Top Business Credit Card Options for 2017
Discover top business credit card options for 2017, featuring benefits like high credit limits, rewards, and expense management tools. Learn about eligibility, building credit, and strategies to attract more credit providers for your business growth.
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Top Business Credit Card Choices for 2017
Business credit cards provide entrepreneurs with quick access to funds and simplify transaction management. They often feature reward points for airline miles and attractive cashback offers. These cards typically offer higher credit limits, enabling business owners to purchase equipment, supplies, or manage cash flow efficiently.
Before selecting a business credit card, it’s essential to understand the differences between business and personal cards:
Business credit cards usually have higher credit limits than personal cards.
Some business credit cards may not be protected under consumer laws such as the Credit CARD Act of 2009. This can lead to variable grace periods and APRs without prior notice.
Business credit cards tend to offer superior rewards, sign-up bonuses, and discounts on shipping services like FedEx, along with savings on office supplies.
Banks issuing these cards report your business credit activity to credit bureaus, impacting your business credit profile.
Key Factors in Choosing Business Credit Cards
When evaluating the top business credit cards of 2017, consider these important aspects:
Immediate access to capital Business credit cards provide quick funds for operational costs, startup expenses, or growth initiatives.
Distinct separation of assets Using a dedicated business card helps keep personal and business assets separate, protecting personal finances from business liabilities.
Expense management features Many top cards offer tools for setting spending limits, managing cash flow, and accessing account controls remotely through mobile apps.
Tax advantages and record keeping Purchasing with business cards can qualify for tax deductions. Additionally, some cards offer detailed expense reports, simplifying bookkeeping and audits.
Important considerations before applying for a business credit card
Eligibility requirements You don’t need a physical storefront to qualify. A good credit score is often enough, regardless of business age. Secured business cards are available for those with lower personal credit scores, secured by deposits.
Business credit history Your credit score ranges from 0 to 100; higher scores indicate greater creditworthiness. Credit bureaus assess your credit from banks, vendors, trade groups, and related organizations. Review options like low-interest or best reward cards for your needs.
Strategies to Attract More Creditors
Create a detailed business plan Showcasing realistic budgets and growth projections helps lenders understand your financial stability.
Obtain a separate Employer Identification Number (EIN) This demonstrates your business is distinct from personal assets.
Build a strong credit history A well-established business credit profile reduces the need for personal guarantees on loans or credit cards.
