Could your business benefit from utilizing a business credit card? In addition to providing access to cash flow and financial flexibility, a business credit card also helps you better separate personal and business expenses, boost your credit rating and earn business perks like discounts and rewards.

You might be wondering how the process works, how to apply and how hard it is to get one. It’s true, it does involve some research and gathering the correct information. However, in preparing beforehand, you will significantly speed up the process and ensure you’ve chosen the right card for your business.

Are you eligible for a business credit card?

The first question to ask yourself before you go any further is whether you are eligible for a business credit card? More than likely, there is one out there that is right for you – there’s just about one for any type of business today. The key is to determine which type you should apply for. Some are designed for large corporations, while others are tailored toward small businesses with just a handful of employees.

Some of the restrictions you might encounter include:

    • Organization type: Not all card issuers will offer business credit cards to nonprofits or unincorporated businesses.
    • Industry: Some riskier industries are often unable to secure credit from institutions, like multi-level marketers.

 

  • Qualifications: Each issuer will have its own unique set of minimum qualifying criteria, including time in business and credit score.

 

Unless you fall within one of these restrictions, securing a business credit card shouldn’t be a problem. It can be just as easy and straightforward as getting a personal credit card. If you do happen to run into a problem with one issuer, you will likely find another issuer that is more than happy to work with you. 

Items you will need to apply for a business credit card

Just like you would when applying for a personal credit card, there will be a few items you will need to gather and have ready before you apply. The basic contact information like your name, phone number, email and mailing address will, of course, be a requirement. But you will also need to provide items specific to your business:

  • Your business name
  • Business address
  • Number of years in business
  • Annual revenue
  • Estimated monthly expenses (using the card)
  • Tax identification number (TIN) (this may be your Social Security number if you are a sole proprietor)

How to start the application process for a business credit card

If you still feel that a business credit card is a good fit for your business’ needs, you should be ready to move on to the first steps:

  1. Research all of your options. With dozens of business credit cards available today, it’s incredibly important to do your research. Some are better than others for small businesses that need quick, affordable capital.
  2. Check your credit score. Once you have chosen a card, take a quick look at your credit. If you have been in business for a few years, you should be able to qualify for a business credit card using your business credit score. If not, you will likely need to use your Social Security number and personal credit score.
  3. Apply for a card. Once you have all your information gathered, you can then apply for your business credit card. Typically, this step can be completed in a matter of minutes online. Depending on the provider, you may need to complete a few other quick steps online or via a follow-up phone or email.

If your business is still having trouble finding a fast source of funding, consider contacting the experts at First American Merchant. Your business can secure cash in as little as 24 hours. The application can be completed in just a few minutes online. 

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