Written for The Closet Entrepreneur by Tisha Kulak…
There’s such a plethora of credit card offers out there that it’s not impossible to understand the confusion and fear when it comes to selecting your first business credit card. With countless rewards benefits and competitive introductory offers, it can be highly overwhelming to decide which credit card is right for your business.
Tips For Choosing Your First Credit Card
- Tip #1: Check out the interest rate and understand what you’re getting after any great introductory offers expire.
- Tip #2: Figure out how much you can afford to pay for all expenses each month and understand the worst-case scenario if business becomes slow.
- Tip #3: Read all the fine print and understand the consequences of what happens when you pay late or not at all.
- Tip #4: Do not just accept every single credit card offer that comes into your mailbox; keep in mind that too many inquiries into your company’s credit history can negatively affect your credit score.
- Tip #5: Check out the rewards program and consider the pros and cons based on your own business needs. Perhaps your company may benefit more from the card that offers a substantial discount on office supplies instead of airline miles.
- Tip #6: Figure out the various options for dealing with multiple credit card users on your business account. Many cards will allow you to place limits for spending on individual cards and will also help to track and analyze expenses based on each individual card.
About The Author
Tisha is a writer for Creditorweb.com, where she writes about credit card offers, business credit cards and small business finances. Tisha is also a full-time business owner that learned the ropes during her own startup; you can check out her startup story here:
The Closet Entrepreneur