Apply and qualify easily
If you are still struggling to establish your credit, business credit cards can provide easier access to credit than other types of commercial funds. Some of the best small business credit cards online require only basic business and personal information and usually provide conditional approval within minutes.
Higher credit limits or 0% intro APRs while getting started
Business credit cards typically carry high credit limits, making it much easier to make major business purchases that you cannot make using your personal credit card or cash.
Earn rewards and sign-up bonus
You can earn cash back or rewards when you spend lot of money buying office supplies or other business needs. Some card issuers provide cardholders with discounts on certain business-related products and services directly.
Build business credit quickly
With business credit cards, not misusing them and making payments on time can help you increase your business credit rating quickly and take out a loan in the future easily.
Separate business credit.
Your personal credit rating is not reflected in your business credit card transactions. In addition, by having a separate credit card for a small business, you no longer have to sort out business and personal transactions when it is time to pay taxes.
Cards can be issued to employers and employees.
Multiple cards can be issued under the same account for different employees and business owners can determine how much credit individual employees can access and where to make purchases.
Business cards are suitable for different kinds of businesses.
Business cards are not only suitable for companies. Even if you are performing a one-man show and you don't have an office, you can apply for a business card. Basically, if you do anything for profit, it can be considered a small business. In fact, you don't even have to earn income to apply for a business credit card. You only need to have reasonable intentions to make money and pay for business.
Personal and business credit score
The issuer will review your personal and business credit history when determining whether to approve your business credit card and what terms you are eligible for. While responsible past use of credit will maximize your chances, please ensure that the Personal Credit Bureau Experian, TransUnion and Equifax have accurate information, as well as commercial organizations such as Dun & Bradstreet and Small Business Financial Exchange. If your business license and insurance policy are up-to-date, proving that you are operating a legitimate business, the card issuer may also be in your favor.
How to fill out the application
The business’s legal name:
This is the name you use to conduct your business. This will be displayed on your card if you are approved. If you have a company or limited liability company, enter the name of the company you registered with the state government. If you are a freelancer or sole proprietor, please use your legal name.
Your tax identification number:
You need a tax identification number to process your application. Incorporated businesses and partnerships enter the federal employer identification number, which is a nine-digit number issued by the IRS for tax reporting purposes. If you're a self-employed, please enter your Social Security number on this line (unless you have an IRS-issued Employer Identification Number).
The business type or structure:
What the kind of business are you operating? If you're running a LLC, you can choose partnership or corporation, based on how it's set up. If you are a freelancer, you would usually put down sole proprietorship.
Your role in the business:
Make clear what you do in the business
Business address and phone number:
You need to fill in the contact information. If you work from home, just use your home address here.
How long you've been in business:
Enter the number of years you've been in business. If you're still in the early startup phase, just enter "0" in this box.
The number of employees:
If it's just you, enter "1" for yourself.
Annual business revenue:
You must let the credit card company in on how much revenue your business is bringing in each year. If your business is new and you haven't made any money, you can put "0."
Estimated monthly spend:
You can guess how much you will charge for business expenses, not personal to the card each month. Not all business card applications ask for this, but you should be ready with an answer if it comes up.
Fill in your personal information as required, including your name, address, phone number and email, social security number, birthdate, mother's maiden name and household income.
Read your credit card terms and conditions.
This will give you an idea of how you can earn rewards, when rewards will post and other information.
Set a rewards saving goal and pay with credit whenever possible.
If you’re collecting points or miles for a big trip, avoid spending them on small purchases.
Find out when your 0% introductory APR period ends and when your rewards expire note them on your calendar.
Your issuer isn’t required to alert you beforehand when your APR will go up in this case, and most don’t.
Get an app to help you track your awards.
Plan and budget
Create a business plan before using the business credit card for financing and you need to make sure what you can afford.
Monitor and control employee spending
Use your business credit card only for business expenses
We don’t recommend you mix personal and business expense, because it’s difficult to separate out your business expenses when filling taxes.
Pay your bill in full on time
Many business credit cards offer high credit limits, but they often come with high interest rates. Therefore, we recommend you to pay the bill in full on time in order to avoid paying high interest.