Credit card management is an essential component of managing any small business and its loans. Credit cards are so easy to use that businesses often forget that the cards make loans, just like bank loans, and that these loans must be managed and paid off accordingly. In order to properly manage your credit cards and stay out of financial trouble, follow these quick tips:

• Don’t co-mingle business and personal cards.
• Use credit cards that offer year-end statements with itemized transaction summaries. This will save you a lot of trouble come tax time.
• Build credit for your business. A business credit card helps to establish and improve upon a business’ credit history, thus making it easier to get bank loans down the line.
• Use credit cards that offer rewards. Rewards include everything from frequent flyer miles to software or telecommunication services. In this way, using a credit card can actually lower your expenses.