How to Transfer Personal Credit Accounts Into Business Accounts
Often, a small business owner may use his personal credit cards to make business payments. With more credit card issuers offering affordable rates and special perks, opening a business credit account is a logical business decision. The advantage of using a business credit card is that the account is in the company's name rather than in your own name. The liability falls on the business rather than your own personal credit.
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Instructions
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Open up a business credit card. Shop around and see which credit issuers have the best rates. You will also want to see what kind of special perks and rewards the credit card company may offer. Most importantly, make sure you choose a card issuer that allows a balance transfer from another creditor and has a promotional offer available that you can use.
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Apply for the business credit card in your company's name. As the business owner, you will need to supply all your personal information as well. Most creditors give you the option to submit your balance transfer information with your credit application. It is recommended you do this, because it speeds up the balance transfer process and may even secure you a lower interest rate or transfer fee.
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Check the personal credit cards from which you transfer your debts. Typically, you will want to check 10 to 14 days after requesting the transfer. If after 14 days you do not see the balance transfer completed, contact the business account card issuer and inquire why there is a delay. If there is a delay for any reason, be proactive and ask how you can resolve the issue promptly.
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Tips & Warnings
Always read the fine print on the credit card application, and terms and conditions if approved.
Getting approved for a business credit card still may be based fully or partially upon your own personal credit score.
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- Photo Credit three credit cards image by Aleksandr Ugorenkov from Fotolia.com
