When you run a business, you have to make many decisions. One common decision for business owners, particularly those who are just starting out is, “Do I need a business credit card?” The fact is, there are some strong advantages of having a credit card in the name of your business, including:
- Easy expense tracking. Tracking expenses is an essential part of managing business finances. With a business credit card, you can keep your business finances separate from your personal finances. With most credit cards, you can also get year-end statements that track your expenses by category. You can also obtain credit cards for your employees helping you control their spending as well.
- The opportunity to build your business credit history. You may not need a business loan today, but someday, you may need a business loan or line of credit to expand your company. Having a credit card now will help you start building a credit history in the name of your business.
- Added protection. Many credit cards offer added benefits to protect you, such as purchase protection.
- Rewards potential. If you travel a lot, you may want to take advantage of credit cards that offer rewards points, which can be redeemed for airfare, merchandise, and other gifts.
Of course, if you do decide to obtain a business credit card, it’s important to make another good business decision – to always use it wisely.
For information on the business cards we offer, please visit https://www.firstcountybank.com/business-credit-card.