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Frequently asked questions
) Is it advisable for me to use my personal credit card for my business venture?
Yes, you may utilise your consumer credit card for your enterprise. After all, it is typical for entrepreneurs like you to depend on their personal bank cards. Nevertheless, there are several advantages in selecting business credit cards instead. They consist of the following perks:
a) Having any business-related insurance features at your disposal, if ever you would need them;
b) Simplifying your obligations and records when tax season comes;
c) Using extra credit cards for other workers in your firm; and
d) Being able to separate your finances for your business and personal life lucidly.
Will I settle more charges and interest on a credit card for entrepreneurs?
We advise you not to worry because you will not necessarily have to pay more fees and interest in this type of business banking product. Similar to consumer credit cards, credit cards for business owners feature a wide range of fees and interest rates, depending on the kind of card and the service provider. One of the techniques for you to reduce the amount of interest you settle is through paying off the balance on your card every statement period.
What are the best cards for small business owners?
We must say that the single, most optimal business credit card does not exist. It is because the appropriate match for your enterprise will depend on your necessities. Some small business owners may choose a low-fee or low-interest rate credit card to aid them in keeping their costs at the minimum. Meanwhile, other entrepreneurs might instead choose the ability to utilise platinum features or earn points.