personal credit card?
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Free Download - What affects your credit score? By Joe Ferriolo |
Business Credit Cards versus Personal Credit Cards
I get asked this questions a lot. What is the difference between a business credit card and a personal credit card?
Personal Credit Card
• Reports to your personal credit
• Affects future personal financing if the balance is used over 50% of the available credit.
• Typically cannot exceed a credit line more than $25,000
Business Credit Card
• Reports to your business credit*
• Typical credit line goes up to $50,000
• Will not affect personal transactions due to the credit not reporting to the personal credit*
*Can the business card report to my personal credit?
Yes and no. It is important that you do your due diligence before working with a bank. Some banks report to personal and business credit reports. Other banks only report to business credit making the debt invisible to the personal credit report.
Is a personal guarantee required?
Yes. This means you will be held personally responsible if your business does not make the payments.
Having business credit in the beginning stages of your business is very important. If your business demonstrates the ability to handle bank credit well over time, it will help you to secure a larger business loan when you need it most.
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Article Tags: banks report, business card, business credit card, business loan, credit card reports, due diligence, man finance, personal credit card, personal credit report, personal guarantee, personal transactions, wise man
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About the Author: Joe Ferriolo RSS for Joe's articles - Visit Joe's website Joseph Ferriolo has been in the financing industry for 15+ years. To say the least, he has seen a lot of changes over this time. Each passing year has enabled him to see new ways and avenues of making loans work. He started in large traditional banking institutions doing credit analyses and underwriting. He eventually, took his experience in finance and put his passion into creating his own business ventures. He found that a lack of cash flow can stop a successful business in its tracks. This is why he developed a company that helps business owners obtain financing for their small business. He commonly says "getting a loan has become an art form. Simple mistakes can stop your business from getting the capital you need to get through the slow seasons." Learn and benefit from his ventures, mistakes and life experiences in business financing.
Joseph Ferriolo CEO of Wise Man Finance Click here to visit Joe's website   Funding for Small Businesses Creative Ways to Market Your Business Should I ask that my loan application be submitted as a Recovery Act loan ARC Loan in Jeopardy SBA How to Speak With a Business Underwriter |
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!"
Building credit
- Credit is like reputations, I suppose. Takes a lifetime to build, and only a second to destroy.
Happy Worker as of Dec 31 2007
- Here's mine... I'm now off to make an offering to the business planning gods for their help in getting to these goals & beyond.
To the combined success of Prophets 2 Profits!
-----------------------------------------
1) Corporate
a) Retail
- Sales reps covering all major markets (1M or more)
- Retail product launch plan
- 1 more retail release (TBD)
b) The Toy Agency
- Systems for:
o Creative process
o Pricing
o Manufacturing
o Logistics
- Marketing agency strategy in place
- 1 new customer every 2nd month (5 new customers); 1 of which will be rev of >= 500K/year
c) Business
- Creative talent pool management strategy & process
- Outsourced and/or weekly bookkeeping
- Monthly budgeting & forecasting
- Better banking organization (Line of Credit, CCs, automate billing for appropriate vendors)
- Team total of 5
- Larger office
d) Web site
- Daily updates
- Start of separation of Blog/TTA/Retail
2) Personal
- Most weekends “off”!
- Entirely separate personal finances; basic personal financing plan
- Family….?
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
Offer Credit instead
- I'm not sure if ChrisH was referring to this but i'll state it more expicitly ..
Charge upfront and offer a refund of double the value back in "Credit" towards your Product or Service you have for sale at the end of the event.
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