Tag Archive | “apply for business credit card”

How to Manage Your Business Credit Card Debt

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Starting or expanding a business usually involves debt. You expect it and you plan for it. If your business takes off like you hope, then that debt was a smart investment in your future.

For many small businesses and new businesses, the business credit card is the easiest way to purchase what you need to operate. In that sense, the business credit card is like the line of credit that banks give to larger business customers.

Applying for a business credit card online is the fastest way to get approved and start buying what you need for work. Just like a personal credit card, a business credit card can become a debt trap if you fail to use it responsibly.

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You can start to appreciate the credit card company’s problem when you bill your customers and the payments arrive late – or not at all. If you notice a chronic late payment problem, you may need to change the payment due date on your business credit card so that you aren’t getting hit with so many late fees.

Your business credit card also comes with cash advance perks. Think of it as a privilege – it’s like a signature loan on demand. When you need cash for the business, you can take out money as a cash advance.

Do this only when needed and not routinely. Those $100 or $300 cash advances add up fast and are slapped with high credit card interest rates. With some business cards, the rate for cash advances is higher than the rate on the balance charged.

Don’t use cash advances as a substitute for petty cash. The cost of using this money is definitely not petty. Make sure all of your basic bills are covered each month. You can set up free online bill payment from your business credit card to various vendors.

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