Apply for a Business Credit Card

Business credit cards are often provided by the company that you work for, but if you are self-employed or the company you work for doesn't offer such a service, you can do so yourself and it's pretty easy. The main thing you must take into consideration is your business' realistic needs.

  1. First, you must do research on what banks have to offer. Check websites like Visa or Mastercard and click on links on your preferred banks. Contact the banks regarding your application and get informed on everything. You can request an application, or you can also ask if you can complete the application online once you have decided which provider will best suit your company's needs.
  2. When filling out the application form, be sure to include your name, address, phone number, Social Security Number, personal and business credit history, annual income and the profitability of your company. The next step would be to submit the application. It usually takes 8 to 10 working days to process. Some providers, however, offer express processing for an additional fee.
  3. Decide how much your company spends monthly, and apply for this amount, but make sure it is an amount that you can feasibly pay off. The last thing you need is a large amount of credit card debt. Look back on your company's financial history. Analyze trends in spending and purchasing so you can come up with an accurate and realistic amount. Make sure you are well informed about certain features like if there is an annual membership fee, if they offer business loans, if they handle unsecured loans, etc. You should also make sure that the local branch is accessible and that they have 24-hour free customer service. Different companies have different financial needs, so it is important that account reports be customized for your business needs.
  4. For large corporations like those with 100 or more employees, you must purchase a corporate credit card. This type of credit card can handle larger amounts, and credit card service providers offer a lot more features and services for larger corporations that choose to purchase corporate credit cards.  For smaller businesses, a business credit card will do. If product orders are made repetitively, you can obtain a purchasing credit card, that way just an account number and not an actual card is required. You must also determine how many cards your company will need and which employees will need cards. This is an important step in maximizing your business finance power.
  5. In most cases, a system is needed to keep track of employee spending via purchasing reports. Some card issuers provide this service, so be sure to inquire about it when applying for company credit cards. Credit cards that allow you to earn miles are great for those who have employees who have to travel a lot on business.

Make sure that you have all the bases covered when preparing a plan for your company credit card so you'll get the best service possible, no matter which credit card issuer you choose.


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