Choosing the right business credit card isn’t so different from picking the right personal credit card. However, business owners need to do even more thorough research to understand exactly how this financial tool can be used to help their business and to make sure it doesn’t backfire on their personal finances. In the 2019 Federal Reserve Small Business Credit Survey, the majority of business owners in the U.S. — regardless of size — used their own personal credit to access capital for their business. "Whether you’re a new business or an established one, business credit cards are a vital tool for funding your business," says Gerri Detweiler, business credit and financing expert and Nav’s Education Director.
Portable, flexible and leveraging a tool most business owners have established already (a personal credit score), business credit cards are a must-have for business owners. But with dozens of options, how do you pick the right one for your business?
22% of business owners said that business credit cards were the top resources accessed the last time their small business needed funds.
According to the Nav's Small Business American Dream Gap Report. Methodology here.
No single business credit card will be the best choice for all business owners across the board. Just like the business financing options available to your business, the best credit card for your business will depend on the benefits crucial to your business, what you are likely to qualify for based on your income and personal credit score, and how much cost you’re willing to incur to access capital. In this in-depth guide, we’ll cover all of the essentials to choosing the right business credit card for your business, with insights and advice from our unbiased business & credit experts. Want to get straight to the point?
Here are the topics we'll cover:
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