Tricks for Business Credit Cards that Propel Your Business

Today we are going to discuss some of the tricks that you can use to propel your business using business credit cards. Unfortunately many real estate investors have racked up a lot of debt using their personal credit cards for business expenses. The beautiful thing about a business credit card is that you often find ones that are 0% for 18 months. By taking advantage of this, you can move items off of your personal card over to your business credit card. In doing so, you will be able to help free up your personal credit while increasing your credit score as well. Are you wondering how you can get started and the roadblocks you may face? Let’s take a closer look! 

What is the biggest roadblock?

One of the biggest roadblocks that you might face when getting a business credit card is not having the credit score you need. However, many investors need a business credit card in order to improve their credit score. Don’t let this catch prevent you from getting what you need! There are a few options that could help. Improve your credit scores today by using your savings or a usage loan to pay down balances quickly and easily. Once the business credit cards are open, you can then migrate any further charges over to the new card. 

Watch out for companies who report!

Keep in mind that some lenders like Capital One report to your personal credit report, while others do not. Some  lenders who do not report are Chase, American Express, Regional banks, BOK, US bank and Vectra, just to name a few. These lenders offer really good incentives that will encourage you to do business with them. Remember to take your time and find the right lender for your needs.

Where do you start?

It is important that you go to the larger banks in order to get unsecured loans, business credit cards, and unsecured lines. These are just a few of the things that they love to do. The smaller banks on the other hand are excellent for setting up relationships with. These relationships are helpful when you are ready to bring on more rentals, or when you want to have banks help you with flips. In regards to business credit cards specifically, you are not typically able to go to the smaller banks or credit unions. Oftentimes they do not have the best rates, terms, or products compared to the bigger banks. 

What can business credit cards be used for?

Business credit cards can be used for a wide variety of things including growth, bringing on more people, office space, paying contractors, and so much more! To clarify, business credit cards allow you to spend up to your limit without penalizing you. Keep in mind that you need to manage them correctly in order to see the benefits and avoid unsecured debt that will be reported later on. Apply for a business credit card today and find the money you need to grow your business. 

For example:

Here at The Cash Flow Company we just opened a business credit card ourselves with 0% interest for 18 months. We were able to purchase software for a total of around $13K using our business credit card.  In doing so, it is helping us grow without paying the interest. 

Contact us today!

Don’t be the reason that credit card companies make good money at your expense! Take the time and do your research every year to find the best deals that will help your company grow! Contact us to find out more about business credit cards and other tricks that can help propel your business!

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