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When applying for your first business credit card, you will have to figure out which card you are going to want to buy. While this may sound like you will need the assistance of business credit card gurus in order to do it, finding the right business credit card is actually a very simple ordeal; you simply follow the same rules that you take when selecting a personal credit card.
The first thing you will want to do is make sure that the business credit card you are applying for does, in fact, act purely as a business credit card. Anything that pulls from your personal credit is probably going to hurt you in the long run. This may, unfortunately, limit your options if you are a start-up business. One tip that the business credit card gurus will tell you is that, if your aim in a credit card is building credit, you will benefit the most from simply using a secured credit card. This will require you to keep a certain amount of money in a savings account while the card is active, but nevertheless will help you build credit.
Credit cards offer a wide variety of rewards and incentives, such as low interest rates, no-interest introductory periods, and other advantages that are similar to those offered by personal credit cards. As a rule, it makes the most sense to simply choose the ones with the best rewards, rather than the ones with lowest interest rates. As business credit card gurus will tell you, business credit is built by steadily paying off what you owe and not paying a cent in interest; and if that’s the case, then putting the priorities on cashback rewards is usually the best way to go.
Finally, you want to be sure that you will not be subject to potential sudden rake hikes; some less scrupulous lenders will trick you with fine print. Be sure that you know what you are getting into by reading the reviews of the credit cards you are signing up for.