Choosing the Right Business Credit Card
For a business owner, a credit card is more than a way to pay for things—it’s a powerful financial management tool. Using a dedicated business credit card is a fundamental step toward organizing your finances, tracking expenses, and potentially building your business’s own credit history. This guide will walk you through the key considerations for choosing the right business card, ensuring it supports your company's growth rather than hindering it. For a general review of how to match a credit card to your specific spending habits, see our Guide to Using Credit Cards for Specific Spending Habits.
Business cards vs. personal cards: A crucial distinction
While you can technically use a personal card for business expenses, it is not recommended. Separating your business and personal finances is a crucial step for any business, regardless of its size.Key features to evaluate
When comparing business credit cards, consider what features will best serve your company’s needs.1. Rewards structure
Your business’s specific spending patterns should drive your choice of rewards.2. Expense tracking and management
The best business cards offer robust tools to help you manage and report spending.3. Fees and interest rates
Never assume business cards have the same consumer protections as personal cards. Be vigilant about understanding the costs.The application process
Your personal credit history often plays a significant role in getting approved for a business card, especially for new businesses.Related credit card topics
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FICO® Credit Scores
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
What is a Credit Score?
A credit score is a three-digit number, typically ranging from 300 to 850, that predicts your creditworthiness—how likely you are to repay borrowed money on time. Lenders use this score to assess the risk of lending to you and to determine the interest rates and terms of any credit you might receive.
Why is a Credit Score Important?
A credit score is important because it acts as your financial reputation. Lenders, landlords, insurers, and employers use this single number to quickly judge how reliable you are with money. A higher score helps you qualify for loans and credit cards, often securing lower interest rates that can save you significant money. Conversely, a poor credit score can lead to application denials or much higher costs for borrowing, making it a key factor in your overall financial opportunities.
FICO® Credit Score Facts
- Three-Digit Number: Like other credit scores, FICO® Scores are a three-digit number that summarizes a consumer's credit risk.
- Range: Most standard FICO® Scores range from 300 to 850. Higher scores indicate lower credit risk.
- Data Source: FICO® Scores are calculated using data from your credit reports maintained by the three major credit bureaus: Experian, Equifax, and TransUnion. Your score may vary slightly depending on which bureau's data is used.
- Industry Standard: Lenders rely on FICO® Scores for mortgages, auto loans, and credit cards because they provide a consistent, statistically sound assessment of the likelihood that a borrower will repay their debt.
Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.
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