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Pros and Cons of Free Business Credit Cards
An Introduction To Credit Cards
Credit cards have really become a handy tool in our everyday life when it comes to shopping and withdrawal of quick and easy loans. Not only do they serve the purpose in our private, individual lives but they have also started playing a very important role in the world of small and medium sized businesses. As many of the world’s economies today are running on credit, and credit has become one of the most important tools of all transactions, it was becoming necessary to introduce credit cards into the business world where a businessman could use this card in order to make purchases, supplies, raw materials, or even withdraw credit cash as per needs in order to meet the sudden arising business requirements.Choose the best credit card at DontSpendMore.com
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Role Of Free Business Credit Cards In Business
Free Business credit cards are now-a-days a necessary part of smooth small business operations anywhere in the world. These help the small business owners have a better management of cash flows and expenses related to the business that result in more stability in operations. However, there is a slight disadvantage of using free business credit cards that can turn out to be lethal and quite dangerous for the business.
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Disadvantage By The Use Of Credit Cards In Business
The disadvantage is the owner, on the name of whom the credit card has been issued by the issuing bank, is the sole responsible and liable person to pay the debt if the business fails to make the payment in time or declares it insolvent. That means the owner of the business has to pay the debt, from wherever he can in order to cancel out the liability. This might also leave some harsh and unwanted effects on the credit history and personal credit score of the employer.
Some of the advantages that an individual can avail from free business credit card include:
Ease Of Cash
A business owner can withdraw the desired amount of cash anytime with the help of business credit card. Business credit card holds a certain withdrawal limit (usually a bit less than the credit limit of the card) and the card holder can withdraw the required amount of money from nearby ATM, with the condition that the withdrawn amount would be returned to the bank within specified days or interest would be charged accordingly on the balance due.
No Need To Carry Cash
A businessman does not need to carry cash or check book everywhere he goes if he has a business credit card in order to make payments. Carrying cash always carries the fear of being theft or misplacing that is eliminated with the use of credit card.
Use By The Staff And Management
Business credit card allows employees to make certain payments and purchases on behalf of the business that is an advantage and at the same time a big threat to the business as well. It provides the ease to owner for not making all the payments himself but also increases the chances of misuse of card by employees.
Online Purchase
Business owners can make online payments and online purchases with the help of business credit cards for their raw materials and supplies if they find it more economical and less costly for the business.At DontSpendMore.com, you can apply for your credit card online and receive an instant approval, where possible. That’s about as easy as it gets.
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