?So you've finally decided to get a business credit card. Yes, business credit cards are great tools for managing your business finances. However, don't forget that not all credit cards in the market are as promising as they seem to be. It is up to you to find the right credit card that matches the needs and spending style of your business. In this article, let's discuss the steps you need to do before applying for your first business credit card. Check your credit. Check your credit report and see whether your credit rating is enough to get approved for the best business credit cards in the market. If you don't have a corporate credit, your personal credit history would be used. Do you think you can improve your credit score? Remember, a high credit score would give you more power in choosing a credit card with the lowest rates and best deals. Compare business credit cards. How do you compare business credit cards? With so many choices in the market, it would be easier if you check out credit card review sites. These websites present reviews on different credit cards so you can filter out the ones with the best potential. Here, the best and weakest features are often highlighted so you can have a better view on what each card has to offer. Credit cards are also arranged according to categories so you can narrow down your choices right away. Another important step in comparing business credit cards is reading the fine print. The Terms and Conditions page may be long and the letters are printed in very small letters. However, take the time and effort to read and understand every statement in the page. This is where you'll see the real costs about the business credit cards you're considering. Don't be content with what the ads tell you. Even credit card reviews won't give you the complete information. To learn everything you need to know about a business credit card, read the fine print. Rewards or non-rewards? As you search for business credit cards, you'll see some with rewards programs and some without. Which one would you choose? It may be easy to say that a business credit card with rewards is better than a non-reward business credit card. However, don't make decisions in a rush. First, you need to consider how intend to pay off your bills. Are you sure you can pay off your monthly balances in full? Or do you intend to use your credit card for larger purchases? If you plan to carry your balances from month to month, a reward credit card may not be the best choice. Why? Take note that credit cards with rewards carry higher interest rates than non-reward credit cards. If you can't pay off your monthly balances in full, you'll be charge with high interest every time. In the end, the value of the rewards you get may not even be enough to offset the additional interest charges.
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