Business Credit Card

A little piece of plastic with big business-boosting capabilities.

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Business financing that fits in  your wallet.

Opening a business credit card is a rite of passage for a small business. Go from big idea to big business with access to working capital that fits in your back pocket. A business credit card helps you track expenses, build a strong business credit history, and increase your working capital so you can reap the literal rewards.

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Paying with a credit card
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The Convenience and Flexibility of Business Credit Cards

Business credit cards offer business owners a sweet spot between personal credit cards and corporate credit cards. These business cards are specifically designed for small businesses, business credit cards provide a flexible, convenient way for your small business to make purchases.

Some providers offer a 0% introductory rate and a rewards program for new cards. They’ll provide your business with a financial safety net—all the security of a loan with less paperwork and a smaller commitment. Pretty cool, huh?

When can you use a business credit card?

You can use a business credit card anytime, anywhere. Ideally, you’re only spending what you know you’ll be able to pay off so you aren’t carrying a ton of debt with a high interest rate.

What can you use a business credit card to do?

You can use your business credit card for almost any business-related cost. This includes purchasing equipment, increasing inventory, taking clients out to lunch, or simply covering monthly costs.

How can you use a credit card for business financing?

If you don’t yet qualify for a small business loan or if you’re not quite ready for one, a business card might be the solution for you. A business credit card can increase your working capital or work as a sort of cash advance and get your fast access to cash when you need it. Plus, you can take advantage of rewards programs, and use your business card to build your credit.

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Qualifying for a Business Credit Card

It’s relatively easy to get a business credit card. Whether you’re getting a business credit card for a new business or you’re finally cleaning up your business finances by moving company eligible purchases off your personal credit card, we’re here to help you find the best business credit card for you. Plus we’ll help you know what to look for when considering a card, like cash rewards, and bonus points.

Who can get a business credit card?

Just about anyone can qualify for a business credit card. Whether or not your qualified is based on your personal credit score history. You’ll typically need a credit score of 680 or higher to qualify. If you’ve been in business long enough to have developed a credit history for your business, that may help as well.

Do you have to be an existing business?

You do not have to be an existing business to get a business credit card. Business credit cards are a great fit for startups and other new businesses because whether or not you qualify is based on your personal credit score. If you have a strong personal credit history, your new business shouldn’t have a hard time qualifying for a card.

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Applying for a Business Credit Card

Fill out our 15-minute application and access offers from 75+ lenders. You can see which cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for. Once you choose a card, you can get approved in as little as 7-10 days.

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What the application for business credit card will ask for

When you’re ready to apply for a business credit card there are some application materials to have on hand, and a few things to check before applying. 

To apply you should have:

  • Your EIN for your business. It can help for you to have your Employer Identification Number on hand when applying for business credit cards. If you don’t have one, you can easily apply for one from the IRS and get one easily and quickly.
  • Your research for the best business credit cards for you. Make sure you’re applying to the best cards for you. 
  • The card applications. Lastly, you’ll need the applications for the card or cards you’re applying for. Or if you’re applying with Lendio to see your options from the extensive network, then you need the Lendio application.

Before applying, there are a few things to do beforehand. Make a wishlist of the things you want in a business credit card. For some people it might be rewards, for others it might be online banking, or the option for an attached banking account earning the prime rate interest. Be sure you know what you’re looking for. You should also know what your personal credit score is, or your business credit score if you have one. 

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How long does it take to get a business credit card?

Once you apply for your business credit card, you should hear back about whether you’ve been approved within seven to 10 days. In some cases, you might hear back immediately about whether the company will be approving your application for a business credit card.

If you’re approved for the credit card, it will likely be mailed to you, so you’ll get it as quickly as the mail service can get it to you. In the meantime, you might need to use cash to pay for items. Be sure to check any of the annual fees and the interest rates once you’re approved so you don’t end up with any surprise bills or fees to pay. Try to pay off the card if possible so you don’t end up with any high interest on top of the money you’ve charged to pay off.

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Personal credit cards vs business credit cards: The difference

You’re likely familiar with how a personal credit card works. Maybe you’ve even used a corporate card while working for another company. Well, your business card won’t work too differently. They’re all purchasing cards and work the same way. After account opening, each month you charge your eligible purchases for your business to the card and then pay for it each month. You’ll likely do a balance transfer to pay off the card. There are a few things to get familiar with though about your new card.

