Should you get a Business Credit Card?
Business Credit Card can help you obtain the funds you need without having to go through the tiresome loan approval process. The minimum credit score required varies with every card provider. So, you’ll be able to find a credit card that works with your business’ current credit situation.
They provide business owners with easy access to a revolving line of credit to make purchases and withdraw cash. Like a consumer credit card, a business credit card carries an interest if the balance is not repaid in each billing cycle.
We can help you figure out which Credit Card would be right for your business!
Advantages of Business Credit Cards
Why should you get a Business Credit Card?
- Access to Cash Flow: Regular cash flow is generally a priority for business owners, regardless of the size of the company. Having a business credit card makes it more convenient to access cash flow & keep your expenses in check.
- Easier Qualification: It is easier for businesses without a well-established credit history to qualify for a credit card. It’s much easier than a traditional line of credit or a bank loan.
- Improves Credit Rating: Having a business credit card and paying off the balance regularly can help boost your business credit rating. Although the vendors and suppliers you work with must report transactions to the credit bureaus.
- Rewards: Just like many personal credit cards, business cards will often offer points, cash-back, miles, or other nice perks. Rewards can be redeemed in a variety of ways, such as statement credits, gift cards, merchandise, and travel.
- Financial Cushion: A credit card can provide business owners with a much-needed financial cushion. They might need it when accounts receivable are behind or sales are slow and the business is short on cash.
- Book-keeping Assistance: Most Business card-holders get online record-keeping tools to manage their accounts. They can help the bookkeepers track, categorize, and manage expenses.
Who qualifies for a Business Credit Card?
Personal Credit Score
Time in Business
Over 2 month
Registered in the US
Business Credit Card Requirements
- Business Information: While applying for a business credit card, you’ll have to provide details like business’ legal name, contact information, industry type, legal structure, time in business, and the number of employees.
- Federal Tax ID: A credit card issuer will use your Federal Tax ID, a.k.a EIN (Employer Identification Number) to verify your business. If you’re a sole proprietorship, you can list your social security number instead of EIN.
- Annual Revenue and Monthly Expenditures: You’ll need to report your annual business revenue and estimated monthly spend on the card. The card issuer wants to know that your revenue can handle monthly card payments.
- Personal Information: The card issuer will use your legal name, contact information, and social security number to check your personal credit score. More often than not, it is the most important business credit card requirement.
- Personal Credit History: A credit card issuer will use your personal credit history to determine your reliability as a borrower and to determine whether you’ll be able to personally cover the debt in case if the business fails.
- Personal Guarantee: A personal guarantee states that the card issuer holds you personally, financially responsible if the primary payer, that is your business, fails to repay their credit card bills.
Business Credit Card Calculator
Because you’re only as good as the tools you use. See how much your business credit card loan will cost.
Business Credit Card Application Process
with Global Connect Pro Financial
- Application form: Firstly, you need to fill out our online application form giving us basic details of your credit requirements.
- Advisor Call: Our Financial Adviser will call you to discuss your qualifications, loan options, and help you prepare for your business credit card application.
- Loan Application: Once all the documents are ready and qualifications are met, we’ll move on to the actual card application with the issuer.
- Loan Approval: Our Financial Advisers and Agents will keep in touch with the issuer to ensure that your card is approved at the earliest.