What Do i Need To Get a Business Credit Card

What Do i Need To Get a Business Credit Card

Get an idea of how you’ll use your business credit card to keep you within your budget. When people ask to take a look at your company’s work, you should always have a business card with you. Business cards work differently than personal credit cards, so if they ask you for one, there’s no reason to give it to them.

What Is a Business Credit Card?

A business credit card is a type of credit card that is typically tailored for anyone who owns a business. This can include large company owners and operators, sole proprietors, and anyone else who relies on their business for income.

A business credit card can offer a variety of benefits, such as increased purchasing power, rewards for spending, and added protection against theft or fraud. It’s important to do your research before applying for a business credit card, as each card has its own set of terms and conditions.

Be sure to compare interest rates, rewards programs, and other features to find the best card for your needs.

Ink Business Unlimited® Credit Card

  •  Ink Business Unlimited® Credit Card.
  •  5% Reward Rate Earn unlimited
  •  5% Cash Back rewards on every purchase made for your business.

Welcome Bonus

You can earn $750 bonus cash back.

Annual Fee

You have anuual fee is $0.

Regular APR

13.49% – 19.49% Variable

Credit Score

Excellent, Good (700 – 749)

Who Qualifies for Business Credit Cards

Most business owners can qualify for a business card as long as the owner has good to excellent personal credit and the desire to keep their personal and business expenses separate. Business credit cards are a great way for entrepreneurs to start building their business credit history.
One of the benefits of having a business credit card is that it can help you establish a solid credit history for your company. This is important, because it can make it easier for you to get loans and other lines of credit in the future. A strong business credit history also shows lenders that you’re responsible with money and can be trusted to repay debts.

Another advantage of using a business credit card is that it can help you keep your personal and business expenses separate. This is especially important if you’re trying to track your budget or if you need to provide detailed records of your expenses for tax purposes.

Qualifying business owners include:

  • Sole proprietors
  • Freelancers
  • Small business owners
  • Large business owners
  • Limited liability companies
  • Corporations

Calculation of Credit Card Score

There are various considerations which are made when calculating your credit score, however different companies have their different ways of doing it. Your FICO score is the most important calculation of your credit, and is based off of five factors: payment history (35%), amount owed (30%), length of credit history (15%), new credit (10%), and type of credit used (10%).

Your Experian score is also important, and is based on seven factors: payment history, number of accounts opened, account balances, inquiries, age of credit accounts, mix of credit accounts, and derogatory marks.

Other companies like Equifax and TransUnion use different calculations to come up with your “credit score”, so it’s important to check all three reports if you’re trying to get an accurate picture of your current credit situation.