Why You Shouldn’t Use a Capital One Small Business Credit Card
By Tom Gazaway
Often, business owners decide to solve their company’s cash needs with a credit card. Using business credit cards can be great or it can cause that owner some real problems. It all depends on whether it’s done the RIGHT way as we like to say at Hawkeye. Capital One’s business credit cards are no exception.
The main problem with Capital One’s business credit cards is that they report the monthly activity to your personal credit report.
That means using this card is essentially no different than using a personal credit card. Don’t make the mistake of picking this card for your business credit needs. This is not the only lender who reports the business credit card information to your personal report. Knowing “who” the right lender is and “how” to obtain the best possible credit line and best possible terms is probably something that requires an expert. However, Capital One is not normally where you would start this process because they will not allow you any separation between your personal and business credit.
There are other options if you need capital to grow your business. Here at Hawkeye Management, we help business owners raise low-cost capital in a way that will either preserve their great credit or even improve their credit, if it’s not as good as it should be.
Read about us here. We can analyze your situation and tell you if you can get approved for unsecured business credit, how to prepare your file, and what banks would be best for your situation.
Photo via Flickr user taberandrew
