Hey! If you’re interested in applying for a small-business credit card, here are four tips to keep in mind.

  1. You will have to sign a personal guarantee, which means you agree to be personally responsible for any debt, regardless of what happens with your business.
  2. The application may temporarily cost a few points of your personal credit, as the issuer wants to ensure that you are financially stable before giving you money. Also, depending on where the small-business card reports to, your spending habits could affect both your personal and business credit.
  3. The law does not require issuers to extend consumer protections to small-business credit cards, although many do as a courtesy.
  4. As revenue grows from thousands to millions, you’ll want to switch from a small-business card to a corporate card, which will limit your personal liability for the account.

For more information about business credit cards, visit southernbank.com/business/visa-credit-card.

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