A Guide to the Credit Card Company - Small Business Credit Card

A Guide to the Credit Card Company - Small Business Credit Card

A Guide to the Credit Card Company

What is a business credit card?

A number of business credit card is issued solely for the use of a company and not an individual.

Companies often have used credit cards to allow staff to make necessary purchases. In recent years, has become more difficult for small businesses to get loans, many more have used credit cards to finance their operations temporarily.

While some cards are free, others charge an annual fee of anything up to 80.

Benefits

A number of business credit card allows you to manage your business finances more flexibly and not be so dependent on their debtors to finance the purchases you need to do.

That allow staff to purchase goods and services they need to work without having to bear the costs themselves and then file a statement of expenditure.

It can be seen as a sign of confidence in their employees and what is easier to track spending.

Negative

As with personal credit card can be tempting to spend more than they should with a business card, so it's important to be careful.

There is a danger that employees misuse of the card, so companies have to be careful that you can use your credit line.

Alternatives

Small and medium businesses can apply for an overdraft of your bank or use prepaid cards to enable their employees to make corporate purchases. The other option, of course, is that individual employees cover the cost of your company with your own credit or debit card and then submit an expense form to recover the costs.

Glossary of terms

This means Annual Percentage Rate. Any company that lends money is required by law to quote the APR. introductory rates do not include taxes agreement may be charged and do not reflect any higher rate loans that ultimately back a. The APR takes into account the loan interest, plus additional fees and making it easier for you to compare products. In general, the lower the APR, the better the offer.

Balance Transfer

the balance transfer rates apply to existing card debt that is moved from one issuer to another or the consolidation of other debts. These rates are usually lower than standard rates and apply to the debt transferred or consolidated by time or until it is repaid in full.

Credit Card

Credit cards are a form of loans used to purchase goods and services, to obtain cash advances and for consolidating debt.

Direct Debit

This allows an organization to take the money from a bank account people

Minimum payment

The amount you pay each month to keep your account Interest-free period

The time between the time you buy something on the card and the date you must pay your monthly bill. This can be 50 days or more and is interest free. So if you put your bill in full each month, is free of debt.

Promotional Rate

A rate that applies to your account until an expiration date. Later, back at the rate applicable to your account at that time.

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