Tag: credit

Business Credit Card Rates: Everything You Might Need to Pay

Find Out What Hidden Business Credit Card Rates to Look For and How to Avoid Them

Credit cards are a fact of life for most small businesses.  They get a bad rap, but used properly they can be hugely beneficial.  It is a precarious walk on a balance beam, however, to balance the benefits versus the cost.  When you think of business credit card rates, the first thing that comes to mind is probably interest rates.  These are, of course, one of the largest costs of credit cards.  They are also widely variable, ranging from as low as 0% for an introductory rate to almost 30% in some cases.

There are many more costs that can be associated with these cards however.  So many in fact, that many business owners do not even realize the business credit card rates they are paying.  It can be frustrating to continually make payments yet never see a corresponding decrease in the balance.  We dug in to find out everything you need to know about the business credit card rates you know, those you don’t know, and how to handle or avoid each one.

Business Credit Card Rates: The Devil You Know

Here are some common business credit card rates you are probably familiar with, and some tips on how to save on each.

Check out our professional research and score the best business credit cards for your business.

Interest

This is a given with any credit card, and most likely the number one cost most associate with them. The only way to avoid it is to pay off the entire balance every month.  Short of that, it cannot be eliminated.  It can be reduced however.

First, keep your personal and business credit score strong.  The better the score, the lower the interest rate options available to you.  Then, shop around. Just look for the cards with the best rates.  Be aware however, many lower rates are promotional only, so they will go up after a set period of time.

Annual Fees

When it comes to business credit card rates, this one is no secret either.  Many cards charge an annual fee for the administration of the account. Most often they are associated with cards that earn rewards such as miles or points that can be converted to gift cards, airline miles, or cash back.  The key to keeping annual fee costs to a minimum is to simply use cards that do not charge this fee.

If, however, you find a card with a fee that has rewards that you will use to the point that you recover the cost of the fee plus some, then the benefit may outweigh that cost.  There could be other benefits associated with a card that charges a fee as well.  A cost-benefit analysis based on your specific business situation is the only way to know if it is worth it.

Late Fees

This one is self-explanatory. Late fees are charged to your card when you pay after the due date.  The best way to avoid them is to not pay late.  However, know that if you do pay late and it is a first offense, you may be able to have that fee removed.  You have to call and ask.  It doesn’t always work, but sometimes it does for a first offender.

Hidden Business Credit Card Rates

Now for the part you are really wondering about.  What are you paying that you do not realize?  How much could you save if you knew about these things and either avoided them or chose cards that did not charge them?  Here are the hidden costs to look for, and how to reduce or avoid them all together.

Balance Transfer Fees

These are fees on balances that you transfer from another card.  Typically this would be done in an effort to get a lower, promotional interest rate on the balance transfer.  Usually the fee is a percentage of the amount being transferred with some minimum.  So if, for example, you were to transfer $3,000 and the transfer fee was 3%, your balance on the new card would increase by $3,090.

The only way to avoid this is to not do a balance transfer.  Of course, there could be cases where the savings with the promotional rate makes it worth the fee.  That will have to be determined on an individual basis.

Cash Advance Fees

These are just as they sound, fees paid on cash advance funds.  Similar to balance transfer fees, they are typically a percentage of the advance.  Cash advances can come in the form of cash advance checks that you simply write and deposit into your account, or funds that you get from an ATM with your credit card and a cash advance PIN.  If you do not do cash advances with your credit card, you do not have to worry about this fee.

Reward Redemption Fees

Did you know that sometimes you have to pay a fee on rewards that you earn?  The credit card companies say that this is to pay for the processing of the rewards.  Avoid these fees by reading the fine print in the rewards section before you apply for the card.  Most do not even know that these fees exist, and sometimes they end up costing more than the rewards are even worth.

Reward Recovery Fees

This fee is closely related to late fees.  Some cards revoke rewards earned during the month if you are late on your payment for that month.  They then charge a fee to reinstate those rewards.  To avoid this fee, be sure to pay on time.

business credit card rates Credit Suite2

Inactivity fees and Account Closure Fees

The inactivity fee is assessed after you go a certain length of time without any activity on the card. Most often that amount of time is one year.  The first thing you have to do to avoid this fee is know which cards have if. After you determine that, figure out the minimum you must spend in a year to avoid the fee.  Then, either make certain you spend that amount, or cancel the card.

Beware however, because some cards do charge a fee for closing accounts.

Payment Protection

Most cards offer a payment protection plan.  This is basically insurance that will cover your payments in the event you become ill or unemployed.  While is sounds great, it can be quite expensive and add up quickly. Avoid it by either opting out on the front end, or canceling it if you already have it and do not want to pay it.

Paper Statement

The push to save the environment is a noble one, and the credit card companies are doing their part.  One way they are doing this is by charging a fee for paper statements.  You can opt in for electronic statements and avoid paying the fee.

Foreign Transactions

Did you know that if you use your credit card to pay for goods from a company that is not located in the United States, you may have to pay a fee for that transaction?  This is true even if you never leave the country, and even if you do not know the other company is foreign.  Read the fine print about fees before making any purchases from companies you are not familiar with to determine if this will be an issue.

Taxes on Rewards

While this isn’t exactly a credit card fee, it is a potential hidden cost of using credit cards.  There are times when, depending on how rewards are earned and how they are used, that you may have to pay taxes on them.  Find out more about this and how to avoid it here.

Check out our professional research and score the best business credit cards for your business.

Here’s the big key to avoiding unexpected fees and costs.  Know what to look for.  Now that you have a list of the most common hidden credit card costs, you can be diligent to pay close attention on the front end and not apply for any credit cards that charge fees you do not want to pay.

No one wants to pay more than they have to.  On the other hand, some of these fees may be worth it to you to pay depending on the benefit associated with it and whether or not your specific business could benefit.  For example, if you have a chronic health issue, it may be worth it to you to pay for the payment protection plan.

Why Business Credit Card Rates May Be Worth It: Benefits of Business Credit Cards

While all these costs can make it seem that credit cards are the devil, and though they do get a bad rap, there are actually plenty of benefits to using business credit cards. Here are just a few:

  • Build business credit
  • Finance business needs without the hassle of a loan, including:
    • Taking advantage of special bulk pricing
    • Equipment maintenance and repair
    • Working capital
    • Unexpected, or expected, cash gaps
  • Use rewards to reduce costs

Of course, we all know credit can get out of hand, but used properly and with the proper attention to business credit card rates, they can be an amazing tool for your business.

How Can They Help Build Business Credit?

Not only can these cards help you build business credit, they are actually vital to the process.  Of course, regardless of the business credit card rates, you will have to have business credit to get business credit.  That is why you start with vendors in the vendor credit tier first.  These vendors will give you net 30 terms on invoices and report those payments to the credit reporting agencies, without a credit check.  After you have enough of these accounts reporting, you will have enough business credit to apply for your first business credit cards.

You’ll start with store cards.  Cards tied to retail stores such as Best Buy, Office Depot, and Lowes will approve accounts with very new business credit earned from accounts in the vendor credit tier.  They will also report payments to the credit agencies, which will further grow your score

After enough of these are reporting, you can apply for cards in the fleet credit tier and the cash credit tier.  As these cards report your on-time payments, your score will only grow stronger.  This will also mean you start getting offers from cards with more favorable business credit card rates, such as lower interest. Find out more about the credit tiers and building business credit using credit cards in each one here.

