Learn the business credit cards definition and the pros and cons of these special offers made available by banks to their customers.
Business Credit Cards Pros and Cons
Well applying for one is just the same even as if it were a personal or any other type of credit card. These types of credit cards are good for earning rewards and other great packages like cash backs and travel points. These packages only to business oriented transactions for example, an office supply store and all other stuff related to it. The following are some of the ways in which these credit cards are different.
Issuers can instantly raise rates
Consumer credit cards have a protection by the governments but not business cards. In other types of credit cards whether secured or unsecured credit cards any changes in rates are broadcast by the issuer forty five days earlier in order to give the customers enough time to internalize the changes while in business credit card the card issuer can decide to hike the rates instantly.
Less time to pay one’s bills
In other types of credit cards, it normally takes up to twenty one days to make a deal but with business credit cards, the transaction is very fast and whoever is in need of the services will get them within the shortest time possible.
No limits on late fees
With the use of these credit cards, there are no limits on late fees hence, once you are late to pay your dues, and you are not limited to a specific period of me in order to complete the transactions or repayment of the due balance.
Issuers ask about your business
As the name suggests, since this is a business credit card in question here, you should always be asked about your business. This is a standard procedure followed for issuance of a business credit card unlike the other types of credit cards where there is no need of such questions about the details of what and how the card will be used.