How to find the right one for your best business credit card
When you run a small business, obtain working capital and purchasing power is at the top of the list of priorities. To this end, you may be wondering if it is better to apply a personal credit card companies credit card for purchases at the beginning of the creation of your business. Both options have advantages and disadvantages and the right solution for your company depends on your specific needs. Compare the different characteristics of the credit cards for business and personal credit cards to determine which option suits you best.
Use best business credit cards to pay the expenses of your SME
These credit cards are designed for businesses as small as individual firms or firms with up to 20 employees.
As a general rule, it is advisable to use a separate best business credit card for expenses related to the work rather than a personal card. Here's why:
*This allows to separate your personal finances and those of the company. When it comes to pay the amount shown on your statement, you need to separate your personal expenses in the company in order to keep your budget intact. You will need to do so at the time to submit your tax return;
*you are eligible for benefits for SMEs. Choosing a card for business can make you eligible for best deals on even higher credit limits and interest rates possibly. You can also find cards that reward you with points;
*You can get additional cards for your employees. Instead of using expenditure reports, give your employees of the credit cards they will use to pay the expenses of the company.
Use personal credit cards for business expenses
In some cases, small business owners may choose to use personal credit cards for their business expenses. It may also be necessary in the very beginning, because your business may not yet be sufficiently well-established to be eligible for a credit card for business.
One of the advantages of the use of a personal credit card for business expenses is that you can be able to earn rewards for all your purchases. It may be convenient to accumulate Aeroplan ® Miles, AventuraMD1 points, or a PETRO-points ™ if you travel a lot to start your business.
Apply for the CIBC bank credit card
Regardless of whether you choose to use a card for business or a personal card for business expenses, you can submit an application for the two types of cards with the CIBC Bank. It is important to note that a map for businesses is still linked to your personal credit. If you have any questions, please contact a Service representative customer bank CIBC at 1 800 465-4653.
When you run a small business, obtain working capital and purchasing power is at the top of the list of priorities. To this end, you may be wondering if it is better to apply a personal credit card companies credit card for purchases at the beginning of the creation of your business. Both options have advantages and disadvantages and the right solution for your company depends on your specific needs. Compare the different characteristics of the credit cards for business and personal credit cards to determine which option suits you best.
Use best business credit cards to pay the expenses of your SME
These credit cards are designed for businesses as small as individual firms or firms with up to 20 employees.
As a general rule, it is advisable to use a separate best business credit card for expenses related to the work rather than a personal card. Here's why:
*This allows to separate your personal finances and those of the company. When it comes to pay the amount shown on your statement, you need to separate your personal expenses in the company in order to keep your budget intact. You will need to do so at the time to submit your tax return;
*you are eligible for benefits for SMEs. Choosing a card for business can make you eligible for best deals on even higher credit limits and interest rates possibly. You can also find cards that reward you with points;
*You can get additional cards for your employees. Instead of using expenditure reports, give your employees of the credit cards they will use to pay the expenses of the company.
Use personal credit cards for business expenses
In some cases, small business owners may choose to use personal credit cards for their business expenses. It may also be necessary in the very beginning, because your business may not yet be sufficiently well-established to be eligible for a credit card for business.
One of the advantages of the use of a personal credit card for business expenses is that you can be able to earn rewards for all your purchases. It may be convenient to accumulate Aeroplan ® Miles, AventuraMD1 points, or a PETRO-points ™ if you travel a lot to start your business.
Apply for the CIBC bank credit card
Regardless of whether you choose to use a card for business or a personal card for business expenses, you can submit an application for the two types of cards with the CIBC Bank. It is important to note that a map for businesses is still linked to your personal credit. If you have any questions, please contact a Service representative customer bank CIBC at 1 800 465-4653.
