Compare Top Business Credit Cards
Apply for Business Credit Cards Online the Right Way
If you’re a small business owner and want to apply for business credit cards online, it’s important that you understand how to do it the right way. What’s the right way? The right way is to understand what it takes to get approved for a business credit card online before you apply. It’s also about understanding the features and benefits each card offers so you can apply for the right one. Some business cards are much better than others. Some are also more suitable for your business than others. If you want to get the most out of your card, it’s wise to apply for the one that will work best for your small business.
What Makes a Business Credit Card the Best?
This depends on the type of small business you own and your business needs. Most small businesses can benefit from a business card in a number of ways. For example, many cards offer cash back credit card rewards on purchases. A cash back reward is when a percentage of the money spent on a business expense (using your business card) is returned to you. For example, some cards offer 5% cash back on purchases made at office supply stores and money spent on cell phone services. In addition, you may be able to get 3% cash back on airfare, car rentals, hotels, gas stations, restaurants, media outlets, shipping, and computer hardware. So if you’re a frequent flyer, purchase office supplies or pay for cell phone services regularly, a card that offers cash back rewards for these types of purchases may be able to help you save money in the long run.
How to Choose the Right Business Credit Card Online
When looking to apply for business credit card financing online, cash back rewards on purchases is something you should pay close attention to. The percentage of cash back rewards per eligible purchase is important in addition to the type of purchases you can earn cash back on. Cash back rewards are not the only way to reap the benefits from a business card. You may also be given a statement credit for certain purchases, depending on the card you are using.
A statement credit will lower your overall credit bill. For example, you may earn a $200.00 statement credit on purchases made within the first 90 days of establishing your card account. This is a benefit offered by the Bank of America Cash Rewards for Business MasterCard. You can get a $200 statement credit after spending $500 during the first 90 days after you open this credit card account.
Good Personal Credit is Needed for Business Card Approval
You will need to have an exceptional personal credit history to get approved for both most business credit cards. If you have any derogatory or delinquent accounts you may not qualify. Credit card companies will also check to see if you have any personal lines of credit (or credit cards) in your name. As a rule of thumb, you should have at least $5,000 in personal lines of credit (or credit cards) in your name (for at least 5 years) before applying for either most business credit cards. If you’re not sure which business card is right for you, don’t fret! Business Financing Hub enables you to apply for business funding from many different credit issuers. With our business credit card financing services platform you can compare hundreds of cards from different banks such as CapitalOne, Bank of America, and AMEX, etc. Choosing the right card is only a click away.
Can I Get a Business Credit Card & Why Should I?
A business credit card is one of the easiest types of funding to access. It’s one of the best solutions to satisfy short term funding needs. When you’re in a cash flow pinch or need a quick way to cover business expenses, a business credit card is already there. The money is available without applying for a loan, waiting for approval, or waiting for funds to arrive.
As you’ve learned, good personal credit is one of the most important requirements for a business credit card. Most business credit cards will look at personal credit for new businesses. It’s not the only requirement though. Knowing how can I get a business credit card will help you prepare. That way you can have what you need before starting the application process.
Requirements to Get a Business Credit Card
As explained in the Houston Chronicle, the most basic requirements are proof of business ownership and sufficient income. From there, the lender would look at either your business credit history, personal credit, or both. Businesses with no or insufficient business credit would need to have good personal credit. If not, you may have to start with a smaller limit or work on your credit for future approval.
Know Your Credit Score Before Applying for a Business Credit Card
Contact credit bureaus to find out your personal credit score. Review your business credit information too, if you’ve already established it. Different cards have different credit score stipulations. Most companies have options for those in the fair to excellent categories. If you know what your credit looks like upfront, there won’t be surprises when you try to get approved.
Is Getting a Business Credit Card Worth It?
It depends on your goal for the card. If you’re looking for a short-term funding solution, a business credit card is one of the best options. It’s the closest funding option to an unsecured business line of credit. You don’t need collateral to get it and there’s no expiration on your access. As long as you use your credit wisely and abide by creditor rules, you can keep the card. The revolving credit allows you to use it whenever the business needs it.
If your goal is to separate business and personal financial records, a business credit card may be for you. Getting the card may not be a true separation of your business and personal finances, but it’s a start. It gives you a separate card to make business purchases and get rewards. The right company will also start reporting business activity separate from personal.
Other benefits also make getting a business credit card a good deal. If you can qualify for a business credit card, you can get a higher credit limit. It’s on a case by case basis, but creditors base it on the fact that businesses are making major transactions. Most companies have more revenue than an individual has income. The business also makes larger purchases and has a greater ability to make higher payments.