Side Note: Hidden Business Credit Card Rates When Accepting Credit Cards

Just as there are hidden fees when it comes to using credit cards in the course of your business, there are also hidden rates on the other side.  If you accept cards as payment in the course of your business, be aware of these little-known costs.

Manual entry fee

Did you know that it costs your business more in credit card processing fees if you manually enter the credit card number rather than swiping it?  It’s because of the increased security risk.  If at all possible, make sure customers swipe instead of type in the number.

Check out our professional research and score the best business credit cards for your business.

Below Limit Costs

Okay so this isn’t an “extra” fee per se, but it is a definite cost.  It is entirely possible that you can lose money on a credit card sale if it doesn’t hit a certain dollar amount.  This is because the business credit card rate on processing that transaction may actually be more than the profit earned from it.

That’s why you see many businesses, such as donut shops and other businesses with frequent low dollar amount purchases, require a minimum purchase if you intend to use a card.  This not only avoids the problem of losing money on low dollar amount purchases due to processing fees, but it can increase profits when you consider the number of people that do not carry cash.

Stop Paying Business Credit Card Rates You Do Not Know About

It is impossible to find a card with no unsavory fees.  The key is to determine which ones are worth it to you to pay.  Then, apply only for cards that charge business credit card rates you are willing to pay.  The credit card industry is fiercely competitive, and if your business credit score is solid, you can have your pick of the cards that will work best for you.

The post Business Credit Card Rates: Everything You Might Need to Pay appeared first on Credit Suite.

Business Credit Card Rates: Everything You Might Need to Pay

Find Out What Hidden Business Credit Card Rates to Look For and How to Avoid Them

Credit cards are a fact of life for most small businesses.  They get a bad rap, but used properly they can be hugely beneficial.  It is a precarious walk on a balance beam, however, to balance the benefits versus the cost.  When you think of business credit card rates, the first thing that comes to mind is probably interest rates.  These are, of course, one of the largest costs of credit cards.  They are also widely variable, ranging from as low as 0% for an introductory rate to almost 30% in some cases.

There are many more costs that can be associated with these cards however.  So many in fact, that many business owners do not even realize the business credit card rates they are paying.  It can be frustrating to continually make payments yet never see a corresponding decrease in the balance.  We dug in to find out everything you need to know about the business credit card rates you know, those you don’t know, and how to handle or avoid each one.

Business Credit Card Rates: The Devil You Know

Here are some common business credit card rates you are probably familiar with, and some tips on how to save on each.

Check out our professional research and score the best business credit cards for your business.

Interest

This is a given with any credit card, and most likely the number one cost most associate with them. The only way to avoid it is to pay off the entire balance every month.  Short of that, it cannot be eliminated.  It can be reduced however.

First, keep your personal and business credit score strong.  The better the score, the lower the interest rate options available to you.  Then, shop around. Just look for the cards with the best rates.  Be aware however, many lower rates are promotional only, so they will go up after a set period of time.

Annual Fees

When it comes to business credit card rates, this one is no secret either.  Many cards charge an annual fee for the administration of the account. Most often they are associated with cards that earn rewards such as miles or points that can be converted to gift cards, airline miles, or cash back.  The key to keeping annual fee costs to a minimum is to simply use cards that do not charge this fee.

If, however, you find a card with a fee that has rewards that you will use to the point that you recover the cost of the fee plus some, then the benefit may outweigh that cost.  There could be other benefits associated with a card that charges a fee as well.  A cost-benefit analysis based on your specific business situation is the only way to know if it is worth it.

Late Fees

This one is self-explanatory. Late fees are charged to your card when you pay after the due date.  The best way to avoid them is to not pay late.  However, know that if you do pay late and it is a first offense, you may be able to have that fee removed.  You have to call and ask.  It doesn’t always work, but sometimes it does for a first offender.

Hidden Business Credit Card Rates

Now for the part you are really wondering about.  What are you paying that you do not realize?  How much could you save if you knew about these things and either avoided them or chose cards that did not charge them?  Here are the hidden costs to look for, and how to reduce or avoid them all together.

Balance Transfer Fees

These are fees on balances that you transfer from another card.  Typically this would be done in an effort to get a lower, promotional interest rate on the balance transfer.  Usually the fee is a percentage of the amount being transferred with some minimum.  So if, for example, you were to transfer $3,000 and the transfer fee was 3%, your balance on the new card would increase by $3,090.

The only way to avoid this is to not do a balance transfer.  Of course, there could be cases where the savings with the promotional rate makes it worth the fee.  That will have to be determined on an individual basis.

Cash Advance Fees

These are just as they sound, fees paid on cash advance funds.  Similar to balance transfer fees, they are typically a percentage of the advance.  Cash advances can come in the form of cash advance checks that you simply write and deposit into your account, or funds that you get from an ATM with your credit card and a cash advance PIN.  If you do not do cash advances with your credit card, you do not have to worry about this fee.

Reward Redemption Fees

Did you know that sometimes you have to pay a fee on rewards that you earn?  The credit card companies say that this is to pay for the processing of the rewards.  Avoid these fees by reading the fine print in the rewards section before you apply for the card.  Most do not even know that these fees exist, and sometimes they end up costing more than the rewards are even worth.

Reward Recovery Fees

This fee is closely related to late fees.  Some cards revoke rewards earned during the month if you are late on your payment for that month.  They then charge a fee to reinstate those rewards.  To avoid this fee, be sure to pay on time.

Inactivity fees and Account Closure Fees

The inactivity fee is assessed after you go a certain length of time without any activity on the card. Most often that amount of time is one year.  The first thing you have to do to avoid this fee is know which cards have if. After you determine that, figure out the minimum you must spend in a year to avoid the fee.  Then, either make certain you spend that amount, or cancel the card.

Beware however, because some cards do charge a fee for closing accounts.

Payment Protection

Most cards offer a payment protection plan.  This is basically insurance that will cover your payments in the event you become ill or unemployed.  While is sounds great, it can be quite expensive and add up quickly. Avoid it by either opting out on the front end, or canceling it if you already have it and do not want to pay it.

Paper Statement

The push to save the environment is a noble one, and the credit card companies are doing their part.  One way they are doing this is by charging a fee for paper statements.  You can opt in for electronic statements and avoid paying the fee.

Foreign Transactions

Did you know that if you use your credit card to pay for goods from a company that is not located in the United States, you may have to pay a fee for that transaction?  This is true even if you never leave the country, and even if you do not know the other company is foreign.  Read the fine print about fees before making any purchases from companies you are not familiar with to determine if this will be an issue.

Taxes on Rewards

While this isn’t exactly a credit card fee, it is a potential hidden cost of using credit cards.  There are times when, depending on how rewards are earned and how they are used, that you may have to pay taxes on them.  Find out more about this and how to avoid it here.

Check out our professional research and score the best business credit cards for your business.

