Help For Small Businesses In UK - Is It A Good Idea To Have A Company Credit Card?
Help for small businesses in UK is best taken from those who have been there and know what it takes to be successful in business. One question that many small business owners often ask is whether or not to have a company credit card. What are the pros and cons?
One of the advantages of having a company credit card is that it is generally easy to apply for and receive one. This means that your business automatically has a line of credit which, if you use sparingly and pay off every month, can build your company’s credit score, and make it easier to get credit elsewhere. Having good credit is how to be successful in business. Having a company credit card also means there is a financial cushion in place for leaner months. Although again, it shouldn’t be relied upon long term. Credit cards can offer rewards and incentives such as cashback, insurances, and air miles. These can be useful to your business. On the negative side, credit cards can be expensive, depending on their interest rates. And interest rates can change, which can have an impact on your budget and bottom line. Small business advice UK also suggests that it might be a bad idea to have a company credit card, since the company owner will be personally responsible for paying the balance should the company not be able to. Plus, a company credit card often has less protection than a consumer credit card, which means that money can be lost through fraud.
I-Thrive offers extensive training based on many aspects of available help for small businesses in UK. Whatever you need to know about, we can offer you expert advice through our many years of experience. Call us on 01223 967260 or visit our website at https://www.i-thrive.co.uk/ to see how we can help.