Many businesses are facing troubling times amid the growing coronavirus pandemic. In another time, choosing between the health and safety for yourself, your business and staff versus profit was an easy decision. Now a days it can come at a serious cost for small business owners.
Industries of all kinds are being hit very hard due to the corona virus. Many small businesses are unable or still unsure of how they will outlive the pandemic. Some have turned to business credit cards just to survive.
Is a business credit card right for me?
There are many ways to fund your business during this outbreak, one option is a business credit card. This may be right for you if you have very good to excellent credit. There are also cards with options to earn points for everyday business expenses such as office supplies.
To find the best business credit card, consider the following:
- Payment options and Points
Many business credit cards have flexible spending or pay-over-time options. Interest rates will vary on different types of purchases. Most recently, some business credit cards are offering a “welcome bonus.” This can allow you to earn anywhere between 75K and 150K points within, usually, your first 3 months of opening the card when spending a specified amount on qualifying purchases.
- Think ahead
Plan and prepare when dealing with commercial debt in these uncertain times. There are high interest credit cards that can get you into more debt in the future. Apply for cards that have a 0% introductory interest period. Look for a card that will serve you well, even after the pandemic, and not just for the short-term. And remember, the more you spend on the card, the more interest is accrued.
- Look to American Finasco as support and a resource
For many, stress is the new normal. American Finasco has several options to reduce your commercial debt which allows you to stay focused on your business. We provide strategies and take the pressure off business owners who are having a hard time managing their debt. The first step when dealing with creditors is a phone call to American Finasco. We provide our clients effective solutions for business debt relief.