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Risks Involved with a Small Business Credit Card

Credit Cards

Risks Involved with a Small Business Credit Card

While a small business credit card can be beneficial in many ways, there are also many risks involved with it. Here are some things to keep in the forefront of your mind before moving forward with one.

  1. You are personally liable when you apply for a small credit card, not your small business. This is because, if the business happens to fail, you will be liable for any outstanding debts on the card.
  2. There are not many CARD Act protections available on small business cards. Mostly the protections pertain to risk-based repricing.
  3. If you add employees to the company card account, you are liable for them. This can be a blessing and a curse because you have to make sure to keep employees in check with their spending.
  4. Interest rates aren’t low on these accounts.

Image via Money Crashers.

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Subscribe To Our Newsletter

By clicking submit, I authorize Optimistic Track and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Terms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here

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