If you’re looking to get a business credit card, it’s important to consider your needs now and in the future. The next step is going through the application process with your preferred lender. Don’t worry, this can be a lot easier than you think. Check out our simple guide below.
Step 1: Define what you need today by asking
key questions
What’s the maximum you’ll need to spend to run your business? You’ll want to make sure your potential business credit card limit can help contribute to supporting your goals.
What perk(s) would your business benefit from based on the way it operates? If you travel, consider a business credit card that offers travel rewards. If you spend a lot of money on office supplies, you may want to find a business credit card that offers additional cash back rewards in this purchase category.
What fees can you afford? Find out the annual fees and APR to make sure you can afford the business credit card you’re about to apply for.
Step 2: Envision your business’ growth and how a credit card issuer should support it—not hinder it
As your business evolves, so should your financing. Ideally, the business credit card issuer you choose should provide you with options to add more people to your card as you hire employees or take on partners. They should also provide additional conveniences like making it easy for you to set up individually customized spending limits for employees.
If the issuer you’re looking into doesn’t offer these advantages, you could run into roadblocks in the future, which may require you to switch lenders.
Step 3: Look at your credit score
Business credit cards can impact your personal credit score. That’s why it’s important to keep up with your payments when you take out a business credit card. Late or missed payments can show up on your credit history and impact your score.
Hard inquiries, which credit card issuers perform during the application process to gauge your risk as a borrower, can also have a temporary negative impact on your credit score.
If you would prefer not to have any impact on your score—or if you would prefer to borrow a large amount—business loans are another financing option to consider.
At BHG Money, we offer business loans up to $250,0001, and we do not perform a hard inquiry on your credit, so you experience no credit score impact when you apply for a business loan. Call our team at 866.280.5476 to learn more or try our online Payment Estimator.
Step 4: Choose a credit card issuer whose product works for you
Once you’ve considered the above, it’s time to closely compare all of the credit card issuers that interest you. Look at each option, from the perks to the drawbacks, and make the right choice for you and your business goals.
If you have any questions, be sure to contact their credit card team(s). At BHG Money, our team is here to support your goals by pairing you with the right financial solution for your needs.
Step 5: Send in your application
Next, it is time to complete your application. After you apply, you’ll need to wait for a decision from the issuer before moving on to any further steps.
Now you know how to get a business credit card. If you’re interested in finding out more about BHG Money business credit card solutions and the premium benefits we provide—from our lowest APR card to multiple cash back rewards options—visit our page here.
