Business credit card: What is it and how to use it for small business expenses?

1 month, 2 weeks ago

Business credit card: What is it and how to use it for small business expenses?

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If you have an idea or plan to start your venture, your first thought will be finances. Credit limit for business credit cards Your credit history and profile will determine the credit limit for your business credit card. The maximum credit limit on your business credit card may differ from bank to bank. Please check your bank’s website or contact customer service to learn about the maximum credit limit on your business credit card. Disadvantages of a business credit card for small businesses Personal credit history: A business credit card needs a personal guarantee from the user.

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History of this topic

Why banks flag business expenses paid on personal credit cards

2 weeks ago

Why banks flag business expenses paid on personal credit cards

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Credit cards come in two broad categories – personal and business. The fine print of personal credit cards clearly says that they cannot be used for business spending, and hence separate cards are issued for business expenses. View Full Image Mint An example is when business owners started paying power bills, running into several lakhs of rupees, of their factories …

Top 5 small business credit cards with the best rewards programs in 2024

1 month ago

Top 5 small business credit cards with the best rewards programs in 2024

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A business credit card is convenient for small businesses to finance their venture. Citi Corporate credit card Citibank Corporate credit card caters to businesses by providing exclusive benefits and rewards for business expenses. ICICI Bank Business Advantage Black credit card This business credit card by ICICI Bank provides cashback on business expenses such as renting cars, travel and professional services. …

Personal loan for business: Here are its pros and cons

8 months, 3 weeks ago

Personal loan for business: Here are its pros and cons

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Personal loan for business: Personal loans are usually taken and used for personal expenses but some borrowers may consider taking this type of credit to finance their small business ventures. This is because of the following reasons: Elevated interest rates : Personal loans generally carry higher interest rates in comparison to business loans, which can substantially inflate the total borrowing …

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Why do we spend more with credit cards? The hidden psychology behind it

1 week, 4 days ago

Why do we spend more with credit cards? The hidden psychology behind it

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Credit cards offer you great rewards and cashbacks through which you can maximise your savings and spend smartly. Credit cards make the payments on your behalf while you do not have to worry to spend cash until the due date of the billing cycle of the credit card. Rewards programs: Credit cards provide you with reward programs which include cashbacks, …

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Can a personal loan fuel your entrepreneurial journey? Here’s the truth

2 weeks ago

Can a personal loan fuel your entrepreneurial journey? Here’s the truth

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The desire to be your own boss often fuels the ambition for wanting to start your business. For business needs, personal loans are attractive since they Collateral is not needed: In order to obtain a loan, you are not required to pledge any assets. For MSMEs in particular, personal loans help bridge funding gaps, enabling them to invest in growth …

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Credit Cards: How do they affect your credit score and loan eligibility?

2 weeks, 3 days ago

Credit Cards: How do they affect your credit score and loan eligibility?

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Credit cards are a great way to save smartly on your transactions and earn exclusive rewards and discounts on your favourite brands. Credit cards may affect your credit history and also impact your credit score as well as your future loans. Aim to utilise only 30-40% of your credit limit to maintain a low credit utilisation ratio, which is vital …

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What is a credit card limit and why is it crucial for your finances?

2 weeks, 6 days ago

What is a credit card limit and why is it crucial for your finances?

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Credit limits in credit cards greatly impact your money decision making. If you've never used a credit card before, you're likely to have a small limit initially, which you can increase by using it responsibly. Benefits of higher credit limit Better credit utilisation ratio: A bigger limit results in better credit scores because it decreases your utilisation percentage. In conclusion, …

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Credit Cards: Are they worth it? A deep dive into their pros and cons

3 weeks, 5 days ago

Credit Cards: Are they worth it? A deep dive into their pros and cons

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Credit cards have, today, become the necessary part of everyone's financial life. Banks or financial institutions issue credit cards, which would allow you to borrow money up to a predetermined amount. Instalment payment options: One sometimes gets a chance to split huge expenses into affordable monthly payments through use of credit cards. Hidden fees: Credit cards frequently have hidden fees, …

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Understanding credit card fees and hidden charges: Everything you should know to avoid financial traps

4 weeks ago

Understanding credit card fees and hidden charges: Everything you should know to avoid financial traps

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Credit cards are part of present-day life because they provide convenience and flexibility to manage funds. Types of credit card charges Credit card fees are different for each type of issuer and also depends on features offered. Membership and annual maintenance fees: Many credit cards require a sign-up fee after an application gets approved. Cash advance fees: Many credit cards …

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Credit cards: How can small businesses cut down on merchant fees for transactions?

