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Comparing Corporate and Small Business Credit Cards

By: Irish Taylor

Many businesses today prefer the use of business credit cards to fund their business. However, not all business credit cards are the same. For larger corporations and manufacturers, a corporate credit card must be used. Meanwhile, for smaller businesses and enterprise, small business credit cards are most suitable. Knowing the difference between these two types of business credit cards is important especially if you’re planning on applying for one.

One thing that sets apart corporate credit cards from small business credit cards is that, corporate credit cards are not advertised. Because corporate cards are targeted to a specific market, namely the larger businesses, they do not need public advertisements. On the other hand, small business credit cards use the media and Internet to advertise their offers to the public.

Anyone with a business, even if it’s a home based business can easily apply for a business credit card. In fact, anyone who wishes to obtain a credit card for business may do so by applying online. If he is qualified, he can be approved immediately and his business credit card will be completely processed in just a matter of days. For a corporate credit card, the planning and preparation for the terms and conditions, as well the processing steps can take a longer time.

Another difference with corporate credit cards is that these cards are customized down to the last detail to accommodate the client company’s needs. Members of the company’s administration will usually confer with the credit card company’s representatives to discuss their terms, needs and expectations. Since large corporations houses many workers, the process is a lot more complicated than small business credit cards. Nevertheless, with a small business credit card, you cannot request your own terms. You can only choose the credit card that best matches your needs based on the offers available in the market.

Once a business credit card has been approved, the card holder has the obligation to pay the upcoming bills on that credit card’s account. With regards to a corporate credit card, the payment is not just one person’s responsibility. All the members of the corporation, or the management of that particular corporation is accountable for the account. This difference is made more obvious on the card. The name of the corporation is printed on a corporate credit card with the authorized member’s name below. On the other hand, your personal name will be the name represented on a small business credit card.
Despite their differences, corporate and small business credit cards have similar features. First, both business credit cards help an individual separate his personal finances from his business expenditures. Both credit cards also provide quarterly and yearly reports of all transactions made on the account. Corporate credit cards provide discounted rates, grace period, rewards and travel privileges just like small business credit cards do. Both types of credit cards for businesses provide online support and as well as online account access for all their clients.

Article Source: http://www.articlekingpro.com

Irish Taylor is a bussiness loan consultant with SBA Loans for Startup Business and has been providing consumers and business owners with startup business financing since 1992. For years she has helped people with credit and loan problems especially pertaining to business start up, SBA Loansand Unsecured Loans. Copyright 2008

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