Are you looking for a business credit card? If so, you’ve come to the right place. In this article, we’ll go over how to get a business credit card, how to apply for one with a personal guarantee, and how to get a card with a higher credit limit and no foreign transaction fee. In addition, we’ll cover how to find a card that’s right for you and your business.
Qualifying for a business credit card
The process of qualifying for a business credit card is similar to that of a personal one. Banks look at your credit history, income and basic business information to determine your eligibility. Just like a personal credit card, business cards have a credit limit and charge interest if not paid in full. For these reasons, it’s important to follow these guidelines when applying for a business card. There are a few exceptions, however, and they’re worth mentioning.
While qualifying for a business credit card isn’t particularly difficult, it’s crucial to keep in mind that your personal credit score is crucial to obtaining the best deal possible. For example, business credit card issuers generally require a personal FICO score of at least 670 before approving an application. You should also know that every application triggers a hard inquiry on your personal credit, so it’s important to keep that in mind when applying.
Getting a business credit card with a personal guarantee
Getting a business credit card with a personal guarantee is not impossible. Many small business owners use credit cards to ensure a steady flow of cash and enjoy the perks of being a business owner. If you have bad credit, though, banks may be reluctant to lend money to you without a personal guarantee. If you have a poor credit history, you may still be able to get approved for one of these cards, but you will have to give up some of the benefits of using a card.
While the issuers of business credit cards generally require a personal guarantee, the policies can change. Always make sure to find out what the policy is before you apply. While it may be tempting to use your credit history to get a business card, it’s best to check out the policy before putting your name on it. While business credit cards may not be as common as consumer credit cards, you can still get them.
Getting a business credit card with a higher credit limit
High-limit business cards are an excellent way to boost the purchasing power of your business. Not only can you use the card for purchases and cash withdrawals, but you also get valuable rewards. However, you should know that you will have to pay interest if you don’t pay off the balance on time. Business credit cards come with different restrictions and requirements, so make sure you read them carefully before applying.
The first step in getting a business credit card is to determine whether your business needs a higher credit limit. While it may not be necessary for all business owners, signing up for one can benefit your company if you incur large monthly expenses. Plus, a higher credit limit allows you to earn rewards on purchases and keep business expenses separate from personal expenses for tax purposes. However, you should keep in mind that higher credit scores can lower your chances of approval.
Getting a business credit card with a no foreign transaction fee
Getting a business credit card with 0% foreign transaction fees is ideal for travel-heavy business owners. While a card’s annual fee can be high, perks should offset the cost. Business credit cards should also offer the benefits that cardholders want, such as no foreign transaction fee. Here are the top eight credit cards with no foreign transaction fees. You can use them to supplement your other business credit cards.
The Ink Business Preferred Credit Card offers no foreign transaction fees and comes with a free $100,000 bonus for new cardholders. All you have to do is spend $15,000 on purchases within 3 months to qualify. This card has no annual fee or foreign transaction fee. It also offers an unlimited 1.5% cash back on purchases. It also comes with a 60-day grace period to pay off any spending without incurring interest or fees.