How to apply for and get a business credit card
- How do I get a business credit card?
- Different types of business credit cards
- What is the minimum amount for a business credit card?
- Business credit cards and personal credit
- Get a Ramp Business Credit Card based on your business revenue
To apply for a business credit card, you will need to fill out an online application with your business name, EIN (or SSN, if it requires a personal guarantee), and income details. Once submitted, you’ll receive a decision, often within minutes.
Approval for business credit cards primarily depends on your personal credit score, with most requiring a FICO score of 670 or higher. For small business owners or emerging startups, the approval process may be easier than you expect.
There are plenty of benefits to opening a business credit card. You can access working capital, finance large purchases, and track business expenses more easily. Plus, you’ll build business credit, which will come in handy when applying for loans.
How do I get a business credit card?
It isn’t hard to get a business credit card, but it requires a little research and preparation. Here’s how to get a credit card for your business in three steps:
1. Check your business credit card eligibility
To get approved for a business credit card, you’ll usually need a strong personal credit score–generally, a FICO score of at least 690 is required. The exception to this rule is corporate business credit cards, which approve based on business revenue.
All types of business structures are eligible to apply for a business credit card:
- Sole proprietorships
- Limited liability companies (LLCs)
- Partnerships
- Corporations
You’ll be eligible for a business credit card no matter your business’s age, size, or nature. With that said, qualifying for business credit cards usually depends on your personal credit score, and many of the best cards require good to excellent credit.
It can be tough to open a business credit card with a poor or limited history, so you’ll need to determine which cards you have a realistic chance of qualifying for. You might consider building credit on a personal credit card or a secured business credit card before applying for the card you really want.
Business credit card credit scores
Here are example business credit card options broken down by credit score.
- For limited credit: Corporate cards like the Ramp Corporate Card can be good options, as they often don't require traditional credit checks and instead assess financial health based on factors like cash balance and revenue.
- For poor/bad credit (300-579): Secured credit cards like the First National Bank Business Edition® Secured Mastercard® or corporate cards can be options for applicants with bad credit.
- For fair credit (580 to 669): You might qualify for some unsecured business credit cards like the Capital One Spark Classic For Business or the Nav Prime Card, though be aware that APRs may be higher.
- For good credit (670 to 739): Consider the Chase Ink Business Preferred® Credit Card, popular for its travel rewards, but be aware that credit limits may start low.
- For very good credit (740 to 799) or excellent credit (800-850): Premium cards like The Business Platinum Card® from American Express become available.
Can you get pre-approved for business credit cards?
Yes, some applicants can get business credit card pre-approval, although it's not as common as with personal credit cards. Capital One is known to offer pre-approval for some of its business credit cards, whereas issuers like Chase and AmEx might only extend pre-approvals to existing customers.
2. Factors to compare as you shop
Different types of business credit cards suit different needs on the market, so try to find the best card for your business. Here’s what you should pay attention to as you compare:
- Fees: Consider annual fees and interest rate (APR) fees. If business travel is the norm for you, look for a card that doesn’t charge foreign transaction fees.
- Rewards and perks: Cards usually offer membership rewards on eligible purchases, so consider the rewards you’ll use the most. Card offers like a statement credit or welcome bonus add even more value.
- Balance transfers: Some cards come with a 0% intro APR period and allow balance transfers. This lets cardholders move debt from another credit card and avoid paying interest during the intro period.
- Card features: Some business credit cards offer extra features like employee cards and expense management tools, such as automated expense reporting and accounting integrations.
Here are a few of the top business credit cards to consider:
Ramp Business Credit Card
Ramp Business Credit Card
- No credit check or personal guarantee is required
- No interest accumulation on your balance
- Seamless integration with numerous accounting software
- You must pay back the balance in full at the end of each month
- No elevated cashback rewards for specific categories
- You need $25,000 in your business bank account to qualify
It’s easy to apply for the Ramp Business Credit Card. Unlike traditional credit cards, Ramp doesn’t require a personal guarantee or a credit check. Instead, eligibility is based on business financials, such as cash balance and revenue, making it a great option for businesses looking to build credit independently of the owner’s personal credit.
Ramp offers up to 5% savings on all purchases, zero fees, and advanced spend management tools to help businesses optimize expenses. Additionally, it provides unlimited employee cards, seamless accounting integrations, and real-time spending insights.
U.S. Bank Business Triple Cash Rewards World Elite Mastercard
U.S. Bank Business Triple Cash Rewards Visa Business Credit Card
- High rewards in key categories
- No foreign transaction fees
- Statement credit for software subscriptions
- Limited reward categories
- High standard APR
The U.S. Bank Business Triple Cash Rewards World Elite Mastercard is a solid choice for businesses with recurring expenses in categories like gas, EV charging, office supplies, cell phone services, and restaurants, as the card earns 3% cash back for these purchases.
With no annual fee and a 0% intro APR for 15 billing cycles, it also offers a lot of financial flexibility.
Bank of America Business Advantage Customized Cash Rewards Credit Card
Bank of America Business Advantage Customized Cash Rewards Credit Card
- Customizable cashback categories
- No annual fee
- 0% intro APR on purchases
- Cashback rewards have spending caps
- Shorter 0% APR period
- Benefits may be tied to a Bank of America account
The Bank of America Business Advantage Customized Cash Rewards Credit Card is designed for small business owners seeking flexible cash-back rewards tailored to their spending habits. Cardholders can earn 3% cash back in a category of their choice, such as gas stations, office supply stores, travel, TV/telecom services, or business consulting.
