There are three types of credit cards:
• There are Personal credit cards.
• There are Business credit cards, and
• There are Corporate credit cards.
Let me explain the difference between the three.
A Personal credit card is for you, you pay for it, you’re in charge of it, you’re responsible for it.
A Business credit card is almost identical, and most people don’t realize this. A Business credit card you’ll only get approved for if your personal credit is in good standing. You can use it for all of your business spend,
but you are still responsible for paying that bill, not the business.
A Corporate credit card is the other way around. A corporate credit card is applied for by the corporation or business, and the business is responsible for paying it, and you are not connected or responsible for it.
But before you start getting some funny ideas about applying for a bunch of Corporate credit cards, unless you have a business that is churning over at least two to three million dollars a year, you have absolutely no hope of getting a Corporate credit card.
And it’s for that reason this will be the only time in the whole of my course that I will mention Corporate credit cards. They are pretty much not relevant to ninety nine percent of the population.
So we’re going to be focusing on Personal credit cards and Business credit cards.