A good resource for business owners looking to compare business credit cards is the JD Power 2011 U.S. Credit Card Satisfaction Study. Although a list of credit cards is not available, consumers can find out which credit card companies have the most satisfactory products. Visiting forums that are centered on credit repair can also provide you with valuable information on business credit cards.
Start your comparison now by using the credit card chaser tool!
Utilizing an online credit card finder will also give you a good idea of what to look for in a great business credit card. This site categorizes credit cards by the features available, credit card companies, and types of credit cards. You can view a complete list of business credit cards and compare and contrast all of the positives and negatives.
How can I determine which business credit cards are best?
The best way to compare business credit cards is to first have a clear idea of what your desired features are. If you are just starting out a new business, you may be interested in business credit cards that offer the biggest lines of credit as well as set interest rates. Some business credit cards also give cardholders rewards for spending money with specific groups of retailers.
Another factor that consumers searching for business credit cards must consider is their credit scores. Without a stable credit history, especially over the last two years, it will be difficult for you to get any credit card company to consider your application. If you are able to get a co-applicant that has a good credit score, your chances will be greatly improved.
Do you have to be a business owner to get a business credit card?
Businesses that are structured as LLCs and S-corporations not only get better tax benefits, but they also are looked at more favorably by financial institutions. If you are operating your small business in your own name, you can still be approved for a business credit card. You may be required to submit detailed financial information; however, your application will be approved if you meet the income requirements.
According to the Small Business Administration, is it a smart move for all business owners to have at least one business credit card.
Technically, you do not need to be a business owner in the traditional sense to be approved for a business credit card. However, you will need to be able to show the credit card company that your income does not come from wages earned from an employer. Freelancers, independent contractors, and consultants are all considered business owners, despite the fact that they usually do not have employees.
What happens if you are declined for a business credit card?
There are many reasons why a consumer might have his or her business credit card application denied. If this occurs, you will have the option of receiving a copy of your credit report free so that you can determine what your next step will be. If you find that there is invalid, missing, or inaccurate information listed on your credit report, you can get in contact with the business credit card issuer directly. They may or may not tell you the specific reason that your credit application was not approved.
If you believe that your business credit card application was not approved simply because you do not have enough of a credit history, there are a few things that you can do. After enough time has passed, your credit score should go up. Some applicants find that reapplying after six months to a year allows them to adequately raise their credit scores and be approved for credit cards in which they were previously denied. Applying again with a co-applicant might yield a favorable decision, but there are no guarantees.
How can business owners get credit cards for their employees?
When a business owner wants to keep track of his or her employees’ job related expenses, having a business credit card issued is usually the preferred solution. You can list your employees as authorized users on your business credit card, normally free of charge. Making a phone call to your credit card company is usually sufficient for adding on an employee as an authorized user.
You may need to have your employee give your credit card company some personal information such as social security numbers, dates of birth, but income information is usually not requested. You will still be required to ensure that the total amount due to your credit card company is paid each month, even if your employee is responsible for the charges made.
- Where do I find business credit cards for new businesses?
- INTRUST Bank, N. A. Visa Purchasing Credit Card
- Where can I get instant business credit card approval?
- First Interstate Bank MasterCard Business ScoreCard Credit Card
- First Federal Savings and Loan Association of Charleston Visa Business Credit Card
- Purdue Federal Credit Union Visa Business Credit Card
- What are the advantages of having a business credit card?