Just like with the particular credit card application, the process of applying for a business credit card is also straightforward. The method is especially more straightforward when 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. You will be making one of the essential things in your life when you decide to get a business credit card no matter how big or small your business is. It is, therefore, essential to know about what you are required to have to get approved 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 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 does not want to risk giving you a card that you will not be able to pay its bills on time and in full. The card issuer has a way of checking your credit score by using the social security number and the name on your application. It is, therefore, to ensure that you only apply for a business credit card that you qualify for so that you are not 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.
Your annual business revenue and the estimated monthly expenses is another important requirement that will approve you for a business credit card. 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. This will also help them in determining your credit line size through your estimated monthly spends 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.