To get a business credit card for your LLC, compare offers for cards to determine which business credit card is likely to save your LLC the most money, based on rewards, fees, interest rates and other features. Then, apply for the card online, wait for a decision and, if you’re approved, wait for your card in the mail.
You can get a business credit card for an LLC, as long as you are permitted by the corporation. If you aren’t an owner of the LLC, you must at least be an authorized officer – in other words, legally able to sign for the company – in order to apply for a credit card in the LLC’s name. Authorized officers will be named on the LLC’s operating agreement, and can be the LLC’s owner, president, managing member, member, or treasurer, for instance.
When it comes to which business credit cards you might qualify for, a lot depends on your personal credit score. Most small business credit card issuers will judge your application based on your personal creditworthiness because they require a personal guarantee for any balance on the account.
How to Get a Business Credit Card for Your LLC in 4 Steps
Check your credit score. Your personal credit score plays a big role in which business credit card you can get, but you don’t need good credit to get a business credit card. You can check your latest credit score for free on WalletHub.
Determine which card would be best for you. The ideal business credit card will give you the best value in rewards and benefits, based on your business spending and your overall needs. Narrow down the choices based on rewards rates in your biggest spending categories and other card benefits, and then compare expected earnings after taking any fees into account.
Fill out the application. You’ll need to provide details about the LLC on the application, such as its name, address, phone number, annual income, number of employees, years in business, and Employer Identification Number (EIN). You’ll also need to provide some information about yourself, such as your Social Security number and personal income, among other things.
Wait for a response. You could get a decision instantly, or the card issuer may need a closer look at your application. Most credit card issuers make a decision on applications within 2 weeks, and if you’re approved, your new card should get to you in 7-10 business days after approval. If you get denied for the card, consider calling the card issuer’s reconsideration line or looking into other credit card options.
Business credit cards can be assets for LLC owners, as they tend to offer more business-focused benefits and rewards, with the potential for higher credit limits than personal cards. That said, many LLC owners use a personal credit card for business purposes – and that’s perfectly fine, if you aren’t interested in building business credit and you keep your business and personal expenses separate.
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