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How do I Apply for a Business Credit Card?

Article Details
  • Written By: Autumn Rivers
  • Edited By: Andrew Jones
  • Last Modified Date: 25 November 2016
  • Copyright Protected:
    2003-2016
    Conjecture Corporation
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Credit cards can be quite convenient for many people, but those with businesses often benefit from them in particular. In many industries, there may be frequent upfront costs and unexpected expenses that call for a credit card. Additionally, some cards offer rewards that are beneficial to the cardholder's business. Thus, it is usually wise to apply for a business credit card soon after starting a company. The process is often similar to applying for a personal credit card, requiring finding suitable cards, and filling out applications online.

Before you apply for a business credit card, you should first know your credit score. Most business credit cards that appeal to company owners are only available to those with excellent credit. You may have to pay a fee for your credit score, but it will be helpful in general to know what it is. In some cases, the credit score is free if you sign up with a service for a trial period and cancel before the trial expires. As long as you can remember to cancel the program, this can be a helpful way to obtain your credit score free of charge, which will help you narrow down the cards available to you before you apply.

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Once you know your score, you can start browsing the business credit cards that you have a chance of being approved for. Most card comparison websites let visitors know the credit category required of each card, such as fair, good, or excellent. After locating the cards offered in your score category, begin comparing each type, carefully considering the benefits each one offers before you apply for a business credit card.

Many cards offer rewards when you use them, such as a small percentage of cash back when you purchase nearly any item. On the other hand, other cards are quite specific regarding the offered rewards, and you should ensure that those you apply for are useful for your business. For example, before you apply for a business credit card that offers travel rewards, such as free airplane miles or money toward hotels or rental cars, think about how much you plan to travel for your business. After all, if you do not travel much, you might benefit more when you apply for a business credit card that boasts cash back when you purchase office supplies or professionals services for your company.

After you select the best card for your business, you can usually apply for a business credit card online in minutes. Most online applications require basic information, such as your name, address, and date of birth. Additionally, most also need your driver's license number and Social Security number or similar identifying code in order to check your credit report. You will usually be notified of your acceptance or rejection by either email or mail, within a the period of time specified by the credit card company.

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