What do I need for a business credit card application?

Business Credit Card ApplicationAn application for a business credit card requires very specific information about the potential cardholder’s business. The address and contact information for the business is not all that is required, but also more specific information like how much money the business makes each year and how many employees work there.

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After choosing the card, you want to apply for you can compare the provider’s financial strength at A.M. Best and their customer satisfaction ratings at JD Power. Specifics of application information required follow below.

What is the specific information that most business credit card applications require?

The first thing required is the basic business information. This includes the:

  • Legal name of the business
  • Business name the potential cardholder wants on the card
  • Doing business as (DBA) name if the business operates under a different name than the legal name
  • Business street address
  • Business phone number

After this basic information is provided, the potential cardholder has to provide additional information about the business. This information includes the:

  • Type of industry the business is in
  • Company structure of the business
  • Annual business revenue
  • Number of years the company has been in business
  • Number of employees the business has
  • Federal tax identification number

The common types of industries that the business owner can choose from on these types of applications include:

  • Agriculture
  • Construction
  • Finance
  • Real estate
  • Insurance services
  • Manufacturing
  • Non-profit
  • Retail trade
  • Wholesale trade
  • Other

The types of company structures that the cardholder can choose from include:

  • Corporation
  • Partnership
  • Sole proprietorship

The last piece of information that most business credit card applications require includes the role in the company of the person applying for the card and the estimated monthly spending amount needed for the card. The roles the person applying for the card can choose from include:

  • President
  • Chairman
  • General manager
  • Vice president
  • Treasurer
  • Partner
  • Owner

What if I am a sole proprietor?

If someone is self-employed, they can still apply for a business credit card. Someone who is self-employed is considered a sole proprietor. In the situation of a sole proprietor, they would not necessarily have a business name, address, or federal tax identification number.

In place of the business name, a sole proprietor can put their name and in place of the business address, they can put their home address. When it comes to the federal tax identification number, a sole proprietor can put in their social security number.

What are good types of business credit cards?

Two types of credit cards that would greatly benefit a business include rewards credit card and a credit card with a cash back feature. A rewards credit card lets the business owner earn rewards points for every dollar they spend on business purchases. Once the cardholder has earned a sufficient number of points, they can redeem them for special rewards.

Most business owners use this type of credit card to earn travel rewards. For someone that travels a lot with their business earning frequent flier miles and travel upgrades can save the company a lot of money over time. Some business owners even like to use some of these earned travel perks as a way to rewards their employees.

A cash back business credit card can help a business save money, which can be very useful for small businesses. These types of cards let the cardholder earn back a certain percentage of the money they spend with their business credit card. Often it is a small percentage and only certain purchases apply. Since each card is different, it is important for the business owner to read all of the fine print to be able to earn as much as possible.

Cardholders tend to receive their cash back either as a refund directly to their account or by sending a check directly. If a business owner has a large balance on their credit card, a direct refund might be the best thing for them since it will slowly reduce the card’s balance. If the cardholder receives a check instead, they can use that money however, they wish.

Cash back credit cards are a great choice for businesses because they can never have too much cash on hand. They can use this money to reinvest in the company or to pay down the company’s debt.

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Disclaimer: This content is not provided or commissioned by American Express, Visa, MasterCard, Discover, or any other credit card company or issuer. The opinions expressed here are the author's alone, not those of any credit card company or issuer, and have not been reviewed, approved or otherwise endorsed by any credit card company or issuer. Credit Card Chaser may be compensated through various affiliate programs with advertisers. As always, Credit Card Chaser is an independent website commmitted to helping people research credit card offers and find the best credit card!