Applying for a business credit card is a straightforward process just like with a personal credit card. When making this application online, the process is even more comfortable. However, you will realize there are some few more requirements when it comes to a business credit card than with the particular credit card application. No matter the size of your business deciding on getting a business credit card is one of the best things that you can ever do. It is, therefore, essential to know about what you are required to have to get approved for a business credit card.
When applying for a business credit card, a minimum credit score is one of the requirements that will get you approved. This is because there are risks involved when you are getting approved for a business credit card just like when you are applying for a small business loan. The issuer does not want to risk giving you a card that you will not be able to pay its bills on time and in full. Through the social security number and the name on your application, the issuer of the card will be able to find out about your credit score. It is, therefore, to ensure that you only apply for a business credit card that you qualify for so that you are not rejected.
The best thing is that if you use the credit card you qualify for at the moment n a responsible way, it can grow your credit score hence qualifying for a better one in future. Depending on your business set up, you will be required to provide its legal name or the one you used when registering it with the state. Also, your phone number and the mailing address of your business will be needed. You can also use your home address if you operate your business from home.
Another business card requirement that will get you approved or not is your annual business revenue and your estimated monthly expenses. This is important to the issuer because they will be able to know if your income is enough to cater for your business credit card bills. This will also help them in determining your credit line size through your estimated monthly spends and your revenue. Your business credit card application is highly likely to be approved if your annual business revenue is also high. If there is much income that is being generated through your business, the issuer of a business credit card will then consider your application as less risky.