How to Find the Perfect Credit Card for your Business 2024

March 28, 2024 By: Stephanie H. - CreditMonarch Online Writer01 comments

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Bank as expected, tend to promote the most profitable cards for them, but sometimes these cards are not the best for you. It’s probably, that you were be able to get a card with lower fees, rewards program, with a higher credit limit and also with a lower annual percent. Sounds good doesn’t it?

But, don’t expect that your banker offer you a personal guarantee. Most of the time small businesses owners seek to borrow but they don’t want to affect their personal credit. Big companies like GMC or Microsoft wouldn’t have to qualify based on their personal credit rating. Other history is with owners of small corporations with gross annual less than 1 million these are judge on their personal credit scores when they apply for business credit cards.

Also, the banking sector has been strengthened by the number of small  business issuers, so it’s a drop in the number of issuers that has become harder to find deals. CreditMonarch shows that the average annual percent rate for business cards stands at 13.13. In contrary, the APRs run as high as 24 percent for business cards.

On these, the banker has a limit in what can do to get you a great offer, even if you have excellent credit or if you are a high depositor. Much small banks and credit unions offer branded cards under programs that run by big banks. A small bank that doesn’t like an issuer’s overall card program can negotiate a better on, but it can’t do so on a normal case.

Finally, the rates and lines of credit are conditioned through a matrix that combines the credit rating of the business’s income. However, every penny counts when you are running a small business, so make sure,  ask questions if it has more than one option, and tried to getting your bank to offer you a better card, then you can chose the right for the company.

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• Business
• Business Credit Card