Credit cards can be a small business owner’s best friend, but only if you don’t make too many financial mistakes with them.

It can be easier to get a credit card than a loan in today’s economy for a new or struggling business, but both financing options have risks. When it comes to a loan, the lender wants you to pay on time so they make an effort to help you understand the risks and benefits. But credit card companies often profit more if you don’t understand the rules.

Avoiding common mistakes can be the difference between your credit card being a burden or a benefit. Below are some of the most common mistakes businesses make when they get a company card:

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Related Resources:

  • 7 Credit-Card Blunders That Could Hurt Any Small Business (Terra)
  • Options When You Can’t Pay Your Business Debts (FindLaw)
  • Should You Finance Your Small Biz with a Credit Card? (FindLaw’s Free Enterprise)

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