4. What are Business Credit Cards? 03 Have a brief knowledge about the business credit cards. Business credit cards have advantages for business owners such as tax deductions on spending and prestige benefits only available for those with an ABN (Australian Business Number). Business credit cards work on the same principle as personal credit cards, allowing the cardholder to purchase goods or services physically at a merchant location, or remotely over the telephone or via the Internet. Once a company is established, though, there are great benefits in switching to a business credit card, for which you will need an Australian Business Number. You can apply for one of these online from the appropriate government website.
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6. These cards may have restrictions on them. They can only be used for certain purchases, or perhaps that cash withdrawals from ATMs are not allowed.
7. A number of cards can be issued on the account, and the credit limits and restrictions on each one can be geared to the individual employee who has use of it, so that junior employees will not have the spending power of more senior staff.
8. The cards come with management reporting features such as monthly itemized purchase listings that allow easier tracking of expenditure for budgetary and tax purposes.
12. Business person working from home. Applications for a card of this sort are done in the same way as you would apply for a personal credit card. The easiest and fastest way to do this is with an online application.
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14. Go to your own bank and haggle with them over what they are prepared to offer on their card.
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16. Types of Business Credit Card 09 Two types of business credit cards. 2. Charge Card Essentially, these provide a short-term (monthly) loan to a business on any purchases they load on the card, as they require the full amount to be completely paid off each month to avoid the imposition of hefty fees. These business credit cards are better suited to companies that are financially stable enough to always be able to clear their balance. American Express and Diners Club are the best-known of the charge cards.
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18. The opportunity to make instant approved purchases in person, online or over the telephone.
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