I have a few personal credit cards and I want to consolidate them. I also am self-employed, but I dont' have a business credit card; although I get LOTS of ads for them in the mail. I've always wondered, what is the difference? Are there different rules or fees? Can you only use them for business purchases? Do you have to spend a certain amount to keep them?
Any advice appreciated…
Personal credit cards are issued to "Persons" and the person is the respondent.(Owes the money.) The business card is issued to a "Business" for the purpose of charging items related to or for that business..Normally business cards are fully paid on a monthly or quarterly basis and are never used for personal things. The respondent is the business (Although a person is normally required to sign for and guaranty the debt on behalf of the company.) If you are a small business, and have a business tax ID number and business license, there may be tax advantages to using a business credit card for payment of all your business related items..Easy way to keep track of your expenses, plus you will get a monthly or quarterly statement from the credit card company which is your receipt for monies spent for your business….Good Luck !