June 20, 2024

Getting access to credit score is monumentally vital to a small enterprise, particularly while you’re simply beginning out. In line with the Small Enterprise Administration (SBA), utilizing a enterprise bank card is without doubt one of the quickest methods to construct credit score historical past for your small business. With a powerful credit score historical past, you’ll get extra favorable phrases and charges, in addition to the chance to develop your small business. 

Ink Enterprise Limitless® Credit score Card

Intro APR


Common APR


Bonus supply particulars


  • 1.5% money again on each business-related buy.
  • 5% money again on Lyft (by way of March 2025).

Why do you want a enterprise bank card?

There are some compelling the reason why a enterprise bank card is smart. That is what one can do for your small business:

  • Pay for companies bills. You can begin paying for enterprise bills on a bank card that can permit you extra flexibility in your small business. For instance, there’s a 21-day grace interval the place you’re not charged curiosity in your credit-card purchases that may assist companies handle their money stream. 
  • Simplify enterprise processes. With a enterprise bank card, you may run your bills by way of a single account and simplify the way you do enterprise. 
  • Hold private and enterprise bills separate. If in case you have a bank card devoted to your small business, it makes it a lot simpler to separate your small business and private purchases. If you happen to’re a rising enterprise, it is perhaps time to cease making enterprise purchases together with your private card.
  • Earn rewards for your small business purchases. If in case you have a enterprise bank card, you may earn rewards out of your purchases which you can flip round to make use of for private journey. 
  • Construct your small business credit score rating. If you happen to’re accountable with your small business bank cards, your small business credit score rating might go up. It is a completely different rating out of your private credit score rating and ranges from one to 100. 

Necessities for a enterprise bank card

If that is your first enterprise bank card, it’s useful to know what’s required earlier than you apply for one.

A enterprise

You might qualify for a enterprise bank card and never notice it. If you happen to promote on Etsy or on the native farmer’s market, you qualify. If you happen to tutor half time, ship groceries, or drive for a ride-sharing firm, you qualify. If you happen to freelance as a graphic designer, author, or internet designer, you qualify. 

Different, conventional enterprise buildings that will qualify embrace: 

  • Sole proprietors.
  • Firms.
  • Restricted legal responsibility firms (LLCs).
  • Partnerships.

A great private credit standing

Your private credit score will probably be evaluated to qualify you for a enterprise card, even for those who apply with an employer identification quantity (EIN). That is very true of recent companies that wouldn’t have a credit score historical past. A great private credit score rating is a good way that can assist you get among the finest small enterprise bank cards. 

Profitability and money

Lenders search for a enterprise with stable financials. They’ll have a look at how a lot cash your small business makes in addition to how a lot cash you could have in your checking account. 

Stuff you don’t want

Stunning belongings you don’t want embrace:

  • A authorized construction. You don’t want an LLC, partnership or company to use for a enterprise bank card. You possibly can apply utilizing your Social Safety quantity. 
  • Enterprise historical past. You may get a enterprise bank card even for those who’re a brand new enterprise proprietor. When making use of for a enterprise card, your private credit score will probably be evaluated.
  • Workers or a bodily location. You possibly can work alone and make money working from home and nonetheless qualify for a enterprise bank card. 

Getting a enterprise bank card in 5 easy steps:

If you happen to suppose you’re able to take the leap and apply for a enterprise bank card, there are 5 steps you could take. 

1. Examine your credit score

Earlier than you apply for a bank card, examine to see if there’s something in your credit score report that may be improved. Except you qualify for a company bank card the place you apply solely with an EIN (extra on this later), your private credit score info will have an effect on your small business utility. Cleansing up your private credit score rating will go a great distance towards incomes you one of the best charges and phrases so you may get among the finest bank cards.

2. Select a bank card 

Selecting one of the best enterprise bank card takes a bit little bit of analysis. There are various selections for enterprise bank cards, with completely different {qualifications} and options. 

Some elements you might need to think about in relation to a enterprise bank card embrace:

  • Charges. What’s the annual charge and is it price it? Overseas transaction charge? Stability switch charge? Late charge? Are firm playing cards for workers free?
  • APR. What’s the card’s APR? How does it examine with different enterprise playing cards? 
  • Rewards construction. Does the cardboard earn rewards? In what classes? Are these the classes you spend essentially the most in?
  • On-line and cell banking. Does the cardboard have options that can allow you to run your small business, equivalent to sturdy on-line and cell banking software program?
  • Prolonged warranties. Some playing cards supply warranties that add time past the producer’s guarantee. 
  • Different perks. It’s attainable to get a enterprise card with entry to airport lounges, assertion credit from common retailers, standing for loyalty packages, and free memberships for choose packages. 

Well-liked small enterprise bank cards you’ll come throughout in your analysis might embrace:

Ink Enterprise Limitless® Credit score Card

Intro APR


Common APR


Bonus supply particulars


  • 1.5% money again on each business-related buy.
  • 5% money again on Lyft (by way of March 2025).

