credit cards

there is no need for a long list of employees to be able to use your corporate credit cards; however, it can be helpful to allow a few employees access to company credit cards so you don't have to attend every transaction. it is also easier to track expenses using cards rather than cash or personal cards.

tips for managing business corporate credit cards:

• create a corporate credit card policy
• do not use personal cards for business expenses
• require employees to submit receipts for every transaction
• monitor all transactions and statements
• use alert services if available
• require employees to sign in and out all cards
• establish best practices for stolen or lost cards
• set spending limits for routine expenses such at hotels or meals
• pay your full balance, on time, every month
• consider using technology such as an expense tracking app, accounting software, or other to help you track expenses

yes, in many instances, your credit card company can raise your rates. in the fine print of your credit card agreement, you may find a few reasons why your credit card company may raise your rates, such as:

• your promotional rate period has ended
• you have been making late payments
• the prime rate has increased
• you've had the card for over a year
• your credit rating has decreased

many financial advisors recommend that you pay off your balance and get a new lower-rate credit card if your rate is increased. or, you can transfer your balance to a lower-rate card to avoid paying the higher rate.

getting married may affect your financial situation. after you are married, you still maintain separate credit reports and debt is most often still the responsibility of the person who incurred it. the other spouse is not automatically added to your credit card accounts. you have to actually add them to your account for them to be able to use your cards.

even though your credit may not be affected by your spouse's bad credit, debt may greatly affect the family budget. it is important to talk about debt and finances before and after marriage. if you have not yet married (or just married), you may consider making a prenuptial agreement.

after marriage, it is common for spouses to take on mutual debt. mutual debt is associated with both persons names and credit reports. from that point on, both persons are responsible for the debt, even after a divorce. each partner is fully responsible for the debt, which means if one person defaults, a debt collector can collect from the other spouse or ex-spouse.