Paying for Business Expenses Applying for a business credit card is something a small business should seriously consider for itself. Business credit cards can provide a range of benefits to a business. They allow a company to build up credit for better borrowing conditions down the road. They’re also quite easy to apply for. In this article, we’ll go over how to apply for a business credit card and other important points to note. What Is a Business Credit Card? A business credit card is a credit card that is intended for business expenses. These cards are not meant for any individual’s personal use, but they are available to businesses of all sizes. What Is a Business Credit Card Used For? Business credit cards are meant for business expenses, and as such, they come with several perks that you wouldn’t get with a normal credit card. Business credit cards typically have far higher credit limits than normal cards, but they are also harder to qualify for. [youmaylike] As a business phenomenon, business credit cards vary their offers greatly, and certain cards are meant for certain businesses. They are also highly customizable when it comes to individual payment terms. Businesses don't always have consistent incomes like individuals do, and business credit cards handle this problem. These cards are used to gain access to a long line of credit, to control employee spending on business expenses and more. One of their other common uses is to make accounting easier, as putting all business expenses on one separate account makes reporting to the Internal Revenue Service easier. In the end, there are many uses for a business credit card. Why Would I Need a Business Credit Card? You might not need one, but if you run a business, you’ll be leaving money on the table by not at least looking into them. Business credit cards can solve many of the problems business owners face. If you need employees to make purchases for the business, a business credit card is the safest option. These cards can be given to authorized users, a status you can easily give to any of your employees. From here, these cards make it easy to monitor employee spending and spot any discrepancies. You can attach customized user privileges to each card to limit spending and place limits on where the card can be used. As mentioned, if you feel like your credit is too limited, business credit cards are a sure way around low credit. According to the American Bankers Association, the average monthly payment on a business credit card is twice as high as the average payment on a normal one. If you’ve found yourself annoyed with the Internal Revenue Service over the complicated reporting processes for business owners, you’re not alone. This is where a business credit card can solve another problem. Simply handing over your business credit card statements to your accountant will make them love you. It will also provide them with the information they need to predict future spending. Another great use for a business credit card is lifting your liability for debts. Liability for credit card debt is determined by the liability offered by the card. If you’re using a personal credit card for business expenses, you are liable for all debts. On the other hand, if you use a business credit card with commercial liability, your business is liable for any debts, which changes the game. Keep in mind that some cards offer joint liability, which leaves both you and your business liable for any debts. Make sure you know what you’re getting into before signing any paperwork. Lastly, just as personal credit cards offer rewards programs, so do business cards. The main difference here is that business credit card rewards are tailored to your business needs. How to Apply for a Business Credit Card Before you apply for a business credit card, you should make sure you’re eligible. For the most part, you only require the following to be able to apply for one: A legal name for your business. A business structure to apply with, such as a Limited Liability Corporation. An explanation of the nature of your business. You’ll typically be given a list of industry types to choose from. A tax ID number issued by the Internal Revenue Service Your roll in the business you’re representing Various business/financial information including: Annual revenue. Number of employees. Length of time in business. Estimated monthly expenses. If you have this information ready, you can apply for a business credit card. At this point, it would be wise to shop around and find the best option for your business. Your decision on the business credit card you choose will have larger ramifications than your choice of a personal credit card. Applying for a business credit card is much the same as applying for a personal one. There are a few differences, but the main thing to remember is that business credit cards are taken more seriously than normal ones, so you’ll have to face a higher bar of entry. This doesn’t mean getting a business credit card is hard, but it does mean you need to arrive more well-prepared than you normally would. To make things easier, you can prepare for certain obstacles in advance. You may need to sign a personal guarantee that you will pay off any debts. Also keep in mind that if you’re the one applying for a business credit card, and your business doesn’t already have one, they will conduct a personal credit check. It may be best to try to optimize your personal credit if you plan on applying for a business credit card in the future. Some Options at a Glance Here are some of the most popular options for small business credit cards: Chase Inc Business Preferred This is a great option for a few reasons. With the Business Preferred card from Chase Inc, you get 80,000 ultimate reward points when you spend $5,000 with the card in the first three months. The card also provides generic, but highly useful benefits for business owners. Business Platinum Card from American Express The Business Platinum is ideal for businesses that spend a lot on flights and travel. This card offers numerous rewards on flight and hotel expenses and makes sure you get something serious back if you use it for these expenses. Chase Inc Business Unlimited The Chase Inc Business Unlimited offers unlimited 1.5% cash back. While we’ve said enough already, they also offer several other perks that are overshadowed by their first one.
