Advantages and disadvantages of using credit cards to fund a business Advantages
Before switching credit cards to get a lower interest rate, consider contacting your existing card company and requesting a lower rate.
It is possible, but not likely, that you can get a business credit card without a personal guarantee. Your business would have to have a good credit rating.Secured credit cards Secured credit cards are for people with no credit history. You can build credit by depositing money equal to your requested card limit. Then, if you default, the bank has a way to get its money back. Generally secured credit cards are only used until you can establish credit and obtain a regular credit card. Please note that even though you have deposited money equal to your card limit, you are still required to pay monthly payments like regular credit cards. These monthly payments are the only way that you are establishing credit. (Cards where you don't have to make monthly fees are called cash advance cards; however they do not help you establish credit.)
Secured credit cards with lower fees are often available through credit unions. Whatever company you use, it is important to compare fees and service. Watch out for companies that require additional "insurance" or high fees.