How to apply for a business credit card

Summary

• A business credit card could help you separate your business and personal spending while allowing you to earn rewards on your purchases.
• Pick a credit card that fits your business needs by considering welcome offers, annual fees, introductory offers and rewards benefits.
• Be prepared to provide your personal and business information when you apply, including your business structure and financial information.

Managing your business finances is likely one of many hats you wear as a business owner, especially if you’re just getting your company off the ground. You may have heard about the importance of keeping business and personal finances separate, but taking the steps to do that can take time.

Applying for a business credit card is one way to streamline your business finances and separate your business and personal spending. And the process may be easier and quicker than you think. Here’s what you need to know if you’re ready to apply for a business credit card.

1. Choose the right business credit card

You probably already did your research to find the best credit card for your business. However, if you’re still on the fence between a few cards, consider factors like:

• Welcome offers: A welcome offer typically allows you to earn bonus points for purchases you make within the first few months of opening the card. To make the most of a welcome offer, you’ll want to make sure you’re spending enough to meet the requirement, understand the timeline to receive the bonus, and when it will be credited to your card.
• Annual fees: There are a number of business credit cards with no annual fees that offer extensive benefits. Credit cards with annual fees also offer a ton of perks that may fit your needs, like extra rewards points on hotel and car rentals.
• Introductory APR offers: Some credit cards come with a low intro APR period which often lasts for 12-21 months.¹ If you plan to make a large purchase with your new credit card, this introductory annual percentage rate (APR) could help you save money as you pay it off.
• Rewards redemption options: Certain business credit cards automatically apply cash back earned as a statement credit, while others, like the U.S. Bank Business Leverage® Visa Signature® Card, allow you to save up points to redeem for travel, merchandise or other benefits. Be sure you understand exactly how to redeem rewards and the best time to do so.

2. Gather your documents before you apply

Requirements may vary depending on which card provider you use, but it’s best to gather the following information before you begin any applications.

• Business’s legal name
• Contact information for your business
• Contact information for you, including credit history and SSN
• Contact information for any additional business owners
• Industry type (ex: restaurant, salon, etc.)
• Legal structure (ex: corporation, nonprofit, LLC, etc.)
• Time in business
• Number of employees
• Federal Tax ID (or EIN)
• Annual business revenue
• Average monthly spend
• Your personal annual income

3. Complete the application

Many people prefer the ease of applying for a credit card online instead of calling a bank or walking into a brick-and-mortar branch, but you can use any of these methods when you apply for a business credit card. If you already have other banking products, you could also submit an application through your account on a mobile banking app

The application will ask questions related to the information gathered above, which helps the card provider assess your creditworthiness as a borrower. A solid business or personal credit history that shows responsible financial management could increase your chances of being approved.

4. Wait for an approval decision

Depending on the card provider and which card you’ve applied for, you may receive a decision within minutes. If your application requires additional review, it can take up to several weeks to receive a decision. Keep in mind that approval is not guaranteed and is ultimately up to the card provider’s discretion.

5. Receive your new business credit card

If approved, you’ll typically receive your new credit card in the mail within 7 to 10 business days.

Once your card arrives, you can start using it to cover essentials like office supplies, marketing materials, inventory and travel. Over time, you’ll earn rewards and perks to reinvest in your business. Plus, your on-time payments can help build your business credit and open the door to even more financial opportunities.

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