Apply for a Business Credit Card

Thursday, June 7, 2012 at 5:47pm by Site Administrator

Information Needed for a Business Credit Card Application

Business credit cards can be a useful tool for keeping business funds separate from personal money. Large companies aren’t the only businesses that can benefit from a credit card. Small companies and sole proprietorships can also benefit from obtaining one. No matter what type of business you own, the credit card application process is very similar.

Before you head to the bank to get a business credit card, it’s a good idea to make sure you have all of the information available that you will need. By knowing in advance what the card provider requires, you can ensure that your application is processed quickly and there will be no problems.

If you’re unsure, you can always call ahead to the bank to ask. In some cases, you may be able to fill out the application online and save yourself the trouble of going to the bank. If you do need to go to the bank to fill out the application, however, be sure that you have all of the information on hand so that you don’t need to make a separate trip.

Information Needed on a Business Credit Card Application

The information required for a business card application is very similar to what you would need for a personal card, although some additional information is necessary as well:

  • The company’s name and its legal name if different
  • Your position or title within the company
  • Your name as the applicant
  • The company’s email address and phone number
  • Cell numbers and fax numbers for the company if appropriate
  • The businesses address
  • The company’s tax identification number (TIN)
  • Banking information for your company bank
  • Account information of any other cards that you plan to consolidate
  • Financial information for the company including expense and revenue reports
  • A brief description of the business, including how it’s organized, such as incorporation, sole-proprietorship, etc.
  • How many cards you need issued and the names that will be on those cards
  • Information for other named cardholders

Once the bank obtains the information on the application, it will review the company’s banking records to check its credit score as a business. This will help determine the company’s eligibility, including the credit limit and interest rates available in the card. In most cases, the bank will not determine eligibility right away; it may take several days to process the application, although some are able to instantly approve an application.

Additional Concerns

Some banks may not allow you to apply for the credit card unless you are the owner of the company. Some banks hold the business owner personally responsible for debts that go unpaid on the company card, so the bank will want to know the contact information of the business owner. If the company has excellent credit, strong profits and a history of paying off its debts, the credit card company may not require the business owner to be held personally liable in this way.

Applications may vary from one bank to the next, and banks may have different applications for new businesses than for well-established companies. It’s always smart to err on the side of too much information rather than not enough; if you realize you have more information than the application requires, you can simply leave it off, but having insufficient information may require you to return later to turn in the completed application.

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