Business Credit Card: What it is, How it Works, Pros and Cons

  • kalila
  • Feb 16, 2021

business credit card definition

Being able to access credit and financing as a business owner can play a part in your overall success. For instance, if a customer doesn’t pay their invoice on time and you need cash to cover payroll for your employees, you could leverage your good credit rating to access a short-term loan. Likewise, being able to purchase supplies or obtain vendor services on credit can make it easier to manage your business cash flow. If it’s a corporate liability card, the employer pays the bill (although the employee may be on the hook for any unauthorized or personal expenses). Some business credit cards offer higher cash-back rates in specific business-related categories and a standard rate (typically 1%) on all other purchases.

Stay up-to-date on the latest credit card news 一 from product reviews to credit advice 一 with our newsletter in your inbox twice a week. You’ll need to complete the contact form on the Equifax website for more information. It’s wise to prequalify with multiple lenders so you can compare offers and ensure you’re getting the best terms available.

Using a Business Credit Card

Points multipliers also may be offered in designated categories such as gas stations or car rental agencies. As a result, consumer protections that many people take for granted with their regular credit cards—such as forbidding interest rate increases on existing balances—may not apply to their business cards. The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. However, we may receive compensation when you click on links to products from our partners. Just like any other credit card on the market, business credit cards have their fair share of benefits and downsides to keep in mind. It’s important to know how to navigate them so that you can pick the best card for your business needs.

Depending on the card, you may get a limited or unlimited number of free employee cards. The best small-business credit cards will often let you set individual spending limits for each employee. They’ll also come with expense management business credit card definition tools that make it easier for you to track all of your spending. Compared to business credit cards for people with good or excellent credit, secured business cards won’t have as many benefits and will require a security deposit.

Business Credit Card Benefits

While many business cards have no annual fees, there are also premium business cards that offer exceptional sign-up bonuses, rewards and perks. Keep reading to learn more about business credit cards and how they work. If you’re an entrepreneur or business owner who’s new to the world of credit cards, you might be wondering what a business credit card is exactly and how it can help you. Lenders can accept an Employer Identification Number, or EIN, on an application for a small business loan. Whether a specific lender will use your EIN or Social Security number to check your credit can depend on its lending policies.

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