Business Credit Cards

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Business Credit Cards

For many businesses using a credit card is a convenient and flexible option. It is often easier than having to carry large sums of money or using a company chequebook.

When using credit or charge cards to cover business expenses, the bill does not need to be settled immediately. There is normally an interest-free period of around a month. However, unless full payment is then made on time, interest is usually charged at a high rate.

Credit cards vary widely between providers and they all offer different terms and conditions and ways to pay off the balance.

Using plastic offers businesses a number of benefits:

• Cards are quicker and cheaper to use than the company chequebook and are useful for everyday expenses.
  
• They are also recognised globally. Using a card for international purchases sometimes offer better exchange rates and reduces the need to change cash before travelling.
• Credit cards also allow access to cash which is useful if invoices are being paid late.
• With a company credit card, one bill is paid each month, no matter how many purchases have been made. Monthly statements helps with business accounting and administration.
• As purchases are specified business expenses can be distinguished from personal expenses.
  

As with any credit card there is the risk of card fraud and debt. As credit cards offer periods of interest free credit it can be tempting to spend over budget. Interest charges on credit cards and missed payment fees can easily mount up.

If you would like advice about any aspect of business finance, please complete a Quick Enquiry Form and we will arrange for one of our advisers to contact you. Or you can call us on 0845 108 0505.

Business-Loans.co.uk can give you everything you need to know about business finance. For the best deals available for personal loans, visit us at www.personal-loans.co.uk