Line of Credit for a Small Business

For a small business, the advantage of a business credit card is that by using it, you are demonstrating the growth of business while promoting it at the same time. Even someone running a home-based business gains more credibility when flashing a business credit card.

As is typically the case with credit cards, some business will benefit greatly from them while others will suffer because of mismanagement and misuse of the cards and the opportunities afforded. For example, you can use the usual 21-day grace period prior to payment in order to maintain more cash on hand. However, if you neglect to pay by the 21st day, you will incur late fees and your business credit rating can suffer. Be very careful regarding cash advances. If possible, avoid using them altogether, since they can cost you more in interest and fees.

You should also shop around and look at the offers from American Express, Visa, MasterCard, and other credit card companies. Compare interest rates, grace periods, special rewards programs, and everything else that is offered. Look at what additional fees, if any, you will need to pay for such privileges. Before completing an application, you should always read the fine print very carefully. Please contact us or call 614-228-2296 for more information about business credit cards or a line of credit for a small business.