Business credit cards offer flexible, accessible capital for monthly expenditures for businesses that may not qualify for a small business loan. Get an estimate of how much your business credit card payment could cost.
Your monthly business credit card payments depend on how much you spend on the card. In addition to any purchases you make, you should also consider the card’s interest rate should you need to carry a balance, along with any annual fees.
Interest rates vary depending on the card. Typical rates range between 8 and 24%. Some cards offer a 0% introductory APR for the first 12 months, which can be helpful if you’re planning a large purchase in the near future.
Business credit card applications are based on personal rather than business credit scores. You will typically need a 680 credit score to qualify, and it will help your application if the business has been established for a while. If you don’t have a credit score of 680, business credit card options are available that can help you build your credit score.
Many cards offer rewards like points and cash back that can make your business spending work for you. In addition to the traditional perks we associate with credit cards, business cards offer these added benefits:
Business credit cards can help build a credit history for businesses that do not qualify yet for other forms of small business financing. Pay in full each month, if possible. If you are carrying a balance, be sure to pay the minimum payment each month.
Over time, these steps will help to raise your credit score. By establishing a history of regular repayment, you demonstrate your trustworthiness to future lenders, making you more likely to qualify for other types of funding down the line.
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