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ANA Card USA Visa® Credit Card
ANA Card USA Visa® Credit Card
- 23.24% variable based on the Prime Rate Regular Purchase APR
- 23.24% variable based on the Prime Rate Balance Transfer APR
- 29.74% variable based on the Prime Rate Cash Advance APR
At a Glance
The ANA CARD U.S.A. VISA® Credit Card is a business airline rewards card targeted to frequent All Nippon Airways travelers, as well as those relocating to the United States and looking for a card that offers rewards back home. The card provides 5,000 ANA Mileage Club bonus miles after first use, and 1 mile for every dollar spent after that.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1 mile for every dollar spent
- Access to ANA Group discounts and benefits
- Perfect for those relocating to the U.S. and looking to build credit
- Receive 5,000 bonus miles after first purchase
- Regular Purchase APR: 23.24% variable based on the Prime Rate
- Balance Transfer APR: 23.24% variable based on the Prime Rate
- Balance Transfer Transaction Fee: $10 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.74% variable based on the Prime Rate
- Cash Advance Transaction Fee: $15 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $70
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $35
- You own or operate a Japanese company who has relocated to the U.S. and want to build credit
- You want access to ANA rewards and benefits in the U.S.
- You want to earn 5,000 bonus miles after your first purchase
Delta SkyMiles® Reserve Business American Express Card
Delta SkyMiles® Reserve Business American Express Card
- 20.99% to 29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
If you or your employees regularly fly Delta, the Delta SkyMiles® Reserve Business American Express Card’s introductory bonuses and travel-specific perks are well worth the hefty $550 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Limited Time Offer: Earn 100,000 Bonus Miles after you spend $6,000 in purchases on your new Card in your first 3 months of Card Membership. Offer Ends 8/2/23
- Save 15% On Award Travel With TakeOff 15. Eligible Card Members now enjoy savings on Delta flights. Not applicable to partner-operated flights or to taxes and fees
- With complimentary access into Delta Sky Club®, you can relax before your Delta flight, or find downtime between connections. You'll also receive two Delta Sky Club One-Time Guest Passes each year so you can share the experience with others when you're traveling together
- When you purchase a Delta flight with your Delta SkyMiles Reserve Card, you will receive complimentary access to The Centurion® Lounge or Escape Lounge - The Centurion® Studio Partner
- After you spend $150,000 on your Card in a calendar year, you earn 1.5 miles per dollar (that's an extra half mile per dollar) on eligible purchases the rest of the year. If your purchase qualifies for a category that has a higher mileage accelerator, only the higher accelerator will apply (ex. you would earn 3X miles on purchases made directly with Delta instead of 1.5X)
- Enjoy 3x miles per dollar on eligible Delta purchases
- With Status Boost®, earn 15,000 Medallion® Qualification Miles (MQMs) after you spend $30,000 in purchases on your Card in a calendar year, up to 4x per year getting you closer to Medallion Status
- Terms and limitations apply
- Regular Purchase APR: 20.99% to 29.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: 29.99% variable based on the Prime Rate
- Annual Fee: $550
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $39
- You travel frequently for work or have employees who do, and want to accumulate bonus miles while tracking spending habits
- You spend heavily with Delta Airlines
- You're looking forward to complimentary Delta Sky Club® access, priority boarding, and a free checked bag
- You don’t want to pay any foreign transaction fees
Platinum Plus® Mastercard® Business Card
Platinum Plus® Mastercard® Business Card
- 16.49% to 27.49% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 16.49% to 27.49% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.49% variable based on the Prime Rate Cash Advance APR
- 0% for 7 months from account opening date Intro Purchase APR
At a Glance
Boasting no annual fee, 0% APR for the first 7 billing cycles from account opening, and a robust suite of cash flow management tools, Bank of America’s Platinum Plus Mastercard® Business Card also draws in new cardholders with its decent sign-up bonus. Namely, a $300 statement credit bonus earned after making $3,000 in net purchases in the first 90 days of your account opening.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Online exclusive: $300 statement credit bonus after spending $3,000-in the first 90 days
- Unlimited employee cards at no additional cost
- 0% on purchases for 7 billing cycles from account opening
- Hassle-free electronic payments with automatic bill payment
- Intro Purchase APR: 0% for 7 months from account opening date
- Regular Purchase APR: 16.49% to 27.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 16.49% to 27.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transaction, whichever is greater
- Cash Advance APR: 29.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $49
- You want an easily obtainable $300 introductory bonus
- You have an excellent credit score
- You're interested in a business card with a multitude of management tools
- You do not want to pay an annual fee
- You want a business credit card that is a no-fuss, everyday credit card for your company
CitiBusiness® / AAdvantage® Platinum Select® Mastercard®
CitiBusiness® / AAdvantage® Platinum Select® Mastercard®
- 20.99% - 29.99% (Variable) Regular Purchase APR
- 29.99% (Variable) Cash Advance APR
At a Glance
The CitiBusiness AAdvantage Platinum Select® World Mastercard is a business travel card that hits many of the right notes. The card earns double miles on purchases with American Airlines, as well as with select merchants, which includes telecommunication companies, cable or satellite providers, car rental companies, or gas stations. Every other dollar spent on purchases earns a single mile. The card also features a generous sign-up bonus after meeting minimum spending requirements, a first checked bag for t
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Designed for businesses
- Earn 65,000 American Airlines AAdvantage® bonus miles after spending $4,000 in purchases within the first 4 months of account opening.
