Top Business Credit Cards of 2017: A Complete Guide
Discover the top business credit cards of 2017 with insights on features, benefits, and selection tips. Learn how these cards support business growth, manage expenses, and provide tax advantages. Find out eligibility criteria and strategies to improve your creditworthiness to secure the best card options available. Perfect for entrepreneurs aiming to optimize their financial tools.
Top Business Credit Cards of 2017: A Complete Guide
Business credit cards are essential tools for entrepreneurs and company owners, providing quick access to funds and simplifying transaction management. They often reward users with points for airline miles and offer significant cashback bonuses. With higher credit limits, these cards enable businesses to finance equipment purchases and operational expenses, supporting growth.
Understanding how business credit cards differ from personal cards is crucial:
- Business credit cards typically feature larger credit limits than personal cards.
Key Factors When Choosing Business Credit Cards
Evaluate these aspects to select the best options for your business needs:- Immediate Funding - Obtain quick capital for operating expenses, startup costs, or expansion.
- Asset Protection - Keep personal and business finances separate, safeguarding assets and liabilities.
- Expense Management - Utilize features like spending limits, mobile account controls, and detailed expense reports to streamline bookkeeping.
- Tax Advantages - Use business cards to finance equipment and deduct related expenses, simplifying tax filing and audit preparation.
Applying for the Best Business Credit Cards of 2017: Important Considerations
- Eligibility - No physical assets such as storefronts are necessary; a good credit score suffices. Even new or credit-challenged businesses can opt for secured cards with deposits determining limits.
- Credit History - A strong business credit score (0-100) reflects borrowing reliability. Credit bureaus gather data from banks, vendors, and trade organizations, influencing approval chances and credit terms.
How to Improve Your Business Creditworthiness
- Create a detailed business plan - Demonstrates financial stability and growth potential to creditors.
- Obtain an EIN - Shows your business as a separate legal entity, improving credit prospects.
- Build credit history - Establishing strong credit reduces reliance on personal guarantees for loans.
