hi..

even though the business card doesn't help on the credit history report, what is the edge of such card over the personal credit card?

Can you cite some advantages of having a business credit card? or the other way around, advantages of a personal card over a business card.

thanks..

Hi RichelleM,

the difference between a personal credit card and a business credit card is that personal credit card reports to Equifax & Trans Union and will help build your credit history.

a business credit card will not report to your personal Equifax and Trans Union accounts. for example, I have a Home Depot business card. It does not report to my Equifax and Trans Union accounts. So why charge something on that card the activity does not show up on my credit history. I'm not sure even if they report the business card to business equifax... and I really haven't checked that out.

, But you're right you need to access whether you can pay off your balance monthly or not, and as I mentioned before this will determine if your convenience user or a credit user.

I advise that you assess the features of various types of credit cards offers. A business credit card is always the first-rate way to start on building credit in a company’s name, rather than making use of the business owner’s personal credit. However, the type of credit card necessary for you will also have to be determined by you. You have to also discover whether you are able to endure the pros and cons of having personal credit cards for your business, which you will not be able to pay back in time and thus will lose your credibility and your business, as well. You should be truthful with yourself on the subject of your capability to pay your bills on time, before going in for or switching to any credit card.

I found all of these credit cards listed on the fcac website
http://fcac.gc.ca/

Alterna Bank
Preferred MasterCard

Alterna Savings
Preferred MasterCard

ATB Financial
Preferred Fixed Rate MasterCard

ATB Financial
Preferred Variable Rate MasterCard

BMO Bank of Montreal
BMO Air Miles MasterCard with Low Rate Option

BMO Bank of Montreal
BMO CashBack MasterCard with Low Rate Option

BMO Bank of Montreal
BMO Preferred Rate MasterCard with Low Rate Option

CIBC
Select VISA Card (Low Rate)

Citizens Bank of Canada
Shared Interest Classic My VISA Rewards Plus with Low Interest Rate option

Citizens Bank of Canada
Shared Interest Classic VISA with Low Interest Rate option

Coast Capital Savings
Low Interest Rate Coast VISA Desjardins Classic

Desjardins
Low Interest Rate VISA Desjardins Classic

HSBC Bank Canada
Low Rate HSBC MasterCard

HSBC Bank Canada
Low Rate HSBC MasterCard (with rewards)

Laurentian Bank
VISA Black (reduced rate option)

Laurentian Bank
VISA Complicité (reduced rate)

National Bank
Reduced Rate Allure MasterCard

National Bank
Reduced Rate Edition MasterCard

National Bank
Reduced Rate Escapade MasterCard

National Bank
Reduced Rate Sunoco MasterCard

National Bank
Reduced Rate Ultramar MasterCard

National Bank
Syncro MasterCard

RBC Royal Bank
VISA Classic Low Rate

Scotiabank
No-Fee Scotiabank Value VISA

Scotiabank
Scotiabank Value VISA

Scotiabank
ScotiaLine VISA Account

TD Canada Trust
TD Emerald VISA

Vancity Credit Union
Enviro Classic VISA Low Interest Rate option

Vancity Credit Union
Enviro Classic VISA My VISA Rewards Plus with Low Interest Rate option

Westminster Savings Credit Union
Low Interest Rate VISA Desjardins Classic

Issuer / Name of Card

Alterna Bank
Preferred MasterCard

Alterna Savings
Preferred MasterCard

ATB Financial
Preferred Fixed Rate MasterCard

ATB Financial
Preferred Variable Rate MasterCard

BMO Bank of Montreal
BMO Air Miles MasterCard with Low Rate Option

BMO Bank of Montreal
BMO CashBack MasterCard with Low Rate Option

BMO Bank of Montreal
BMO Preferred Rate MasterCard with Low Rate Option

CIBC
Select VISA Card (Low Rate)

Citizens Bank of Canada
Shared Interest Classic My VISA Rewards Plus with Low Interest Rate option

Citizens Bank of Canada
Shared Interest Classic VISA with Low Interest Rate option

Coast Capital Savings
Low Interest Rate Coast VISA Desjardins Classic

Desjardins
Low Interest Rate VISA Desjardins Classic

HSBC Bank Canada
Low Rate HSBC MasterCard7

HSBC Bank Canada
Low Rate HSBC MasterCard (with rewards)7

Laurentian Bank
VISA Black (reduced rate option)

Laurentian Bank
VISA Complicité (reduced rate)8

National Bank
Reduced Rate Allure MasterCard

National Bank
Reduced Rate Edition MasterCard

National Bank
Reduced Rate Escapade MasterCard

National Bank
Reduced Rate Sunoco MasterCard

National Bank
Reduced Rate Ultramar MasterCard

National Bank
Syncro MasterCard

RBC Royal Bank
VISA Classic Low Rate

Scotiabank
No-Fee Scotiabank Value VISA

Scotiabank
Scotiabank Value VISA

Scotiabank
ScotiaLine VISA Account

TD Canada Trust
TD Emerald VISA

Vancity Credit Union
Enviro Classic VISA Low Interest Rate option

Vancity Credit Union
Enviro Classic VISA My VISA Rewards Plus with Low Interest Rate option

Westminster Savings Credit Union
Low Interest Rate VISA Desjardins Classic

What cards do you currently have? I think maybe you should prioritize. If you have a balance on your personal credit card, how long before the end of the year would you be able to pay it? Maybe you should just keep what card you have now for your personal use until you pay off the balance. Seems to me like you have a good interest rate on it.

As for your business credit card, if you think that it’s not the right credit for you, why don’t you try applying for MBNA PremierRewards® Platinum Plus® MasterCard®. I think this is the best cashback credit card out there. It offers 1% back on all net retail purchases. So if you spend $3500 per month, you get $35 back. It’s a good deal if you ask me. You can get information here on this site /mbna-mastercard-canada.html if you want to know more orif you want to apply for that card.

I hope that helps.

I've got a situation where I own my own business. I have personal credit cards that I use for my business and personal.. I keep these separate. What I mean by that is , my business is too small to get a real business credit card. So i just use my personal credit cards for business.

I don't carry a balance on my business cards, but I do carry a balance on my personal cards. It's a long story.

Now that I'm reading these discussions.. I'm not sure if I've got the right cards.

With business I spend around $3500 per month on my card with the same suppliers.. I have a cash business so I pay the balance every month. Right now I have a reasonable interest rate... 17% and it gives me savings on gas.

I don't really travel much.. and would like money back / cash back.

Which cards do you suggest?

For personal, my balance is around $5000 and i'm paying 11% interest which isn't too bad... I will pay the balance off by the end of the year. So... should I get a lower interest rate card / or just get a rewards card because the balance will be paid off.. i don't want to switch cards too many times.