Differences Between Business Credit Cards and Corporate Cards
We thought that these two are the same but actually they're different from one another. If you're currently into home business or a small enterprise, maybe you should take a look at these cards.
Small Business Credit Cards
Credit card companies realize the potential of the small business clients and for this reason, they have introduced small business credit cards in the market. Unlike a corporate credit card, applying for a small business credit card is not at all complicated. In fact, even newly started business can get approved for a business credit card using the business owner’s personal credit history. But what if your personal credit score isn’t as impressive as you want it to be?
Secured business credit cards are designed especially for business owners with bad credit. To make up for your bad credit, a collateral or “security” would be required and this can be your home or a property that you own. Both an unsecured business credit card and a secured business credit card are great tools in establishing a separate business credit for your company.
Corporate Credit Cards
What about corporate credit cards? As its name implies, these business credit cards are exclusively offered to large business owners or corporations. If you take a look at the business credit cards advertised today, all of these are credit cards for small businesses. Credit cards for corporations are actually not advertised at all.
Unlike a small business credit card where you can apply online, corporate credit cards involve a more complicated procedure. How can a large business obtain a corporate credit card? Before the application is submitted, the business owner along with his partners will set up a meeting with the corporate credit card’s representative. In this meeting, the specific needs of the company would be discussed as well as the requirements they need to submit for approval.
Since a corporation is often a partnership and involves a huge number of employees, one can expect that it also has complex needs. The credit card company would see to it that these specific needs are properly addressed and that the corporate credit card will duly serve its purpose.
Business Credit Cards – Partners for your Business
Clearly, no matter what type of business you own- whether it may be a small business, homebased business, medium-sized business or a corporation- there is a business credit card that is designed to suit your needs. If you’re a small business entrepreneur, there’s no need to be afraid that a business credit card is just made for businesses with incredibly huge expenses. Even if you only have a few business expenses, getting a business credit card is worth the deal.
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ABOUT THE AUTHOR
Pamela Williams is a Loan Consultant, Internet Marketer, Writer and owner of BusinessCreditCardSite.com, a finance company in Las Vegas, Nevada that provides support for businesses all across the US particularly with obtaining credit cards for business. Visit http://www.businesscreditcardsite.com