- First checked bag is free on domestic American Airlines itineraries to reduce travel costs and boost your bottom line.
- 25% savings on American Airlines inflight Wi-Fi when you use your card
- Enjoy preferred boarding on American Airlines flights
- Earn 2 AAdvantage® miles per $1 spent on eligible American Airlines purchases, and on purchases at telecommunications merchants, cable and satellite providers, car rental merchants and at gas stations
- Earn 1 AAdvantage® mile per $1 spent on other purchases
- Earn 1 Loyalty Point for every 1 eligible mile earned from purchases
- No Foreign Transaction Fees
- Regular Purchase APR: 20.99% - 29.99% (Variable)
- Cash Advance APR: 29.99% (Variable)
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is higher
- Penalty APR: Up to 29.99% variable based on creditworthiness and the Prime Rate
- Annual Fee: $0 for the first 12 months. After that, $99
- Late Payment Penalty Fee: $41
- Return Payment Penalty Fee: $41
- You travel often for business and prefer to fly with American Airlines
- You issue employee cards or add authorized users to their accounts
- You're budget-conscious when sending employees on work trips
M&T Business Credit Card
M&T Business Credit Card
- 15.24% to 22.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 15.24% to 22.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 27.24% variable based on the Prime Rate Cash Advance APR
- 0% for 12 months from account opening date Intro Purchase APR
At a Glance
The M&T Business Credit Card provides an uncomplicated way to make everyday purchases without the fear of a high APR. The card features no annual fee and an introductory 0% APR on purchases and balance transfers for the first 12 months, followed by a competitive APR after that.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- 0% introductory APR for the first 12 months after opening account
- No foreign transaction fees
- Global acceptance and chip technology for added security
- Additional cards for employees at no added cost
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 15.24% to 22.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months from account opening date
- Balance Transfer APR: 15.24% to 22.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transfer, whichever is greater
- Cash Advance APR: 27.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: 24.99% variable based on the Prime Rate
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $25
- You're Interested in a straightforward and hassle-free business card
- You enjoy the convenience online, and mobile account management provides
- You enjoy the convenience online, and mobile account management provides
- You want a business card with no annual fee and no foreign transaction fees
SLFCU Visa Signature Business Card
SLFCU Visa Signature Business Card
- 12.50% variable based on the Prime Rate Regular Purchase APR
- 12.50% variable based on the Prime Rate Balance Transfer APR
- 12.50% variable based on the Prime Rate Cash Advance APR
At a Glance
The SLFCU Visa Signature Business from Sandia Laboratory Federal Credit Union is a business credit card that offers a yearly 1% rebate on purchases and a low APR every day. The card also features no annual membership fee, no fee for balance transfers, and the benefits and protections that come from a Visa Signature Business credit card.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 1.00% year-end rebate on purchases
- No annual fee
- No balance transfer fees
- Regular Purchase APR: 12.50% variable based on the Prime Rate
- Balance Transfer APR: 12.50% variable based on the Prime Rate
- Cash Advance APR: 12.50% variable based on the Prime Rate
- Cash Advance Transaction Fee: $5
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: $25
- Return Payment Penalty Fee: $25
- Over Limit Penalty Fee: $25
- You already bank with Sandia Laboratory Federal Credit Union
- You want a low APR and basic cash back each year
- You want Visa Signature travel protections
- You plan to issue additional employee cards to maximize your rewards rebate
Business Advantage Customized Cash Rewards Credit Card
Business Advantage Customized Cash Rewards Credit Card
- 18.49% to 28.49% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18.49% to 28.49% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.49% variable based on the Prime Rate Cash Advance APR
- 0% for 9 months from account opening date Intro Purchase APR
At a Glance
The Business Advantage Cash Rewards Mastercard® is a great starter card for business owners who want customizable 3% cash back categories and a card without an annual fee. Ideal for small businesses or startups with modest expenditures.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- $300 statement credit bonus after spending $3,000 with 90 days
- 3% cash back on the category of your choice
- 2% back at restaurants
- 1% cash back on all other purchases
- Cash earnings never expire
- Intro Purchase APR: 0% for 9 months from account opening date
- Regular Purchase APR: 18.49% to 28.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 18.49% to 28.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: $10 or 4% of the amount of each transaction, whichever is greater
- Cash Advance APR: 29.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: $10 or 4% of the amount of each transaction, whichever is greater.