Understanding the Real Estate Market
The number of new listings for houses and condos is 17.2% below the five-year average, making it increasingly challenging for first-time buyers and those looking to climb the property ladder to find a home in Ontario, Canada. Fortunately, we’re on hand to identify the best and most affordable places to live in the region - helping you on your way to finding a new home you love.
Read on to discover five great Ontario cities offering the chance to buy real estate: London, Deep River, Windsor, Thunder Bay and Sarnia. Let’s start by exploring the property market in Windsor and discover why it’s such a great place to live.
1. Thunder Bay
The city of Thunder Bay is a great choice in the real estate market, located on the edge of the world’s largest freshwater lake - Lake Superior. It’s an incredibly affordable option in the house-buying market and promises an exciting life for anyone lucky enough to secure a property here.
Kakabeka Falls is a gorgeous waterfall in the city that offers great walks after work, while Mount McKay Lookout provides unique views of the mountain range. And that’s not all - the International Friendship Gardens offer a great spot for catching up with friends and family. There are dozens more attractions you’ll love in this lively city.
2. Windsor
Houses and condos in the bustling city of Toronto are now so expensive that many people have been locked out of even entertaining the idea of buying a home there. Thankfully, Windsor offers a great alternative.
It’s a large city at the southern tip of Ontario. It’s the most southern city in Canada and offers affordable housing for single-income buyers and couples pooling their money. Houses in Windsor are around $175,000 below the average property price for Canada, making homes here a worthwhile investment in today’s turbulent housing market.
The city is known for its late-night clubbing scene and cultural landmarks such as galleries and museums. There’s also a water park, which is great for families, and the Windsor International Film Festival - which welcomes 20,000 people each year and showcases dozens of amazing movies.
One of Windsor’s best advantages is that it’s easy to commute to Detroit. It takes as little as five minutes across the Detroit River, offering homeowners more entertainment options alongside ample job opportunities. For those not wanting to leave Windsor for work, there are lots of jobs in the automotive sector. Windsor isn’t known as the Automotive Capital of Canada for nothing.
3. Deep River
The size of a city can hugely impact the cost of buying a condo or house. The rule tends to be - the larger the city, the higher the price. Because of this, smaller cities in Canada are becoming increasingly popular and few are better than Deep River in Renfrew County.
Located on the river, life in Deep River is guaranteed to bring you peace and tranquillity. There are only 4,000 people who live here, meaning it’s never too crowded in the picturesque landscapes that dominate this area.
Deep River is a great city for buying a home because, not only are house and condo prices low, but wages are higher here than in many other parts of the country.
4. Sarnia
Another affordable city in Ontario is the lake-side community of Sarnia. 70,000 people strong, this city offers cheaper properties to buy than other locations of a similar size.
There are lots of schools here for parents of young children or those wanting to start a family, as well as public transport for moving within and out of the city. There are one hundred parks to explore, alongside a museum containing six thousand exhibits and multiple beaches for sailing adventures.
Sarnia also has a low unemployment rate, suggesting that many great jobs are available in the city if you decide to move there.
5. London
Sharing its name with England’s capital city, London in Ontario even has a River Thames. It’s a large city with over 420,000 inhabitants and plenty to do and see.
London is an ideal location for buying your first or next home. There’s a picturesque university campus and multiple colleges, elementary schools and secondary schools. There’s also an airport and rail services, making it easy to travel further afield. Hockey and baseball are essential to this city, with regular games that you can attend.
This amazing city is slightly more expensive than Windsor, but not substantially. Plus, it’s still dramatically cheaper than Toronto. House prices here are rising year-on-year, but this is happening at a much slower rate when compared with other locations in Ontario.