Can I Get a Secured Credit Card for My Small Business?
Q: I just started a small business and I’m looking to build credit, is using a secured credit card a good idea?
A: The answer to that question is “yes”. Your secured credit card may not actually say that it is a “business” credit card, and you may not be able to get some “business” credit card rewards or bonuses, such as double miles, extra points, discounts, and other things, but you can still get a secured credit card.
Getting a secured credit card can actually be an asset. For one thing, you will know exactly how much you have to spend, which should make you look harder for bargains and lower prices.
Secondly, with a secured credit card, you have access to your spending history. This will let you keep track of spending as well as what your balance is on the card.
If you see any unusual or suspicious entries on the credit card statement, you can instantly dispute them. You won’t hav
“When you’re the business owner, there’s no one behind you. You’re the back-stop.” (Warren Brown, Washington, D.C. Small Business Person of the Year 2006).
If you are in the market for business financing you may have noticed that the SBA is tentatively reporting a healthy increase in small business lending.