Who can apply for business credit cards? - Other Questions

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Who can apply for business credit cards?

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Business credit cards are a good way for small corporate and executives to keep a track of the money that is being spent and used from time to time. It allows people to have an idea of how much money is there in terms of the net expenses and the income. A fact that most people do not realize is that there is no preset eligibility criteria for a business card being allotted to someone. Everyone can get a business credit card.

The biggest advantage of having a business card is when you have a lot of transactions happening in large amounts and you wish to keep a track of it. If you have a lot of household expenses every month and wish to have an idea of what you spend and also have track on it then you can opt for a business credit card. There are also occasions where some people may often travel for various reasons. If you wish to take a traveler`s card for business people then you can also opt for that. It will allow you to get air miles on every trip you make and redeem them for free flight tickets or even hotel deals at select destinations.

When you are applying for a business credit card and are not running a business you can simply enter your name as the name of the business and your social security number will suffice as the Tax ID when applying online. This will not raise any questions as an individual can also run a business under the category of sole proprietorship. It is a recognized category and if you are freelancer who is working for multiple clients then having a business card will be good as you will belong to this category.

When you are applying for a business credit card under sole proprietorship, it is important to note that any debts incurred will be your personal debt. There will no distinctions like personal debts or business debts. When it comes to paying off on the credit card, it works just like any other. You make your purchases and then close off the balances each month. If you wish to file for deductions under this category you will need to talk to your tax consultants. The advantage of the business credit card is that the credit score for the business will be separate so irrespective of how many accounts you open your personal credit score stays unaffected.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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