4 weeks ago

Credit cards: How can small businesses cut down on merchant fees for transactions?

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Using a credit card is considered convenient, but not a free service. Apart from annual fees, joining fees, etc., credit cards also include merchant fees, which are fees charged to businesses. Minimum limit: Always try to set a purchase limit on credit card sales to avoid paying higher merchant fees. Factors affecting merchant fees Type of business: Some businesses will …

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What is a credit card? A comprehensive guide for beginners

4 weeks ago

What is a credit card? A comprehensive guide for beginners

Live Mint

In today's hectic world, credit cards are vital tools for managing finances and making purchases. This article attempts to take you through the basics of credit cards, including benefits and usage, so you can make informed financial decisions. Credit cards are widely accepted online and offline and often come with rewards to keep them attractive for usage--mostly reward points, cashback, …

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Credit card: Three ways in which you must not use it

1 month ago

Credit card: Three ways in which you must not use it

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Credit cards are a simple way to buy something today on a loan, plus it takes just one swipe. Your bank will set a limit on your credit card, hence, it’s not an unlimited loan and neither is it effortless because applications can get rejected. Spend but don’t overspend Every credit card comes with an overall credit limit for your …

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1 month, 1 week ago

Credit Card: Can you build a personal brand with it? 6 key things to know

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A credit card can be an incredibly useful tool to build your personal brand by helping you develop a reputation of credibility, financial responsibility, and exclusivity so long as it aligns with your brand. Travel and rewards: Many credit cards offer access to unique experiences, like events, VIP lounges, or priority bookings. Credibility: If part of your brand includes credit …

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What is a credit card authorisation and why is it important?

1 month, 2 weeks ago

What is a credit card authorisation and why is it important?

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If you have started using a credit card recently, you may have faced a situation wherein a merchant tried to authorise your card to verify whether it has sufficient funds or not. It is a temporary hold placed on a certain amount of a customer’s credit card to confirm that they have sufficient funds or credit available to complete a …

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What types of credit card fraud should small business owners be aware of?

1 month, 2 weeks ago

What types of credit card fraud should small business owners be aware of?

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Starting a new business is not easy. Types of credit card fraud Theft of credit card: One of the most common forms of credit card theft is stealing of a physical credit card. Stealing credit card information: It is fraud when sensitive credit card information is stolen when making transactions. Credit card account fraud: In this type of fraud, scamsters …

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Credit card and budgeting: How to align your credit card use with your budget goals?

2 months ago

Credit card and budgeting: How to align your credit card use with your budget goals?

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Credit cards: To manage finances effectively, create a structured budget. Credit cards can support budgeting efforts when used wisely, offering perks and simplifying bill payments. However, it's crucial to avoid impulsive spending and assess credit card choices based on personal financial goals. Leverage credit card perks Many credit cards offer attractive benefits such as cashbacks, reward points, and discounts. Failure …

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Business Loan: 7 game-changing factors that determine your interest rate

3 months, 1 week ago

Business Loan: 7 game-changing factors that determine your interest rate

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Funding is one of the biggest requirements for most businesses to survive or sustain. Hence, if your business comes under priority sector lending, your business loan may get some preference and may come at a lower interest rate than other business loans. A fixed-rate business loan comes at a higher interest rate than a floating interest rate business loan. In …

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Tax on foreign card spends: A bolt from the blue

1 year, 7 months ago

Tax on foreign card spends: A bolt from the blue

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What is this tax on foreign spending? Spending on a corporate credit card for business purposes is technically spending on the ‘current account’ and should not fall under LRS. The finance ministry also supported this position in a tweet on 18 May by giving the example of an employee on a business trip —which would not come under LRS. However, …

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Unlock the World of Credit Cards: A Comprehensive Guide to Understanding the Pros and Cons

6 years, 10 months ago

Unlock the World of Credit Cards: A Comprehensive Guide to Understanding the Pros and Cons

The Quint

Credit cards offer a plethora of benefits and advantages, including the ability to make expensive purchases without depleting savings, avail enticing incentives and offers, enjoy purchase protection, keep a detailed expense record, aid in building a credit line, enable individuals to avail an interest-free period, and provide easy access to credit.

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