Business Credit Cards

To get a business credit card, you must provide your Tax ID Number (TIN) or Employer ID Number (EIN) along with your Social Security number on the business credit card application. To qualify, a business credit card applicant must also be an owner, officer or partner of a business, which may include sole proprietorships, independent contractors and non-profits, in addition to corporations, partnerships and LLCs. Then, if you get approved for a business credit card, your card will list your company’s name in addition to your own.

Other than those things, the process of getting a business credit card is pretty much the same as applying and getting approved for a credit card for personal use. For instance, the issuer will still check your personal credit history when you apply for a business credit card, and you’ll be held personally liable for any unpaid balance. With that in mind, it’s also worth noting that there’s no rule against using a consumer credit card for business spending, so getting any credit card could count as getting a credit card for your business.

Below, we’ll you guide you through how to get a business credit card, step by step, then highlight the various requirements that small business owners typically have to meet in order to get a credit card in their business’s name.

How to get a business credit card:

1. Own or operate a business. Most major credit card issuers have broad definitions of what constitutes a “business.” Owners of traditional businesses obviously count, like LLCs, non-profits, corporations, and so on. Independent contractors and freelancers can also qualify for business credit cards from some issuers. Even sellers on eBay, Airbnb hosts, etc., may be able to get one. Essentially, if you provide goods or services and make income from them, you could qualify for a business credit card. If you’re one of these non-traditional “business owners,” you’ll list “sole proprietorship” under business type on your application.
2. Check your personal credit score. Your personal credit standing is much more important to your business credit card approval odds than your business’s credit standing. Checking your credit score for free is an easy way to get a sense of what business credit cards you’re likely to qualify for, allowing you to focus on relevant offers.
3. Determine whether you need cards for employees. Business credit cards typically allow you to add more authorized users than consumer cards. You can also customize spending privileges for each employee.
4. Choose between rewards and 0% rates. Rewards are best when you always pay in full, and you can find great rewards deals from both business and consumer credit cards. But if you want a card for financing purposes, get a consumer card with a 0% rate, as consumer cards have more predictable regular APRs than business credit cards.
5. Compare cards based on your intended usage. Calculating how much each credit card offer will save or cost you in terms of your business’s spending and payment plans is the best way to find the right card.
6. Apply for the best credit card for your business. You can apply for a business credit card online and, in some cases, by phone, by mail or in person.

Those are the basic steps for finding and applying for the right business credit card. But it’s not always that easy to actually get approved. Below, we’ll cover the biggest requirements you’ll likely need to meet in order to get approved for whichever business credit card you decide to apply for.

Business Credit Card Requirements: What You Need to Qualify

The most important business credit card requirements are a good credit score and a low debt-to-income ratio. These are the requirements weighed most heavily by business credit card issuers. Your personal credit score lets them know how you’ve handled your finances in the past, and your personal debt-to-income ratio lets them know how able you’ll be to pay off what you borrow each month.

When it comes to determining whether or not to approve you for a business credit card, issuers want to feel confident that you’ll be able to pay your bill each month. Personal financial records are the best way to judge that because they usually go back much further than business records, and business credit card owners are personally liable for balances, anyway. That helps to explain some of the boxes you’ll need to check in order to qualify for business credit card approval.

Business Credit Card Requirements:

• Owner, officer or partner of a business, which may include sole proprietorships, independent contractors and non-profits, in addition to corporations, partnerships and LLCs.
• Employer Identification Number (EIN) - assigned by the IRS when you register your business. If you’re a sole proprietor who doesn’t have an EIN, you’ll just fill in your SSN.
• U.S. resident
• 18+ years old
• Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)
• Ability to make monthly bill payments

In addition to these requirements, there’ll be other information you should have on hand. You’ll need to provide your annual income, which will help the issuer determine your debt-to-income ratio. On top of that, you’ll need to list business information such as the number of employees you have, how long you’ve been in business, your annual business revenue, and your business contact information. Even if you’re a one-man startup operation that hasn’t opened yet, you’ll still need to provide all of that information.

If you haven’t made any business revenue, be honest about it. Trying to stretch the truth on any kind of credit card application is not a good idea. There are plenty of business credit card options out there for new businesses, so don’t worry.

Once you’ve covered the above requirements, you’re just about ready to apply for a business credit card. Just remember that each issuer has its own specific standards. So make sure to read your chosen card’s terms and conditions before submitting an application.

The best Chase business credit card is the Ink Business Preferred® Credit Card because it offers a bonus of 100,000 points for spending $15,000 in the first 3 months. Ink Business Preferred also gives 3 points / $1 spent on travel and select business purchases, plus 1 point / $1 on everything else. Preferred provides free employee cards, too. And it has a $0 foreign transaction fee. The annual fee is $95.