Here’s the big key to avoiding unexpected fees and costs.  Know what to look for.  Now that you have a list of the most common hidden credit card costs, you can be diligent to pay close attention on the front end and not apply for any credit cards that charge fees you do not want to pay.

No one wants to pay more than they have to.  On the other hand, some of these fees may be worth it to you to pay depending on the benefit associated with it and whether or not your specific business could benefit.  For example, if you have a chronic health issue, it may be worth it to you to pay for the payment protection plan.

Why Business Credit Card Rates May Be Worth It: Benefits of Business Credit Cards

While all these costs can make it seem that credit cards are the devil, and though they do get a bad rap, there are actually plenty of benefits to using business credit cards. Here are just a few:

  • Build business credit
  • Finance business needs without the hassle of a loan, including:
    • Taking advantage of special bulk pricing
    • Equipment maintenance and repair
    • Working capital
    • Unexpected, or expected, cash gaps
  • Use rewards to reduce costs

Of course, we all know credit can get out of hand, but used properly and with the proper attention to business credit card rates, they can be an amazing tool for your business.

How Can They Help Build Business Credit?

Not only can these cards help you build business credit, they are actually vital to the process.  Of course, regardless of the business credit card rates, you will have to have business credit to get business credit.  That is why you start with vendors in the vendor credit tier first.  These vendors will give you net 30 terms on invoices and report those payments to the credit reporting agencies, without a credit check.  After you have enough of these accounts reporting, you will have enough business credit to apply for your first business credit cards.

You’ll start with store cards.  Cards tied to retail stores such as Best Buy, Office Depot, and Lowes will approve accounts with very new business credit earned from accounts in the vendor credit tier.  They will also report payments to the credit agencies, which will further grow your score

After enough of these are reporting, you can apply for cards in the fleet credit tier and the cash credit tier.  As these cards report your on-time payments, your score will only grow stronger.  This will also mean you start getting offers from cards with more favorable business credit card rates, such as lower interest. Find out more about the credit tiers and building business credit using credit cards in each one here.

Side Note: Hidden Business Credit Card Rates When Accepting Credit Cards

Just as there are hidden fees when it comes to using credit cards in the course of your business, there are also hidden rates on the other side.  If you accept cards as payment in the course of your business, be aware of these little-known costs.

Manual entry fee

Did you know that it costs your business more in credit card processing fees if you manually enter the credit card number rather than swiping it?  It’s because of the increased security risk.  If at all possible, make sure customers swipe instead of type in the number.

Check out our professional research and score the best business credit cards for your business.

Below Limit Costs

Okay so this isn’t an “extra” fee per se, but it is a definite cost.  It is entirely possible that you can lose money on a credit card sale if it doesn’t hit a certain dollar amount.  This is because the business credit card rate on processing that transaction may actually be more than the profit earned from it.

That’s why you see many businesses, such as donut shops and other businesses with frequent low dollar amount purchases, require a minimum purchase if you intend to use a card.  This not only avoids the problem of losing money on low dollar amount purchases due to processing fees, but it can increase profits when you consider the number of people that do not carry cash.

Stop Paying Business Credit Card Rates You Do Not Know About

It is impossible to find a card with no unsavory fees.  The key is to determine which ones are worth it to you to pay.  Then, apply only for cards that charge business credit card rates you are willing to pay.  The credit card industry is fiercely competitive, and if your business credit score is solid, you can have your pick of the cards that will work best for you.

The post Business Credit Card Rates: Everything You Might Need to Pay appeared first on Credit Suite.

The post Business Credit Card Rates: Everything You Might Need to Pay appeared first on Buy It At A Bargain – Deals And Reviews.

Long-Haul Truckers! Get the Best Credit Cards for Businesses

Check Out the Best Credit Cards for Businesses

We checked out a ton of business credit cards, and did the research for you. So here are our preferences. Get the best credit cards for businesses just like yours.

Per the SBA, small business credit card limits are a whopping 10 – 100 times that of personal cards!

This reveals you can get a lot more cash with business credit. And it also shows you can have personal credit cards at retailers. So you would now have an extra card at the same shops for your small business.

You will not need collateral, cash flow, or financial data in order to get company credit.

Business Credit Card Advantages

Perks vary. So, make sure to select the benefit you like from this array of alternatives.

Credit Cards for Businesses with No Annual Fee

Costco Anywhere Visa® Business Card by Citi

Consider filling your gas tank with the Costco Anywhere Visa® Business Card by Citi.

This credit card earns cash back with every purchase. Earn 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Earn 3% cash back at restaurants and on eligible travel purchases. Also, get 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.

Note: the $0 yearly fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.

Also, there is no sign-up bonus offered with this card.

Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card

Ink Business Cash℠ Credit Card

Look at the Ink Business Cash ℠ Credit Card. Businesses can get cash back with every purchase. Spend $3,000 in the initial three months from account opening. And you’ll get a $500 bonus cash back.

There is a $0 annual fee with a 0% introductory APR for 12 months on purchases and balance transfers. Afterwards, the APR is a 15.24 – 21.24% variable.

The card includes travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.

Details

Earn additional cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.

Note: this card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is more. Also, there is a foreign transaction fee of 3%.

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-cash

Starwood Preferred Guest® Business Credit Card from American Express

Another choice is the Starwood Preferred Guest Business Credit Card from American Express.

This credit card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Get six points per dollar of eligible purchases at participating SPG and Marriott Rewards hotels.

And get four points per dollar at US restaurants, US gas stations, and on American purchases for shipping.

Also, get four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, earn two points per dollar.

Details

Earn 75,000 bonus points when you spend $3,000 in the initial three months of account opening. Benefits include free in-room premium internet access, Sheraton Club lounge access, and purchase protection.

Plus you get car rental loss and damage insurance. And you get baggage insurance. There is also a global assistance hotline. And there is a roadside assistance hotline. And get travel accident insurance and extended warranty coverage.

The biggest issue is the annual fee. There is a $0 introductory annual fee for the first year, then it’s $95 thereafter. Plus there is no 0% introductory APR. Instead, there is a 17.74 – 26.74% variable APR

Get it here: https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/spg-amex-starwood-credit-card

Uber Visa Card

Check out the Uber Visa Card. Uber is the first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.

The card provides 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, earn 3% back on hotel, airfare and vacation home rentals. And get 2% back on online purchases.

So, this includes retailers and subscription services such as Uber and Netflix. And earn 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly within the app.

By spending a minimum of $500 in the first 90 days, users can earn a $100 sign-up bonus. Cardholders spending at least $5,000 annually are eligible to receive a $50 credit toward online subscription services.

Details

If you pay your cell phone bill with this card, you are insured up to $600 for cellphone damage or theft.

Cardholders are eligible for exclusive access to certain events and offers. Uber anticipates the majority of these offers will be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.

But there is no introductory rate. The APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range.

Also, there are restrictions on Uber credits. To redeem points as credits in the Uber app, accumulate at least 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, in a given day.

Get it here: https://www.uber.com/c/uber-credit-card/

United MileagePlus Explorer Business Card

Get a good look at the United MileagePlus Explorer Business Card.

Get 2 miles/dollar with United and at restaurants, gas stations and office supply stores. All other purchases earn 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the initial three months from account opening.

Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.

Details

Also, get two United Club passes annually. And get hotel and resort perks including upgrades. On top of that, get early check-in and late checkout. And get an auto rental collision damage waiver.

Plus, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.

After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.

Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business

Credit Cards for Businesses for Fantastic Travel Points

Capital One® Spark® Miles for Business

Be sure to check out the Capital One® Spark® Miles for Business card. With this card, you can earn 2 miles per dollar on all purchases. When you spend $4,500 within the first 3 months of opening an account, you can earn 50,000 miles. So, that is worth $500 in travel.

Benefits for cardholders include an auto rental collision damage waiver, and purchase security. And they also include extended warranty coverage. And you get travel and emergency assistance services.

Cardholders will pay $0 introductory for the first year. But they will pay $95 after that for the annual fee.

There is no 0% APR for purchases or balance transfers with this card. The APR is 18.74% (variable).

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/

Credit Cards for Businesses Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

IHG ® Rewards Club Premier Credit Card

Have a look at the IHG ® Rewards Club Premier Credit Card. it gets hotel rewards worldwide. For each dollar spent at participating IHG hotels, get 10 points. Earn two points per dollar spent at gas stations, grocery stores and restaurants.

Plus all other purchases earn one point. New cardholders can earn an 80,000-point sign-up bonus when they spend $2,000 in the first three months of account opening.

Details

This card provides a free one-night hotel stay annually. Plus there is a range of benefits like travel and purchase coverage and an upgrade to Platinum Elite status with the IHG Rewards Club. The club offers complimentary room upgrades when available and guaranteed room availability.

The most significant issue is that the card does not have a zero percent APR introductory rate. And the standard APR is 17.99 – 24.99% variable. Also, the annual fee is $89.

Get it here: https://creditcards.chase.com/a1/ihg/premiernaep

Marriott Rewards® Premier Plus Credit Card

This card earns six points/dollar spent at participating Marriott and SPG hotels. And get two points/dollar on all other purchases.

Spend $3,000 in the first three months from account opening and get two free night awards (each worth up to 35,000 points).

Cardholders get access to perks including a free one-night stay every year after account anniversary. Also get travel and purchase protection. So, this includes free standard in-room Wi-Fi and priority late checkout.

Details

Perks include baggage delay reimbursement, and lost luggage reimbursement. There is also trip delay reimbursement. And there is purchase protection. And also there are concierge service and automatic Silver Elite status, which includes a 20% bonus on points.

Spend $35,000 each account year, and be upgraded to Gold Elite status. So, that includes a complimentary room upgrade, free daily breakfast and 4 PM late checkout.

There is an annual fee of $95. The APR is a 17.99– 24.99% variable.

Get it here: https://creditcards.chase.com/marriott/apply

Credit Cards for Businesses with 0% APR – Pay Absolutely Nothing!

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no annual fee and comes with a 0% introductory APR on purchases for the first nine months. Thereafter, the card has a 13.24 – 23.24% variable APR

Earn 3 points/dollar spent when you book travel through the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can get unlimited points and points will never expire.

Details

There is a 25,000-point sign-up bonus when you spend $1,000 within the initial 60 days of opening up the account. Cardholders get travel accident insurance, and lost luggage reimbursement.

They likewise get trip cancellation coverage, trip delay reimbursement and other advantages.

There is no introductory rate for balance transfers. Also, bonus categories are limited.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

JetBlue Plus Card

Take a look at the JetBlue Plus Card for an additional offer of a 0% introductory APR

Earn six points/dollar on JetBlue purchases, two points/dollar at eateries and grocery stores. And get one point/dollar on all other purchases.

Details

Spend $1,000 in the first 90 days and pay the yearly fee, and earn 40,000 bonus points. New cardholders receive a 12 month, 0% initial APR on balance transfers made in 45 days of account opening.

After that, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based upon creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.

There is a $99 yearly fee for this card.

Get it here: https://cards.barclaycardus.com/cards/jetblue-card/

Credit Cards for Businesses with Average Credit

Capital One® Spark® Classic for Business

For average credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. The card gets an unlimited 1% cash back on all purchases. There is an annual fee of $0.

With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage. And you get travel and emergency assistance services.

But REMEMBER: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Credit Cards for Businesses Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Credit Cards for Businesses for Low APR/Balance Transfers

Discover it® Cash Back

Have a look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.

After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based on the Prime Rate.

Details

You can get 5% cash back at different places every quarter. So, these are establishments like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. In addition, automatically earn unlimited 1% cash back on all other purchases.

You will earn an unlimited dollar-for-dollar match of all the cash back you have gotten at the end of your first year, automatically.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Credit Cards for Businesses for Cash Back

SimplyCash Plus Business Credit Card from American Express

Look at the SimplyCash Plus Business Credit Card from American Express. There is a $0 annual fee. And there is a 0% APR on purchases So this is for the initial 15 months an account is open.

But when the introductory period runs out, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.

Details

This credit card has numerous benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.

Also, earn 5% cash back at US office supply stores and on wireless phone services. So, these must be purchased from US providers. But this pertains to the initial $50,000 of yearly spending. Then, you earn 1% cash back.

You also get 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly spending. Then, you earn 1% cash back.

Cash-back bonuses are automatically credited to the customer’s billing statement.

Note: you cannot use this credit card for balance transfers. There is a foreign transaction fee of 2.7%. The credit card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%.

And, it kicks in if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279

Capital One® Quicksilver® Card

Take a look at the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits to the amount of cash back rewards which cardholders can earn. Also, the card has a $0 annual fee.

New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after opening the account. Then afterwards they have a 14.74 – 24.74% (variable) APR after that.

A cash bonus of $150 is on offer for those who make at least $500 in purchases in 3 months of account opening.

Details

Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.

This credit card also offers travel accident insurance. And you get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.

Downsides are the flat reward rate, not allowing for any more than that. And the higher APR after the first 15 months.

Get it here: https://www.capitalone.com/credit-cards/quicksilver/

Ironclad Secured Credit Cards for Businesses

Wells Fargo Business Secured Credit Card

Check out the Wells Fargo Business Secured Credit Card. It charges a $25 annual fee per credit card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000) and it is designed to help cardholders establish or rebuild their credit.

Select this card if you want to get 1.5% per dollar in purchases with no limits or earn one point for every dollar in purchases. You also get 1,000 bonus points for every month your company makes $1,000 in purchases on the card.

Details

Also, you get free FICO scores every month. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed. And you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.

APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a card for balance transfers.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/

Credit Cards for Businesses for Jackpot Rewards

Chase Sapphire Preferred® Card

Take a look at the Chase Sapphire Preferred® Card for travel points.

You can earn two points per dollar spent on travel and dining at restaurants. And you can earn one point per dollar on all other purchases. Points can be redeemed for cash back, gift cards, or travel.

The card’s benefits include trip cancellation insurance, travel and emergency assistance services. They also include an auto rental collision damage waiver, purchase protection and extended warranty protection.

When you spend $4,000 in the initial 3 months from account opening, you will get 50,000 bonus points. These points are worth $625 if you redeem them for travel through Chase Ultimate Rewards.

