Just like with the particular credit card application, the process of applying for a business credit card is also straightforward. When making this application online, the process is even more comfortable. 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, necessary that you are aware of these requirements that will get you eligible for a business credit card.
A minimum credit score is one of the requirements that you need to have to qualify for a business credit card. This because just like with a small business loan application, there are risks involved when getting approved for a business credit card as well. The issuer wants to ensure that you will be able to repay the credit card 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. Another requirement is the legal name of your business or the one that you used to register with the state depending on the setup of your business. You will also be needed to write the phone number and the mailing address of your business. You can also use your home address if you operate your business from home.
Another business card requirement that will get you approved or not is your annual business revenue and your estimated monthly expenses. 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. Through the use of you are estimated monthly spend and your revenue, the issuer will also get to determine your credit line size. 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.