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Business Credit Card A business credit card works as a line of credit for your small business. The lending institution approves your business for a particular amount of money. When you need to access the line of credit, you use the business credit card that was issued to you by the lending institution. It works just like a regular credit card, except that you agree that you will use it only for business expenses. Business credit cards usually have a lower interest rate than personal credit card. The interest rate will be based, however, on the personal credit report of the small business owner, unless the business itself has a credit history strong enough to apply for the card. It is important to pay back your business credit card in a timely fashion, since the interest rate starts being charged on you balance from the first day you use your credit card. Also, consider looking for a business credit card that has a zero percent interest rate for the first few months. This can save you quite a bit of money over the life of the card. More Glossary Terms Explained here |
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