Applying for a business credit card is a straightforward process just like with a personal credit card. This is especially so if you are doing it online. 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. 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. Therefore, you need to know about these requirements that will get you qualified for the 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 wants to avoid the situations whereby you cannot be able to repay your credit card bills in full and on the right time. The card issuer has a way of checking your credit score by using the social security number and the name on your application. Therefore, to avoid being rejected, ensure that you only apply for a business credit card that you qualify for.
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. 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 important requirement that will get you to qualify for a business credit card is your annual business revenue and the approximate amount of your monthly expenses. This will help the issuer in determining whether you will be able to repay for your credit card bills. Through the use of you are estimated monthly spend and your revenue, the issuer will also get to determine your credit line size. Your business credit card application is highly likely to be approved if your annual business revenue is also high. Your business credit card application is considered by the issuer of the card as less risky when your business is generating more income.