Hey guys Sean Mory joining you for another session of LenCred Credit Geek Q&A. Once again I am not joined by Dustin Weitzell we are in our busy season and we are seeing some pretty substantial growth so Dustin on the phone right now with some clients. We are also shifting in a different direction with our discussions with you guys. We want to keep these organic, keep them normal, so you can really start to understand that we are just like you and we do this everyday and people have questions everyday. Instead of answering just individual questions we wanted to start reaching out to more of you guys and to be able to answer more generic questions. What we are doing is diverting to Google and we are looking to see what you guys are asking about. The big topic this week, credit cards, what is the best credit card for small business owners? This is a really great question and I like that a lot more people are starting to understand that this is a great way to access some unsecured capital. So firstly let us talk about the real quick characteristics of a credit card. This is a line of credit, if you get the right credit card for your business it will not report on your personal credit, but only to your business credit. To answer that question initially make sure you are creating debt separation. That is the first type of right business credit card to go after.
The second piece of this is a credit card, a line of credit, is a revolving product. This something that you just do not have for a year or two years or three or five, then you have to pay that thing off and then go and apply again and hope that your credit is still good enough. This is a revolving line of credit with limitless spending when it comes to how long you will have that line as long as you manage it properly. So what I mean there is you cant be late every month. You cannot be going and defaulting on the product. You have to be a good stewart of your credit and make sure you are managing that capital properly. Now on that note when it come to a specific card, make sure before you start shot gunning your credit out there, you talk to someone who knows what they are talking about. Somebody like me, somebody like LenCred, not your banker necessarily. Bankers are more that front end guy, they are not the underwriters, They are not experts on this. They just know what products are available.
If I am one of those independent institutions that has your best interest in mind and make sure they are advising you on what your best options are. For me I do not like anyone trying to do this themselves because your personal credit is the most valuable personal asset that you have. Protect yourself, protect your assets, and talk to an expert first. At the end of the day look at the rates, look and see if you can get some 0% periods on them so you can take advantage of that credit first. More importantly you want to try and create some debt separation and get access to something that is really good for the cash flow of your business.
Hope that helps answer your question a little bit guys. Ask away show me what else you want to know about and Thank You for joining us for another session.