Business line of credit vs. credit card with same rate.?
Aug 10, 2009
in
Business Line Of Credit
What is the advantage, if any, of using a business line of credit over a credit card, when both have the same rate of 9.95%?
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One comment
michaeltaylor0331 on August 10, 2009 at 11:39 pm
Since 90% of the credit card industry is consolidated with about 6 major companies, a credit card will not be a personal experience with a bank.
A business line of credit with a bank that you can walk into and speak to a human being could be a beneficial part of a financial relationship. Along the same lines, a business line of credit can be increased if necessary to very high limits if the business and your credit history justify it. A credit card, by contrast, will generally be $20K or less, unless its a very unusual circumstance.