July 13, 2024
Find out how to Get a Enterprise Credit score Card in 5 Easy Steps

Accessing credit score is monumentally necessary to a small enterprise, particularly whenever you’re simply beginning out. Based on the Small Enterprise Administration (SBA), utilizing a enterprise bank card is likely one of the quickest methods to construct credit score historical past for your corporation. With a robust credit score historical past, you’ll get extra favorable phrases and charges, in addition to the chance to develop your corporation. 

Ink Enterprise Limitless® Credit score Card

Intro APR


Common APR


Bonus provide particulars


  • 1.5% money again on each business-related buy.
  • 5% money again on Lyft (via March 2025).

Why do you want a enterprise bank card?

There are some compelling the explanation why a enterprise bank card is smart. That is what one can do for your corporation:

  • Pay for companies bills. You can begin paying for enterprise bills on a bank card that can enable you extra flexibility in your corporation. For instance, there’s a 21-day grace interval the place you’re not charged curiosity in your credit-card purchases that may assist companies handle their money stream. 
  • Simplify enterprise processes. With a enterprise bank card, you may run your bills via a single account and simplify the way you do enterprise. 
  • Maintain private and enterprise bills separate. You probably have a bank card devoted to your corporation, it makes it a lot simpler to separate your corporation and private purchases. In the event you’re a rising enterprise, it could be time to cease making enterprise purchases together with your private card.
  • Earn rewards for your corporation purchases. You probably have a enterprise bank card, you may earn rewards out of your purchases that you may flip round to make use of for private journey. 
  • Construct your corporation credit score rating. In the event you’re accountable with your corporation bank cards, your corporation credit score rating might go up. It is a completely different rating out of your private credit score rating and ranges from one to 100. 

Necessities for a enterprise bank card

If that is your first enterprise bank card, it’s useful to know what’s required earlier than you apply for one.

A enterprise

You might qualify for a enterprise bank card and never understand it. In the event you promote on Etsy or on the native farmer’s market, you qualify. In the event you tutor half time, ship groceries, or drive for a ride-sharing firm, you qualify. In the event you freelance as a graphic designer, author, or net designer, you qualify. 

Different, conventional enterprise buildings that will qualify embrace: 

  • Sole proprietors.
  • Firms.
  • Restricted legal responsibility corporations (LLCs).
  • Partnerships.

private credit standing

Your private credit score will probably be evaluated to qualify you for a enterprise card, even if you happen to apply with an employer identification quantity (EIN). That is very true of recent companies that shouldn’t have a credit score historical past. private credit score rating is a good way that can assist you get the most effective small enterprise bank cards. 

Profitability and money

Lenders search for a enterprise with stable financials. They’ll have a look at how a lot cash your corporation makes in addition to how a lot cash you could have in your checking account. 

Belongings you don’t want

Shocking stuff you don’t want embrace:

  • A authorized construction. You don’t want an LLC, partnership or company to use for a enterprise bank card. You’ll be able to apply utilizing your Social Safety quantity. 
  • Enterprise historical past. You will get a enterprise bank card even if you happen to’re a brand new enterprise proprietor. When making use of for a enterprise card, your private credit score will probably be evaluated.
  • Workers or a bodily location. You’ll be able to work alone and do business from home and nonetheless qualify for a enterprise bank card. 

Getting a enterprise bank card in 5 easy steps:

In the event you suppose you’re able to take the leap and apply for a enterprise bank card, there are 5 steps you want to take. 

1. Test your credit score

Earlier than you apply for a bank card, test to see if there’s something in your credit score report that may be improved. Except you qualify for a company bank card the place you apply solely with an EIN (extra on this later), your private credit score data will have an effect on your corporation software. Cleansing up your private credit score rating will go a good distance towards incomes you the most effective charges and phrases so you will get the most effective bank cards.

2. Select a bank card 

Selecting the most effective enterprise bank card takes just a little little bit of analysis. There are lots of decisions for enterprise bank cards, with completely different {qualifications} and options. 

Some components chances are you’ll need to contemplate on the subject of a enterprise bank card embrace:

  • Charges. What’s the annual charge and is it price it? International transaction charge? Steadiness switch charge? Late charge? Are firm playing cards for workers free?
  • APR. What’s the card’s APR? How does it examine with different enterprise playing cards? 
  • Rewards construction. Does the cardboard earn rewards? In what classes? Are these the classes you spend probably the most in?
  • On-line and cellular banking. Does the cardboard have options that can show you how to run your corporation, corresponding to strong on-line and cellular banking software program?
  • Prolonged warranties. Some playing cards provide warranties that add time past the producer’s guarantee. 
  • Different perks. It’s potential to get a enterprise card with entry to airport lounges, assertion credit from in style retailers, standing for loyalty applications, and free memberships for choose applications. 

Common small enterprise bank cards you’ll come throughout in your analysis could embrace:

Ink Enterprise Limitless® Credit score Card

Intro APR


Common APR


Bonus provide particulars


  • 1.5% money again on each business-related buy.
  • 5% money again on Lyft (via March 2025).