Details

You can get an unlimited two points per dollar for travel and dining at restaurants. And after that earn one point per dollar for all other purchases. Points will transfer equally to 13 leading frequent travel programs with partners. So these include British Airways, Southwest Airlines, United, and Marriott.

There is no 0% introductory APR on purchases or balance transfers. The card’s standard APR is 17.74 – 24.74% variable. Also, the card has an annual fee of $0 introductory for the first year. And then it skyrockets to $95.

Get it here: https://creditcards.chase.com/rewards-credit-cards/chase-sapphire-preferred

Ink Business Preferred ℠ Credit Card

Get a look at the Ink Business Preferred Credit Card from Chase. Cardholders earn 3 points for every dollar spent on travel, shipping, internet, cable, phone and qualifying advertising with the card. So, this is up to $150,000 each year. And all other purchases earn an unlimited one point per dollar spent.

This is a Visa card.

Cardholders get benefits like purchase protection, trip cancellation or interruption insurance. They also get cellphone protection. And they get extended warranty coverage. And they get an auto rental collision damage waiver.

Details

Earn 80,000 bonus points when you spend $5,000 in the first 3 months from account opening. There is an annual fee of $95. You can add employee credit cards at no additional cost.

This credit card only offers 3 points per dollar to a limit of $150,000 a year. So, this is for travel, shipping, internet, cable, phone and qualifying advertising. All other purchases earn an unlimited flat rate of one point per dollar. And there is no introductory APR

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-business-preferred

Biz Credit Cards Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Hilton Honors American Express Ascend Card

Have a look at the Hilton Honors American Express Ascend Card, which earns hotel rewards points. Get up to 12 points per dollar of eligible purchases at participating Hilton hotels or resorts.

Automatically get Hilton Honors Gold status. And this includes room upgrades when available, a 5th night free when you book a rewards stay of 5 nights or more.

And get free internet access and late checkout. It also includes a 25% bonus on base points earned with Hilton Honors.

This card has a variable purchase APR of 17.74 – 26.74%. There is an annual fee of $95.

Details

Cardholders can earn a 125,000-point welcome offer after making $2,000 in eligible purchases in 3 months from account opening. Get a free weekend night award after making $15,000 in eligible purchases on your card in a calendar year.

Benefits include purchase protection. And there is extended warranty coverage. They also include car rental loss and damage insurance and travel accident insurance.

If you spend $40,000 on eligible purchases with the card in a calendar year, you can earn Hilton Honors Diamond status through the end of the next calendar year. This status includes all of the benefits of Gold status.

It also includes a 50% bonus on base points earned with Hilton Honors and exclusive floor lounge access at select properties. But that is extremely high spending required for elite status. Only you can decide if that’s worth it.

Get it here: https://www.americanexpress.com/us/credit-cards/card/hilton-honors-ascend/

The Best Credit Cards for Businesses for You

Your absolute best credit cards for businesses for hinge on your credit history and scores.

Only you can pick which features you want and need. So make sure to do your homework. What is outstanding for you could be catastrophic for other people.

And, as always, be sure to establish credit in the recommended order for the best, fastest benefits.

The post Long-Haul Truckers! Get the Best Credit Cards for Businesses appeared first on Credit Suite.

Just Funded… $75,000 in Unsecured Credit

It’s always nice getting MORE money than you were hoping for!

Sean approached us looking for $50,000 to build his business credit. So far he’s received $75,000 in unsecured credit, and with his finance blueprint we worked up for him he’ll be getting another $75,000 in less than 6 months.

Click Here to see how much funding you can get for your business.

The post Just Funded… $75,000 in Unsecured Credit appeared first on ROI Credit Builders.

Check Out 0 APR Business Credit Cards

The Absolute Best 0 APR Business Credit Cards

We took a look at a ton of 0 APR business credit cards, and did the research for you. So here are our top picks.

Per the SBA, company credit card limits are a whopping 10 – 100 times that of personal credit cards!

You can get a lot more funds with small business credit cards. And it also means you can have personal credit cards at stores. So you would now have an additional card at the same retailers for your company.

And you will not need collateral, cash flow, or financials in order to get business credit. 0 APR business credit cards can be yours.

0 APR Business Credit Cards: Advantages

Benefits vary. So, make sure to pick the perk you would prefer from this selection of alternatives.

0 APR Business Credit Cards – Pay Nothing!

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no annual fee and comes with a 0% introductory APR on purchases for the initial nine months. Afterwards, the card has a 13.24 – 23.24% variable APR

Earn 3 points/dollar spent when you book travel with the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can earn unlimited points and points never expire.

Details

There is a 25,000-point sign-up bonus when you spend $1,000 within the initial 60 days of opening up the account. Cardholders get travel accident insurance, and lost luggage reimbursement.

They also get trip cancellation coverage, trip delay reimbursement and other benefits.

There is no introductory rate for balance transfers. Also, bonus categories are limited.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

Capital One® Quicksilver® Card

Take a look at the Capital One® Quicksilver® Card. It features flat-rate rewards of 1.5% on all purchases. There are no limits how much in cash back rewards that cardholders can attain. Also, the card has a $0 annual fee.

This is one of the better 0 APR business credit cards in terms of the length of its introductory rate period.

Details

New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after opening the account. And then they have a 14.74 – 24.74% (variable) APR after that. A cash bonus of $150 is available for those who make at least $500 on purchases in 3 months of account opening.

Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.

In addition, there is a cash bonus of $150 is offered to cardholders who make a minimum of $500 on purchases within 3 months of account opening.

The card also offers travel accident insurance. And you can get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.

Downsides are the flat reward rate, not allowing for any more than that. And then there’s the higher APR after the initial 15 months.

Get it here: https://www.capitalone.com/credit-cards/quicksilver/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines. Get 0 APR business credit cards and more.

Discover it® Student Cash Back

Also, make sure to have a look at the Discover it® Student Cash Back which has a 0% APR for an introductory six-month period.

It has no yearly fee. And there is an APR of 14.99 – 23.99% variable on all purchases after the introductory period.

One special feature is that it provides an incentive for students to maintain good grades with a $20 statement credit. If students get a GPA of 3.0 or better each academic year, the card will award the $20 statement credit every year for up to five years.

Given its many benefits, this is one of the best 0 APR business credit cards we have found online.

Details

Use the card to build personal credit. While this is a personal card rather than a business card, for new credit users, their FICO scores will be crucial.

And this card offers an excellent way to raise FICO while also getting rewards.

You can get 5% cash back at different places each quarter like grocery stores, filling stations, restaurants or Amazon.com up to the quarterly max. Thereafter, the card offers unlimited 1% cash back on all purchases.

In the very first year, all cash back rewards are matched 100%.

Downsides a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is more. And although they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Ink Business Cash℠ Credit Card

Have a look at the Ink Business Cash ℠ Credit Card. Companies can earn cash back with every purchase. Spend $3,000 in the first three months from account opening. And you’ll earn a $500 bonus cash back.

There is a $0 annual fee with a 0% introductory APR for 12 months on purchases and balance transfers. Afterwards, the APR is a 15.24 – 21.24% variable.

The credit card comes with travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.

