How to fill out a business credit card application
Quick insights
- To apply for a business credit card, you’ll need to gather business and personal information including your annual business revenue and tax identification number.
- Using a business credit card may allow business owners to better track and manage their business expenses.
- You don’t need a formal business to apply for a business credit card; sole proprietors, independent contractors, freelancers and gig workers may also be eligible.
Business credit cards allow business owners to access lines of credit and earn rewards on everyday work-related purchases. Business owners can then use these rewards to reinvest in their business ventures.
There are many benefits to using a business credit card, but the first step is applying for one. Read on to learn who’s eligible to apply, how to fill out the application and what to consider when selecting the right card for you.
Benefits of a business credit card
There are many advantages of using a business credit card, starting with keeping work and personal expenses separate. This may make it easier to track your business-related spending and simplify your taxes.
Having a business credit card also allows business owners to establish credit history and access a line of credit for everyday purchases. This may allow for more cash flow flexibility. Additionally, many business credit cards allow cardmembers to earn points or cash back on select categories.
Business credit card eligibility
Any business owner is likely eligible to apply for a business credit card; this includes sole proprietors, freelancers, independent contractors and gig workers. You don’t need to set up an LLC (limited liability company) or even have a formal business in most cases.
A few examples of those professions that may be eligible include:
- Food delivery drivers
- Dog walkers
- Freelance writers
- Personal trainers
- Consultants
- Real estate agents
- Small business owners
Types of business credit cards
There are a few different kinds of business credit cards available to business owners. It may be beneficial to research different types of business credit cards to choose the best one for your business needs:
- Cash back credit cards: Many business credit cards allow cardmembers to earn cash back from everyday business purchases. The Chase Ink Business Unlimited®, Ink Business Cash® and Ink Business Premier® credit cards all offer various percentages of cash back on select business categories.
- Travel credit cards: If you travel for work or have employees who do, it can add up. Business credit cards with travel benefits allow cardmembers to earn points or miles from business purchases.
- Secured credit cards: Those who need to build credit or work on improving their personal credit score may have a difficult time getting approved for a traditional credit card. In these cases, it may be best to opt for a secured credit card, which requires a security deposit to open an account. Note that Chase does not currently offer secured credit cards.
What to consider before applying for a business credit card
Different credit card issues may have different requirements for their business card applications, so it’s best to have a solid handle on your finances before you apply.
Here are some areas to review:
Credit score
Many business cards require you to have a credit score between the range of good to exceptional, which is a FICO® score between 670-850. While you may be able to get approved for a credit card if you have a lower credit score, it may not have the same benefits as credit cards that require a higher credit score.
Annual business revenue
You’ll likely need to report your annual business revenue to open a business credit card account, so you’ll need to calculate if before you submit your application. Annual business revenue is the total income generated by your business during a specific period.
This differs from profit, which is the amount of money earned after deducting operating costs, taxes and other expenses. Think of revenue as the sum of all the money your business has brought in, whether that be through sales, the acquisition or appreciation of new assets or any other means.
If you’re a new business, you may still apply for a business credit card—just input $0 for your annual business revenue.
How to fill out a business credit card application
Filling out a business credit card application is typically a straightforward process, but it may be helpful to gather personal and business information beforehand to save time.
Here are some details you’ll need for most business credit card applications:
- Business name: If you’re a sole proprietor without a formal business name, you may include your name as the company name.
- Business address: Legal business location (can be home address).
- Business type: This will usually be a sole proprietorship, LLC or corporation.
- Tax identification number: If you don't have an EIN, use your personal SSN (Social Security number).
- Annual business revenue: The amount of money your business makes per year.
- Years in business: How long your business has been operating.
- Number of employees: How many employees you have (if you're the only employee, you can write “one”).
You may also need to include additional financial statements and information. Provide up-to-date business and personal details, as inaccurate information might result in an application rejection.
How to choose the right business credit card
Ready to apply for a business credit card? Researching the following areas may help you determine the best card for you:
Welcome offers
Many credit cards have sign-up bonuses or welcome offers for new cardmembers. Generally, these bonuses are available to cardmembers who spend a certain amount of money on eligible purchases within a set period of time after opening the account.
Credit card rewards
Business credit cards typically offer varying ways to earn points, travel or cash back on everyday purchases. It may be beneficial to do your research to find the one that will be most beneficial based on your business spending.
If you want a simple credit card that offers consistent cash back without needing to worry about specific categories, the Ink Business Premier credit card may be a good option. It allows you to earn 2.5% cash back on every purchase of $5,000 or more and 2% unlimited cash back on all other purchases.
If you do want to maximize your rewards, the Ink Business Preferred credit card offers flexible ways to earn rewards. You can earn 3 points per $1 on the first $150,000 spent in combined eligible purchases in the following categories every anniversary year:
- Shipping
- Advertising on social media sites and search engines
- Internet, cable and phone services
- Travel
You can earn an unlimited 1 point per $1 on all other eligible purchases.
Benefits
Be sure to review other credit card benefits offered before making your final decision. For example, each Ink credit card from Chase currently offers the following benefits:
- Employee cards at no additional cost
- Auto Rental Collision Damage Waiver
- Travel and Emergency Assistance Services
- Roadside Dispatch
- Purchase Protection
- Extended Warranty Protection
Fees
Business credit cards with robust benefits often have an annual fee. Some business owners may find that the benefits are worth the annual fee, but it’s important to understand what kinds of fees you’ll need to pay before opening an account.
This also goes for other fees like late payment fees, cash advances and penalty APR for late payments.
In summary
Using a business card may be a great way to separate your work and personal finances while building a business credit score and gaining access to a line of credit. Learn more about all our business credit card options to determine which is best for you.
