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Interested in getting a credit card for your business? Then you need to submit a card application and get approved―just like you would with a personal credit card.
That said, personal credit card applications and business credit card applications work just a little differently, so you should make sure you understand the business credit card application process before you get started.
In this guide, we’ll explain how to apply for a business credit card step-by-step. So it doesn’t matter whether you’re hoping to get a basic card to help with cash flow or a rewards card that gives you cash back on purchases―we’ll help you get that new card in your wallet.
Before you even start looking at your credit card options, you need to have a clear picture of your qualifications―including both your personal qualifications and business qualifications.
So this is a good time to check your personal credit score and review your credit history, for example. You may also want to crunch some numbers to figure out your business revenue and personal income. That way, you’ll know how a potential card issuer will see you.
See, credit card issuers want to make sure you can be trusted with a small-business card (like that you’ll repay your credit card balance). And since they’re not psychic, credit card companies look at your qualifications to determine your creditworthiness―in other words, to figure out whether or not you should get approved for a new card.
Each credit card company will have its own standards for what factors it considers and what’s considered good enough. But generally speaking, you should expect a card issuer to look at factors like these:
As you can guess, a better credit score means you’re more likely to get approved. The same is true of things like your business’s revenue and your personal income. Likewise, older, more established businesses will have an easier time getting approved than younger businesses will.
But whatever your situation, be honest with yourself about your qualifications. Because in the next step, you’ll be using this information to figure out which business credit card you should apply for.
Since credit card applications can take time and affect your credit score, you’re better off knowing your qualifications before you start card shopping―much less submitting card applications.
