Business Credit Cards

Published on 13 July 2012 by Raffick Marday

What can a Business Credit Card do for my Business?

Having a business credit card account can make your business run smoothly and can provide additional support to your business life. If used properly could save you time which is the most important factor of any business.

It is like having another accounts employee that deals with all the little purchases you need to make on a monthly basis and more importantly seperating your personal credit cards from you business credit cards as this can cause a strain on your personal credit facility. Above we have listed one of the business credit cards that offers cashback that can save and earn you money when using your credit card. To see what it could bring to your business, you’re invited to look through the various card offers in this website.

Business credit cards

Once you have secured a card account for your business, you’ll wonder how you ever managed without it. It can help you in almost every area of running your business from accounting to travel arrangements to earning cashback.

Your Business credit card is also extremely handy when you need to respond quickly to an unexpected opportunity or situation.

Do I need to have a Business account with the bank?

This depends on the issuing bank. Some issuers require you to hold your current account with them in order to be eligible for you to have business credit card account. Others such as Barclaycard Business do not. Please read the terms and conditions carefully before you apply.

Reduce financial management restraints

By providing your staff with business credit cards you can minimise the amount of cheques your business raises and the needs to have petty cash on your premises. In addition it also replaces the need to organise traveller’s cheques and foreign currency when staff are travelling abroad. They can prove to be effective tools in minimising administration and the time spent reconciling expenses. They can also help you for future budgeting and forecasting.

Protection

Business Credit Card accounts come with no liability clauses for fraudulent use of your cards if they are lost or stolen providing you notify the issuer as soon as it cannot be found. Some business credit card providers online guarantee; with more business travellers booking travel online, this guarantee can cover the business for any unauthorised e-commerce transactions.

Basic Differences Between Credit Cards And Debit Cards

Debit card holders and credit card holders can probably become a way of classifying people on the basis of choices. Just like do you support Chelsae or Liverpool (football teams), are you Conservative Party supporter or Labour, do you like rock or classical music. Similarly do you use a credit card or a debit card? There exists a sea of a difference between debit cards and credit cards. Both have their own set rewards and shortcoming.

This article is aimed at those greenhorns who are yet to join either of the two clubs. So if you are new, and you are confused, read on for a comprehensive understanding of the advantages and disadvantages of the two kinds of cards. We must put a disclaimer here, that if any debit card holder hops into the credit card cartel or vice versa, after reading this article, then it is unintentional and sole choice of the user him/herself. So now read on.

Credit cards and debit cards are what the world today calls plastic money which can make the paper money obsolete in future. You can be without a note in your wallet and yet carry 1000 pounds. Both the cards are issued by your banks, where you also have an account.

Debit cards let you spend as much amount as there is in your account at the moment. You can swipe it at restaurants, malls, wherever and the amount will be directly deducted from your account and transferred.

They are usually being provided for free these days as soon as you open an account in any bank, along with your cheque book and they also function as your ATM cards. There is mostly no separate application process for it. If you opened an account at a time when they were not being doled out, then you can demand one, again usually free, without much hassle.

Credit cards enable you to spend more than there is in your account. The bank will pay on your behalf, which you can pay back to the bank later. Though you will have a credit limit, as to what is the maximum amount you can spend using your card. Also one needs to apply separately for them.

Then the bank does an inspection of your income and expenditure history and gives you a credit score. This score is a measure of how reliable you are to be given credit by the bank. This is done because the bank wants to ensure that if it pays on your behalf, then you should have the capacity to return it all, otherwise the bank will have to incur a loss.

So now that you are capable of informed choice, you are ready to join your club of cards!

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