CHEAPEST BUSINESS CREDIT CARDS

GOLD WINNERS BANK OF MELBOURNE, BANK SA AND ST.GEORGE Keep business and pleasure separate – and your bank will love you for it

Using a personal credit card for business purchases is commonplace, and there’s nothing wrong with it.

However, by using a personal card it can be harder to separate personal and business expenses. A business credit card from Bank of Melbourne, BankSA and St.George, therefore, can remove the risk and cost of mixing business with pleasure.

Business credit cards enable owners to track costs and revenue through data feeds linked to accounting software packages such as Xero and MYOB. It’s worth noting the banks seem to prefer SMEs to use business rather than personal cards. In October, for instance, automated Commonwealth Bank personal credit card feeds ended for Xero customers, according to the accounting software firm.

Business cards such as those offered by the Bank of Mel- BankSA and St.George may also provide “joint and several liability”. This concept might sound complicated. However, it means the principal of a business is jointly and separately liable for all credit card transacwest’s tions. Joint and several liability is suited to growing small to medium firms or partnerships where the owners or directors assume joint responsibility for the balance owing on the credit card facility.