Business Vs Personal Credit Card

mukundam123

Hey guys,

This is my first post, so apologies if this has been discussed elsewhere already.

I'm about to buy a retail business. I'm going to take over the existing business account of the company, but will need a credit card for business spending.

I've read the articles, but am a little lost as to which card to choose.
The initial question is, what is the advantage of choosing a business credit card vs a personal credit card? What are the main considerations to take into account when choosing the type of credit card? Ultimately, which credit card will be best for me?

As a rough guess, I expect to probably only spend about £1000 per month on the card. I'm trying to find a way to spend as much as I can on the the credit card to maximize any rewards, but am finding that all my suppliers charge a 2% fee on credit card transactions. Any thoughts on this would also be useful, but should probably be in a different thread.

Thanks for your advice.

M

robber2

the only advantage of a business card over a personal one is that it gives clarity over your expenses and hmrc are less likey to think that you may be using the business to finance your personal expenses. With a business card you get less buyer protection also you will find it hard to find a card which gives much in the way of rewards so overll not a lot of good news.

sorry about that.

bengalknights

The other advantage to business cards are they generally have the vat invoice setup with them using specific tools so you can utilise statement for vat purposes

mukundam123

Thanks for the advice guys. Think I'll stick with a personal one.