![]() Company contact information including email address, business address, and phone number.Though card issuers often follow up with individual questions and requirements, these are among the common application requirements: Gathering all required information in advance can make filling out the application faster and easier. ![]() In most cases, the application can be made over the phone or online. Submit a Business Credit Card ApplicationĪpplication requirements can differ by business credit card program but it’s a universal criterion that the application must be made by someone who is 18 years or older and authorized to make financial decisions for the company. It’s also worth considering late payment fees, as well as foreign transaction fees if international spending is a factor.įor more on different types of business credit cards, read “ Different Types of Business Credit Cards.”ģ. Be sure to include any extra annual fees for additional card members. Fees: Check the cardmember agreement for details about fees, and do a cost/benefit analysis of annual fees as a tradeoff for other business credit card features.Perks: Some credit card issuers provide other assorted perks and benefits, such as advance access to entertainment events, retail partner discounts, and travel benefits like free checked bags or airport lounge access.These tools can reduce administrative burdens and streamline cash flow management by integrating with client accounting systems. Financial Tools: Some credit card issuers offer expense management tools to their clients.Additionally, consider the terms and conditions for how rewards are earned: Are they tiered for certain categories or flat-rate? For example, a business with large travel expenses may earn more rewards with a card that offers bonus points on travel spending. Rewards: Rewards can be a significant economic benefit if aligned with the business’ spending needs.Low or 0% introductory APR offers may be attractive for companies planning big-ticket purchases and for those needing to build out their credit profile, as long as they’re mindful of the introductory timeframe. Interest Rates: A lower APR might be more of a priority for companies that anticipate carrying balances than for those that expect to pay monthly balances in full.Typical features to consider when choosing the best business credit card for your business include: Next, filter the programs for features that are most important for the way the company does business – what’s valuable for one company may not be for others. Start narrowing options by identifying the programs with achievable qualification criteria, such as minimum credit scores, company legal structure, or access to personal guarantees. ![]() Once you have an idea of your credit score, it will make it easier to determine which credit card is the best fit for the company. Identify the Best Business Credit Card for Your Company Personal credit scores are available for free through and many banks.įor more on different types of credit scores, read “ The Difference Between Personal Credit and Business Credit.”Ģ. As a rule of thumb, a “good” personal credit score – about 650 or higher – is usually the minimum needed for an unsecured business credit card, although every issuer has its own criteria. ![]() ![]() The card issuer will typically do a hard inquiry on the applicant’s personal credit history to determine creditworthiness. In cases where a company hasn’t built its own credit score, the business owner can substitute their personal credit score. Therefore, it’s wise to plan for potential extra time and expenses before starting the application process. While businesses can usually check their credit scores for free at the credit bureaus, full credit reports may cost money. Company credit ratings are provided by the major business credit reporting agencies, Dun & Bradstreet, Equifax, and Experian, and are based on a few years of payment history and public records. For example, the higher the credit score, the more likely a company will get approved on its own, and the higher its credit limit may be. Check Your Credit Score Before Applying for a Business Credit Cardįactors like getting approved for a business credit card and quantifying the credit limit are based on the company’s credit history and/or that of its owner. ![]()
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