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transactio
- Late Payment Penalty Fee: Up to $49
- Return Payment Penalty Fee: $39
- You have business expenses that are less than $50,000 per year
- You will take advantage of the introductory bonus by spending $3,000 in the first 90 days
- You want a versatile card that can also give you points for everyday (non-business) dining expenses
- You don’t want to pay an annual fee
Lowe's Business Rewards Card
Lowe's Business Rewards Card
- 20.99% to 29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Lowe’s Business Rewards Card from American Express is a great business rewards card for those who want to earn 3% cash back while making everyday business purchases at restaurants and office supply stores, as well as 2% cash back during their trips to Lowe’s. Do-it-yourselfers will be pleased to know that they can earn a welcome offer of $100 in cash back as soon as they’re approved for the card (as a statement credit – see terms).
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 5% cash back on purchases at Lowe's
- 3% cash back at restaurants, office supply stores & wireless telephone services
- 2% cash back on Lowe's purchases
- 1% cash back on all other purchases
- Regular Purchase APR: 20.99% to 29.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: 29.99% variable based on the Prime Rate
- Foreign Transaction Fee: 2.7% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $39
- You own a business and frequently shop at Lowe’s home improvement stores
- You want to earn 3% cash back on everyday business purchases at restaurants and office supply stores, 2% cash back while shopping at Lowe’s, and 1% cash back on all other eligible purchases
- You want an easy welcome offer in the form of a $100 cash back statement credit as soon as your account is opened
Delta SkyMiles® Platinum Business American Express Card
Delta SkyMiles® Platinum Business American Express Card
- 20.99% to 29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
Companies with employees that frequently fly Delta for business may want to consider the excellent benefits available to them when using the Delta SkyMiles® Platinum Business American Express Card.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Limited Time Offer: Earn 90,000 Bonus Miles after you spend $4,000 in purchases on your new Card in your first 3 months of Card Membership. Offer Ends 8/2/23
- Save 15% On Award Travel With TakeOff 15. Eligible Card Members now enjoy exclusive savings on Delta flights. Not applicable to partner-operated flights or to taxes and fees
- You can receive a domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. Take a friend or family member when you fly Delta. Payment of the government imposed taxes and fees of no more than $80 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details
- Earn more miles on big purchases with 1.5 miles per dollar on single eligible purchases of $5,000 or more (that's an extra half mile per dollar), up to 50,000 additional miles per year. If your purchase qualifies for a category that has a higher mileage accelerator, only the higher accelerator will apply (ex. you would earn 3X miles on purchases made directly with Delta and hotels instead of 1.5X)
- Delta Sky Club® Access - Get access to Delta Sky Club® at a rate of $50 per person per visit for you and up to two guests while flying together on Delta
- With Status Boost®, earn 10,000 Medallion® Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to 2x per year getting you closer to Medallion Status. MQMs are used to determine Medallion Status and are different from the Miles you earn towards flights
- Terms and limitations apply
- Regular Purchase APR: 20.99% to 29.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: 29.99% variable based on the Prime Rate
- Annual Fee: $250
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $39
- You fly Delta often for work
- You use your credit card to make large purchases
- You want convenient travel perks including in-flight purchase discounts, a free first checked bag, priority boarding, and more
- You don’t want to pay any foreign transaction fees
Webster Visa® Business Card
Webster Visa® Business Card
- 17.24% to 26.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 17.24% to 26.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 18 months from account opening date Intro Purchase APR
At a Glance
The Webster Visa® Business Card features no annual fee. New cardholders can also take advantage of 0% APR for 18 months from the date of opening an account. This introductory interest rate applies to both purchases and balance transfers. This business card also offers several billing options to help you run your business more efficiently.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- 0% APR for 18 months on purchases
- 0% APR for 18 months on balance transfers
- Choose between central, individual, and memo statement billing options
- Intro Purchase APR: 0% for 18 months from account opening date
- Regular Purchase APR: 17.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 18 months from account opening date
- Balance Transfer APR: 17.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Penalty APR: 32.49% variable based on the Prime Rate
- Foreign Transaction Fee: Up to 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $35
- Over Limit Penalty Fee: $39
- You don’t want to pay an annual fee
- You want a basic business credit card without rewards
- You would like to take advantage of 0% interest for 18 months on purchases
- You need to transfer a balance and intend to pay it off in 18 months
You've viewed 5 of 152 credit cards
What Is a Business Credit Card?
