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A lot of small to medium-sized business owners use credit cards in the course of business. The problem is, many make the mistake of using their personal credit cards. There are a couple of major problems with this:

First, if you use your personal credit cards for your business you are blurring the line between business and personal finances. The better separation you can achieve between your business finances and personal finances, the better off you will be. For this reason, a business credit card in your business name is the best route.

Second, using your personal credit cards for your business puts your personal credit at risk. If the debt belongs to the business, shouldn’t it be on the business’s credit?  Most people don’t think this is a big deal until they run into problems and no longer have their personal credit to fall back on.

In one example, a couple in business together racked up over $100,000 of unsecured debt on their personal credit for their business. When the business’s income dropped, even though the business was at first able to stay afloat, the couple was forced to file for bankruptcy.

With their personal credit destroyed, they could no longer get credit to support the business--and the business went through some serious struggles as a result. The couple is now divorced, no doubt in part due to the stress from those difficult times.

Might things be different if they had depended on business credit rather than their personal credit?  Maybe you’re thinking that your business won’t struggle, or that you don’t use credit cards much anyways. What’s the point, then?

Using a business credit card in your business does have some real advantages aside from the two big ones above. For example:

1. Streamline operations and automate expense tracking. Paying expenses can be much easier to manage with a business credit card, and reports can be generated monthly or annually in many cases to help categorize and analyze expenses.

2. Business cards have “rewards”programs  too! If you have a lot of regular monthly expenses for your business that can be paid with a rewards card, you could easily get $500 to $1000 per year (or more) in cash rewards, or even free airline tickets if you use a travel rewards card.

3. Manage employee spending. Business credit cards can be set up to have spending limits for employees, which can aid in managing expenses for in-the-field employees.

4. Using a business credit cards helps you build credit for your BUSINESS, which is of utmost importance in today’s economy.
As you can see, there are several big advantages to using an actual business credit card for your business.

About the author - Chris Bridges is currently the CEO of Credit with ChrisCredit with Chris specializes in helping business owners establish excellent business credit scores and then leverage those scores to access cash and credit for their businesses.  For more information or to speak to Chris, please visit www.creditwithchris.com or call 877-896-2831.  #credithelp  #creditwithchris 


 


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