This card is particularly useful for businesses that can maximize rewards in a high-spending category and take advantage of the introductory financing offer.
Here's a summary of the top business credit cards.
Card comparison
- Cashback rewards
- Unlimited employee cards
- Access to over $350,000 in partner offers
- Automated expense management software
- Vendor tracking and pricing insights in one dashboard
- Automated accounts payable
- No fees or interest
Annual Fee
$0
APR
N/A
Bank of America Business Advantage Customized Cash Rewards Credit Card- The Bank of America Business Advantage Customized Cash Rewards Credit Card offers 3% cash back in a category you choose and 2% on dining, with a $50,000 annual cap on these bonus categories.
- It features a 0% intro APR on purchases for 9 billing cycles, followed by an APR of 18.49% to 28.49% variable.
- There's no annual fee, but it does have a 3% foreign transaction fee.
- While flexible, the spending cap on bonus rewards limits its appeal for big spenders.
Annual Fee
$0
Intro APR
0%
Regular APR
18.49%–28.49%
Rewards
Cashback
U.S. Bank Business Triple Cash Rewards Visa Business Credit Card- Offers between 1%–3% cashback on eligible purchases
- Not all purchase categories qualify for elevated rewards
- Introductory 0% APR for 12 months, followed by a high variable APR
- Annual $100 statement credit for recurring software subscription expenses
Annual Fee
$0
APR
17.99%–26.99% variable
Foreign Transaction Fees
3%
Rewards
Cashback
3. Apply for a business credit card and await approval
You can apply for most business credit cards through the credit card issuer’s or bank’s website.
To complete your business credit card application, you’ll need several pieces of personal and business information:
- Legal business name
- Business address and phone number
- Type of business, industry, and legal structure
- Approximate annual revenue, years in business, and number of employees
- Estimated monthly spending
- Employer Identification Number (EIN)
- Social Security number (SSN)
It’s worth noting that by applying for a credit card, your personal credit score may temporarily drop a few points if the issuer performs a hard inquiry. While this effect on your credit won’t last, it’s best not to apply for many cards at once to avoid multiple credit inquiries affecting your score.
Can a single member LLC build business credit?
Yes, a single-member LLC can build business credit. As long as your LLC operates separately from your personal finances, it can establish its own credit by opening business accounts, making timely payments, and working with vendors that report to business credit bureaus.
Different types of business credit cards
Before applying for a business credit card, carefully consider your business needs and financial situation, researching different cards to find the best fit for your spending, credit profile, and goals. Here are the most common types of business credit cards.
- Rewards business credit cards: These cards offer rewards like points, miles, or cash back on purchases. They often have bonus categories where you earn higher rewards rates, such as travel, dining, or office supplies. Many offer valuable perks like travel insurance, airport lounge access, and purchase protection.
- EIN-only business credit cards: EIN-only business credit cards are approved based on the business's EIN, evaluating factors like revenue and credit history, without requiring a personal credit check. These cards are ideal for established small businesses looking to build credit independently of the owner’s personal credit.
- Secured business credit cards: These cards require a security deposit, which typically becomes the credit limit. They are a good option for businesses with poor credit or no credit history. Secured cards can help businesses build credit and eventually qualify for unsecured cards.
- No personal guarantee business credit cards: These cards do not require the business owner to personally guarantee the debt. They are harder to qualify for and typically require a strong business credit history.
- High-limit business credit cards: These cards offer higher credit limits than traditional business credit cards and are suitable for businesses with large expenses or those who need to make significant purchases.
- Charge cards: These cards require you to pay the balance in full each month. They don’t have a credit limit, but your spending is limited based on your spending and payment history.
- Corporate cards: These cards are designed for large corporations with multiple employees. Corporate card programs offer features like individual card limits, expense tracking, and consolidated billing.
What is the minimum amount for a business credit card?
The minimum credit limit for a business credit card typically starts around $2,000 to $5,000, depending on the issuer and your credit history. Factors like your business’s revenue and personal credit score can affect the limit, with premium cards often offering even higher starting limits.
Who can apply for a business credit card?
Business credit cards are available to owners of businesses of all sizes and enterprises, including sole proprietors, freelancers, gig workers, and independent contractors.
Business credit cards and personal credit
Because newer small business owners are still building their business credit, lenders often consider their personal credit score when evaluating applications for business credit cards.
When you apply for a business credit card, issuers will typically check your personal credit score to assess your creditworthiness as an individual, since you're ultimately responsible for the debt through the personal guarantee. Personal guarantees make you, the business owner, personally liable for the card's debt, even if your business can't pay.
Applying for a business credit card can result in a hard inquiry on your personal credit report, which can temporarily lower your credit score. There’s a lot to gain, though. One of the benefits of a business credit card is that it helps you separate your business expenses from your personal finances.
Get a Ramp Business Credit Card based on your business revenue
If you’re looking for a business credit card, Ramp is a great alternative. Our corporate business credit cards come with universal cashback and integrated expense management software, offering tools business credit cards can't provide.
Unlike traditional cards, Ramp doesn't check your credit history or require a personal guarantee. Instead, we look at your company’s cash balance, cash flows, and annual revenue to determine your credit eligibility—which can lead to a higher credit limit.
There are other card benefits, too:
- Unlimited cashback rewards with no minimums
- Unlimited physical and virtual employee cards
- Detailed expense tracking and analytics
- Quality accounting integrations
- No foreign transaction fees
- Automated financial management that scales with your business
See if you're eligible for Ramp’s modern corporate business credit card.
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