Business Credit Cards

Generally, you are required to give more information when applying for a business credit card than you do when applying for a personal credit card.  When reviewing applications for business credit cards, creditors often require two years of past tax returns.  Some business credit cards require a minimum net worth in order to qualify.  You may also be asked for the legal structure of your company.  This is because in a sole proprietorship or a partnership, the individual is responsible for the debt, and all personal assets are subject to liability.  With a corporation, only corporate assets are subject to liability.

Business Credit Cards Considerations

• Apply for business credit cards with a low interest rate.
• Universal acceptance of your business credit cards with many merchants.
• Low annual fee business credit cards.
• Availability of a national ATM network that honors your business credit cards in order to access cash in airports or after hours.
• Business credit cards that reward you with discounts, cash back, frequent flyer miles, etc.  Make sure that the rewards offered on business credit card will benefit you and your company.
• Additional insurance on lost business credit cards, rental cars, purchases, and travel.
• The ability to manage and view reports of your business credit cards.  Make sure you can view reports online, differentiate between employees and customize your business credit card reports.
• Find out whether there are extra charges for multiple business credit cards for your company's employees.
• See whether you are able to designate spending limits on individual business credit cards.