The Importance of a Small Business Credit Card

Small business plays a vital role in today’s economy. It is now easier than ever to establish a new business. According to the US Small Business Administration, small businesses pay over 45% of the US private payroll. Small businesses also employ over half of all private sector employees and provide 60-80 percent of new jobs over the past 10 years. With about 28.5 million small businesses in the US alone in 2005, virtually all financial institutions now offer small business loans to qualifiers for a percentage. So why apply for a small business credit card?

Keep Track of All Your Small Business Expenses

The first and most obvious reason for a small business credit card is to separate personal finances from business related purchases. With your small business credit card, you can make all your transactions by phone, internet or in person. Then get periodic statements detailing all of your business expenses.

Business credit cards are accepted virtually everywhere that you shop. Covering business purchases with employee’s personal money can get very messy. So instead of relying on cash, use a business credit card. Most credit card issuers offer a credit limit for employee cards as well as different methods to monitor how the card is used.

You no longer have to dread the year-end nightmare of trying to track where and when you spent your money. It’s like having all your book-keeping done automatically for you! In a digital world, why … Read more