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A business credit card is a popular and flexible tool for those times when business owners need quick access to cash. There are few restrictions on what you can purchase with a credit card and many small business owners use credit cards for purposes that include purchasing inventory, paying bills, or to cover travel expenses. In fact, according to the Small Business Administration (SBA), roughly 65 percent of small business owners use credit cards on a regular basis.

There Are Benefits to Using a Business Credit Card

In addition to being a flexible financing and purchasing tool, there are other benefits associated with business credit cards, which include more sophisticated reporting and expense tracking, the ability to issue multiple cards to employees on the same account, more flexible payment options, and often larger credit limits compared to personal credit cards.
Many business credit cards report your transaction history to the business credit bureaus instead of the personal credit bureaus, which is important for business owners interested in building their business credit and protecting their personal credit. Maxing out your personal credit cards on business expenses (even if you pay the entire balance at the end of every payment cycle) may still negatively impact your personal credit score.

A Business Line of Credit from Signature Small Business Loans and a Business Credit Card Complement Each Other

Although business credit cards are convenient and flexible there are some things you just can’t do with a credit card. For example, you may not be able to make certain payments, including your property lease, payroll, and invoices from particular vendors; but you can use a business line of credit. Additionally, while some business credit cards come with lower credit limits, an Signature Small Business Loans line of credit is between $5,000 and $20,000.
Applying for a business line of credit is simple and can take as little as 10 minutes to complete online. You can also apply by phone at (646) 431-7710. If you’ve been in business for at least a year, and have $100,000 or more in annual revenue, you could be approved and have access to your credit line in as little as 24 to 48 hours.
Frequently Asked Questions:
Q: What is the difference between a line of credit and a business credit card?
A: A line of credit is a revolving loan that provides a fixed amount of capital that can be accessed as needed. All or part of the credit line can be accessed at any given time up to the fixed limit, repaid, and used again. Interest is only paid on the amount of credit used. While a business credit card is similar to a line of credit, there are some purchases or payments that can’t be made with a business credit card.
Q: Do I need to switch my credit card processing to get a business cash advance?
A: Generally, you do have to switch your credit card processing and point of sale system to get a business cash advance. Cash advance companies measure your revenue through their own proprietary hardware and software that is built into the POS system.
Q: How is an Signature Small Business Loans business line of credit repaid?
A: Once you draw from your line of credit, a weekly payment is debited from your checking account via an ACH withdrawal. Your principle balance is credited as soon as the payment clears (usually within 24 hours). If you were to pay back your entire balance, the full amount of your credit line would be available to withdraw from again.
Q: What is the Term of an Signature Small Business Loans Line of Credit?
A: An Signature Small Business Loans line of credit has a required six-month repayment period.
Q: Does Signature Small Business Loans report my payment history to a business credit bureau?
A: Yes, we report your payments on a regular basis, which can help build your business credit profile.Yes, we report your payments on a regular basis, which can help build your business credit profile.