Compare Credit Cards
There is a vast selection of credit cards available and it is the goal of Cardselection.com to get you the best possible card for your wallet. The cards are categorized, so you can pick a card based on the reward offered or you can simply choose an issuer to see their deals. For someone that intends to carry a balance you can easily find the credit cards that will reduce or eliminate the interest rates. Introductory rates can be as low as 0% and apply to either purchases, balance transfers or both. The fee for balance transfers is usually 3%, but searching our "no balance transfer fee" section can get you a card where the initial transfer is processed without a fee.
There are no limits on the amount of credit cards you can have. You may even get an advantage by having several active cards as they help establish credit history and the higher the combined age of your cards the more positive it is for your credit score.
Applying for a Business Credit Card
There is hardly no difference in how to apply for a credit card, whether it is a personal card or a business card. Almost anyone can apply for both, but the majority is either unaware of that fact or unsure about how to fill out the application. You are considered a sole proprietorship if you have ever sold anything on eBay, mowed someone´s lawn, or babysitting. Entering the right information on the application is easy for anyone that is a sole proprietor, as they just write their name as a business name and their SSN as taxpayer identification number (TIN).
There are many advantages to business credit cards and the most appreciated by their owners is the 0% intro rate on balance transfers. The introductory rate is usually good for 12 months and in some cases even longer. Card issuers realize that business owners typically needs a larger credit line, so if you are approved that means you have a real opportunity to grow a company through a balance transfer without having to worry about paying interest in the beginning. It is also important to know that your business credit does not show up on your personal credit report, which means your credit utilization is not affected by the balance transfer and a high credit score will remain intact.
Small businesses charge more than the average consumer and therefore the competition among card issuers can be fierce in order to attract new customers. This is to your benefit in the way of some great sign up bonuses and high ongoing cash back percentages on some of the more common business purchases, such as office and travel related expenses.
Combining business and personal expenses on a single card cannot be advised and is certainly a hassle when filling out the tax return, so having two separate cards is handy and if you have employees there are many additional benefits. You can get free additional cards for each employee and control their purchases by setting individual spending limits. You will also be able to track expenses through itemized monthly statements and quarterly reports.
There are federal laws to protect the consumer from unfair practices, but small business credit cards do not carry that same protection. For example using a business card for personal expenses may result in excessive fees or more hassle when disputing billing errors, so check the terms and conditions to know what to expect if a problem should arise with your account. It is common to be personal legal liable for any business debt, so a late payment or non-payment may affect your credit score the same way as a default on your personal credit card.