Details

Earn additional cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.

Note: this credit card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is greater. Also, there is a foreign transaction fee of 3%.

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-cash

JetBlue Plus Card

Have a look at the JetBlue Plus Card for an additional offer of a 0% introductory APR

Get six points/dollar on JetBlue purchases, two points/dollar at eating establishments and grocery stores. And get one point/dollar on all other purchases.

Business Credit Cards with 0% APR Credit Suite

Details

Spend $1,000 in the initial 90 days and pay the yearly fee, and earn 40,000 bonus points. New cardholders get a 12 month, 0% introductory APR on balance transfers made in 45 days of account opening.

After that, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based on creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.

There is a $99 annual fee for this card.

Get it here: https://cards.barclaycardus.com/cards/jetblue-card/

SimplyCash Plus Business Credit Card from American Express

Look at the SimplyCash Plus Business Credit Card from American Express. There is a $0 annual fee. And there is a 0% APR on purchases. So this is for the initial 15 months an account is open.

But when the introductory period expires, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.

Details

This credit card has various benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.

Also, earn 5% cash back at US office supply stores and on wireless telephone services. So, these must be bought from United States service providers. But this applies to the initial $50,000 of yearly spending. Then, you earn 1% cash back.

You also earn 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of annual spending. Then, you get 1% cash back.

Cash-back bonuses are automatically credited to the customer’s billing statement.

Note: you cannot use this credit card for balance transfers. There is a foreign transaction fee of 2.7%. The card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%.

And, it kicks in if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279

Reliable Low APR/Balance Transfers Business Credit Cards

Discover it® Cash Back

Take a look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.

After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based on the Prime Rate.

Details

You can get 5% cash back at different places each quarter. So, these are establishments like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. In addition, automatically get unlimited 1% cash back on all other purchases.

You will earn an unlimited dollar-for-dollar match of all the cash back you have earned at the end of your first year, automatically.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Extraordinary Business Credit Cards with No Annual Fee

Uber Visa Card

Check out the Uber Visa Card. Uber is the first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.

The card provides 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, earn 3% back on hotel, airfare and vacation home rentals. And earn 2% back on online purchases.

So, this includes retailers and subscription services like Uber and Netflix. And earn 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly within the app.

By spending a minimum of $500 in the first 90 days, users can earn a $100 sign-up bonus. Cardholders spending at least $5,000 annually are eligible to receive a $50 credit toward online subscription services.

Details

If you pay your cell phone bill with this card, you are insured up to $600 for cellphone damage or theft.

Cardholders are eligible for exclusive access to specific events and offers. Uber expects the majority of these offers to be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.

But there is no introductory rate. The APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range.

Also, there are restrictions on Uber credits. To redeem points as credits in the Uber app, accumulate a minimum of 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, in a given day.

Get it here: https://www.uber.com/c/uber-credit-card/

Costco Anywhere Visa® Business Card by Citi

Not taking Uber? Then you’ll need to fill your gas tank someway. Why not do so with the Costco Anywhere Visa® Business Card by Citi?

This card earns cash back with every purchase. Earn 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Earn 3% cash back at restaurants and on eligible travel purchases. Also, get 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.

Keep in mind: the $0 annual fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.

Also, there is no sign-up bonus available with this card.

Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card

Establish business credit fast with our research-backed guide to 12 business credit cards and lines. Get 0 APR business credit cards and more.

United MileagePlus Explorer Business Card

Get a good look at the United MileagePlus Explorer Business Card.

Earn 2 miles/dollar with United and at restaurants, gas stations and office supply stores. All other purchases earn 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the initial three months from account opening.

Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.

Details

Also, get two United Club passes annually. And get hotel and resort perks including upgrades. Additionally, get early check-in and late checkout. And get an auto rental collision damage waiver.

And also, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.

After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.

Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business

Establish business credit fast with our research-backed guide to 12 business credit cards and lines. Get 0 APR business credit cards and more.

The Best 0 APR Business Credit Cards for You

Your outright best 0 APR business credit cards hinge on your credit history and scores.

Only you can choose which features you want and need. So make sure to do your homework. What is excellent for you could be disastrous for somebody else.

And, as always, be sure to build credit in the recommended order for the best, quickest benefits.

 

 

The post Check Out 0 APR Business Credit Cards appeared first on Credit Suite.

New Business Credit Score Do’s and Don’ts

Breathe Life into Your Business with Your New Business Credit Score

Are you trying to get a new business credit score?  Looking to ditch an old one and get a bright, shiny new one?  Maybe you don’t have one at all yet and you need to know how to get one.  Never fear.  We have all the dos and don’ts to help you build a business credit score either from scratch, or by improving old, dented one.

Why Do I Need a Business Credit Score at All?

This is actually a pretty common question.  A surprising number of people do not realize that their business can have credit that is not related to their personal credit. The fact is, not only can your business have its own credit, but it should.  The reasons for this are many.  Most importantly, keeping your business credit and personal credit separate protects both your personal and your business finances from being affected by each other.

In addition, business credit cards often have higher limits, meaning they can handle the higher spending needs most businesses have.  If you tried to finance all of your business expenses on personal credit cards, you would likely keep balances at or near your personal credit limits.  This would increase your debt-to-credit ratio, which in turn has a negative affect on your personal credit score.

So, what are the major dos and don’ts for a new business credit score?

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet.

Don’t Operate Under Personal Information

If you are running your business as a sole proprietorship, or a partnership, you are going to have a problem getting a business credit score.  If your business has the same phone number, address, and email address as you, that’s even more of an issue.

Your business has to be separate from you, and here is why.  If you do not ensure your business is recognized as a separate entity from yourself, all of your business transactions are just going to go straight to your personal credit report.  Here is how to keep that from happening.

Get Incorporated

The first step is to incorporate.  This is the first step to separating your business credit from your personal credit.  You have a few options.

  • C Corp– This is the most definitive separation, but it is also the most complicated and expensive. Before choosing this option, be certain there are reasons other than establishing business credit that it needs to be done.  If it isn’t necessary for some other reason, there are other, less complicated, and less costly options.
  • S Corp– This option basically offers the same separation as the C Corp, but taxes are paid at the personal level, rather than requiring the business to be taxed as well, resulting in double taxation. It is also cheaper than incorporating as a C Corp.  If you aren’t required to file as a C corp, this is a good alternative.
  • LLC– forming a Limited Liability Corporation results in less liability, thus the name, and offers enough separation to serve the purpose of establishing business credit. If you are not required to be a C Corp or S Corp, this is the easiest and most cost-effective way to create the separation of business and personal credit that you need.

Separate Contact Information

Your business needs its own phone number.  This way, when you apply for credit, you can enter contact information that is separate from your own.  When information is reported to agencies, sometimes the phone number is an identifying factor.  If you and your business share a number, that just decreases the level of separation. The business phone number should be from a toll-free exchange.

There also needs to be a separate business address and email address.  They cannot be the same as your personal address and email address.  Also, the business email address should not be from Yahoo, Gmail, or any other free email service.  It should have the same URL as your professional website.  Don’t have a professional website?  You need to get one of those too.

Be sure your business contact information is listed in the directories under the business name.

