It is usually a straightforward process when using for a business credit card just like it is with a personal credit card. This is especially so if 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.
When applying for a business credit card, a minimum credit score is one of the requirements that will get you approved. 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. 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. Therefore, ensure that you only apply for a business credit card that you are sure you will not be 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, your legal business name or the one you registered it with the state is another requirement that is needed to get approved for a business credit card. You will need to provide your phone number and mailing address of your business as well. 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 card issuer because they want to be sure that your income will be able to cater for the credit card bills. The issuer of the card will also be able to determine your credit line size by using your estimated monthly spend and your revenue. Generally, you have a high chance of qualifying for a business credit card if your annual business revenue is also high. It is is for your business credit card to get approved if your business can generate a high income since the issuer will consider your application as less risky.