How to Secure Corporate Credit Cards for a Small Business
Access to capital is essential in running a small business. A small business owner may be reluctant to seek new loans given the difficulty and stress that often comes with securing start-up financing. Corporate credit cards, however, are a great short-term option for covering important business expenses and providing a contingency budget for unforeseen expenditures. If you have an established business credit history, apply for a business credit card with a competitive interest rate and perks relevant to your industry.
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Instructions
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Compare credit card interest rates to determine which rates are most competitive. Use an online resource such as Bankrate.com (see Resources) to perform your analysis or visit the website of a card issuer to compare directly.
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Review card details such as perks, fee structures and required cardholder profile. Some credit card descriptions, for example, will list the gross sales a business must have to qualify for the card.
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Select a credit card. Click the option to "Apply Now." Enter your personal details, then the details of your business. As a small business owner, you will be required to include your Social Security number on the application along with your EIN number. Add your Dun & Bradstreet number to the application so that the card issuer can verify your business credit history.
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Review your application entries. Ensure reported sales profits are accurate by checking your profit and loss statement.
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Click "Submit." Your application may be instantly approved or denied, but in most cases you will receive written notification of your application status. If the application is denied, the reason will be included in your notification letter.
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Tips & Warnings
Applying for business credit affects your personal credit score as the number of inquiries on your score decreases with each application. If requirements for approval are not listed on the business credit card, call customer service to inquire.
