business credit card for new business
Separate (personal) credit card for business expenses?
So a sideline gig is developing somewhat, and to simplify bookkeeping I’m thinking of getting a separate card for all those expenses.
For now we’re not incorporated or anything, so this will be a personal card in that regard. Is there any detriment to my credit rating for opening up new cards that won’t be used very often?
FYI, I only have one card, my wife has two, we both have excellent credit ratings.
It will might negatively effect your credit score, but not enough to really hurt. Separating your business and personal expenses is just plain smart, from a time-consumption and accounting perspective. You can get online yearly summaries with some cards. Definitely do it.
When you end up becoming incorporated, ditch the personal business card and get one in the name of the company (also good for general liability purposes- shows no mingling of personal and company funds).
North American Bancard – Electronic Payments Industry Careers