Business Bank Account

If you are running all of your business transactions through your personal bank account, stop.  You need a dedicated business bank account that you use for all business transactions.  This helps with the separation of your business from yourself, but it will also help you keep business expenses separate from personal expenses for ease during tax time.

Don’t Use All of Your Available Credit

When building business credit, the first thing you do is work through the credit tiers.  The goal is to get as many accounts reporting consistent, on-time payments from your business name as possible.  This means you get 8 to 10 accounts in the vendor credit tier, move up and get 8 to 10 accounts in the retail credit tier, and so on through the fleet credit tier, and finally the cash credit tier. You can find out more about the credit tiers and how the business credit building process works here.

While this achieves the purpose of building business credit, it also means you have a lot of business credit out there. Resist the temptation to use it all at once. You have to pace yourself.  You want to make payments on each account, but you cannot carry balances at or near the limit on all those cards.  If you do, your debt-to-credit ratio will be extra high, resulting in a negative impact on your credit report.

Do Get and EIN and a DUNS Number

These are identifying numbers for your business. You must have both of them to get business credit.

 

EIN

new business credit score Credit Suite2

This is an identifying number for your business that functions much as your SSN does for you personally.  Once you have it, you will use it in place of your SSN when you apply for credit in the name of your business. Your SSN should only be used for identity verification for fraud prevention.  You may have to provide your birthdate for this reason as well, but not for the purpose of checking credit.

If you follow the other steps for establishing business credit and skip this one, accounts could end up on both reports.  You don’t want that.

The process of applying for and EIN is easy.  The IRS has an online form, and as soon as all the information is verified you receive your number.  It typically happens almost immediately.

Get a DUNS Number

Dun and Bradstreet (D&B) is the largest and most widely used business credit reporting agency.  They issue each business on file a 9-digit DUNS number, and you will not have a business credit file with them until you have this number.  Application is easy and free on their website.  Beware, they will try to sell you a lot of different products, but you only need the DUNS number and it is definitely free.

Do Work with Members of the Small Business Finance Exchange

Working with SBFE members can do more than help you get a new business credit score.  Here are 4 ways working with members of the Small Business Finance Exchange can help your business, including that credit score you are working on.  Find out more about the Small Business Finance Exchange and what they do here.

Build Business Credit

When you do business with members of the Small Business Finance Exchange, you know your information is being reported.  That builds business credit. How do you know if your lender or vendor is a member? Ask them. If they are not, considered mentioning that they become a member. There are enough members in the network however, that it should not be hard to find one.

Grow Your Business

By working with SBFE members, you know that when creditors receive your information, they get a complete credit picture. If you are making your payments and working to build strong business credit, the additional data they receive can only help you.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet.

Increase Funding Options

The data available about your business from the Small Business Finance Exchange could open up additional funding opportunities that may not be available to you otherwise.

Help Making Wise Credit Decisions

If you are a small business that lends money to other businesses and has the ability to report that information, you can join the SBFE yourself. You will gain access to information about borrowers that is available exclusively to members. This information can help you make better decisions about your own business lending.

Do Monitor Your New Business Credit Score

Once you have business credit, you need to watch it to ensure it stays strong.  If you already have a score and want a newer, stronger score, that is even more reason to monitor your credit report. Make certain all accounts are reporting accurate information, and deal with any mistakes as soon as you can.

You can monitor your business credit by getting reports from the credit reporting agencies directly, but it’s pricey.  To monitor with D&B go to: www.dandb.com/credit-builder.  For monitoring with Experian, visit: www.smartbusinessreports.com/Landing/1217/.  At Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business.  Experian and Equifax cost about $19.99; D&B ranges from $49.99 to $99.99.

Another option is to use a credit monitoring service like the one offered by CreditSuite.  We can help you monitor business credit at Experian and D&B for only $24/month.

None of It Matters If You Don’t Make Your Payments on Time

Whether you are starting from scratch or trying to do some repair work to get a new business credit score, none of it matters if you do not make your payments on time.  This is an absolute necessity. If you are inconsistent or late with payments, you will not only undo any good, but you may actually end up in worse shape than before.

You have to have a plan in order to be successful with you new business credit score.

Here are some bonus Dos and Don’ts to help with this:

  • Do budget for credit payments. It is easy to forget this or let it get out of control quickly.  As you grow your business credit score, you are going to have a lot of new credit available.  You already know you do not have to use it all, but you have to be sure to budget and plan to pay for what you are using.
  • Do know how much you can handle in debt payment each month before taking on new debt. If you are considering taking on debt payments of $300 per month but you only have $200 per month in cash available for payments, you are going to have a problem.
  • Don’t use debt to pay debt. Of course, there could be times, such as 0% interest on balance transfer opportunities, that it may be useful.  Make it an exception rather than the rule however. It isn’t a good habit to get into.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet.

  • Do use credit wisely. Yes, you need the accounts in the beginning for your new business credit score to grow, but there is no need to buy things you do not need.  If what you are buying on credit will not grow or expand your business, leave it alone.  It’s ridiculous to buy 7 boxes of latex gloves on credit if you will not use them in the course of your regular business.
  • Don’t stop monitoring your credit. Just once doesn’t do it.  Credit monitoring needs to be an ongoing process, not just to catch mistakes, but so that you know what your credit score can handle at any given time.
  • Do consider automating payments. Most creditors offer some sort of direct draft option.  Just be sure the funds are there!

Getting and Keeping a New Business Credit Score is Vital for Your Business

If you have bad business credit, or no business credit at all, you definitely need a new business credit score. It won’t happen on its own however.  You have to be intentional.  It isn’t hard, but there is a definite process that takes some time.  If you are willing to put in the time and trust the process though, the resulting business credit score could open a world of possibilities for your business.

The post New Business Credit Score Do’s and Don’ts appeared first on Credit Suite.

Obtain A Cheap Credit Card By Understanding The Fees

Obtain A Cheap Credit Card By Understanding The Fees

Charge card business bill costs of some type or an additional. The trick is to locate a card with the most affordable charges for the solutions you make use of. If you utilize cash money advancements, after that explore those charges with credit scores card business prior to you authorize up with them.

Upfront Fees

Not every bank card program has ahead of time charges, so it pays to search for the ideal card. Yearly costs are usual on cards with repaired or reduced prices. In the appropriate condition, this cost with the best price can conserve you loan.

You will certainly additionally locate cash loan charges, either a level price or percent. Not all cards bill this, yet normally they have greater APRs. If you prepare on utilizing this attribute, it is crucial to check out the terms.

Balance-transfer charges likewise can be billed, normally when you make use of a ‘check’ sent out by the bank card business. Some programs provide no costs or reduced prices for transfers, specifically with an initial deal.

Bonus Fees

Bonus charges can typically be stay clear of however ought to still be looked into. Much less usual are set up, return thing, or telephone purchasing costs.

Reduced Fees Equal High Rates – Sometimes

While nobody intends to pay costs, occasionally they can conserve you loan. With big equilibriums or equilibrium transfers, you can usually locate reduced prices by paying a little charge. You might additionally locate that with motivation programs, a month-to-month cost will certainly still permit you ahead out in advance.

