What is a business credit card?
A business credit card is a credit facility that allows you to pay for goods and services with an interest-free period (usually 45–60 days). The credit is revolving, which means that you can use up to your agreed limit as and when you choose — even if you’ve made payments.
A business credit card can be a great way to separate your business expenses from your personal. It’s also great for your cash flow.
Interest-free periods let you hold on to your own cash for longer without having to pay extra, allowing you to take up opportunities as they come along.
What do I need to get this type of finance?
- Property or assets as security — for secured credit cards, and/or
- A good relationship with your bank — for unsecured credit cards (although these are mostly issued as part of a finance bundle, e.g. mortgage + transaction account + credit card)
What are the benefits?
- Avoid paying interest on purchases if the balance is paid during the interest-free period
- Flexibility to use funds as and when you need them
- Only pay interest on the amount you use
- Funds are always available — no need to reapply
- Separate your business expenses from your personal
- Many providers have rewards programs
- Some providers include insurance cover with their credit cards
| The features of a Business Credit Card | |
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| Loan Amounts |
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| Security Requirements |
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| Loan Terms |
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| Repayment Terms |
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| Indicative Interest Rate % |
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