Opening a business credit card account is a great way to maintain and facilitate spending across multiple departments. Typically these cards offer larger signing bonuses and rewards than individual cards. These cards can often help businesses avoid cash flow problems and other financing issues.
On the contrary, if not handled properly these cards can be detrimental to your business. Here are four things to consider before getting a credit card for your business.
1. Card Issuers Consider Both Business Credit and Personal Credit History
As a business owner it’s important to mitigate any personal risk when operating your company. Unfortunately for business credit cards, issuing banks will consider both your personal credit history as well as any associated with your business. Typically, startups and small businesses owners require personal credit scores of 720 or higher to qualify.
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