Low Interest Business Credit Cards
Finding a business credit card is important to the success of your business
. A card is the quickest way to establish your corporate credit and it will also provide you with emergency money you may need for your business to thrive. Low interest business credit cards are easy to find when you work with the right lenders. Many cards are starting out with 0% interest right now. This method is used to entice businesses to acquire the credit cards and then after about 6-12 months, they will up the interest rate to 12% or higher.Many businesses use low interest business credit cards to pay off debt using the balance transfer program. This is a great way to pay off debt in a hurry but you need to be quick about paying the debt as keeping the money on the card for a long period of time will cause you to lose money as you will pay a high interest rate on the debt you transferred over.
When you acquire low interest business cards it is important to try and keep the rate low. Some cards allow you to lock in the loan amount for life while others will base the interest on how you use the card. Paying off the card on time each month or keeping the balance amount under 30% of the credit card limit will provide you with a lower interest rate. This is the trick to keeping your interest rate low on the card.
Once you pass the initial balance transfer 0% interest rate, you will pay interest on all purchases and other balance transfers after this time. This is where you need to be very careful in the way that you use the credit card. Be very careful with these promotional rates as they can be very tricky and its how a lot of businesses are sucked in and wind up running their business credit rating along with their financial outlook.
Negotiate with the credit card issuer to try and find a card that has the lowest interest rate. Over time you can focus on extending the credit limit amount as you have been able to prove to the lender that you are worthy borrower. As long as you can focus on using the credit card responsibly, you will be able to easily acquire a business credit card with a low interest rate and a large credit card limit.
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