Business Credit Cards

There are large varieties of credit cards available today – from student, low rating, charity, football, gold, platinum to business credit cards.  They all carry varying features, pros and cons.  Not everyone is eligible for each type and it is important to bear in mind that a credit card is effectively a loan.  You are using credit to pay for items, and you will be charged interest on late payment.  Those who do not pay their credit card bills on time may be subject to a downgraded credit rating.  This can hinder your chances of being able to make large purchases in the future such as a car or house.

Probably the most difficult to gain acceptance on is the business credit card.  This is a highly exclusive card type and the criteria are extensive.  You will need to be earning a minimum of about £70,000 a year (or more) and will need to have an excellent credit status.  This will be rigorously checked by the card provider before they give you a “yes” decision.  Next, you will be charged an annual fee which can be up to £150 a year.  However, the perks are also numerous…you will have exclusive access to travel insurance for yourself and your family, you may receive a personal assistant service 24 hours a day, 7 days a week.  You could receive discounts in exclusive stores and gain access to the best airport lounges.  Not bad from just one card!  The APR rate will vary but will generally be fairly reasonable.  After all, you are a highly desirable candidate and have an excellent track record.  Not only that but you are paying a hefty fee for the privilege – so it only seems fair that the APR rate stays at around 12 per cent.