A business credit card can be a powerful tool for entrepreneurs looking to separate their personal and business expenses. It is a financial product specifically designed for business owners to manage their business expenses. It works just like a personal credit card but with added features tailored to businesses’ needs.
One of the main advantages of using a business credit card is the ability to keep your personal and business expenses separate, which makes it easier to track and manage your business finances. This separation can also help you when filing your taxes, as you can easily identify and deduct your business expenses.
A business credit card also provides you with a line of credit that you can use to make purchases for your business. This can be especially useful if you need to make large purchases or if you experience cash flow issues. It gives you the flexibility to make necessary purchases and pay them off over time.
Additionally, a business credit card often comes with certain perks and benefits specifically tailored to businesses. These can include rewards programs, cash back rewards, travel rewards, and discounts on business-related expenses. These perks can help you save money and earn valuable rewards as you spend on your business.
What are the Benefits of Business Credit Cards?
Using a business credit card can offer a range of benefits for companies of all sizes. Let’s take a closer look at some of the key advantages:
- Simplified Expense Tracking: With a business credit card, you can easily track and categorize your business expenses. Most business credit cards provide detailed statements, making monitoring your spending simple and identifying areas where you can cut costs.
- Improved Cash Flow Management: A business credit card provides you with a revolving line of credit, allowing you to make purchases even when you are short on cash. This can be particularly helpful during slow business periods or when unexpected expenses arise.
- Separation of Personal and Business Expenses: Separating personal and business expenses is crucial for accurate financial reporting and tax purposes. A business credit card helps you maintain this separation, making it easier to identify and deduct your business expenses during tax season.
- Access to Business-Specific Perks and Rewards: Many business credit cards offer rewards and benefits tailored to businesses’ needs. These can include cashback on business purchases, travel rewards, discounts on office supplies, and more. Taking advantage of these perks can help you save money and earn valuable rewards for your business.
- Building Business Credit: By using a business credit card responsibly and making timely payments, you can build a positive credit history for your business. This can be beneficial when you need to secure financing in the future or negotiate favorable terms with suppliers.
Can Startups Get Business Credit?
Most people assume you need a physical location or an LLC to qualify for a business card. This, however, isn’t true. You do need a registered business, but the qualifications of what a “business” is are surprisingly broad.
If you are a freelancer, sell your goods on eBay or Amazon, or even teach music to local children, you may qualify for a business credit card. If you engage in any work where you earn money—without being an employee for someone else—you probably qualify as having a business.
Because of these loose requirements, business credit cards are a viable option for startups and other non-traditional or established companies.
What to Look for in a Business Credit Card
Rewards Program
Travel business cards are known for their generous bonuses and rewards programs. Even if you don’t own a business that requires frequent travel, you can still apply for a travel business card and enjoy its benefits. By using the card for company expenses, you can earn points or miles that can be redeemed for a well-deserved vacation.
For general travel cards, purchases in select categories, such as flights or restaurants, earn points at a higher rate. Hotel and airline co-branded cards offer additional points for specific categories and purchases directly from the brand.
Other Features to Consider
When choosing a business card, there are other features to look for:
- Free Employee Cards: If you have employees who regularly make company expenses, look for a credit card that allows you to issue additional cards at no extra cost. This is a popular perk offered by many issuers.
- Business Tools: Some issuers provide resources to help you manage your finances more efficiently. These can include integration between your account statement and accounting software, custom expense reports, and alerts for irregular activity.
- Intro APR: If you anticipate carrying a balance on your card, look for one that offers an introductory period with no interest charges. This can be a valuable incentive, especially for larger purchases or multiple small expenses.
