If you own a business, you may be wondering whether you should get a business credit card. According to SmartMoney, the short answer to this question is yes, you do want a business credit card. One card that you might want to consider is the Coastal FCU Member Business Visa credit card.
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While you do have to be a member of Coastal FCU to qualify for this credit card, you can open a business account with as little as $25. What’s more, although this isn’t a bad credit credit card if you have good to perfect credit, then you may qualify for this card.
Coastal FCU Member Business Visa Credit Card Overview
One of the first things that you will want to know as a business owner is that Coastal FCU does report your good standing with the credit card company to credit reporting agencies that focus on business credit scores, such as Dun & Bradstreet.
In addition to requiring all of your business information, including your EIN and copies of your company’s legal documents, Coastal FCU does require you or someone else with your business to sign on as a guarantor for your line of credit. What this means is that even though your business is getting the good and/or bad ratings, when push comes to shove, you are still personally responsible for this debt.
Of course, it is possible that you can get a bank or another entity to act as the guarantor for this loan. In any case, the best part is that this is a true business credit card that is directly associated with your business rather than your personal credit score.
Coastal FCU Member Business Visa Credit Card Terms
The specific terms for this card will vary depending upon your business’s credit score. You can expect rates to start as low as 7.25%, but where your rate starts will depend on your business and the guarantor as well.
You will be responsible for some fees if you use certain services, or if you are late with your payments. Some of the fees include:
- Balance inquiry phone call $1
- Deposit verification by phone $15
- ATM balance inquiry $1
- Cash withdrawal fee $1
- Over the limit fee based on how much over the limit
- Late fee based on your entire card balance
Coastal FCU Member Business Visa Credit Card Verdict
A great thing about this card is that your personal credit isn’t tied into it. In addition, it is a low interest credit card, which is very nice if you plan to carry a balance. It is not a rewards card, however, which can be a negative if you are a business who wants to use your card and then pay off the balance every month.
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