3. Accumulate all the data you’ll want

After you could have an thought of which bank card you need, making use of is just a matter of submitting your data to the bank card issuer. Accumulating it forward of time will make your software go shortly. This consists of:

  • Enterprise identify.
  • Enterprise deal with.
  • Kind of enterprise. 
  • Construction of your corporation (sole proprietor, LLC, S company, and so forth.).
  • Variety of workers.
  • Enterprise income.
  • Enterprise bills. 
  • Years in enterprise.
  • Enterprise e-mail and telephone quantity.
  • Your function within the enterprise (proprietor, CFO, and so forth.).
  • EIN or Social Safety quantity.

4. Apply

Upon getting all of your data, you’re prepared to use. On-line purposes are fairly easy and normally take lower than 10 minutes. 

You’ll typically see a call instantly. If you weren’t permitted, you do have the choice of calling the reconsideration line. 

5. Obtain the bank card and begin utilizing it

Your card will arrive within the mail in a few week. You can begin charging applicable enterprise purchases on the cardboard instantly.

Find out how to apply for a enterprise bank card

As a small enterprise proprietor, you may apply for a enterprise bank card both with an EIN or your Social Safety quantity, however there are some tough particulars to bear in mind whenever you apply. 

Making use of for a enterprise bank card with an EIN

While you apply for a enterprise bank card with an EIN, you’ll even be requested in your private data—however that may be a great factor. Your private credit score rating and revenue can assist you qualify for a enterprise bank card. 

Qualifying for a bank card on an EIN alone has some stringent necessities. You’ll must have:

  • 10 workers.
  • Pristine enterprise credit score historical past.
  • Yearly income over $1 million.
  • Money reserves for a yr.
  • One yr or extra in enterprise.

Making use of for a enterprise bank card with out an EIN

You don’t want an EIN to use for a enterprise bank card—your Social Safety quantity will work. Nevertheless, if you wish to use a separate EIN for your corporation, you could possibly get one in a matter of minutes by making use of on-line via the IRS. 

Alternate options to enterprise bank cards

Enterprise bank cards aren’t the one solution to fund your corporation. You might also need to look into the next choices. 

SBA loans

You could possibly qualify for an SBA mortgage, which is a enterprise mortgage assured by the U.S. Small Enterprise Administration. The loans are made with a lending accomplice of the SBA and might vary from $500 to $5.5 million. What you are promoting should meet SBA dimension necessities, have sound financials, and be capable to repay the mortgage. 

Enterprise line of credit score

With a enterprise line of credit score, you may borrow the amount of cash you want as much as a restrict (very similar to a bank card). It supplies plenty of flexibility in your cash and also you solely pay curiosity on what you borrow. 

Service provider capital advance

Additionally referred to as a service provider money advance, a enterprise can commerce a proportion of its future credit-card gross sales in alternate for a lump sum to assist fund enterprise operations. Companies make this mortgage with a lender who makes a speciality of any such transaction, and the charges may be excessive.

Dwelling fairness loans

Many new enterprise house owners faucet the fairness of their dwelling to fund their enterprise, both with a house fairness line of credit score (HELOC) or a house fairness mortgage. It’s a guess on your self that you may earn sufficient cash with enterprise income so that you don’t lose your own home. In the event you’re unable to make funds on your own home fairness mortgage, the financial institution might begin foreclosures proceedings towards you. 

Private loans

Private loans are costlier and can probably have a decrease quantity for which you qualify. Nevertheless, your own home isn’t in danger if you happen to default on the mortgage. There’s no scarcity of lenders who provide private loans, together with some chances are you’ll not have thought of.

TIME Stamp: Getting a enterprise card is simpler than you suppose

The necessities for getting a enterprise bank card aren’t as stringent as you suppose. You don’t want an EIN or a authorized enterprise construction to qualify. The principle requirement is that you’ve a enterprise and use the cardboard for your corporation. 

You’ll be able to decide from among the finest small enterprise bank cards to get began with constructing your corporation credit score rating, separating your corporation bills out of your private bills, and incomes rewards on your corporation bills. There’s plenty of worth you may derive as a enterprise proprietor from a great enterprise bank card.  

Often requested questions (FAQs)

How does a enterprise bank card work?

Enterprise bank cards work like common bank cards. The principle distinction is a enterprise bank card is for enterprise bills solely.  

What’s the finest small enterprise bank card?

The very best small enterprise card is the cardboard that works finest for your corporation wants. Contemplate which options you want or what rewards you need to earn.

Are you able to get a enterprise bank card with unhealthy private credit score?

With a foul private credit score rating, your odds of being permitted for a lot of enterprise playing cards is low, however by no means zero. You might be permitted for a decrease restrict or at the next rate of interest than you need. You additionally could need to search for a secured bank card or issuers specializing in playing cards for these with poor credit score.