This COVID-19 business credit card guide provides you with practices that can support your business during a national crisis, including tips for using your cards, getting financial relief from your issuer, and protecting your credit. While business credit cards give you access to financing, you should still be conservative with your spending when revenue is…
7 Business Credit Card Tips
Business credit cards can help grow your small business, giving you access to capital with the ability to track and manage employee expenses. While these cards can come with rewards and perks that add value to your business, they can also help you build and establish a solid credit history. We compiled seven business credit…
5 Best Business Prepaid Cards 2020
Editor’s note: This is a recurring post with regularly updated card details. Prepaid business credit cards are designed for small business owners who can’t qualify for or don’t want a typical business credit card. They require fewer qualifications than business cards while also limiting the owner’s risk. The best cards can help small business owners…
9 Tips for Separating Business and Personal Finances
Separating your personal and business finances will help keep your business expenses organized. Incorporating your business, opening business bank accounts, and applying for business credit cards can help protect your personal assets and make bookkeeping much easier. We compiled nine best practices that can help you run your business successfully and track its overall financial…
Do Balance Transfers Affect Your Credit Score?
While balance transfers between existing credit cards typically won’t affect your credit, opening a new account can hurt your credit score. When you open a new account, the average age of your credit history will decrease and your issuer will run a hard credit check, making your credit score fall in the short term. However,…
Is It Illegal to Use a Business Credit Card for Personal Use?
While it’s not illegal to use a business credit card to cover personal expenses, this can cause confusion when it comes to tracking your business-related expenses. Business credit cards are best used to help separate your business and personal finances and maximize rewards for your company’s purchases. However, there are some advantages to using business…
How Many Credit Cards Should I Have?
While there isn’t a set number of credit cards you should have, you’ll need at least one to build credit. Based on data from the credit bureau Experian, each American with a card owns an average of 3.1 credit cards. How you use each card is typically more important than how many accounts you have…
How Does Credit Card Interest Work?
Credit card issuers charge interest if you don’t pay your bill in full each month. It’s typically stated as a yearly rate known as the annual percentage rate (APR). To calculate your interest, divide your APR by 365 (days) to get the daily rate, then multiply your current balance by that rate. There are two…
What Is a Credit Card Billing Cycle?
A credit card billing cycle, which is often set on a monthly basis, is the time between billing periods. Throughout this cycle, credit card transactions post to your account and change the balance you owe. At the end of your billing cycle, your issuer will charge you for any unpaid transaction made in the previous…
What Is a Balance Transfer & How Much Does It Cost?
A balance transfer lets you move debt from one credit card to another, typically for a fee. Balance transfer fees usually range between 3% to 5% of the amount of your balance transfer, or between $5 to $10, whichever is higher. Some credit cards offer introductory 0% annual percentage rates (APR) on balance transfers for…
Do Business Credit Cards Affect Personal Credit?
How you use your business credit card can impact your personal credit. Some business credit cards report payment history to consumer credit bureaus, which means any late payments you make could hurt your personal credit score. But if you use your card responsibly and always pay your bills on time, a business credit card could…
What Does 0% APR Mean, and How Does It Work?
0% APR allows you to charge purchases and make balance transfers on a new credit card with no interest for a specific time period. Once this introductory period ends, any unpaid balances will assess the regular annual percentage rate (APR). The best 0% APR credit cards offer no-interest financing for up to 18 months. How…