For those that pay off their equilibriums every month, pick a card with no or reduced charges. You can likewise pick to have a number of various kinds of bank card programs to fulfill your various funding demands.

Study Fees

Under government regulation, credit history card firms are called for to checklist charges and also APRs prior to you use. It will certainly consist of yearly, minimal money, money advancement deal, transfer, late settlement, and also over-the-credit-limit costs.

Credit score card business bill costs of some type or one more. If you make use of cash money developments, after that check out those costs with debt card business prior to you authorize up with them.

Not every credit rating card program has in advance costs, so it pays to go shopping about for the appropriate card. Yearly charges are usual on cards with taken care of or reduced prices. Under government regulation, credit score card business are needed to listing charges and also APRs prior to you use.

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Obtain A Cheap Credit Card By Understanding The Fees

Obtain A Cheap Credit Card By Understanding The Fees Charge card business bill costs of some type or an additional. The trick is to locate a card with the most affordable charges for the solutions you make use of. If you utilize cash money advancements, after that explore those charges with credit scores card business … Continue reading Obtain A Cheap Credit Card By Understanding The Fees

Leading Five Reasons to Establish Business Credit!

Leading Five Reasons to Establish Business Credit!

Way too many entrepreneur are utilizing their individual credit history to fund the launch, development or development of their service A bulk of entrepreneur have no suggestion what organisation is or exactly how to develop it. By adhering to a couple of easy actions any kind of local business owner can developing organisation credit scores, for that reason, dividing their individual credit report from their organisation credit scores.

When local business owner make use of individual bank card to spend for overhead, the financial obligation of business reports back to their individual credit score records which reduces their ratings since their service financial debts harm their individual financial obligation to earnings proportion.

To aid avoid local business owner from harming their individual credit report, every entrepreneur ought to adhere to the easy actions of developing company credit rating. By developing company credit rating the financial debt of business will certainly report to business debt data as well as not the individual credit rating documents. Developing company credit history will certainly likewise aid business construct a solid company credit rating documents so fundings, credit lines wont call for business proprietor to authorize an individual warranty.

Below are simply a couple of reasons every entrepreneur must develop company debt.

You angle anticipate to stroll right into a financial institution as well as ask for an organisation financing with no service credit history or service background. By developing an excellent service credit score account you will certainly be able to safeguard the funding your service requirements.

2. You would certainly still be lawfully accountable if you utilized your individual credit score to fund your company if your company ought to fall short.

Thats right, service credit scores prices are generally reduced than individual credit rating prices. A couple of portion factors in rate of interest mean thousands of bucks in the lengthy run

Drift your service via hard times. By developing service credit rating you will certainly be prepared for the down time.

Allows face it, without the loan you require to fund the launch or growth of your service you actually wont be in company at all. Do not make the blunder of utilizing your individual financial resources to fund you organisation.

The are numerous, a lot more reasons you ought to develop service credit report. We have all listened to the claiming, “maintain organisation expenditures different from individual expenditures,”? The only method to do that is to establish your service appropriately to begin with by developing service debt.

If you want discovering …

-What civil liberties does an entrepreneur have if there is inaccurate details on a credit score record?
-How do I get an organisation credit report?
-What work lending institutions take a look at in order to expand organisation credit scores?
-Where do you locate firms that approve credit report?
-Which business report to business credit rating bureaus?
-What bank card business do not need individual assurances?

I recommend you begin the education and learning procedure of learing exactly how to develop service credit report!

By complying with a couple of straightforward actions any type of company proprietor can developing company credit scores, as a result, dividing their individual credit score from their service credit history.

To assist protect against service proprietors from harming their individual credit score, every service proprietor must adhere to the straightforward actions of developing company credit report. By developing company credit rating the financial obligation of the company will certainly report to the company credit score data as well as not the individual credit scores documents. Developing service credit rating will certainly additionally aid the organisation develop a solid service credit rating documents so fundings, lines of credit scores wont call for the company proprietor to authorize an individual warranty.

You angle anticipate to stroll right into a financial institution as well as ask for an organisation car loan with no company credit report or organisation background.

The post Leading Five Reasons to Establish Business Credit! appeared first on ROI Credit Builders.

Leading Five Reasons to Establish Business Credit!

Leading Five Reasons to Establish Business Credit!

Way too many entrepreneur are utilizing their individual credit history to fund the launch, development or development of their service A bulk of entrepreneur have no suggestion what organisation is or exactly how to develop it. By adhering to a couple of easy actions any kind of local business owner can developing organisation credit scores, for that reason, dividing their individual credit report from their organisation credit scores.

When local business owner make use of individual bank card to spend for overhead, the financial obligation of business reports back to their individual credit score records which reduces their ratings since their service financial debts harm their individual financial obligation to earnings proportion.

To aid avoid local business owner from harming their individual credit report, every entrepreneur ought to adhere to the easy actions of developing company credit rating. By developing company credit rating the financial debt of business will certainly report to business debt data as well as not the individual credit rating documents. Developing company credit history will certainly likewise aid business construct a solid company credit rating documents so fundings, credit lines wont call for business proprietor to authorize an individual warranty.

Below are simply a couple of reasons every entrepreneur must develop company debt.

You angle anticipate to stroll right into a financial institution as well as ask for an organisation financing with no service credit history or service background. By developing an excellent service credit score account you will certainly be able to safeguard the funding your service requirements.

2. You would certainly still be lawfully accountable if you utilized your individual credit score to fund your company if your company ought to fall short.

Thats right, service credit scores prices are generally reduced than individual credit rating prices. A couple of portion factors in rate of interest mean thousands of bucks in the lengthy run

Drift your service via hard times. By developing service credit rating you will certainly be prepared for the down time.

Allows face it, without the loan you require to fund the launch or growth of your service you actually wont be in company at all. Do not make the blunder of utilizing your individual financial resources to fund you organisation.

The are numerous, a lot more reasons you ought to develop service credit report. We have all listened to the claiming, “maintain organisation expenditures different from individual expenditures,”? The only method to do that is to establish your service appropriately to begin with by developing service debt.

If you want discovering …

-What civil liberties does an entrepreneur have if there is inaccurate details on a credit score record?
-How do I get an organisation credit report?
-What work lending institutions take a look at in order to expand organisation credit scores?
-Where do you locate firms that approve credit report?
-Which business report to business credit rating bureaus?
-What bank card business do not need individual assurances?

I recommend you begin the education and learning procedure of learing exactly how to develop service credit report!

By complying with a couple of straightforward actions any type of company proprietor can developing company credit scores, as a result, dividing their individual credit score from their service credit history.

To assist protect against service proprietors from harming their individual credit score, every service proprietor must adhere to the straightforward actions of developing company credit report. By developing company credit rating the financial obligation of the company will certainly report to the company credit score data as well as not the individual credit scores documents. Developing service credit rating will certainly additionally aid the organisation develop a solid service credit rating documents so fundings, lines of credit scores wont call for the company proprietor to authorize an individual warranty.

You angle anticipate to stroll right into a financial institution as well as ask for an organisation car loan with no company credit report or organisation background.

The post Leading Five Reasons to Establish Business Credit! appeared first on ROI Credit Builders.