Are you looking up to use your credit card to start your own business or expansion? Do you know how to get more benefits off from your credit card for start your business or even expansion? For the example emergency fund to pay unforeseen expenses. But, there is also negative side you should pay more attention like fluctuate interest rates based on your monthly payment. So, here 3 simple ways to use your credit card to start a new business or even expanding.
1. The first thing to remember about credit card is that, not all banks or company are interested in funding your business. For the example, they are not interested in funding a lifetime business. Why? Because, you can’t experience the profit while paying interest each month. For this reason, credit card tailored toward small businesses, like food franchise or laundry.
2. Get full information about your credit card system. Ensure any details or parts of your credit card. Start with account balance, maximum amount, service fees for late payment or over the limit fees, payments due also transactions if you withdraw cash using your credit card.
3. Pay credit card bill before due date, or right to due date. Using your credit card with responsibility helps growth your business well. If you use it irresponsibly, credit card makes you sink into debt. Bank charge a higher rate as long as you don’t make your payments on time.