The Many Uses of a Visa Business Credit Card
Posted on September 24th, 2010
I can’t count how many times I’ve heard people say that they don’t need a Visa business credit card when they already have a Visa. Stop right there! If that’s you, you’re committing a cardinal business sin: mixing personal and business credit.
Some people scoff at this. They think, I’ve been doing this for years — maybe decades — and never had a problem. My Visa works just fine for my few business credit needs, thank you: I certainly don’t need a Visa business credit card. But just consider some of the potential hazards of combining business and personal credit:
1. Identity theft: If your credit is combined, any security risk affects both your personal and business credit. That means that if a disgruntled employee messes around with your business credit, you won’t be able to obtain personal credit, either. The same is true in reverse: a problem with your personal credit reflects negatively on your business.
2. Financial struggles: Let’s face it: the economy right now is not at its best. You might not see how a Visa business credit card is going to help that situation — and actually, it can’t. What it can do, however, is ensure that you don’t lose everything at once. If, perish the thought, your business suddenly faced financial trouble or even went bankrupt, a separate credit account ensures that your personal finances don’t take a beating at the time you most need them.
3. Professionalism: In professional terms, it’s simply nice to have a credit card with your company’s name on it. Furthermore, if your credit card is in your name only, you’re the only one who can use it. With a company card, you can choose to put more than one person as a signing authority, giving you the ability to delegate purchases to employees rather than hand out cash or handle every little detail on your own.
For these reasons and many more, if you have a business and even occasionally use your Visa to finance it, you absolutely need a business card. It might not seem like a big deal right now, but trust me: there may come a point when you’re glad you have it. Think about starting your Visa business credit card application today.
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Tags: Business Credit, Business Credit Card, Card, Credit Card
Filed under Credit Cards |