The Chase Ink Business Cash card offers the best ongoing cash back bonuses of any Chase business credit card. It has a $750 bonus for spending $7,500 in the first 3 months. And it gives 5% cash back on the first $25,000 spent per year at office supply stores and on internet/cable/phone services. Plus, it offers 2% back on the first $25,000 spent per year at gas stations and restaurants, along with 1% on everything else. There’s a $0 annual fee.

But if you want to earn rewards at a flat rate, Ink Business Unlimited comes out on top. It offers unlimited 1.5% cash back on all purchases. And it has a $0 annual fee.

Just about all business credit cards allow instant approval, at least if you apply online. But even though an instant decision is likely, it’s not guaranteed. The credit card company may take more time to decide whether an applicant meets their requirements. Or they may have trouble verifying the information on the application right away if there’s something incorrect or outdated.

In order to get the best chances of instant approval for a business credit card, your personal credit score should exceed the minimum requirements of the card you apply for. The higher your income, the better your chances are, too. Secured business credit cards for bad credit will provide the highest odds of instant approval.

Here are the best instant approval business credit cards:

• Wells Fargo Business Secured Credit Card
• Capital One® Spark® Classic for Business
• Capital One® Spark® Cash for Business
• Ink Business Unlimited® Credit Card

Getting instant approval on business credit cards is not unusual if you apply online. But you shouldn’t expect to receive it, as in some cases approval might take a few weeks. After approval, delivery of a card usually takes 7-10 business days, but many issuers allow you to expedite either for free or for a fee.

The best prepaid business credit card is the Wells Fargo Business Secured credit card, thanks to its 1.5% cash back rewards rate and $0 annual fee. However, “prepaid business credit card” is actually a misleading term. Technically, there is no such thing. There are business credit cards, business debit cards, and business prepaid cards, but those are all separate and fulfill different needs. A secured business credit card is the closest thing you’ll find because your spending limit equals the amount of the refundable security deposit you have to place, which means you’re basically pre-paying for your purchases.

Business credit cards require a credit check when you apply, may allow you to borrow money, and will relay account information to your personal credit reports. As with credit cards for personal use, secured cards offer the highest approval odds for applicants with bad credit.

Business debit cards won’t help you build credit and can’t be used to finance purchases, but they do allow business owners and employees with the necessary permissions to access money in a business checking account. Business debit cards can be used to make purchases at the point of sale or for ATM withdrawals.

Business prepaid cards are like debit cards for business but without the checking account. On top of that, not all business prepaid cards can be used at ATMs, so they are primarily for employee purchases. Many of the best business prepaid cards allow you to add multiple cards on the same account without any extra fees.

If a business prepaid card sounds like what you need, you should check out the Bento for Business Visa. It has some of the lowest fees and a tiered pricing structure. So as you add more cards to the account, the cost-per-card goes down. The Bento for Business Visa also has special features, like the option to set spending restrictions by the day or by the category.

The best business credit card for balance transfers is the U.S. Bank Business Platinum card, because it has a balance transfer APR of 0% for 15 billing cycles* and a $0* annual fee. But there is a 3% balance transfer fee.

There aren’t many business credit card balance transfer offers with 0% interest rates to choose from. But you could also use a personal credit card for a business balance transfer. Just make sure to only put business expenses on the card, or else your bookkeeping will get tricky.

The best personal card for this purpose is the U.S. Bank Visa® Platinum Card because it offers an introductory APR of 0% for 20 months on balance transfers, with a 3% (min $5) balance transfer fee and a $0 annual fee.

Best Business Credit Cards for Balance Transfers

• U.S. Bank Business Platinum
• U.S. Bank Business Cash Rewards World Elite™ Mastercard®
• PNC Visa® Business Credit Card
• Edward Jones Business Credit Card
• Wells Fargo Platinum card
• Zions Bank AmaZing Rewards® Business Credit Card

A business credit card balance transfer allows you to move business debt from one loan or credit card to another credit card. Good balance transfer cards offer an introductory interest rate lower than the regular APR, sometimes as low as 0%. You’ll pay interest at the regular APR on any balance remaining after an introductory APR expires. Keep in mind that in most cases, you’ll be charged a 3%-5% transfer fee on each balance transferred. There are cards that do not charge a transfer fee, but they tend not to offer an introductory balance transfer APR.

You can check your business credit via three main business credit reporting agencies: Experian, Equifax and Dun & Bradstreet. They track essentially the same information which they get from banks, credit unions and other lenders (even retailers that offer financing), as well as public court documents and business registries.

