In this article, we will share with you full details about how to apply for business credit card.
When you are a small business owner, it can be tempting to skimp on credit cards. After all, who wants to pay interest on their business card? Well, you might have some very good reasons for this. If you have a legitimate business that has not yet established itself with the credit world or doesn’t plan on doing so shortly (think: start-ups), then applying for and taking out a business credit card may be a good option. But if your company is looking at building up its credit as part of your overall growth strategy—and especially if it involves opening and operating multiple locations across the country—then applying for a corporate or commercial credit card might be more appropriate. In either case, there are steps involved in applying for a new card that will help ensure success:
How to apply for a business credit card
- Make sure you have all the documents you need. The first step in applying for a business credit card is to make sure that you have all the documents needed by the bank or lender, including:
- Your personal information (including an address and phone number)
- Your taxes (if applicable)
- A copy of your driver’s license or other government ID card
Gather the necessary documents
To apply for a business credit card, you will need to gather the following documents:
- Business credit card application form
- Bank statements for the past 6 months (if you have been in business for less than 6 months, then you need to provide the last 6 months’ worth of bank statements)
Compare business credit cards online
Once you’ve decided what kind of business credit card is right for your needs, the next step is to compare interest rates, fees, and rewards. You’ll want to find out how much money it will cost you in terms of interest payments over the life of the loan if you don’t pay off your balance in full each month.
You should also be aware that some business credit cards offer greater rewards than others do — both in terms of percentage points earned on purchases as well as dollars saved through cheaper fees (such as annual fees). This can make all the difference between saving enough money to pay down debt faster or just barely making ends meet each month!
Decide which kind of business credit card to apply for
When you’re applying for a business credit card, there are several things to consider. You need to decide which kind of business credit card is right for your needs.
- The first question is whether the card has any annual fees or not. If it does have an annual fee, make sure that it’s worth paying if you plan on using the card often enough so that it becomes a regular part of your spending habits.
- The next thing to look at is their rewards program—are they generous enough? If not, then maybe another type of product will suit your needs better (like cash back).
- Lastly—and probably most importantly—make sure that whoever is going through this process knows what kind of credit limit they can expect before signing up!
Apply for a business credit card online or in person
If you are a new business, it’s best to apply for your business credit card online. You can do this by going to the website of the bank where you want to get a business credit card and filling out an application form. You will need to provide information about how much money you make in sales per month (so they know how long it will take before they pay off their balance), what kind of products/services/etc. are offered by your company and whether or not these businesses have been operating for over one year.
If you already have an established business, then applying in person might be more beneficial than applying online because they may offer better deals than those available through banks’ websites or mobile apps; however, if any perks come along with having an account (such as discounted interest rates or other benefits), then going this route would be worth doing!
Steps you should take to ensure you choose the right card for your business needs
Applying for a business credit card is not a drawn-out process, but there are some steps you should take to ensure you choose the right card for your business needs.
- Gather the necessary documents. You’ll need to apply and supporting documentation with your application. Make sure all required information is included in your submission, including:
- Your personal information (including address, phone number, and email address)
- The name and contact information of a person who can assist with payments if needed
- A recent bank statement from all accounts where you have used this type of payment method within the past 60 days
- An employment verification letter (if applicable). This will help verify that someone working for you is authorized to use this type of account
Conclusion
The process of applying for a business credit card is not complicated, but it does take some time. It’s important to gather the necessary documents and compare business credit cards online before deciding which kind of card to apply for. If you have any questions or concerns while going through this process, do not hesitate to reach out! We are here to help make sure everything goes smoothly. You can apply for a business credit card from Your Merchant Services rep. To get more information contact us at any time. We feel happy to help you!
