You may have thought about getting a business credit card if you run your own business regardless if it's a direct sales, a retail store, hobby shop, or freelance consulting. It's probably a good idea, since it makes it easy for you to separate your business expenses from your home expenses, a task that helps keep your paperwork organized and simplifies things at tax time. Follow this checklist when you're ready to apply for a business credit card:
Choosing a card
For small business owners, some cards offer rewards, financing, or special deals. For example, some rebate cards offer you a percentage back on everything you buy at a certain store, like a warehouse store or online store. Other cards offer cash rebates when you spend at supermarkets, gas stations or home improvement stores. If you travel often, a frequent flier or travel rewards card might get you the best and biggest bonuses. When you choose the right reward card, it could mean extra money in your pocket all year long depending on the type of business you operate and the expenses you incur.
Gather up paperwork
You'll need basic information about your company's financial situation, including the name of your business, the tax identification number, the business address, the number of years you've been an owner, the number of employees, the nature of the business, the business' average annual income, and the amount in the business' checking account. Also, you need to know your business' legal entity such as whether it's a corporation, partnership, sole proprietorship, non-profit, etc.
Answer the application
You can find applications for almost all business credit cards online, although in most cases you can also call and apply over the phone (a good idea if you have any questions). You may have to provide extra documentation for the current financial status of your business depending on your credit rating, so you need to be prepared to fax or mail the requested information. Once the application is filled out, it could take thirty seconds to a month before you can be approved.
When it comes to finding business credit cards online, you can search the Internet or check the websites of major credit card companies.
Choosing a card
For small business owners, some cards offer rewards, financing, or special deals. For example, some rebate cards offer you a percentage back on everything you buy at a certain store, like a warehouse store or online store. Other cards offer cash rebates when you spend at supermarkets, gas stations or home improvement stores. If you travel often, a frequent flier or travel rewards card might get you the best and biggest bonuses. When you choose the right reward card, it could mean extra money in your pocket all year long depending on the type of business you operate and the expenses you incur.
Gather up paperwork
You'll need basic information about your company's financial situation, including the name of your business, the tax identification number, the business address, the number of years you've been an owner, the number of employees, the nature of the business, the business' average annual income, and the amount in the business' checking account. Also, you need to know your business' legal entity such as whether it's a corporation, partnership, sole proprietorship, non-profit, etc.
Answer the application
You can find applications for almost all business credit cards online, although in most cases you can also call and apply over the phone (a good idea if you have any questions). You may have to provide extra documentation for the current financial status of your business depending on your credit rating, so you need to be prepared to fax or mail the requested information. Once the application is filled out, it could take thirty seconds to a month before you can be approved.
When it comes to finding business credit cards online, you can search the Internet or check the websites of major credit card companies.
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