How To Get a Business Credit Card For Startups in 3 Steps

August 7, 2024 By: Stephanie H. - CreditMonarch Online Writer0 comments

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Startups are the term most commonly used to describe companies in the early stages of business, especially those that have received funding from investors. These startups must handle expenses just like any other business, and they may choose to do so with a revolving line of credit like a business credit card. Startups and other businesses typically have banking needs that are quite similar. A startup would use the same type of business credit card that other businesses would use, but they may want to find a business credit card that offers reward points or miles for their common expenses such as food, travel or gas.

Research your options

Make an effort to thoroughly research your options for a business credit card. Consider each card’s benefits, like bonus offers or rewards.

Check your personal credit

Even though you are trying to get a business credit card for your startup, the lender will still require your social security number to check your personal credit file. You may be personally liable for your business credit card and any employee transactions. So, your potential lender must see you as a reliable borrower.

Your credit report is analyzed by credit card companies to determine factors like timely repayment and low credit utilization. If your credit score is higher, you may be eligible for more credit cards, a higher credit limit and lower interest rates.

Apply for your business credit card

After determining which credit card is appropriate for your startup business, you can gather the information needed to apply. The information you’ll need includes the following:

• Business legal name
• Business address
• Business phone number
• Type of business/Industry type
• Business entity/legal structure
• Federal tax identification number/social security number
• Number of employees
• Annual business revenue

Here at CreditMonarch, we strive in helping everyone choose the credit card that suits them best. We believe these are the top rated and most popular business credit cards of August 2024.

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• Business Credit Card
• Cash Back
• Rewards credit card