Keep personal expenses on credit cards away from the business expenditure

[Thursday, August 11th, 2011]

Running a small enterprise may seem to be an interesting prospect, but there are a number of challenges that come with the territory. There are innumerable things that make a business a success, with the main one being the finances. Keeping track of all the business related expenditure can be a tough task, but it is something that cannot be avoided or shunned away.

A number of small business owners do the mistake of combining their personal and business expenditure, a move they are bound to regret at a later stage. The CARD Act that offered protection to the consumer cards against arbitrary change of interest and other charges and fees does not extend its protection to the business cards. Hence, an increasing number of business owners use their personal card for business expenses to keep costs low. Some owners also believe that using the same card for all expenses makes book keeping an easy task, but this is far from the truth.

If you are serious about building a business credit history, the best way to do it is by using a good small business credit card for all business related expenses. One of the banks that does extend the rules and regulations of the CARD Act to even the business cards it issues is Bank of America. It is worth applying for a small business credit card from this bank to use it exclusively for business purposes. In addition to avoiding any kind of confusion while filing taxes, this type of credit card also makes you an organized entrepreneur who takes their business seriously.

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