# Business Credit Card and Banking Account



## Dazz26 (Mar 26, 2016)

Hello,

I'm finally at a point where I can focus on making this business a reality; however, I do have questions regarding business credit cards and banking. 

What are the best institutions available for supporting a small business? 

Credit Cards: Lowest interest rates, cash back rewards, and/or sign-up bonus.

Banking: Low minimum balance, low or zero fees, and any additional incentives.

Also, should I wait until I get a business credit card before moving forward to order equipment and supplies?


Thank you,
Dazz


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## SunEmbroidery (Oct 18, 2007)

I would "interview" the banks in your area and compare what they have to offer you. Some banks are known to cater to businesses so you might want to choose one of those. Even though you may not have to go in person to make deposits its nice to use a local bank so you can talk to someone in person if you have a problem, want a loan or other information. I'd question them carefully about fees. Although I eliminated my paper statement fee I still have an item paid charge, deposit ticket charge, item deposited charge, ACH debit charge and ACH credit charge.


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## binki (Jul 16, 2006)

Credit union for your bank. Low or no fees. See a bank for an equipment purchase loan. Business credit cards are good for some expenses but work on getting net terms.

Check out www.creditboards.com in the business section. There is great info there on getting business lines of credit


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## NoXid (Apr 4, 2011)

Shop around! A credit union will probably come out the best, but shop among those as there is a lot of variation.


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## betweenmatt (Sep 20, 2014)

Like others have said, shop around for what you need - you will find a bank that has most(or all) of what you need.

Personally I went with the bank I use for my personal accounts, but I was able to eliminate a lot of fees this way and they're close enough for me to visit when needed.


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## strummingbeat (Mar 19, 2014)

Depends on your Banks and depends on your area but Credit card is super idea


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## Dazz26 (Mar 26, 2016)

Thanks everyone for your responses. I will move forward by visiting my local banks and credit unions to see what will be the best fit for my new business. 

Although, it seems somewhat daunting, I'm excited about what the future may hold.


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## binki (Jul 16, 2006)

Make sure you get all of your fees from your bank. They will charge for the following:
Deposits
Withdraws
Statements
Each check written
Calling them
Coming in and using a teller

It would help if you had and account with them but your local credit union is much cheaper to deal with

Also, you will need a copy of your business organization statement.


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## Dazz26 (Mar 26, 2016)

binki said:


> Make sure you get all of your fees from your bank. They will charge for the following:
> Deposits
> Withdraws
> Statements
> ...


Thanks so much. I was not aware that would have to present a copy of my organization statement.

Based on many of the responses it seems that a credit union would be the best way to go.


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## danielcollins (Aug 4, 2016)

Hi,
From my opinion, credit card is a great option for small business.
Thanks!!


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## Printavo (Oct 7, 2007)

We personally used PNC for bank account and Chase credit card for travel rewards which were happy with. But there are sites like this to help you compare options: https://www.nerdwallet.com/business-credit-cards


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## bomber315 (Jun 18, 2010)

i too use pnc because they have a great app that i use to deposit checks with my phone... now i also pay a $12 a month fee for a business account but, nothing in life is free... you just have to pick the lesser of 2 evils. for me the lesser is being able to transfer between personal and business accounts and depositing straight from my phone...


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