A business credit card provides a way to access funds for your business. This is particularly useful for small businesses. It might not always be easy to get loans. A credit card provides a way to make purchases on credit.
Business credit cards come with higher limits when compared to personal cards. Many business credit cards offer reward programs. Choose the card carefully, see if you can the rewards that are offered.
A small business can benefit from getting a good business credit card. It provides access to ready credit. You a need to have an excellent credit score to get the best cards. Business cards also let you issue cards to your employees.
Business cards offer points for purchases in different categories like office supplies, mobile phones, phone plans, travel etc. Some cards offer rewards exclusively in one category. When you’re looking for cards, see if you can the rewards that are offered.
If you intend to carry a balance on your credit card, look for cards with a low APR. Also look for cards with no annual fee.These types of cards may not offer many perks but they help you keep costs down by offering low interest rates. Understand their conditions about late payment penalties. In some cards, this might involve a higher rate of interest.
Numerous cards offer bonus points if you spend a certain amount within the first few months of getting the card. You can use these points towards purchases, mostly travel related.
Reward cards charge a high annual fee, though some may waive this in the first year. See if the benefits you get are worth the yearly payment. Some cards also offer an intro APR of 0% for a limited period of time. However, regular interest rate does apply when the offer period is done, so check the ongoing rate. If it’s too high, don’t be tempted.
For a very small business that you run from home, you may be able to manage with a personal credit card. However:
â A business credit card enables you to separate business transactions from personal purchases
â A small business credit card helps you build a credit record for yourself and your business
â Many business cards let you to issue cards with limits to your employees
â Business credit cards offer an easy source of credit to your venture
â Business cards help you keep track of expenses
â Many cards let you download statements onto your bookkeeping system
â You can choose low APR cards to keep your expenses down
â You can choose good rewards credit cards to earn rewards on your regular purchases
â Many cards offer travel rewards that can help you save a lot on business travel expenses
â Many business credit cards also offer 0% Fraud Liability on unauthorized usage
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.