Business Credit Cards nz

business credit cards nz

Business Credit cards nz

A business credit card is jut like any normal credit card except that its used for business transactions only. Any trip, purchase or hire for the company can be accommodated by the business credit card. Loan nz ha sourced out some of the best advice and information that will help you in deciding if a business credit card is going to be good for your business in New Zealand.

Difference between business and personal credit cards

Knowing the difference between a personal credit card and business credit card is important, it’s as important as a personal credit card, and any monthly payments must be met with accordingly. It will look similar to any personal credit card only difference is that it will have the company name on the card.

Getting the most out of business credit cards

To get the most out of a business credit card you should always make sure it is reporting to the business credit agencies and is separate from you personal credit record. Any company owner, whether new business owners or if you’ve been running your company for a few years, can apply for business credit cards. There are credit cards for small business and new businesses. Other things to look for in a business credit card are similar to what you would look for in a personal credit card. Shopping around for the best rates and benefits to suit your business needs is important. Getting a comparison table for interest rates and benefits will help business owners. Always remember that the credit card is for business and not for personal use.

Advantages of Business Credit Cards

  • Easy to keep track of business purchases and have a nice detailed record for what is bought or paid on credit.

  • The biggest benefit from having a business credit card is avoiding all the mess of paperwork when it comes to sorting out personal and business receipts and invoices for tax.

  • Some business credit cards offer discounts and rewards on business related products and services.

Disadvantages of Business credit cards

  • No limits on over-limit fees. Business credit card issuers let you spend over the limit and charge you a fee. However, limits on penalty fee don’t apply.

  • No limit on late fees.

  •  Less time allocated for payment of bills.

Business Credit cards

In other words, credit cards for business is very different from a personal credit card. When it comes to payments, personal credit cards have more protection on late fees and other rates. Business credit card holders will have to be really careful with all the fees and charges that may apply if there is any late repayment