An easy way to build credit for your business is by using credit cards. A credit card is means of purchasing items on credit and then making monthly payments toward overall purchases and the interest that incurs over time. While they aren’t for every business owner, those who are responsible can use a credit card to keep track of business expenses in a more efficient way.

Credit cards aren’t the only option. There are other types of MasterCards available that may be more suited to your business needs. Before you apply for a MasterCard, consider the following MasterCard credit cards basics:

1. A MasterCard credit card charges interest, while a charge card doesn’t.

2. Many MasterCard credit card providers offer prepaid cards for peace of mind when employees make purchases.

3. You can use your bank debit card much like a MasterCard credit card in order to avoid debt.

Action Steps
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Compare MasterCard business credit cards to charge cards

A charge card is very similar to a credit card, but in exchange for charging no interest, your business must pay off the balance each month, without fail. Using a charge card is a great way to make sure that your business never gets in debt from its purchases. However, if paying it off every month isn't an option, then consider using a credit card with a low APR or an introductory rate of 0% so that you can get ahead of the debt incurred.

I recommend: If spending gets out of hand and your business can’t keep up, Bankrate.com offers advice to help you pay off that credit card debt more quickly. Take time to learn about available MasterCard credit card offers before making your final card decision.

Offer your employees a prepaid MasterCard personal credit card

If you're concerned about your employees taking advantage of credit card use, consider providing them with prepaid credit cards instead. MasterCard offers general purpose cards that function much like debit cards and can be used at practically any location. You can also obtain MasterCard travel cards for employees' business trips as a convenient alternative to traveler's checks.

I recommend: Choose from various prepaid cards that MasterCard offers to fit your specific needs. If you’re concerned about how your employees will use their expense cards, Gaebler.com provides recommendations for making sure your employees use them properly.

Use your bank debit card like a MasterCard credit card

A debit card is a means of accessing the funds in your business checking account to pay for business purchases, something like a mobile ATM machine, withdrawing the transaction funds directly from your account. While it is not a credit card, because there is no APR or balance to pay, nearly every merchant of any kind accepts debit cards as if they were credit cards. It's easy, convenient and a great way to keep your business out of debt, since you're only using funds you already have.

I recommend: MasterCard provides more information on the debit cards it offers and a means for finding one that best fits your needs, such as the WaMu Business Debit MasterCard. Visit Tomorrow’s Money for information and advice on using your debit card properly.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Be responsible when it comes to using your business MasterCard. It's simply good business practice to use the card as a means of building credit and not as a means of building your company. You should always be able to pay off what you spend each month and avoid putting your business in a lot of debt.

One of the latest trends for promotional items is the Master card gift card. A prepaid Mastercard credit card works just like debit versions of regular Mastercard credit cards do, and prepaid Mastercard credit cards are fully transferable. That means that after you load the prepaid Mastercard credit card with an initial dollar value, you can hand out these prepaid Mastercard personal credit card promotions to your customers to use on what ever they want. Use these promotional items as a gift for visiting your store during a special event, to encourage them to shop at your boutique or online store or to simply encourage them to subscribe to your ezine.

To apply for Mastercard gift cards for your Mastercard offers you need to:

1. Establish how much to spend on your Mastercard offers.
2. Identify Mastercard credit card providers.
3. Apply for Mastercard credit card gift cards.

Action Steps
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Create a budget for your mastercard business credit cards promotion

Before you buy your promotional prepaid Mastercard business credit cards, you need to establish a budget for your promotional Mastercard offers. This budget will need to identify the total amount of money you have to spend on the promotion, the number of promotional items you want to give away and when you will need the items by.

I recommend: Create a budget using templates offered by Excel or Planbook.

Identify vendors who sell prepaid mastercard credit cards

Understand that the cost of each prepaid Mastercard personal credit card is going to depend on the value of each card and the card purchase fee. Also look at the fees the cards will charge the user such as transaction fees and reloading fees.

I recommend: These vendors offer prepaid Mastercard credit cards: Prepaid Mastercard Now, and Mastercard.com. If time is a consideration, you can also buy prepaid Mastercard gift cards at department stores.

Buy your prepaid from mastercard gift card vendors

A number of vendors issue prepaid Mastercard credit cards and each one has the right to charge the fees that they want to. To get the best deal and to find the best prepaid cards, compare fees before placing your online order.

I recommend: Creditcards.com and NCBuy.com both offer listings for prepaid cards which include features of the card, fees the card charges and general reviews of the card. They also offer links to apply for and purchase the prepaid cards you are interested in.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Read the fine print when selecting a prepaid Mastercard to make sure your customers will be able to use the card with ease.

Using MasterCard business credit cards can be very beneficial. Track employee spending by limiting them to using their MasterCard for business purchases only. Verify the legitimacy of purchases by looking over credit card statements carefully. Also, using your MasterCard for all of your business expenses helps to separate deductions when tax time rolls around.

However, before you submit a MasterCard credit card application, it’s important to fully understand the credit card fees, rates, rules and restrictions for the various offers. Use the following methods to obtain MasterCard credit cards advice and ratings before making a final decision:

1. Gain helpful advice on the smart use of a MasterCard personal credit card from knowledgeable experts.

2. Discover what other consumers think of MasterCard credit card offers.

3. Find out what expert websites have to say about MasterCard offers.

Action Steps
The best contacts and resources to help you get it done

Obtain tips and advice regarding the proper use of MasterCard credit cards

While you may think you understand what credit cards are, it doesn't hurt to read up on advice and tips to use them properly. Many individuals find themselves in a vicious cycle of spending, interest rates, minimum payments and debt. Expert advice can help you to stay on track and be responsible when using a credit card for your business, such as limiting spending to necessities and paying off the balance every month.

I recommend: MasterCard provides information on its corporate website to help its customers manage their debt appropriately and avoid the landslide that credit card usage can lead to. Visit Consumer Reports for tips and advice on credit card usage. Members can also access its credit card ratings to find out where MasterCard ranks.

Determine if MasterCard business credit cards are right for you based upon consumer feedback

Websites with customer reviews and overall ratings should be at the top of your list of research before you apply for MasterCard credit card. It is other consumers that will provide the most reliable feedback. Typically, these websites rate the cards on a scale of one to five, often portrayed with stars, with five stars being the best. However, when you read these reviews, keep in mind that companies can't please everyone and someone's hateful thoughts may simply be an overreaction to extenuating circumstances.

I recommend: Access customer reviews for nearly 30 different MasterCard credit card offers on Epinions. Read individual ratings for MasterCards on Finance Globe's Finance Network.

Consult expert reviews on MasterCard credit cards

There are also websites available that provide expert reviews of various credit card offers. These reviews are more thorough and concise and the authors approach them from a less biased point of view that consumers might. Typically, the overall goal of these websites is to provide the consumer with information on the credit card offer and how well that offer stands from a financial point of view in comparison to other credit card offers.

I recommend: Click on the name of the MasterCard credit card to read the review on My3Cents. Read the reviews and choose the MasterCard credit card providers with the best offers to compare the credit cards side by side on CardOffers.