Business Credi Cards
The recent U.S. reform caused by the economic decline left a lot of small business owners in a very difficult situation especially when we are talking about credit cards. These kinds of reforms already hit the U.K. economy and right now everybody is asking which the best business credit card to get is.
Of course the best and logical choice is to get the credit card that offers the lowest interest rate. Apart from costing less than a high interest card, there is yet another reason to choose this kind of credit card. Apparently the people who have high interest credit cards also have a poorer credit rating.
If you still want to continue with your high interest business card you should bear in mind that a good solution will be to purchase smaller items which you can easily pay off and by doing so you create a good credit ranking. However, don’t forget that credit card companies add an amount of dept to your credit card each month.
Another solution would be to apply for a business credit card with 0% apr for 6 months and try to make as many high payments towards paying off that card as possible in those first 6 months. If you succeed your credit score will be big enough to enable you to apply for yet another low interest business credit card.
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Do what we did. Our Advanta cards where discontinued and we replaced them with prepaid business expense cards. Since we pay off our cards every month, there was no problems. We prefund a central account, and move money on the employees cards when we need to. We used Bank Freedom (www.bankfreedom.biz). Good luck! Robert