By Talia Whitfield 
The surge in applications for instant approval corporate credit cards has caused a drastic increase in credit card usage among small company owners in accordance with the 2009 Small Business Credit Card Survey. Since Apr, the top TARP have reduced their small business loan balances by $8 billion dollars. While traditional loans have dried up and lines of credit have shrunk, banks have decided to funnel more of their small business lending with business credit cards. Although some leading credit card providers like Advanta left the card business entirely it is refreshing to see that banks like J.P. Morgan Chase card services launched four more cards particularly targeted at small company owners.
As these instant approval credit card offers enter the market to compete for your company it is essential for you to consider all the company credit card options and compare the expenses to the advantages before you apply. For instance Chase’s new InkSM Cash has unlimited cash back and accelerated earnings on its card. That is a great perk because it rewards you for spending on every day business purchases that you do already. Ensure you comprehend what the card’s limitations are and read the fine print before you apply. Frequent Flyer Mileage – Getting frequent flyer or airline miles cards is a very popular perk for business travelers.
Once you accumulate enough points you can redeem them for airline discount rates or free nights at participating hotels. Ensure you know if there are any limitations prior to applying. No annual costs – Many cards now waive the annual fees. Bear in mind that your credit rating needs to be strong to get these kinds of cards. In case your company pays its balance in full every month then this is definitely the way to go if you can. Essentially, if you pay your balances, you get the card for free. Zero Percent Balance Transfers – This may help you lessen your high interest debt.
Make sure to never miss a payment or you will instantly lose your interest free terms and have to pay the full rate. Payment Reporting – Typically, the most of the easy approval business credit cards in the market report your payment history and revolving debt to your personal credit files and not to the company bureaus. Some companies have begun to catch on to the new world of business cards like CSI MasterCard, JP Morgan Chase and American Express. They understand that it should be used for business purchases and any debt incurred should only report to business credit history not your personal one. Whenever you apply for instant approval credit card offers they check your personal credit report, but your payment history and debt report to the company bureaus.