Choosing a business credit card that's best for you...

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Tired of dipping into your personal funds to cover business expenses? It might be time to consider a business credit card. Business credit is a bit like personal credit in that how much your business is worth and how much your business makes each month are important criteria to get your business credit card approved. But there are other things to think about when you apply for that new business card:

• Will you have to submit a business plan for review?
• Will you have to go to the lending institution for a personal interview?
• Are rewards programs included (such as air miles)?
• What's the Annual Percentage Rate (APR) and, more importantly, how are finance charges applied to an outstanding credit balance?
• Does your card include or allow for a line of credit?
• Can you check your credit card statements on line?
• Does the card offer additional insurance for travel or rental cars?
• If you plan for several employees to have credit cards, can you differentiate between their spending?
• Can you place different spending limits on cards?
• Is there a charge for any additional cards?

Business credit is tracked differently from personal credit, and you should be sure that your business creditors submit your payment transactions to the major business credit bureaus, in order to maximize your credit potential. There are four business credit bureaus in the US:

• Dun & Bradstreet
• Experian Business
• Equifax Business
• Business Credit USA

Business credit is ranked on a scale between 0 and 100, with a score of 75 or above considered an excellent rating. Like personal credit, it's important to show credibility in making payments on time and over a long period of time.

If your application for business credit is turned down, you can find out why by making a request in writing within 30 days after your credit is denied. The creditor must respond within 30 days and give you the specific reasons in writing. If you disagree with the reasons you're given, discuss your concerns with the lender.

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