Do You Qualify For A Small Business Credit Card?

Getting approval for a small business credit card isn’t difficult and usually doesn’t need lots of paperwork. But the big question is, how to get approval for a small business credit card. 

You can get approval for a small business credit card if: 

• You own a legal business – You can apply for a small business credit card if you already own a business. You have to submit your Employer Identification Number (EIN) and your Social Security number. Moreover, you need to maintain a good credit score as your personal credit report will be determined for the approval of a new business credit card.

• Your revenue – Don’t lie about your income when you’re applying for a small business credit card. Tell the truth and go through a financial review with a bank. If you’re a start-up and haven’t earned much, don’t worry to share your right income. You can also share the estimated income - if you’re sure that you can earn that. But if you haven’t started earning yet, your small business credit application will be based on your personal credit. So if you don’t get approval for a similar personal credit card, you probably won’t be approved for a business credit card.

• Total annual income – Your business income doesn’t need to be the primary source of income to get approval for the business credit card application. Brand new business owners and entrepreneurs can apply for business credit cards with a little capital to their name. You must your business credit cards responsibly to build your business’s financial profile better.

Please note:  

The card issuers are interested in your total annual revenue for two, key reasons: 

1. They need to know that you have the funds necessary to repay them, and 

2. They need to determine your debt-to-income ratio. 

Need to know more about small business credit cards, you can consult Bayport Bank in Mn.