Business Credit Cards vs Corporate Credit Cards - Business Credit 2019

How do business credit cards vs corporate credit cards match up? In this video you will learn everything you need to know about these two types of credit cards for a business. You’ll learn how each type of credit card works, the similarities, differences, qualifications and liabilities. More importantly, you’ll be able to determine if a business credit card or corporate credit card is right for you.

Although each of these credit cards for your business operate in the same way the biggest dividing line between the two is in qualification. Qualifying for a corporate credit card will depend only on your company’s business credit rating and revenues.

For a business credit card, the major factor that determines your approval is the owner’s personal creditworthiness. Since the majority of business credit cards require a personal credit check and personal guarantor.

Now, it is possible to get a business credit without a personal guarantor when other factors are met such as a having a strong business credit file and/or substantial revenue. A personal guarantee is like acting as a co-signor for the business.

Another major difference between business credit cards and corporate credit cards is liability. While business credit cards require making a personal guarantee; corporate credit cards do not. With a corporate credit card, the business entity has full corporate liability.

However, there are exceptions where a company can get a business credit card without a personal guarantee. These particular cards such as co-branded fleet and fuel cards require your business to have strong business credit reports and revenues to qualify.

Both a business credit card and corporate credit card are revolving lines of credit that provide access to a preset credit limit. You can borrow against your credit line whenever you need it, repay it, and use it again.

With business credit cards it’s crucial to only acquire cards that report only to the business credit reporting agencies not personal credit. Although there are over 500 business credit cards in the marketplace less than 100 report to the business credit reporting agencies.

Through our business credit cards funding program, we acquire your company anywhere from four to five business credit cards that only report to business credit. As you know the best type of business credit card is one that enables you to separate your personal and business credit. This not only helps you establish a credit identity for your business but also protects your personal credit.

Now when it comes to applying for business credit cards or corporate credit cards you will need to structure your business as a corporation or limited liability company. Your company’s EIN will be used to identify your business and create your business credit report.

Whether you’re a startup or small business, business credit cards are the best and easiest type of funding to acquire. However, a corporate credit card may serve your company better if it’s a major corporation or business with several employees and strong revenues.

For more details on how to start the pre-qualification process for business credit card funding check out the following websites below.

https://youtu.be/San8_VxU6is
https://businesscreditbuilders.org/
http://businessfundingreview.com/
https://businesscreditblogger.com/2018/11/28/how-to-build-business-credit-in-30-days/
http://creditreportengine.com
https://businessfundingengine.com/