Practically speaking, there are two different types of business credit scores: business-specific scores and personal credit scores that are used for business lending purposes. The two most popular business credit scores come from Experian and Dun & Bradstreet – Equifax offers business credit reports, but not scores. You can obtain your business credit report and score from these bureaus online, in exchange for payment.

On the other hand, personal credit scores can also be used for business lending purposes. WalletHub can be of help in this aspect, since you can check your personal credit score for free by signing up for an account.

You can also learn more about business credit reports and find some tips on how to build business credit right here on WalletHub. Hope this helps!

A Barclays business credit card is best for frequent business travelers. That’s because all three Barclays business cards offered in the U.S. are co-branded with a specific airline. You can choose from American Airlines, Hawaiian Airlines and JetBlue, as of February 2019.

Here are the best Barclays business credit cards:

• American Airlines AAdvantage® Aviator™ Business Credit Card
• Hawaiian Airlines Credit Card
• JetBlue Business Credit Card

If you want maximum travel rewards but don’t want to be tied to a single airline, consider a general-purpose travel rewards card. Some allow you to redeem points or miles for statement credits toward any travel purchase, and you’ll have more choices when booking flights.

The best United Airlines business credit cards are the United Explorer Business card and the United Club Business card. They come with 50,000-point signup bonuses and benefits like free checked bags and United Club access. Cardholders also earn 2 miles for every dollar spent on United flights with both cards. The cards’ annual fees range from $95 (waived the first year) to $450.

There are a total of 3 United Airlines business credit card offers available right now, two from Chase Bank and one from First Hawaiian Bank.

Best United Airlines Business Credit Cards:

United Explorer Business Card

Cardholders can earn a signup bonus of See Terms once they spend $3,000 in the first 3 months. Other benefits include the first checked bag free for the cardholder and one companion on United flights, 2 United Club Passes per year, and employee cards at no extra cost. Cardholders earn 2 miles per dollar spent on United purchases, dining, gas, and office supplies, and 1 mile on all other purchases. The card has a $0 annual fee the first year and $95 after that.

United Club Business Card

Cardholders can earn a signup bonus of 100,000 miles once they spend $3,000 in the first 3 months. Other benefits include a United Club membership (worth $550 per year), 2 free checked bags for the cardholder and one companion on United flights, and employee cards at no extra cost. Cardholders earn double miles on United tickets and 1.5 miles on all other purchases. The card has an annual fee of $450.

First Hawaiian Bank United MileagePlus Business Credit Card

Cardholders earn 2 miles per dollar spent on United tickets and one mile per dollar on all other purchases. The card has an annual fee of $45.

All of the United Airlines business cards also let you set separate spending limits for each employee card. Even better, you’ll earn rewards on all of those purchases too.

If you want more flexibility when it comes to rewards, the best business credit card for United flights and other travel expenses is Chase Ink Business Preferred. It offers a signup bonus of 100,000 points once you spend $5,000 in the first 3 months. You’ll also earn 3 points per dollar spent on travel and select business purchases. The points you earn can be transferred to the United MileagePlus program at a 1:1 rate.

A business credit card with no personal credit check is hard to come by. Secured business credit cards are much easier to get than regular unsecured business credit cards, but there’s still a personal credit check involved, and you’ll have to pay a security deposit. A personal credit check allows lenders to measure a business owner’s ability to pay back any debts when there’s little or no business credit history to review.

In addition to the personal credit check, lenders require business owners to provide a personal guarantee. This states that the business owner is personally responsible for paying off any balance if the business is unable to do so. Very few business cards don’t require a personal guarantee.

If you don’t have good credit, there are personal credit cards that do not require a credit check at all. You can use them for business purposes, but they usually require a security deposit and don’t let you borrow money.

If you decide that you’re comfortable applying for a business credit card despite the personal credit check, check out our editors' top picks for the best business credit cards for each credit level. You might also be interested in WalletHub's credit building guide. This will help you on your road to excellent credit.

The best Citizens Bank business credit card is the Citizens Bank Everyday Points Business Mastercard because it has a $0 annual fee. It also offers 2 points per $1 on all purchases and a bonus of 25,000 points for spending $5,000 in the first 90 days.

The only other Citizens Bank business credit card is the Business Platinum Mastercard, which has no rewards. However, it also has a $0 annual fee and the potential for a lower APR than the Everyday Points card. Its APR range is 8.24% - 19.24% (V), compared to 11.24% - 21.24% (V) for the Everyday Points card.

While both of the Citizens Bank business credit cards have decent terms, they’re not the best offers on the market. There are lots of really rewarding business credit cards available right now. For example, the Capital One Spark Cash for Business card offers unlimited 2% cash back on all purchases and a $500 initial bonus.