Pat Gage Shares Tips on Business Credit Cards: Boston, Massachusetts

The beauty of business credit cards is they are a source of unsecured credit—no collateral is required

Boston, MA--Business credit cards are valuable financial tools to any business if they are managed properly. Business credit cards are unsecured and are not reported on one’s personal credit report. This means there is no collateral tied to them. This is a great benefit but if it’s abused, it can have a devastating affect on a business’ credit profile, and hence, the business itself.

Pat Gage attended a conference where he shared some tips about managing business credit cards. Pat told us we should always apply at our primary bank, where a relationship has already been established, paving the way for an easier application process. Never commingle business credit with personal credit, however, if there is business debt on a personal credit card, transfer that balance to the business card to improve personal debt to income ratios. Pat also explained that once we’ve received a business credit card, we’ll be flooded with offers from other companies; if an offer sounds good, apply for the card. An emergency could come up where the additional credit might come in handy.

Pat went on to discuss managing the business credit card bills. He said to use the 21 day grace period to improve cash flow, but do not abuse it and never pay late. Paying the bill online allows one to choose the exact date the bill is paid, leaving less room for error, while saving time and trouble writing and mailing a check and counting on the mail service to get it there in time. Paying late will result in late fees, increased interest rates and a drop in the business credit score. It is important to keep the business credit profile clean to apply for business lines of credit in the future.

Everyone who attended the conference got some value out of the tips shared by Pat Gage. They learned how a business credit card is an effective tool in managing a company’s finances, when used wisely.

Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at http://www.10stepstomoney.com

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