Business Credit Card Reviews

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When signing up for a business credit card, consider the cost of monthly fees, repayment minimums, promotional rates and potential raises in interest rates. Find a business credit card that offers value in terms of points and promotions that help the business with tips from a marketing and business management professor in this free video on business credit cards.

Part of the Video Series: Business Management Tips
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Video Transcript

Hi, my name is Mark and we're now going to look at choosing a corporate credit card or a bank credit card. If you're going to start up a business, you're going to be carrying a lot of expenses and probably one of the most convenient, quick and efficient ways of using, of paying for your bills is to use a credit card. This way all of your activities are, are monitored, are accounted for and you can keep a very, a very strict record of everything you've spent and incur for your business. If you decide to go with the corporate credit card, then, then consider carefully the monthly or annual fees that are involve and consider the amount of time you're going to use that card and whether or not it represents value for you. A business credit card is not too the same as your personal credit card in the sense that you will have a, be given a credit check by the bank to ensure that you are credit worthy. In other words that you have money in your account. And on this basis, you will also be given an, a minimum credit limit and a monthly minimum repayments. So you have to consider the cost to you and the repayment issue. Obviously a bank will look and ascertain your credit worth, worthiness and of course if you need more credit, then they will look at your business as a going concern of whether or not you'll be good for that credit. That's the difference between the two and you need to make that differentiation. With the business card, be very wary of the promotion, promotion for their own, an offer at that time. One of promotion bank, for bank credit card might be zero percent APR. Think carefully because it might be that bad as it obviously as low it gets. But off the promotional period, it might double or triple in comparison to other cards; in which case you'll be hit very hardly by the interest charges. So you need to consider that issue. Also you need to consider any form of special promotions through their own going that might give your business extra value; in terms of repayments, in terms of, maybe they will encourage you, if you travel for business, by offering free insurance; there's all kinds of promotions and opportunities when joining, when using a bank credit card. But you need to be very careful of the interest repayments because in the beginning it might be zero, but after three months it might double, triple in comparison to the other banks.

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