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Thursday, December 9, 2021

How to Apply for a Business Credit Card and Who can Apply

The process of applying for a credit card is not difficult. All you must do is carry out thorough research about the cards and then get one that will suit you the best for you. Also, you will need to gather information about your business, fill in an application, and then wait for the decision of the issuer. While getting hold of a business credit card is not difficult, getting the right one is crucial. Let us find out who can apply for a business credit card and why do you need it in the first place. 

How to Get a Business Credit Card and Who can Apply – Know the Nuances

The types of business cards are many. While some of the cards are only for the larger corporations that have their reimbursement policies and expenses, security needs that are complex, and have several cardholders, there are yet others that are reserved for the smaller businesses with as many as five or more employees. 

Some sole proprietors that do not have any formal incorporation can get hold of this card. There are limitations on who can apply for such a card. You can check out the following information below.

  • Type of Organization

Some card issuers have reservations. They will not offer business credit cards to businesses that run on a non-profit model or are unincorporated, like sole proprietorship business entities. 

  • Industry

Some financial institutions will not be willing to extend their business credit card services to certain industries like the ones operating on a multilevel marketing model and cannabis, firearm, or related business types. 

  • Qualification of the Applicant

Credit score, income, and the time spent in the business are a few factors that the credit card issuer will consider before approving the cards to that business. 

Unless you do not qualify due to any one of the above reasons, it is comparatively easy to get one. 

How to Apply for a Business Credit Card?

Now that you know how to apply for a business credit card, you must be clear about your intentions and why you need a business credit card to apply. Follow these steps to apply for one. 

  • Research which Card you Qualify for

Once you have understood the category you qualify for, a little due diligence helps a long way. Match your business requirements with that the requirements of the credit card and what the card issuer will want you to abide by. Then choose the one that suits you the best.

  • Getting the Card

When you have finally settled for the card, find out the rates of interest that the card will attract, the terms and conditions that govern the use of the same, whether they have an introductory offer, and more such finer aspects that will help you to know where you are likely to stand in your business when you use the card. 

  • Check the Information – Credit Score

Being in business for a few years is bound to make your credit score build up. Check your score before you let them check yours. 

  • Gather Information

Collect all the information you will need to make the application for the business credit card. These include the following-

    • TIN of your business
    • Your Social Security Number
    • Social Security Numbers for partners holding a 20% stake or more in the business or your company.
    • Incorporation documents so that you can show the number of years you are in this business
    • Latest financial statements to check revenue and monthly expenses assessment
    • Employee list that will require the cards
  • Apply

Finally, when you have all the documents at your disposal, it is time for you to apply.

  • Wait for Approval

Once you have completed all the formalities to apply for a business credit card, wait for the approval, which might take between a few minutes and two/three days. 


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Josie Patra
Josie Patra is a veteran writer with 21 years of experience. She comes with multiple degrees in literature, computer applications, multimedia design, and management. She delves into a plethora of niches and offers expert guidance on finances, stock market, budgeting, marketing strategies, and such other domains. Josie has also authored books on management, productivity, and digital marketing strategies.

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Business Upside eMagazine
Business Upside eMagazine
Business Upside eMagazine