Business Credit Card Application Process - Is It Different?

A business credit card is different from a personal credit card in many

ways and some of those differences begin during the application process.

Business credit cards are great ways for business owners to access instant

cash for items their business may need - from supplies to flights to lunch with

an important client. This article will discuss the differences between an

application for a personal card and one for a business card so you will be

prepared when you sit down to fill out an application.

Personal credit card applications typically ask for important information

such as your social security number, where you're employed, how long you

have been employed there, your current address and more. This information

is used to access your credit report. Lenders use this report to ascertain

whether you are an acceptable credit risk. If you have a record of paying your

debts on time and efficiently, you will probably have a fairly good credit

rating - prompting creditors to approve your application quickly.

Business credit cards require slightly different information. For

instance, you're typically required to list the names and personal information

of all owners of your company - including those who own more than 10% to

25% of the company. The credit ratings of all owners will be checked. If

you're the sole owner of the company, this won't be a problem. In this case,

however, your own personal credit will be the basis for making a decision

about whether to give you a new business card.

Other information that will probably be required might include the

business's annual profits, how long the business has been in operation,

financial statements from the business and more. You'll also need to describe

what type of business you own - such as a corporation, a partnership or an

LLC. This will help the lender determine whether the business is eligible to

receive a credit line.

After compiling all the necessary information about your company, its

owners and its financial details, you can fill out the application ... hopefully

online both for the convenience factor and for speed of approval! If you

have good a good credit history, you will most likely be approved.

Depending upon the status of the business's existing credit (or your own

personal score), you may be required to pay more or less interest. Typically,

the better your credit score, the lower your interest rate will be.

For more information and to research, compare and apply for business credit cards,

visit Business Credit Card Source at http://www.businesscreditcardsource.com.