Tuesday, May 21, 2019
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Why finance your business with a credit card?

Credit cards can also serve as backup to start a business and in this post we explain why.

Entrepreneurs need to have capital that supports them when making an investment, financing your business with a credit card can be more useful than you imagine.

The main function of credit cards for entrepreneurs is to provide larger amounts that suit the needs of each business. So you can have infinite benefits that improve the economic stability of your company and your profits.

Which credit card is best for financing your business?

 

finance-your-business-with-a-credit-card

There is a wide variety of credit cards that fit the possibilities of entrepreneurs who seek to finance their business with a credit card.

Next we will mention the best credit cards to cover the expenses of your company:

Business Impulse

This type of credit card has availability of up to 6 million pesos. In addition to that the monthly payments are equivalent to 3% of the capital plus the interest generated.

Benefits of requesting the Impulso Empresarial card:

  • Access to promotions with zero rate
  • Discounts and promotions in different establishments
  • Withdrawal of cash at ATMs and branches

Requirements:

  • Have a Banamex Automatic credit line
  • Being over 18 years
  • Proof of monthly income
  • Identification with current photograph

Push Business

Banorte: Push Business

With this credit card you can: divide your personal expenses with business expenses, acquire any product or service that you require to satisfy the needs of cash flow management and financing. On the other hand, the Push Business Card is one of the most flexible in the market: the annuity only consists of 750 pesos plus VAT and the annual interest rate is 29.90%.

Benefits:

  • Insurance and assistance
  • Transactions electronically
  • Telephone assistance 24 hours a day, 365 days a year

Requirements:

  • Being over 18 years
  • Proof of monthly income
  • Identification with current photograph

Business

If you are looking to manage the events and expenses of your company or cover unforeseen events that arise during planning, this credit card would be ideal for your financing.

Benefits:

  • Detail of movement in checking accounts
  • Transfer to own and third party accounts Bancomer
  • Executive summary of balances by products
  • Summary of balances per account

Requirements:

  • You must be a physical person with business activity
  • Be a Bancomer customer
  • To be over 18 years old
  • Identification with current photograph

Agile Credit

The agile credit card can be arranged by electronic banking or branch. The main objective of your line of credit is: to ensure working capital for suppliers, improve purchasing conditions and cover the operative expenses of the creditor.

Benefits:

  • Attractive rates depending on the amount of the credit
  • Credit in national currency
  • National coverage
  • Ease of operation

Requirements:

  • Identification with current photograph
  • Proof of income
  • Tax Identification Card (RFC)
  • Credit application

finance-your-business-with-a-credit-card

Advantages of financing your business with a credit card

Rewards

When you apply for a credit card with the function of financing your business, you can access a fixed amount of money monthly with a minimum commission. Also, for the constant use of your plastic you will have access to different rewards such as: discounts, promotions in different establishments, cheaper flights and accommodations at affordable prices for your business trips.

Payment flexibility

Financing your business with a credit card can help you organize your expenses since monthly payments are flexible. You have the ability to choose the amount you want to spend monthly to cover the contingencies of your business without the need to get into debt by covering each of them on time.

Economic backing

A credit card can also be useful to support unforeseen events and emergencies. You can even consume raw materials, equipment or materials that you need from another part of the country.

Measures you should take when financing your business with a credit card

If your plans are to finance your business with a credit card, I recommend that you take the necessary measures to take advantage of this benefit and learn how to better manage your investment.

Analyze all options

One of the most common mistakes among entrepreneurs is not to analyze what type of credit card fits the needs of your business. Not reviewing the interest rates and commissions of each plastic can be a serious mistake that can end your peace.

Inform yourself and verify, I assure you that a loan should always benefit the economic stability of your business and not harm it.

Keep a record

Keep a record

It is important that you are aware of the movements of your account, know the payments that have been made and the amount destined for the monthly payment of your credit card. In this way you can avoid confusion or indebtedness.

Avoid extra charges

Avoid extra charges

Try only to spend the capital that you have available on your credit card, otherwise interest and monthly commissions may increase gradually. Avoid borrowing more than the account and only use the budget you need.

Do not mix business credit with staff

Do not mix business credit with staff

Separating your business credit with the staff should be a requirement to finance your business with a credit card. Consider formalizing and looking for non-personal funding sources that allow you to divide both uses.

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