What to Look for When Asking Can I Get a Business Credit Card
Look at the company’s credit reporting procedures. Since most companies use a personal guarantee, they may send information to your personal report. Good activity won’t hurt, but adding a large credit line may reduce your score.
You should also make sure you reap benefits with your business credit. According to the Small Business Administration, not all companies report to business credit bureaus just because it’s a business credit card. When looking into can I get a business credit card, apply for a card that will help your business credit. Make sure the major credit reporting agencies have that activity.
Ask about the card’s protection features. In general, personal cards come with protections business credit cards don’t have. Laws protect individual consumers from extremely high interest rates and late fees. Business cards don’t have the same regulations. You should also look into the identity theft and fraud protection procedures for the card. A good card will have zero liability fraud protection benefit.
Check out the credit card rewards. Rewards and perks are one of the best benefits of a business credit card. Select business purchases can get you cash back and discounts. You can also get mileage points and cash back for travel. Reward offers vary by the type of card and your access depends on your credit score. Compare the benefits along with other card criteria.
Review the interest rate information. APRs for credit cards have increased over the years. That doesn’t mean you shouldn’t have a decent rate if your credit is sound. Some credit cards offer a low or 0% introductory APR. The terms for the introductory rate range form six months to a year. After that time, your APR could be fixed or variable and could be as high as 24%. Make sure the interest you’re paying makes sense and is fair based on your credit history.
How to Apply for a Business Credit Card
You can still apply by phone or mail, but an online application is most convenient. Some companies will give you an answer in seconds. With either method, you must give some business and personal information. The personal information is to confirm your identity as the business officer or owner. It includes your name, title, date of birth, and residence address.
Start by giving the business name, structure (business entity), EIN number, and when are where you opened the business. If you’ve established a DUNs number, you can provide that too. Businesses that don’t have an official structure will use their social security number (SSN) to apply.
Apply for the Best Business Credit Cards Online Now
You can apply for the best business cards online now. If you own a small business that requires you to travel often and purchase office supplies or pay for cell phone services on a regular basis, one of the business cards on our site may be right for you. Listed below are examples of the features and benefits some of the best business cards you can apply for through Business Financing Hub. After reviewing the example features and benefits, you can scroll through the list of business cards above to start applying. You may be able to get same day business credit card approval, if you qualify. Be sure to read the terms and conditions before applying. (Educating yourself on the type of card you want to apply for before you actually apply is the best way to choose the right card for your small business; reading the terms and conditions will further educate you on how the card works).
Example Features & Benefits of the Best Business Credit Cards
- $0 Annual Fee
- 0% Introductory APR for 9 Months (Purchases Only)
- Variable Rate of 11% to 20% After Introductory Rate Period Ends
- Get 1% Cash Back on All Other Purchases
- 74% APR for Cash Advances
- Get 5% Cash Back on Purchases from Office Supply Stores and Cell Phone Services Purchased Directly from U.S. Service Providers
- Get 3% Cash Back on Purchases from a List of Select Categories (e.g. Airfare, Car Rentals, Hotels, Gas Stations, Restaurants, Media Outlets, Shipping, & Computer Hardware)
- Get 10,000 Membership Rewards Points After Making Your First Purchase Within the 1st 90 Days of Opening an Account
- Get 30% More Points On Purchases With The Annual Points Bonus. Annual Points Bonus is Equal To 30% Of Your Past Year’s Purchases On Your Card
- Get 2X Membership Rewards Points On Each Dollar Of Eligible Purchases Made When You Book On The Credit Card Company Travel Website
- Get 1 Point For Each Dollar Of Eligible Purchases
Check the Terms & Conditions Before You Apply for a Business Credit Card Online
Before submitting a small business credit card application, read the terms and conditions. The terms and conditions will help you understand what features and benefits the card issuer offers for that particular business credit card. Features typically include annual fees, introductory interest rates, and the interest rate after the introductory period ends. Benefits often include cash back rewards, statement credits and/or discounts on specific purchases.
Can I Get a Business Credit Card?
A business credit card is even easier to get than a business line of credit. If you meet a few basic requirements, you’ll have a new card in your wallet in no time. Keep in mind that with the easy access and benefits come responsibility. Make responsible business purchases and timely payments. What you buy should benefit the business by bringing more revenue and building business credit. From there, the business grows and you gain more funding options.
Learn More About Business Credit at Business Financing Hub
You’ve learned how and why you should get a business credit card. Now you just have to decide which one is right for you. Business Financing Hub gives you the resources you need to learn all about business and personal credit. The website goes beyond serving as a learning tool. You can compare different credit card offers and apply on the spot.