4 Steps to Getting the Best Business Credit Cards
A business credit card offers you a convenient way to pay for goods and services for your business. It returns the pleasure of managing a company that is your very own.
The very minute you have secured a business credit card account that is for your company, you will be assisted in each area of your business. These cards can help you respond faster to opportunities that arise. It is like having instant approval on a small business loan, ready to go when you need it.
1.) When you are applying for business credit cards, the first and foremost rule is that you cannot be discriminated on issues of race, religion, color, national origin, marital status or age – even with your company’s customers.
Let us say that you are applying for a loan in order to open a store. The lender does not have the right to reject this application simply because of the race of your targeted market.
Given the situation that your application for a business credit card has been rejected, there is a way to find out the reason why. Submit a written request inquiring upon the matter. This must be sent 60 days within the date the loan was denied. The lender, on his part, must state the reasons – also written – within a month (30 days) of the date of your request. If you find yourself not agreeing with the reasons, you have the right to discuss this with your lender. Who knows? You might even be able to correct any misunderstanding.
2.) Granted that you have a small business (a company that has below $1 million when it comes to gross revenues), the credit card service provider must have records of your application to a credit loan for a year after informing you of his decision. If your business eventually returns more than a million, the lender must file the records for two months (60 days) after rejecting your application.
If you request that the records be filed longer, you can do so through a written request stating the reasons for the rejection. If you do not ask this for the next 60 days, the lender may disregard your records.
3.) Let the card work for you. Make sure that the business credit card you sign up for offers benefits to your company. It would be best if it did not have a pre-set spending limit. That way you can have the flexibility to buy what your company needs. It should also provide you with an interest-free credit on your purchases with your card, as long as you pay your due on time and full every month.
Your business credit card must also protect you. It must have no liability clauses when it comes to fraudulent usage given the situation that they are stolen or lost. You have to notify your credit card service provider as soon as this occurs and as soon as it has been located.
4.) Lower the financial burdens of your staff with the business credit card account of your company. By minimizing the checks your company raises and the petty cash, you can also replace other expenses. Business credit cards are tools that can assist in minimizing the additional expenses, therefore benefiting everyone in your company.
As the manager of your business, help your staff make the most out of this opportunity by taking charge of their time. With business credit cards, the staff spends less time in completing the expense forms. Instead, they can concentrate on other critical activities of the company.
Every business owner should consider signing up for business credit cards. Think of your accounts as employees that can help you 7 days a week, 24 hours a days, 365 days a year.