Small Business Credit Card Eligibility & Process


A small business credit card is opened to separate business expenses from personal ones. In fact, it opens a line of credit for the business. These cards not only improve your credit score but also offer travel rewards, added miles, higher cash backs, and bonuses. Building a good credit score helps in managing business finances. Moreover, it improves cash flow and timely payments

Well aware of the benefits but confused about how to apply for a small business credit card? Check out eligibility, requirements, and detailed application process of the business credit card. 


Who is eligible for a small business credit card?

A load of business credit cards is available in the market. Some credit cards yield numerous benefits for large companies. Similarly, there are credit cards for small businesses having five or fewer employees. Every card issuers have predefined eligibility criteria.

Here are a few common restrictions you could face.

  • Firstly, few card issuing authorities don’t issue credit cards to non-profit organizations like sole proprietorships.
  • Secondly, few issuers don’t issue to businesses operating in specific industries.  These include multi-level marketers, cannabis, or firearms.
  • Thirdly, not qualifying the minimum eligibility criteria. For example income range, the number of business years, and credit score. 

In the end, even if you are unable to get a card from one issuing authority, you can get it from another.  With the host of business credit cards, there is one for everyone. 


What is required for the application?

You must have applied for a personal credit card once in your life. Applying for a business credit card is pretty much the same. Here’s a checklist before you go to a credit card issuing authority :

  • Business address 
  • Number of Employees
  • Industry
  • Number of business years
  • Annual revenue 
  • Monthly expenses expected to cover using the card
  • Tax Identification Number (TIN)
  • Employee Identification Number (For incorporated business)
  • Social Security Number (For sole proprietor or single member LLC)


How to apply for a small business credit card?

  •  Research 

Primarily, you need to research to find the credit cards available for your business. Understand what kind of benefits you want from the credit card. For instance, do you need reward miles or cash back programs? Analyze your business expenses, needs, issuing fees, and interest rates of credit cards. Afterwards,  discern which cards fulfil your business needs. Here are the 8 things to know before you get a business credit card


  • Choose a Card

Next step, is to decide which card is the best fit for you. Secondly, read all the cardholder rights, obligations, terms, and conditions. Before applying, comprehend how rewards can be redeemed or when the 0% introductory period ends. Lastly, check the eligibility criteria of the credit card you want.  


  • Check your credit score

In case, your business years are three or more, you have a business credit score. That helps you to qualify for a business credit score. The issuers also check your personal credit score. The higher the score, the higher chances you have to get your best fit credit card. Your personal credit score should be at least 650. If it’s not, try to pay your debts, clear out credit disputes and improve the credit score


  • Collect the required information and apply

If your credit score is in good shape, you can apply for a credit card. Now, you only need to collect all the required information in the application process. Visit the credit card issuing authority physically or on a portal. Fill in details and answer a few more questions.


After submitting everything, you need to wait for the issuer’s approval. If all goes error-free, you will get a card. Lastly, you receive an email to activate the card. Finally, you can use your credit card.