Small business and personal credit cards serve similar purposes. You can use either type of card to make purchases, earn rewards and receive cardholder protections. There’s no interest if you pay your bill in full every month, and relatively high interest rates if you don’t. However, it’s important to know the differences, particularly if you just started a business and are unsure which card type to use.
How business credit cards differ from personal credit cards
The big difference between business and personal credit cards is that business owners apply for and open business credit cards in the company’s name, often using the business’ Employee Identification Number (EIN). While personal credit cards are opened in your own name using your Social Security number.
Credit card issuers also create business credit cards to appeal to small business owners, rather than individuals. As a result, many of the day-to-day differences come down to the features, rewards and benefits that the different types of cards offer.
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