How to Choose a Credit Card
Business owners planning to open credit lines should pay special attention to the type of programs available. Premium programs come with lower interest rates, higher credit limits and extra features like free concierge services,but are only offered to those with elite FICO scores. Companies that are financially struggling may be required to open secured merchant accounts, which requires them to provide an initial deposit to secure their available credit lines. Regular company cards are the standard and do not require security deposits but limit users to slightly higher interest rates and less valuable rewards programs.
For those surveying their merchant-account options, the Federal Reserve Board provides an additional online resource for evaluating the benefits and detriments of acquiring plastic money for company financing.
Helpful Resources for Business Owners
If you're tossing around the idea of starting a business, Entrepreneur.com supplies tips on marketing, accounting and technology tools,in addition to information about choosing finance options and managing debt.
The Small Business Financial Center provides companies with an introduction to the basics of entrepreneurial finance options, addressing commercial mortgages, credit lines and operating loans.
CreditCardApplications.com offers owners online merchant-account comparisons based upon rewards programs, interest rates and introductory offers. Visitors to the site can choose one or more account offers and fill out a simple online application.
