| It’s the question on every startup owner’s mind: “What can I use to pay for all this?” As an entrepreneur, I’m quite familiar with that struggle. When I started my business, I knew I had to get creative to make sure everything was paid for on time and in full. My solution? Credit cards. And I didn’t just use credit cards to get started—I used them throughout my company’s life cycle. I did my homework and compared the pros and cons for all kinds of credit cards to determine which would work for me. If you’re wondering which credit cards would be best for the current stage of your startup or small business, consider these recommendations: Stage 1: Seed and Development During the early stages of starting my business, I needed the flexibility of a card without a hard spending limit. I turned to my American Express card, and it served me well. Using the card allowed me to pay without cash and gave me extra time to bring in funds before bills were due. In 2003, there were very few credit card options for startup owners and even fewer perks for everyday credit cards. But today, so many options are available that your choice should be based on what you ultimately need in order to get your business up and running. If you’re traveling often, for example, a card with airline perks is a better option than one that offers a small percentage of cash back on certain purchases. Recommendation: American Express or a card that earns airline miles Stage 2: Stable Startup Once your business plans are set, it’s time to get to work. The costs of contractors and supplies can add up quickly, so a card with a lower interest rate and a longer payoff period will likely be your best bet. At this stage, I used my Discover Cash Back Rewards credit card for the majority of my recurring monthly expenses. I knew what my balance would be at the end of every month, and I liked having the option of getting more cash back rewards for my purchases. Read on at earlytorise.com: What business credit cards can help you reduce expenses, while earning rewards...
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