Sponsored Content: A person may look in a business credit card that has a lot of perks and benefits. It can often augment your current point strategies. Also, you have to figure out your needs and wants. For example: If your favorite point currency is Chase Ultimate Reward Points. So, you get several credit cards that help you earn these points. The chase ink preferred, and the ink cash is the business cards that will help you earn a lot of ultimate reward points. For example: with the ink cash card you can get 5% cash back per dollar. It is, therefore, not only handy for your internet and mobile phone charges but also if you occasionally want to buy gift cards, etc. So, you can get a bonus.
In 2017, cash ink preferred has 80,000 points account opening bonus which is currently the highest of all the points earning cards. American Express is also offering 75,000 points on their business platinum and 50,000 points bonus on their business gold card.
You do not necessarily need a major business to own a business credit card. Even small side businesses can qualify you for the best business credit cards. The key, whether you qualify, is that you must be doing it for profit’. It does not necessarily need you to make a profit just yet. But, you are engaged in performing a service or selling a good. Some potential examples are: Selling items on eBay, driving for Uber, tutoring students, acting, writing, photography, and coaching, etc.
Business cards are very confusing when it comes to the credit score impacts. There are two different credit bureaus. One is for consumer credit which applies for personal credit cards, and the other is commercial which is for business loans and credits.
Almost all issue your report to a commercial credit bureau while some also report to the consumer credit bureau. It is worth considering if you are planning to get a loan from the bank for mortgage or business.
The process for applying for a business credit card is a bit difficult than a personal credit card. You will be needed to provide the information about the business. The critical part would be the employer identification number or EIN to make sure that you are registered with the government in your country.
The key is. Many people think that if they mention income higher than actual would help them to qualify for the card. However, this is not at all true. Even your income is just a few dollars a month; you can still qualify for it.
The best strategy is to have good relations with the bank to qualify for the business credit card. You do not need much for it. Just having a credit card that shows responsible use can help you.
So, the need for a business credit card is to keep your personal and business expenses separate and to help grow your business. You should consider the above tips in mind while applying for it to make sure that you will qualify for it.