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The Importance of a Small Business Credit Card
By Jeremy Biberdorf
Small plays a vital role in today’s economy. It is now easier than ever to establish a new business. According to the US Small Business Administration, small businesses pay over 45% of the US private payroll. Small businesses also employ over half of all private sector employees and provide 60-80 percent of new jobs over the past 10 years. With about 28.5 million small businesses in the US alone in 2005, virtually all financial institutions now offer small loans to qualifiers for a percentage. So why apply for a small credit card?
Keep Track of All Your Small Business Expenses
The first and most obvious reason for a small credit card is to separate personal finances from related purchases. With your small credit card, you can make all your transactions by phone, internet or in person. Then get periodic statements
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detailing all of your expenses.
Business credit cards are accepted virtually everywhere that you shop. Covering purchases with employee’s personal money can get very messy. So instead of relying on cash, use a credit card. Most credit card issuers offer a credit limit for employee cards as well as different methods to monitor how the card is used.
You no longer have to dread the year-end nightmare of trying to track where and when you spent your money. It’s like having all your book-keeping done automatically for you! In a digital world, why should your have to collect every last printed receipt?
Establish Your Small Business
A credit card with your name on it gives your credibility. A credit card looks a lot more professional than paying from your own wallet. It also gains the respect of financial institutions. Just by owning a credit card, your can build credit. So when you need that loan, you will get the best interest rate and qualify for higher amounts. As your credit builds you might also qualify for a lower interest credit card.
So even if your doesn’t have a 6 figure budget, a credit card could help your grow. You never know when your might suddenly need extra money. Office equipment might need immediate replacement. Without a credit card, financing could drastically interfere with your daily routine.
Earn Rewards with a Business Credit Card
You can also save money and earn rewards. Certain credit cards give you cash back on all your purchases. Other cards give you varying cash back percentages depending on where you shop…gas stations, grocery stores, office supply stores, etc. A cash back credit card is a great way to increase your profit margin.
Other cards give you airline travel rewards just for using your credit card. . For instance, if your company has frequent plane trips, then small credit cards that offer travel miles, hotel accommodations or travel insurance are most suitable. This type of credit card could give you travel discounts, free flights, free companion travel or upgraded flight seating.
Not only does a small credit card provide convenience and rewards, it also helps to build credit for the future of your company as you watch it grow! Research the credit cards available and find the card that best suits your needs. Finance your for today and tomorrow.
Jeremy Biberdorf writes for http://www.smallbusinesscreditcards.net - a directory of business credit cards from top issuers such as American Express, MasterCard, Visa, Advanta, Chase and CitiBusiness. Compare Business Credit Cards
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