How to Apply for a Business Credit Card

How to Apply for a Business Credit Card

When used correctly, a business credit card can improve an entity’s financial profile. These cards help business owners manage their expenses and also provide exclusive perks. If you’re using a personal card to conduct business transactions, you’ll want to read below. Don’t miss our exclusive offer for entrepreneurs that want to do more GOOD with their accounts.

Personal and business card differences

There are several differences between personal and business cards. The first distinction regards the way information reports to the credit bureaus. With a personal credit card, your activity publishes monthly to Experian, Equifax, and TransUnion. With a business credit card, some issuers only report activity in the event of a default. 

Additionally, business cards provide more spending power than personal cards. That’s because limits stand on business revenue, which is typically higher than a personal budget. In any event, it’s best to review the full terms of a credit card before signing up.

Do startups qualify for a business card?

Yes, startups can open a business line of credit. That’s because most issuers require a personal guarantee. If the business fails to make payments, the business owner is personally responsible. As long as an applicant’s credit history is favorable, they most likely will be accepted.

How to apply for a business credit card

Before applying, make sure to have thorough records of your business’s account history and balances. Secondly, determine how much credit you’ll need by analyzing your monthly cash flow. Next, gather documents showing your annual income (from both personal revenue and your business). Lastly, apply using your SSN or an EIN.

Special offer from Achieva Credit Union

The Achieva Business Mastercard® Credit Card is an essential tool for every type of business owner. You’ll enjoy:

– No annual fee
– Free additional cards for your employees
– Online banking and online bill pay
– Exclusive discounts, such as cashback when you dine at select restaurants and rebates on business travel.

New applicants will enjoy a 3.9% APR on balance transfers until July 2022. View our business credit card page or call 727.431.7680 for complete terms. 

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