3. Acquire all the data you’ll want

After you could have an concept of which bank card you need, making use of is just a matter of submitting your info to the bank card issuer. Accumulating it forward of time will make your utility go shortly. This consists of:

  • Enterprise title.
  • Enterprise handle.
  • Kind of enterprise. 
  • Construction of your small business (sole proprietor, LLC, S company, and so forth.).
  • Variety of workers.
  • Enterprise income.
  • Enterprise bills. 
  • Years in enterprise.
  • Enterprise e-mail and telephone quantity.
  • Your position within the enterprise (proprietor, CFO, and so forth.).
  • EIN or Social Safety quantity.

4. Apply

After you have all of your info, you’re prepared to use. On-line purposes are fairly easy and often take lower than 10 minutes. 

You’ll typically see a call instantly. If you weren’t accredited, you do have the choice of calling the reconsideration line. 

5. Obtain the bank card and begin utilizing it

Your card will arrive within the mail in a couple of week. You can begin charging applicable enterprise purchases on the cardboard instantly.

The best way to apply for a enterprise bank card

As a small enterprise proprietor, you may apply for a enterprise bank card both with an EIN or your Social Safety quantity, however there are some difficult particulars to bear in mind while you apply. 

Making use of for a enterprise bank card with an EIN

If you apply for a enterprise bank card with an EIN, you’ll even be requested to your private info—however that may be a very good factor. Your private credit score rating and revenue might help you qualify for a enterprise bank card. 

Qualifying for a bank card on an EIN alone has some stringent necessities. You’ll must have:

  • 10 workers.
  • Pristine enterprise credit score historical past.
  • Yearly income over $1 million.
  • Money reserves for a 12 months.
  • One 12 months or extra in enterprise.

Making use of for a enterprise bank card with out an EIN

You don’t want an EIN to use for a enterprise bank card—your Social Safety quantity will work. Nevertheless, if you wish to use a separate EIN for your small business, you might be able to get one in a matter of minutes by making use of on-line by way of the IRS. 

Alternate options to enterprise bank cards

Enterprise bank cards aren’t the one option to fund your small business. You might also need to look into the next choices. 

SBA loans

You might be able to qualify for an SBA mortgage, which is a enterprise mortgage assured by the U.S. Small Enterprise Administration. The loans are made with a lending accomplice of the SBA and might vary from $500 to $5.5 million. Your enterprise should meet SBA measurement necessities, have sound financials, and have the ability to repay the mortgage. 

Enterprise line of credit score

With a enterprise line of credit score, you may borrow the amount of cash you want as much as a restrict (very like a bank card). It supplies a number of flexibility to your cash and also you solely pay curiosity on what you borrow. 

Service provider capital advance

Additionally known as a service provider money advance, a enterprise can commerce a proportion of its future credit-card gross sales in alternate for a lump sum to assist fund enterprise operations. Companies make this mortgage with a lender who focuses on any such transaction, and the charges may be excessive.

Dwelling fairness loans

Many new enterprise house owners faucet the fairness of their house to fund their enterprise, both with a house fairness line of credit score (HELOC) or a house fairness mortgage. It’s a guess on your self which you can earn sufficient cash with enterprise income so that you don’t lose your house. If you happen to’re unable to make funds on your house fairness mortgage, the financial institution might begin foreclosures proceedings towards you. 

Private loans

Private loans are costlier and can possible have a decrease quantity for which you qualify. Nevertheless, your house will not be in danger for those who default on the mortgage. There’s no scarcity of lenders who supply private loans, together with some you might not have thought-about.

TIME Stamp: Getting a enterprise card is simpler than you suppose

The necessities for getting a enterprise bank card aren’t as stringent as you suppose. You don’t want an EIN or a authorized enterprise construction to qualify. The principle requirement is that you’ve got a enterprise and use the cardboard for your small business. 

You possibly can decide from a few of the finest small enterprise bank cards to get began with constructing your small business credit score rating, separating your small business bills out of your private bills, and incomes rewards on your small business bills. There’s a number of worth you may derive as a enterprise proprietor from a very good enterprise bank card.  

Regularly requested questions (FAQs)

How does a enterprise bank card work?

Enterprise bank cards work like common bank cards. The principle distinction is a enterprise bank card is for enterprise bills solely.  

What’s the finest small enterprise bank card?

The very best small enterprise card is the cardboard that works finest for your small business wants. Contemplate which options you want or what rewards you need to earn.

Are you able to get a enterprise bank card with dangerous private credit score?

With a foul private credit score rating, your odds of being accredited for a lot of enterprise playing cards is low, however by no means zero. You might be accredited for a decrease restrict or at the next rate of interest than you need. You additionally might need to search for a secured bank card or issuers focusing on playing cards for these with poor credit score.