Credit Cards For New Business Owners – Chances are you have a credit card or two in your pocket. This means you already understand the importance of credit cards. Not only do they make it easier to track your transactions, but you need them to establish your credit (i.e. the measure of your reliability in paying the money given to you).
But did you know that for business people, it is important to have a business credit card? Similar to the process of building your personal credit, you use business credit cards to
Credit Cards For New Business Owners
Debt. A good credit history will increase your SME’s credibility in the eyes of other credit card companies, banks and investors (making it easier for you to get loans and lower interest rates). Additionally, business credit cards are more common than personal credit cards, making larger purchases easier.
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In other words, using a responsible credit card can be a boon for your business (or using a bad credit card – CEO Chris Ronzio used it knowing that a loan worth $300,000 would would help grow your business).
You’ll know this from your personal use of your credit card, but other credit cards offer different benefits. Some come with points collected with every transaction and can be used to purchase goods, book tours or save on other services. Others offer cashback – BUT spend money to get cashback (more or less, though).
And where you swipe your card can add more to your needs. For example, some cards give you more points at the gas pump, while others offer incentives for shopping with their partners (companies like Amazon, Peloton, and Apple are just examples).
You will want to think about your situation and that of your finances. Since you are a business owner, most credit card companies will look at your personal credit score to determine your eligibility for your first business credit card. They want to make sure your business debts can be paid. Things like annual fees and interest annual percentage rate (APR) can be important, especially if you’re just starting out.
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Here’s an example for you: Let’s say you run a landscaping business. Your team travels all over town to get supplies, maintain the lawn, and maintain the yard. So you have a credit card that gives you 3% cash back on gas transactions, which is convenient (especially with today’s gas prices).
On the other hand, you probably don’t travel outside of your neighborhood, so airport or hotel deals may not be on your radar. But you may want to look for credit cards that offer additional benefits for purchases from home improvement companies like Home Depot or Lowes.
There are so many business cards out there that you may wonder where to start. This is where we come in. Here’s a list of some of the best cards available for small businesses today:
The Spark Cash Plus card gives you 2% of your money. The cons: an annual fee and no APR (which means you have to pay the card every month).
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You’ll get 3% cash back on your chosen category, and the list includes gas, travel, business advice and more. This includes 2% cash back on food and 1% on other purchases. However, there is a $50,000 cash back cap on your combined 3% and 2% categories.
We’re talking three points per dollar spent on travel and other bonuses (including social media and search advertising!). Additionally, because it is a Chase business card, users can access Chase Ultimate Rewards, especially while traveling. However, the annual fee is $95.
The Brex 30 card does not require a credit card or security deposit, but your business must be well financed (with a minimum of $50,000 from corporate investors).
Can’t find the card that best meets your business needs? There are plenty of other good options, and personal finance sites like Nerdwallet and The Points Guy list other options and change introductory offers every month.
The 5 Best Credit Cards For Small Business Owners
Organize Chaos, published daily and edited by Chris Ronzio, covers the playbooks, people-inspired strategies, and productivity hacks SMB leaders need to take their organizations to the next level. to Make More Regulatory Changes, Data Shows, The Heard: Spokesperson Index Goes Global by Reaching 100 Stakeholders KuCoin Visa Card Brings Apple Pay to Consumers in Wide Range of Unknown Unnecessary Payments, Including financial transactions which represent the majority of major US financial technologies. Kiya.ai Expands Globally in Middle East and Africa Through Strategic Partnership with Arab Financial Services Bread Financial Appoints New Chief Technology Officer Moody’s Analytics Taps Listed to Provide Commercial Loan Origination System end-to-end, powered by AI. Nukkleus Announces Collaboration Between DRFQ and Tantel Group to Expand Presence in Africa Visa and Plug and Play Announce Alliance to Grow Canadian Fintech Ecosystem Azentio Software and Regula Partner to Strengthen Identity Verification for Digital Management Satchel and Napier Partner e Secure Banking as a service for the new generation of users.
Owners Bank, a new digital bank created to meet the unique needs of small business owners, today announced the expansion of its financial offerings to include a new business credit card designed for small businesses.
The Owners Bank Business Credit Card was created to fill a gap in the banking industry that small business owners face in getting a card that meets their unique needs. This card is a game changer for small businesses. Unlike traditional business credit cards that often have requirements that exclude small business owners, Owners Bank’s new business credit card is open to businesses of all sizes, including sole proprietors. For those with small employees, the credit limit can be divided as needed among up to six cardholders, allowing employees to make large purchases when and where they need them.
“At Owners Bank, we believe that business credit cards are essential to maintaining and growing a business, regardless of its size. We are tired of seeing small businesses disappear by refusing an application or being forced to acquire a customer card that does not serve their business well,” said David Mitchell, founder and CEO of Owners Bank, a division of Liberty Bank. “With a driver’s license, business owners can apply for our business credit card today, empower their employees and increase productivity.”
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The new business credit card is an ideal gift for small businesses, from sole proprietors to those with multiple employees. The card is designed for small businesses, like a real business credit card that helps solve real business problems. For example, it would allow owners to extend their credit limit to school employees who benefit from this loan, for things like buying gas, buying stocks, etc. rewards card and comes with a rewards program that offers 10,000 points for the first $1,000 spent. These rewards points can easily be converted into cash back, gift cards, or And throughout the process, card features and account details can be easily viewed by owners in the Owners Bank credit card app.
“Today, many small business owners find themselves faced with the complex and time-consuming process of getting money into the hands of employees and finding ways to spend it in many areas,” Mitchell said. “With our card, the process is more efficient, benefiting small business owners and their businesses.”
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These big bank credit cards are popular, but here’s a secret: If you have a strong relationship with a small community bank or credit union, you can get higher limits. In fact, we specialize in teaching businesses like you how to build relationships and access lines of credit that require hundreds of thousands of dollars at the Business Credit Workshop. So, don’t miss the benefits of working with local financial institutions!
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