Can I get a business credit card with no annual revenue?
Quick insights
- You may be able to get a business credit card even if you don’t yet have any annual revenue.
- A business credit card application typically asks you to provide personal information, including your income.
- You could be asked to sign a personal guarantee in which you agree to pay back any card balance if your business cannot.
If you’re getting a business endeavor off the ground, you may be facing some new and unfamiliar challenges, from securing credit to hiring employees. A business credit card is a tool that could help you access a line of credit, manage expenses, build your business’s credit history and enjoy cardmember benefits and perks. But can you get approved for a credit card if your business doesn’t have any revenue yet?
Read on to learn more about how to get a business credit card with no annual revenue.
Can you get a business credit card with no revenue?
Yes, you can get a business credit card if your business doesn’t have any revenue yet. However, you’ll likely be asked to provide your personal income to support your chances of being approved for a card.
Generally, before a business has generated any revenue, new businesses or startups may use business credit cards to get access to credit and drive growth. They might use a credit card to cover expenses, such as their initial startup costs. Sometimes it’s easier for new business owners to access credit this way rather than through a loan.
There’s a wide range of businesses who use business credit cards, from people with a side hustle to corporations. As long as you have business expenses, a business credit card could be right for you.
What to provide on a credit card application as a new business
When you’re ready to apply for a business credit card, you may want to gather your personal and business information.
As the business owner, the application may ask you to provide the following personal information:
- Name
- Date of birth
- Social Security number
- Home address
- Phone number
- Annual income (from all income streams, not just the business)
It’s common for credit card companies to ask for your income because they usually request that you sign a personal guarantee. This means you agree to pay back any balance on the card if your business cannot pay.
In addition to your personal information, the application may ask you to provide the following information about your business:
- Name
- Contact information
- Number of employees
- How long you’ve been in business
- Business category and type
- Business structure (sole proprietorship, corporation, LLC, nonprofit, etc.)
- Federal tax ID
- Business revenue
- Business expenses
If you don’t have any revenue at the time of your application, you may simply list “$0” for that field. For business category and type, you’ll likely be given a dropdown menu where you can choose the options that fit best with your business.
Updating your business revenue at a later date
If you submit a business credit card application and get approved, you can still update your business revenue with the card issuer.
Reporting revenue increases could potentially help you get access to even more credit. Sometimes a credit card issuer will reevaluate your business credit card limit if your revenue has increased. For that reason, it may be to your benefit to report revenue increases.
If you think your new business could benefit from using a credit card to cover startup costs and more, explore these business credit cards to find the right one for your business needs.
In summary
Even if your business doesn’t have any revenue yet, you may still be able to get a business credit card. You’ll likely need to sign a personal guarantee that you will personally pay back the balance if your business cannot.
