Are you looking to get a business credit card? Getting a good business credit card can be a valuable asset for any entrepreneur or small business owner. Not only does it allow you to separate business and personal expenses, but it can also help build your company's credit history and provide rewards and perks. However, getting approved for a business credit card is different from getting a personal card.
In this article, we'll explore how to get a business credit card and provide tips for choosing the right business credit card for your needs.
Before applying for a business credit card, it's essential to establish your business's credit history. Lenders will review your company's credit report to assess the risk of extending credit. If you're just starting, you may need to build your business credit from scratch.
One way to build business credit is to open trade lines with vendors or suppliers who report payment history to commercial credit bureaus.
When you ask how to get a business credit card, it is important to note that most credit card issuers have specific requirements for business credit card applicants. Generally, you'll need:
Having a good personal credit score can increase your chances of approval, as issuers may also review your credit report.
Not all business credit cards are created equal. Take the time to compare various options based on factors like:
Look for a card that aligns with your business's spending patterns and provides valuable rewards or perks. For example, a card with travel rewards or airport lounge access could be ideal if you frequently travel for work. Alternatively, a cash-back card may be better if you have high recurring expenses like office supplies or inventory purchases.
Most credit card issuers will require documentation to verify your business's legitimacy and financial standing. Common documents needed include:
Having these documents readily available can expedite the application process.
Once you've identified the right business credit card for your needs, it's time to apply. Most issuers allow you to apply online, but you may need to print and mail in supporting documentation.
During the application process, you'll need to provide details about your business, such as:
Be prepared to provide your credit score and details about any existing business debt or credit lines.
Once approved for a business credit card, it's essential to maintain good credit habits to keep your account in good standing and build a strong credit history for your business. This includes:
Building a positive credit history with your business credit card can help you qualify for higher credit limits, better interest rates, and more favorable terms in the future.
While business credit cards can be valuable, they may not be the best fit for every situation. Depending on your financing needs, you may want to explore alternative options such as:
Each option has its advantages and drawbacks, so it's important to carefully evaluate your business's needs and financial situation before deciding on the best financing solution.
Whether you’re looking for a credit card or want to explore other types of funding solutions, Yardline. can help you get the funding you need to buy new inventory, run more ads, and launch new products.
Yardline provides access to every funding product an ecommerce seller would need. Get funding from $5k to $20 million in as fast as 24 hours when you apply for funding today. Apply today with our 3-minute application to take charge of your preparations today and set your e-commerce business up for success.