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Small Business Credit Cards

small business credit cards

At the beginning stages of a new business there is usually a great need to conserve as much cash as possible, especially companies that constantly need new supplies and equipment. Besides that it’s always good to have a back up plan just incase of an emergency or incase you need to send an employee out to purchase a few items. For this purpose small business credit cards were created.

In the past few years financial institutions have begun marketing business credit cards to small business owners which are simpler to secure than personal lines of credit. According to the Institute for Economic Development, 34% of small businesses use business credit cards for funding. Just like with any other form of loan there are things that we should take note of before signing our names on the dotted line.

Asheesh Advani,’s “Startup Financing” columnist and president of CircleLending, a loan administration company says, “For small business struggling to find funding, borrowing against a credit card can be an attractive--if not the only--option. Plunging further into credit-card debt is a scary proposition, but for many the outcome has been rewarding. If you feel using a credit card to fund all or part of your business is the best option for you, be sure to read the fine print before responding to your next credit-card offer in the mail. Understanding the risks before you accept the offer can save you a lot of financial pain in the future.”

Advantages of Small Business Credit Cards

  • Higher lines of credit - (limits are usually $50,000 or more)

  • Credit rating boost - (for wisely used cards and timely payments **be sure to use financial institutions that report transactions to the credit bureaus)

  • Not affected by personal credit rating - (business credit stands on its’ own)

  • Business perks - (when traveling and shopping for office supplies)

  • APR’s are generally lower - (as compared to personal credit lines)

  • Separates business from personal spending - (especially good come tax time having business expenses mapped out on a single document as long as you make all business payments using a business credit card)

Handling Denied Credit

The Equal Credit Opportunity Act offers you the right to know specific reasons why you have
been rejected (must request information within 60 days of applying for credit).

You can pay down your balances and reapply if you are turned down because you are too close to
credit limits. If you have too many credit cards you can close some and then try again. Your
credit ranking can decrease if you have more than 2 or 3 credit cards.

The Fair Credit Reporting Act requires the creditor to give you the name, address and phone
number of the credit reporting agency that supplied the information that led to the denied status.
This information is free if you request it within 60 days of being turned down for credit.

Small Business Credit Cards Comparison (

Advanta Platinum with Rewards (MasterCard)

  • 0% APR on Balance Transfers for 15 months (7.99% Fixed APR thereafter)

  • 5% Cash Back or Travel Rewards

  • No Annual Fee

  • Transfers Credit

  • Good Credit Needed

  • Chase Visa®® Platinum Business Card

  • No Annual Fee

  • 0% Intro APR for up to 12 Billing Cycles

  • Regular APR 11.49%

  • Credit Line up to $35,000

  • Balance Transfer Savings

  • Valuable Card member Services

  • Good Credit Needed

  • Platinum Business Credit Card (American Express)

  • No Annual Fee

  • Pay Over Time or in Full

  • 0% Intro for APR for Purchases on Balance Transfers for 12 Months

  • 4.99% for the Life of the Balance for Balance Transfers

  • Regular APR 10.49%

  • Balance Transfers

  • Good credit needed

  • Gold Delta SkyMiles®® Business Credit Card

  • First Year Annual Fee-Free ( thereafter $85)

  • 15,000 Bonus SkyMiles with your First Purchase

  • Always Double Miles in Select Categories

  • 0% Intro APR for Purchases (thereafter 17.49%)

  • Balance Transfers

  • Good Credit Needed

  • Get a Decision in Less than 60 Seconds

  • Published: 2006-04-11
    Author: Treci Cauthen

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