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5 Business Credit Card Advantages

There are many reasons business owners that may be tempted to stick with their personal credit card for business expenses. Forgoing a business credit card can mean missing out on many potential advantages, however. Here are five benefits of business credit cards that you should keep in mind. 

1) Building credit history – Developing an impressive credit history comes in handy when you need to impress your financial institution to take out a loan, and it can save you money by helping you get a better interest rate. Good credit can also be an important part of proving your creditworthiness to new business partners or suppliers. The longer your credit history is, the more proof it gives of your creditworthiness. 

2) Easier accounting – When your business and personal expenses are kept separate, they are easier to track and identify for accounting and budgeting purposes. Furthermore, this separation can be helpful when you need to add up and document the tax deductions you are owed for your business expenses. 

Business expenses that are mixed together with personal expenses can be difficult to identify when you check your statement, unless you create detailed records for each one at the time of purchase. Not only can it be hard to remember exactly what each expense was for at a later date, but occasionally the name that shows up on your statement is different from the store’s name. A separate statement for business expenses helps ensure that no mistakes are made. 

3) A higher limit – In many cases, business credit cards have a higher spending limit than personal cards do. This can be very helpful for business owners who need to invest in expensive equipment or who need to rely on credit temporarily during short periods of low cash flow. The higher limit doesn’t just provide more access to funds; it can also help your business credit score. 

“Equifax and Experian (but not Dun & Bradstreet) use your credit utilization to calculate your business credit score, so a higher limit can make it easier to use less of your available credit and improve your standing,” according to Credit Cards Writer for NerdWallet Claire Tsosie.  

4) Fast access to funds – Business owners have many choices for funding, but few are as quick and easy as using a business credit card. So if an opportunity that requires quick turnaround comes your way, a business credit card can be a great tool, especially when that fast access is paired with the high limit that most carry.  

5) Rewards and business perks – Many business credit cards come with rewards and other perks that are created specifically to meet the needs and wishes of business owners. You may be able to get cash back for certain expenses or expense categories or earn points toward business-related rewards. This is a great thing for business owners who typically put large expenses on their credit cards, as the rewards can add up much more quickly than those on a personal credit card.  

Business credit cards can be a valuable tool for business owners, regardless of their business’ structure or size.

Learn More

To learn more about how a business credit card could help you manage your business finances, contact us at 703.584.3400 or visit a Banking Office near you.