If you have a 650 credit score, you are in good shape financially to apply for a business credit card. Most major companies these days prefer to do business with those with higher scores. They feel that they will get more of their money back from you because you will be a safer risk. Credit card interest rates are also usually cheaper for those with higher scores as well. So if you have a higher score, you may want to look into getting a credit card for your business.
The beauty of getting a business credit card is that it gives you so much freedom. You can use it just like a personal credit card. You can make payments according to your preference, buy online, pay with plastic, and take advantage of perks that the company may offer. And since you paid for the card, you are also entitled to enjoy all the rewards of the card has to offer.
So if you want a business credit card, you need to start by finding one that is right for your business needs. This means you need to figure out how big your business is and how you intend to use it. Take some time to think about how you will use your card and what type of expenses you will make. This way, you will know exactly what you need to look for in a business credit card.
Once you have figured out where you stand financially, you can then look for the right card. First, make sure that the business is legally established. You can look at the Bureau of Business Services to see if there are any complaints about the business. There should be one, if there are any debts owed to a bank. Also, check if the credit limit is high enough to cover your business expenditures and at the same time keep your score in good shape.
In order to qualify for the cards, you must have at least a 650 score. If you are over that amount, you may not even get approved for the account because the banks want to be sure that you can pay off the debt. For some business owners, paying off credit card debt is a huge deal. Even if you do qualify, most of the time, the interest rate will be higher than average.
However, there are some cards that offer an incentive to get high credit scores and this is great for business owners. Some of these incentives include airline miles, cash back, and points for every dollar that is spent. These cards may be useful if you travel a lot or own a big business that goes on trips often. The only thing that you need to be careful about with these types of credit cards is that they will keep track of all of your purchases and report them to the credit reporting agencies.