If you run a business, you should consider getting a business credit card. It can be a convenient way to boost your company's purchasing power and is a good option that can help you manage your business expenses even better. The best part about a business credit card is earning huge rewards and cashback offered by credit card issuers.
Nonetheless, people often mixed their business expenses with their personal's where they make business transactions using their personal's credit cards. Although business and personal credit cards may share the same features, some boundaries set them apart. Here are the main reasons why you need a business credit card:
1. Business's credit card offers better perks
Business credit cards often have better perks than personal credit cards, such as higher credit limits and prolonged interest-free periods as businesses spend more expenses than any personal account. A business's account does have an extensive amount of capital. Thus, making it a greater spending power with more business strategic purpose. For example, Alliance Bank Business Signature Card does provide 56 days of free interest period instead of 25 days.
If your business critically spends more on insurance, office rental, and office supplies, the rewards would be more appealing. Every Ringgit you spend using your business credit card, you get the chance to earn reward points. The reward points might differ depending on the credit card issuers. Some offer rewards on entertainment and travel, while others offer rewards on overall purchases.
Do you know that business credit cards have a credit score? It is vital to build your credit score and establish your business credit record. The reason is to prove to your future lenders that you are trustworthy and capable of paying back your loan. These also help you to apply for any business loan or lease with ease to secure better banking facilities.
However, if you do not own one, the bank will then look into your personal's credit card account as a reference. You can review and monitor your credit score with CCRIS dan CTOS.
You shouldn't be scared of business credit cards. It should be seen as an opportunity to expand your business in the future. As long as you manage your cash flow wisely, you should be able to enjoy every benefit of the credit card. With JomSETTLE™, you can now manage your personal and business expenses by creating a separate account. For more information regarding business credit cards, you can click HERE.Visit www.jomsettle.com to learn more.
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