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Credit reporting policies

Each time you apply for a business credit card there will be a hard pull on your credit. So be careful about not applying for more than one or two of them in a short amount of time. Too many hard credit pulls on your credit history can damage your score.

Your business credit card activity can also impact your credit score. Which is yet another reason to make sure you’re not carrying a huge balance on your card and are instead making on-time payments.

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Credit limits

Your credit limit is something you’re probably familiar with because of your personal credit card experiences. This is the maximum amount of money you can put on your business credit card. If you exceed this limit it will be declined, until you pay off some of the money owed. Credit cards are revolving credit, meaning as you pay off some of the debt you’ve accrued you can then spend money again and you have more of your line of credit available.

It’s important to not spend over your credit limit though. This will result in your card being declined, which can then hurt your credit score. Using all of your credit limit at one time can also hurt your credit score. If you’ve got a lot of revolving debt, your score could be lowered. So try to think of items in terms of the cash you have, don’t spend too much more than cash you’ve actually got.

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Bonus categories

Different credit cards will have different bonuses and rewards they offer. Some might offer cash back while others might offer points you can redeem for credits or travel accommodations and transportation. 

Before you choose from all the business credit cards out there, think about what types of credit card bonuses and rewards you want. If you travel a lot for business, then airline miles might be the way to go. If you just want cash, then cashback might be the best option for you

Consider each of these categories and your specific business needs too. Then you can really be sure you’re making the best business choice for you.

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Consumer protections

There are some consumer protections for credit card users. But they generally apply to personal credit cards, not small business credit cards. So, if you’re going to need some consumer protection be sure to check what type of security comes with the business credit cards that you’re applying for. It can be a good idea to have your consumer protections in order.

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FAQs

Can you use an EIN to get a credit card?

You can use an EIN to get a credit card. In fact, if you’re getting a business credit card it’s a good idea to use your Employer Identification Number when applying for your business credit card. 

This number can help identify your business from you as an individual. Some credit cards might require that you be a business in order to qualify. They also might use it to check your business credit score as well.

Can you get credit cards with an LLC?

If you’ve incorporated your business as a limited liability company or an LLC, you can apply for a business credit card. But you need to either be the owner of the LLC or an authorized officer for the LLC as listed on the incorporation documents and working in a professional capacity. This means you have the legal decision making power to get the credit card for the business or you are the owner.

Can you build credit with a business card?

A business credit card can be a fantastic way to start building your business credit. If you get a business card and you pay it off each month, you will likely see your credit improve. Remember, if your net purchases put a lot on your card, and fail to pay it off, it could damage your credit. It works both ways, while they can build your credit, they can also harm it. So be careful how you spend.

What is a corporate card?

A corporate card is usually a credit card held by a corporate company. These cards can have certain executives or employees as authorized users. Then they can be used when travel like flights or hotels need to be booked for corporate travel. Or when food has to be purchased for a business event. This is a good way for companies to keep track of the money they’re spending. It can also be useful come tax season because those expenses can be tax write-offs that are easier to file if they’re organized on one credit card solely use for corporate charges.

Can you get a business credit card with bad credit?

You can get a business credit card with bad credit.. Generally, you’ll want a minimum credit score of 680 but you might be able to get a credit card with a lower score. Then you can use your credit card to improve your credit score by paying off your card in full each month. By carrying no debt, and making on-time payments, you can improve your credit score.

What credit score do I need to get a business credit card?

Typically credit card companies offering business credit cards will be looking for a credit score of 680 or higher. Remember that using your business card can help you improve your credit score. Granted, it can also hurt your credit score if you don’t use your card wisely. Be sure that your net purchases on your card don’t exceed what you can realistically pay off. Keeping a high balance on your card month to month can add a lot of interest on top of the principal amount that you owe.

What are the disadvantages of a business credit card?

One disadvantage of a business card is that for each one you apply for, there will be a hard credit pull on your credit history. Another disadvantage is the business credit cards frequently do not offer the same consumer protections that personal credit cards do. Business credit cards can also come with high interest rates and fees. So when it comes to big budget financing, they’re not the most ideal option.

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Lendio found me credit cards with much larger credit lines than I was able to find on my own. I will now be able to invest in another property and I will have the necessary funds to complete the project with an easily attainable profit margin.

Alan

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