How to Apply for a Business Credit Card
Applying for a business credit card is straightforward but requires careful preparation.
Check Your Credit Score
Knowing your credit score before applying for a business credit card is essential. Some issuers require business credit to apply for credit cards, while other banks prefer to use your personal credit score to gauge suitability. The credit card issuer will evaluate your creditworthiness based on this score. If your score is low, take steps to improve it before applying.
Eligibility
Next, you’ll need to determine what type of business you operate. If you are a freelancer, tutor, or operate any other business independently, you will need to apply for a business card as a sole proprietor.
Required Documents and Information
Typically, when applying for a business card as a sole proprietor, there isn’t much more information than you’d expect from a personal credit card application. There are, however, two bits of information to keep an eye out for:
Info | Explained |
---|---|
① The legal name and contact address of your business | Even if you don’t provide your personal information, you will need to provide all relevant contact information for your business, including the company’s legal name, any names your company is doing business under, and the mailing and phone contact information. |
② Basic information about your business | Most banks and lenders want to know some basic facts about your company. These facts include your industry type, the structure of your company and number of employees, and your annual revenue. |
③ Tax ID number |
Most business card applications require a tax ID number, which is the number the IRS uses to designate your company when you file your taxes. Many sole proprietorships have no employees – and never plan to hire additional help. Still, business credit card applications often ask for an Employer Identification Number (EIN). An EIN is basically an SSN for a business – it is the same as a tax ID. If you are a freelancer, tutor, run an online shop, or run some other solo venture, chances are you won’t need your EIN or tax ID. The IRS stipulates that an EIN is only necessary for those companies that:
|
④ Estimated monthly spend on the card | Lenders want to ensure that your business’ finances aren’t stretched too thin, so expect to answer basic questions about how much you – and your employees – typically place on credit cards each month. |
⑤ Personal credit history | If you need to provide a personal guarantee, expect to provide all relevant credit information for the primary account holder. This information includes full legal name, home contact information (phone number, mailing address, e-mail), and your Social Security Number. |
If none of these apply to your side hustle – congratulations – you will only need to provide your personal SSN.
Research and Apply
Look for reputable credit card issuers that offer business credit cards. Research their offerings, interest rates, fees, and rewards programs to find the best fit for your business. Once you’ve chosen a credit card issuer, visit their website and fill out the online application form. Provide accurate information, including your personal details and business information. Double-check the application for any errors before submitting it.
Once your application is approved, you’ll receive your business credit card in the mail. Activate the card according to the issuer’s instructions and use it for your business expenses.
Related Article: How to Use An EIN to Get a Business Credit Card
Tips for Managing Business Credit Card Expenses
Effectively managing your business credit card expenses is crucial for maintaining financial stability and maximizing the benefits of your card. Here are some tips to help you manage your business credit card expenses:
- Create a Budget: Establish a budget for your business expenses and stick to it. This will help you allocate funds to different categories and avoid overspending. Regularly review your budget and adjust as needed.
- Use Expense Tracking Tools: Take advantage of the expense tracking tools your business credit card issuer provides. These tools can help you monitor your spending, categorize expenses, and generate reports for accounting and tax purposes.
- Set Spending Limits: If multiple employees can access your business credit card, consider setting individual spending limits. This will help prevent overspending and ensure that expenses are within budget.
- Pay on Time: Timely payment is crucial for maintaining a good credit history and avoiding late payment fees. Set reminders or automate your payments to ensure that your credit card bills are paid on time.
- Review Statements Regularly: Review your credit card statements regularly to verify the accuracy of charges and identify fraudulent or unauthorized transactions. Report any discrepancies to your credit card issuer immediately.
- Minimize Balance Carrying: Whenever possible, pay off your credit card balance in full each month to avoid accruing interest charges. If carrying a balance is necessary, make a plan to pay it off as soon as possible.
- Keep Personal and Business Expenses Separate: Separating personal and business expenses is essential for accurate financial reporting and tax purposes. To maintain proper separation, avoid using your business credit card for personal expenses.
Tips for Building Business Credit
A business credit card can be a valuable tool for building and improving your business credit. By using your card responsibly and making timely payments, you can establish a positive credit history for your business. Here are some tips for building and improving your business credit with a business credit card:
- Use Your Card Regularly: Make regular purchases with your business credit card and pay off the balance in full each month. This demonstrates that you can responsibly manage credit and make timely payments.
