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Can You Finance Your New Business with a Business Credit Card?
By Sean Masterson
? Almost once a week someone will ask me whether or not they can finance a new business with a
business credit card. Each and every week I give them the same response. The question isn't only
"can you" finance your new business with a business credit card. The question is also "should you?"
They Don't Just Pass Them Out
First things first... Ask yourself why you're thinking of financing your business with a business credit
card. Is it because you can't get a business loan and you don't want to risk your personal credit rating?
If you can't get a business loan, you probably can't get a business credit card. They don't just hand
them out to everybody. Unless you have an established business with a proven profit record, chances
are you're going to have to guarantee any business credit card with your own personal credit. And why
shouldn't you? If you're not willing to put your good name up for the sake of your business, why should
the bank be willing to put up the funds?
On the other hand, if you want a business credit card in order to keep your business start-up costs
separate from your personal credit card transactions, a business credit card might be a good way to do
it. But remember, you're probably going to have to use your personal information in addition to your
business information in order to get the business credit card you need.
Is It Worth the Price?
When it comes to start-up costs for your new business, a low-interest business credit card can be just
what the doctor ordered. However, not everyone qualifies for a low-interest rate. If you're stuck paying
20 percent on the card, you might be better off going with a small business loan.
Check small business loan rates