||Managing Small Business Credit Card
Ever changing interest rates & popularity of small business credit cards make it necessary to effectively manage the credit cards. For this effective use, we suggest you following steps.
In this new era where individuals are getting many more
opportunities, credit debt problem need to be approached with
caution. With the business credit card numbers growing as the
advantages are many more, you need to be cautious about the
downside. There is also a debate going on whether you should you use a small business credit card over a personal card?
Though there is no doubt that with prudent use and management,
small business credit card provides many benefits.
Benefits of Small Business Credit Cards :--
By getting a business credit cards, you can separate and
maintain proper bookkeeping of your personal and business
expenses. It helps you in avoiding potential tax and money management problems.
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By separating your these two transactions, you can track
your business expenditure at year end. With this you can also
organize your bookkeeping process with a small business credit card.
A small business credit card provides an opportunity to build business credit
for small business owners. This will be useful in the long run
as your business grows and in case you need capital in the form of credit lines or loans.
You can take advantage of credit card reward and discount
programs offered by various card issuing companies. These
programs offers you rewards ranging from office supplies,
travel, software, phone services etc. Take advantage of using the credit card to lower your expenses.
Such cards offers the ability to provide cards for your employees with preset limits.
Ensure that you monitor their spending on the separate statements you receive.
Though small business credit cards are more risky as it makes
person individually liable.
Tips for Effective Small Business Card Management
1. Your relationship with your existing bank make credit card
approval process easy so apply for credit card at your
existing bank. When you need a line of credit or loan you will have a relationship established with your
bank & it may not be using automated scoring systems.
2. Do not apply for multiple credit cards at a time as it may
affect your credit rating.
3. Credit card companies offers a grace period of 21 days
before you have to make payment on your purchases. By taking
advantage of this you can improve your cash flow using a credit card instead of checks since the new Check 21 act creates quicker clearing of
checks and it speeds the cash out flow from your a/c.
4. By paying online by using credit card you can save time
5. It is advisable not to use credit card for cash advancing.
You can reduce credit card fees and interest costs by this. Cash advances incur more fees and costs.
Always use your business account debit when you need immediate funds.
6. One must pay off business card expenses each month to avoid
late fees & high interest rates burden.
Always ensure that your business credit card is privilege and
you should try to improve your financial efficiency with the
help of it.