- Monitor Your Credit Utilization: Credit utilization refers to the percentage of your available credit that you are using. To maintain a healthy credit score, aim to keep your credit utilization ratio below 30%. Paying off your balance in full each month can help you achieve this.
- Make Timely Payments: Pay your credit card bills on time to avoid late payment fees and negative impacts on your credit score. Consider setting up automatic payments to ensure that your bills are always paid on time.
- Avoid Maxing Out Your Credit Card: Maxing out your credit card can negatively impact your credit score. Instead, keep your credit card balances well below the credit limit to demonstrate responsible credit usage.
- Regularly Check Your Credit Report: Monitor your business credit report regularly to ensure its accuracy and identify any errors or fraudulent activity. Address any discrepancies promptly by contacting the credit reporting agencies.
- Establish Relationships with Creditors: Building relationships with your creditors can benefit your business credit. Maintain open lines of communication and notify them of any changes or challenges your business may face.
- Be Patient: Building a strong business credit history takes time. Be patient, make responsible credit decisions, and monitor your progress regularly. Over time, you will see improvements in your business credit score.
FAQs
Here are some of the most frequently asked questions concerning business cards:
- You must meet specific criteria to qualify for a business credit card:
- You must operate a for-profit enterprise – even if you haven’t made a profit yet
- If you receive a 1099 tax form from your employer, you qualify as an independent contractor
- You must state your current business income and any anticipated growth
- Yes. While there are no unsecured credit cards for businesses with bad credit, there are secured cards for small businesses. These secured cards require a deposit but offer many of the perks of other top business cards. Unfortunately, the deposit may be a hindrance to many potential applicants.
- Most card issuers require a business to have a good credit score. A good credit score range is anything about 680 on your FICO Score. If your company doesn’t have a credit history or has poor credit, however, considering using your own credit score to improve the chances of getting a business card.
- An EIN is also known as an Employer Identification Number or a tax ID. While you don’t need an EIN to apply for a business credit card, you can use this number. To apply using this tax ID number, you will need to contact specialty business credit bureaus to establish a file. Once established, you can sue the EIN to apply for credit in most cases.
- Yes. Most business credit cards offer significant credit lines to help companies finance significant purchases and improve cash flow. Business card lines of credit can be more than $50,000, with big signup bonuses. Some cash back cards, for example, offer over $50,000 per calendar year in value, but with huge spending requirements – sometimes requiring spending $15,000 within 90 days.
- Yes. American Express offers a business version of both the Platinum Card and the Gold Card. The Business Platinum Card from American Express acts just like any other charge card. This means businesses can spend beyond your credit limit, helping to increase cash flow.
- Rewards are one of the most important things to consider when looking for good business cards. These rewards can be broken down into the following subsections:
- Signup Bonuses: Many cards today provide impressive signup bonuses worth thousands of dollars. Travel business cards, in particular, can be very generous with their introductory bonuses.
- Rewards Programs: Travel rewards business cards involve a rewards or loyalty program that earns points or miles with qualifying purchases. For general travel cards, purchases in select categories – like flights or restaurants – accumulate points at a multiplied rate. Co-branded cards through airlines and hotels will also provide additional points on specific groups, as well as when you make purchases directly with these brands.
- Cash Back: Cashback is the other significant rewards setup found in business cards. Like travel cards, select categories – think office supply stores and telecommunications services – can earn you cash back at an accelerated rate.
- Some of the other factors you should examine when selecting a business card include:
- Additional Employee Cards: Business credit cards offer an efficient way to keep track of company spending, and if you have employees who regularly make company expenses, look for a credit card that allows you to issue additional cards for your staff. Other cards issued at no extra cost is a popular perk, so you’ll find it in multiple offers.
- 0% Intro APR: Another popular feature in business cards is introductory 0% APR periods. You may have plenty of use for your card, be it for multiple small purchases or one big-ticket expense, so paying off a balance over time with no interest charges to worry about is a welcome incentive. These promotional periods range from six months to over 12, so plan your shopping accordingly to maximize your interest-free grace period.
- Business Management Software Tools: Issuers can make it easy to keep track of your money’s movements thanks to resources like the integration between your account statement and accounting software, custom expense reports, and irregular activity alerts.
Conclusion
A business credit card is a valuable tool for businesses (and entrepreneurs) looking to separate their personal and business expenses. It allows for easy tracking and management of business finances, simplifies expense tracking, and improves cash flow management. Business credit cards also offer perks and rewards tailored to businesses, help build business credit, and are accessible to startups and non-traditional businesses.
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