Here's my opinion on business credit cards - don't use them if you don't have to. You should be self bankable, but I know this isn't always the case. If you do need to obtain a line of credit for your business then avoid the business credit cards offered by Wells Fargo, HSBC, and U.S. Bank.
I did my research on the worst credit cards for businesses on the market today. What I found was the repetitive ranking of Wells Fargo, HSBC, and U.S. Bank's cards within the top 3 lists of several other financial bloggers. This prompted me to do a little more digging. Not a single one of these cards adheres to the CARD Act protection clause and none of them have open and transparent policies regarding their credit reporting practices- or any of their practices for the matter.
Basically, the three banks mentioned above aren't looking for a long-term partnership with new business owners. Instead, they're looking to make a quick buck and not tell you how they are going to do it. Stay away. There are plenty of great credit cards out there. In fact, there are so many available that I'm not going to list them. Just don't accept any credit cards from the above mentioned banks!
Again, if you can stay away from putting any business expense on a credit card- do it. If not, select a card that reports your good payment history and has open and honest policies when using the card.
Until next time,