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small business help - information - news and start up advice arrow Business Finance arrow Credit Card Finance - Small Business Finance

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Credit Card Finance - Small Business Finance

Credit Card Finance

A surprisingly large number of small businesses use their credit cards for short term finance, despite the high rates of interest involved. Most business credit cards work in the same way as personal credit cards, only with yearly fees and the option to provide other employees with their own cards for expenses etc.

Advantages of Credit Card Finance 

Flexibility – You can use it to pay for items and invoices as required, and providing you meet the minimum payments you can pay it off when you have the money. (Although you should never let credit card bills build up)
 


Quick – If you have the credit limit you can access the money almost instantly.

Disadvantages of Credit Card Finance

Cost – The interest rate of credit cards will be much higher than a loan and possibly even an overdraft; withdrawing cash from a credit card will incur even higher interest. If you do not pay off the bills entirely, the interest can quickly add up.



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