Personal Liability On Business Credit Cards

If the business does not meet these requirements, the business enterprise credit credit card providers use the credit score of the main making the business enterprise credit card software as their basis for evaluating credit risk. Do remember that most business credit credit card providers will not approve your application for a business credit card unless you agree to the personal liability provision.

This essentially makes a small business credit card the same as a personal credit credit card from a personal liability viewpoint. Hence, whenever your business does not repay the continuing business credit cards, the issuer may invoke the personal liability agreement in order to collect payment from the business credit card principal. Because of this personal liability provision on your business credit card application, your individual credit reports will include a record of your business credit cards background also. You may therefore damage your personal credit score if you make late payments on your business credit cards. In case your business accumulates a big debt, it shall inflate your individual debt obligations and cause you to appear overextended.

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The personal responsibility agreement, however, is not cast in concrete always. If you can show that you make your regular payments diligently, you should be able to convince the issuer of business credit cards to eliminate the provision over time. It could really depend on the issuers if they decide to give you your request or not.

Nonetheless, you could try to make a deal with them always. Whatever the case may be, endeavor to have the business establish its credit score. This will eventually allow you to separate your enterprise credit credit card from your personal credit records. You must remember that since business credit cards are not intended to be used by consumers, the consumer protections applicable to personal credit card aren’t necessarily present in business bank cards. When coming up with use of personal bank cards, regulations grants you the right to dispute billing errors on your account within the specified time frame.

Within this era, the card company cannot mark the disputed amount delinquent or cancel the card. This specific right of the consumer is not applicable to the holders of business bank cards. So, should you carry a small business credit card rather than a personal credit card? The answer is: Yes. Once your business has generated its background, you can split personal and business budget. That will work very well – both for you as well as your business.

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