Getting a business credit card is probably something you've thought about if you run your own business, whether it's a store, direct sales, hobby shop, or freelance consulting. It's probably a good idea, since it makes it easy to separate your business expenses from your home expenses, which helps you keep your paperwork in order and makes filing your taxes easier. Follow this list when you're ready to apply for a business card:
- Pick a card.
A few cards...
Getting a business credit card is probably something you've thought about if you run your own business, whether it's a store, direct sales, hobby shop, or freelance consulting. It's probably a good idea, since it makes it easy to separate your business expenses from your home expenses, which helps you keep your paperwork in order and makes filing your taxes easier. Follow this list when you're ready to apply for a business card:
- Pick a card.
Small business owners can get deals, financing, or rewards from some cards. Some rebate cards, for instance, give you a certain percentage back on everything you buy at a certain store, like an online or warehouse store. When you spend money at grocery stores, gas stations, or home improvement stores, you can get cash back from other cards. If you travel a lot, you might get the best and biggest bonuses from a frequent flyer or travel rewards card. Depending on the type of business you run and the costs you have, getting the right reward card can put extra money in your pocket all year long.
- Get your papers in order
You'll need basic information about your business's finances, like the name of your business, its tax ID number, its address, the number of years you've been the owner, the number of employees, the type of business, the average annual income of the business, and how much money is in the business' checking account. You'll also need to know what kind of legal entity your business is, such as whether it's a sole proprietorship, a corporation, a partnership, a non-profit, etc.
- Fill out the paperwork
Most business credit card applications can be found online, but most of the time you can also call and apply over the phone (a good idea if you have any questions). Depending on your credit score, you may need to send or fax extra proof of how your business is doing financially. Be ready to do this if you are asked. Approval can take anywhere from 30 seconds to a month after you fill out the application.
Do a search on the Internet or go to the websites of major credit card companies to find business credit cards.
