Operating your own business can be very exciting and profitable, but you need to make sure you keep your personal and business expenses separated. This way you can take legitimate business expenses when you file your income tax return at the end of the year. It is a good idea to have a business credit card to make such transactions easier for your to keep track of.
You will likely find the application process for obtaining a business credit card to be more in depth than for a personal one. This is because they need to verify the identity of the business, and if it is new it is harder than checking the identity of a person that has been around for at least 18 years before they apply for a personal credit card.
In many instances a business credit card comes with a higher interest rate than personal credit cards. This is because they come with a higher risk of not being repaid since the business has to be profitable in order for there to be funds to make the monthly payments. It is very important that you use a business credit card wisely so you dont damage the credit of the business and you have it available when you really need to access it. Many of them come with...
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