If you as a small business owner want to apply for a business credit card… Great idea! Whether you are using a credit card to support your business financing or to keep it in your pocket for an emergency or unforeseen event, it will benefit you by building your business credit and bringing valuable rewards. Also, getting your business name to use a business credit card instead of a personal credit card is the first step in drawing a neat line between your personal and business finances.
However, there is a big difference between deciding to want a business credit card and taking action to obtain one. And sometimes deciding to get a business credit card can be daunting. But don’t worry, if you know you want a business credit card but don’t know how to apply, we’re here to help.
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The 2 steps to apply for a business credit card
Step 1 is shopping for your options – look at cashback, point rewards, and travel rewards cards to find the one that best suits your needs.
Step 2 is simply applying – whether you are applying for a business credit card in person or online, this step will be quick and easy.
As easy as that!
Step 1: Buy your options
If you want to apply for a business credit card, you must first know what type of business credit card to apply for, but knowing which business credit card is right for your small business is not that simple. There are many things to consider to find the right fit:
- Do you want a debit card or a credit card?
- How do you want to handle your rewards?
- What types of purchases do you plan to use the card for?
- Can you pay an annual fee?
We know there are many questions, but these are all things to consider before applying for a business credit card.
If you haven’t bought your options yet, we’ll quickly go over some of the cards that we think are the best for every consideration that a small business owner may have in mind.
Best Business Credit Card for Cash Back
If you prefer to bring your credit card rewards as cash savings to your business, then using a business cash back credit card is a smart move.
There are many cashback credit card options on the market, but here is one of the best:
SimplyCash Plus Business Credit Card from American Express.
With SimplyCash Plus, you will get 5% cash back on purchases at wireless phone service and office supplies stores (up to $ 50,000 spent per year), 3% cash back on purchases within a category that you can choose from a list of 8 (up to $ 50,000 spent per year), and 1% cashback on everything else.
If you are spending a lot in the 5% cashback or the 3% cashback category of your choice, then using this business credit card makes perfect sense.
The best part?
Unlike many high-performance business credit cards, SimplyCash Plus does not have an annual fee. As such, you won’t have to worry about shelling out your cash savings to pay an annual fee.
Best business credit card for point rewards
Some business credit cards will allow you to earn reward points that you can redeem for purchases from eligible partners. If this sounds like your ideal way to earn rewards, then you have a lot of great business credit cards to consider.
The point reward on the Chase Ink Business Preferred credit card is pretty hard to beat.
Ink Preferred offers one of the most generous welcome bonuses on the market. When you spend $ 5,000 during your first 3 months with the card, you will earn 80,000 reward points. If redeemed strategically, this welcome bonus could be worth more than $ 1,000. That’s a great reward for simply investing in your business.
And the sustained rewards this business credit card offer certainly aren’t bad either: When you spend with Preferred Ink, you’ll earn 3 points per dollar on your first $ 150,000 spent each year. After that cap, you will continue to earn 1 point for every dollar you spend on your card, with no limit to how much you can earn at that rate.
Unfortunately, this Chase Ink Preferred reward will come with a $ 95 annual fee. However, measured against the potential profits that Preferred Ink could bring to your business, this $ 95 may seem like a small change.
Best Business Credit Card for Travel Rewards
If you’re always on the go for your small business, you should be earning rewards that you can redeem in the form of travel expenses.
All small business owners who travel frequently can use the American Express Business Platinum Card.
The Business Platinum Card from American Express is one of the best business credit cards on the market. With a large sign-up bonus, you can earn up to 100,000 Membership Rewards points in 3 months (if you spend a total of $ 25,000 in the first 3 months of the Membership Card), and enjoy a much higher rate of reward points on your regular expenses.
But in addition to the welcome offer on the Business Platinum card, here’s why it is ideal for frequent flyers: You receive a 35% bonus from the airline, which means you will get half of your points when you spend them on purchases. qualifying travel and first-class and business class flights. In addition, you will have access to several travel benefits such as airport lounges, onboard services, and much more.
That being said, the Amex Business Platinum Card has one of the highest annual fees on the market. To have access to Platinum Luxury Travel Rewards, you will have to pay an annual fee of $ 595, and this can be a total break for some small business owners.
However, if you are already planning to invest in the travel benefits that the Amex Business Platinum offers, you will find that, added together, they are worth much more than $ 595. There is no question that the Amex Business Platinum is an incredible deal for business owners who know they will need the benefits that come with it.
Step 2: Apply for a business credit card
When you’ve decided it’s time to apply for a business credit card, you have 3 ways to do it: Apply online, at a local bank branch, or by phone.
Why apply for a business credit card in person
If you are someone who likes to make your financial decisions in person and shake hands when the deal is done, you may prefer to go to a local branch or call a representative to apply for a business credit card.
You will have the convenience of speaking with a real person who knows the credit card like the back of their hand, so you can ask any last-minute questions if they come up.
Why apply for a business credit card online
When it comes down to it, the bank uses the same process, whether or not you apply for a business credit card online or in person. All your information will be processed through its electronic system at the end. But the whole process will be faster if you decide to apply for a business credit card online.
All you have to do is go to the site that offers the business credit card and enter some basic personal and business information. Most credit card issuers will ask you for your personal and business finances (such as annual income, estimated monthly expenses, outstanding personal debt, etc.) and general information (contact information, time in business, federal tax identification, and social security number).
Once you hit send, you can listen almost instantly. If it’s approved, activate it as soon as you receive it and you’re ready to start using it for your business.
And that’s how you apply for a business credit card!
With just a two-step guide, you are ready to apply for a business credit card.
Once you’ve searched and found the best business credit card for you, your next step is to apply. Whether you apply in person or online is a matter of convenience and personal preference. But if you want the process to be as straightforward as possible, we recommend that you apply online.