A business debit card has become a popular payment method for business owners in times of plastic money. It can be used to fund all business purchases, ranging from day to day requirements to bigger expenses like purchase of equipment or lands. Though many people tend to go for a business debit card, one must consider all the advantages and disadvantages associated with one. These are listed as follows:
Advantages of a business debit card:
- A business debit card is used to make both small and large payments.
- Further, the application process to attain a business debit card is short and easy.
- One can opt for different types of a debit card as per their convenience.
- The payments made through debit cards need not be repaid through debit card EMIs, as in credit card EMI.
- The payments made through a debit card are safe and secure.
Disadvantages of a business debit card:
- A debit card allows expenses only as per the account balance. Therefore emergency funding is not possible.
- A business debit card may not impact your credit score in any form. Thus, debit card transactions can not be utilized to improve one's credit score.
Thus, on a concluding note, it must be identified by every business owner, that before any type of debit card, or even a credit card, one must be aware of all its pros and cons. This will help him, or her make a wise choice as per his or her business requirements.
Click here for more: Know more about business debit cards
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