The Importance of a Small Business Credit Card

 Small business plays an important role in today's economy. It's now easier than ever to start a new business. According to the U.S. Small Business Administration, small businesses pay more than 45% of the U.S. private payroll. Small businesses also employ more than half of all private sector employees and provide 60-80 percent of new jobs in the past 10 years. With about 28.5 million small businesses in the U.S. alone in 2005 alone, virtually all financial institutions now offer small business loans to qualifying matches for a percentage. So why apply for a small business credit card?

Keep track of all your small business expenses

The first and most obvious reason for a small business credit card is to separate personal finances from business purchases. With your small business credit card you can make all your transactions by phone, internet or in person. Then get periodic statements detailing all your business expenses.

Business credit cards are accepted practically everywhere you shop. Covering business purchases with employees' personal money can be very cumbersome. So instead of relying on cash, use a business credit card. Most credit card issuers offer a credit limit for employee cards as well as various methods to control how the card is used.

You no longer have to worry about the nightmare of the end of the year trying to track down where and when you spent your money. It's like having all your bookkeeping done automatically for you! Why would your business in a digital world need to collect every last print receipt?

Establish your small business

A credit card with your business name on it gives your business credibility. A business credit card looks much more professional than paying from your own wallet. It also wins the respect of financial institutions. Just by owning a business credit card, your business can build credit. So if you need this business loan, you will get the best interest rate and be eligible for higher amounts. If you build up credit, you may also be eligible for a lower interest rate business credit card.

So even if your business does not have a 6-digit budget, a business credit card can help your business grow. You never know when your business may need extra money. Office equipment may need immediate replacement. Without a business credit card, financing can drastically interfere with your daily routine.

Earn rewards with a business credit card

You can also save money and earn rewards. Certain business credit cards give you money back on all your purchases. Other cards give you varying cash back percentages depending on where you shop gas stations, groceries, office supply stores, etc. A cash back business credit card is a great way to increase your profit margin.

Other cards give you rewards for air travel just for using your credit card. . For example, if your business often travels by business plane, then credit cards for small businesses that offer travel miles, hotel accommodations, or travel insurance are most suitable. This type of credit card can give you travel discounts, free flights, free travel companions or upgraded flight seats.

Not only does a small business credit card offer convenience and rewards, it also helps build business credit for the future of your business as you watch it grow! Examine the available credit cards for business and find the card that best suits your business needs. Finance your business for today and tomorrow.

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