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Although having a credit card for your business can be very beneficial, getting a business card without a credit history can sometimes prove difficult. Most small-business owners know the importance of keeping family and personal finances separate.
It is important to keep purchases for the business and those for your family and yourself. It is crucial to have a business credit card. This will only be used for assets that are necessary for business operations.
So why is it that credit card financing for small businesses and family-owned businesses is so difficult? It is very simple. A bank will only lend your business money if you can repay it.
Your credit rating or score is the only way they can make this decision. Most small business owners need a credit history. Lenders may need help to approve your business’ credit card. You can still get business credit for your company. It is a little harder. You need to follow these steps to quickly get a business credit card approved for your company and build a strong credit rating.
1. Start at your local bank or credit union
Visit the bank or credit union that your business has an account with. Many small banks will offer a business credit line to companies with budgets, even if they still need a credit history. It is a great opportunity to build your credit and establish a strong business credit rating. It will then be much easier to obtain any business card you desire.
2. What happens if the first choice fails?
If you are unsatisfied with your bank or credit union, you can go online and shop at large e-commerce or online retailers like Amazon or PayPal. You can, for example, apply for a PayPal merchant card that will allow you to manage your company’s finances. If this is you, please make an application and wait to see if they approve it.
3. How about a secured card?
Secured credit cards, registered in the business name, maybe your best and most efficient option for getting a business card. Most banks will grant you this card if you have a checking or savings account. Deposit money into the account. You will receive a card that the bank secures.
The checking account will pay for every purchase. The card offers all the features and capabilities you expect from a regular unsecured card. As mentioned, the bank can monitor your credit habits and how you manage the company’s finances. If the bank is satisfied with your credit history over a period greater than nine months, they might offer you a credit card.
This is a great way for business owners to obtain a credit card for their business. They have also built strong credit ratings for their companies.
4. This step is closely related to grade.
You must ensure that all cards you obtain for your business are reported to credit bureaus under your company name. Some credit card companies need to write secured business credit cards. Building the credit rating you desire will be challenging if it is registered. You can then start to build a credit history for your company.
