8 Secrets About Small Business Credit Cards The Government Is Hiding

8 Secrets About Small Business Credit Cards The Government Is Hiding
8 Secrets About Small Business Credit Cards The Government Is Hiding

8 Secrets About Small Business Credit Cards The Government Is Hiding
There are different reasons why small business credit cards are so important, even though small business owners have not been able to explore this.

In truth, you might not need a huge amount of loan just to start a small business for yourself.

nd given the fact that you’ve not been into the business for a while, there’s every tendency that you might not be eligible for all the financial assistance that you need.

Now, that’s where small business credit cards come in place. This is because it helps to build one’s credit payment history for their business.

We’re going to look at some vital tips about small business credit cards which can’t be publicized by the government for you to know…

One thing you should know is that business credit cards are not the same as personal credit cards.


Irrespective of the fact that both offer almost the same terms and rewards, one thing about business credit cards is that there are slight differences that have an edge over personal credit cards.

That’s why we’ve prepared this article for you in order to highlight the keynotes about small business credit cards that you need to know.

See 10 Facts About Business Credit Cards That’ll Make Your Hair Stand End

8 Secrets About Small Business Credit Cards The Government Is Hiding

There are lots of things that make small business credit cards unique. If you have one as a business owner, you’ll be entitled to offers like cash-backs, gift cards, and other rewards.

These offers will in turn help you offset the interest you pay on all your purchases.
And not only that, the very first year you get your business credit card, you’ll receive welcome offers which will in turn cover your annual fee or interest rate for that first annual year.

Now, let’s look at some other key points you need to take into the record about small business credit cards, which no one, not even the government can tell you:

  1. The Credit Card Rules
    The first thing you should bear in mind is that small business credit cards don’t have the same rules as personal credit cards. For instance, according to the “2009 The Card Act”, a user is been granted about 21 days grace period to pay off their bill. Failure to do this will result in payments being applied at the highest interest rate balances.
    But the fact remains that this rule does not apply to small business credit cards.
  2. Business Credit Cards Varies
    Before applying for a small business credit card, one thing you should know is that there are different kinds of credit cards with different offers and credit points. So you need to properly check and review details of any business credit card you’re applying for, cos all of them does not come with the same requirements.
  3. Business Credit Cards Offer Better Promotions
    Just as small business credit cards vary, so is their financial promotions. For instance, some small business credit cards come with a 0% introductory APR financing for the first annual year, whereby its balances start to transfer.
    So, that’s why it’s highly recommendable that you go for a small business credit card that’ll help cover up the expenses incurred in your business.
  4. Works With Personal Credit Cards
    Upon application, before any approval of your small business credit card, the credit scores of your personal credit card will be put into consideration. What this means is that there’ll be a report as regards your personal credit card even before a business account is been opened for you, which will include your business credit card.
  5. Combination Of Rewards Of Both Credit Cards (Personal & Business)
    One thing again to take note of is that both rewards or points earned on your personal credit card can also be used on your business credit card. What I mean is that, as long as you’re using the same number for both cards, the rewards you earn from the cards can be combined together.
    So, it’ll be quite cool for you to get a business credit card which gives you more points for your daily purchases.
  6. Both Credit Cards Might Be The same
    Another thing that you might encounter about small business credit cards is that some of them may be the same as personal credit cards. All might be the same as regards to same credit points, same annual fees, and as well same interest rates.
    When the situation is like this, you might want to stick to one type of credit card without thinking about applying for another.
  7. No Need For An Employer Identification Number
    Given the fact that you’ll need your company’s Employer Identification Number (EIN) while applying for a business credit card, you can still use your Social Security Number (SSN) if you’re running your own personal small business.
  8. No Need For Incorporation
    Who told you that you need to incorporate your company before getting a small business credit card? Well, that’s not the case. As long as you have a sole proprietorship, an LLC, or even a partnership, you have nothing to worry about cos you’ll surely be eligible for a business credit card score.

Additional Info – What If I Want to Apply For a Small Business Credit Card?

There are steps you need to take before considering applying for a small business credit card:

⦁ The first thing is to check and make sure you have good personal credit card scores.

⦁ Check the business credit card rates you’re applying for. You need to properly check the card’s APR because it does vary by card which is determined by your credit scores and business income.

⦁ You’ll have to provide the annual income of your business. So, you should know the income eligibility before applying.

If all is set, you can apply easily online!

All you’ll be required to provide details like your business name, address, phone number, your business time (your working periods), and most importantly the number of labor force you have (number of employees).

Once your application is been reviewed and accepted, you’ll now receive approval to come and get your card.


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