Applying for a business credit card is a straightforward process just like with a personal credit card. The method is especially more straightforward when you are doing it online. However there are a few requirements that are needed while applying for a business credit card that is not the same with a personal credit card. Getting a business credit card is one of the most important things that you can ever do no matter how big or small your business is. It is, therefore, necessary that you are aware of these requirements that will get you eligible for a business credit card.
The first requirement is that there is a minimum credit score that you need to have to qualify for a business credit card. This because just like with a small business loan application, there are risks involved when getting approved for a business credit card as well. The issuer wants to avoid the situations whereby you cannot be able to repay your credit card bills in full and on the right time. They can use your social security number and your name to that you give on your application to investigate on your credit score. Therefore, ensure that you only apply for a business credit card that you are sure you will not be rejected.
The good thing is that responsibly using your business credit card will be able to increase your credit score hence becoming eligible for a better one. Another requirement is the legal name of your business or the one that you used to register with the state depending on the setup of your business. You will need to provide your phone number and mailing address of your business as well. If you run your business from home you do not have to worry about this because you can give your home address as well.
Your annual business revenue and the estimated monthly expenses is another important requirement that will approve you for a business credit card. This is important to the card issuer because they want to be sure that your income will be able to cater for the credit card bills. This will also help them in determining your credit line size through your estimated monthly spends and your revenue. Having large annual business revenue is generally what will give you high chances of getting approved for a business credit card. 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.