Applying For The Best Business Credit Card For Your Small Business
Like most small business owners, I have my eyes on the prize with expectations based on the potential of future expansion. While my current small home business is still in the early growth stages and has not developed to the size where I needed to incorporate, I decided early on that now was a good time as any to start keeping my personal and business expenses separate by taking advantage of the expense tracking and management benefits afforded by business credit cards.
Whether you are a small business owner who works from your own home, or have your own dedicated virtual office setup, there may eventually come a time when you will need additional cash and credit infusion to pay for business expenses such as inventory, office supplies, or utility fees including wireless services. More than half of all small businesses currently use credit cards to pay for expenses, but less than half of the users utilize business credit cards. While most seem content on relying on their existing consumer cards, there are a number of key reasons why it’s better to use business credit cards under your company’s banner.
For those running a business as a sole proprietorship like myself, you may have already applied for an Employer Identification Number (EIN), sometimes referred to the Federal Tax ID. If so, you will need to enter it when applying for a business credit card. If you are a regular non-business consumer who wants to take advantage of the rewards and benefits that business cards have to offer, you can still apply by entering your personal name as the name of the business, thereby leaving the Federal Tax ID part on the card application blank. That’s generally permissible because individuals can always declare themselves to be a sole proprietorship business unto themselves.
Benefits And Advantages Of Using A Business Credit Card… read on.
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