How To Get A Business Credit Card
A corporate credit card can be an invaluable business tool that helps you to run your operation more smoothly.
And the great news is, getting a business credit card can be as simple as making sure your financial records in order, and applying with a bank or credit card provider online!
Gone are the days where you needed to dress up in your finest suit and lug a briefcase full of financial documents to a meeting with your bank manager: now, you can simply log on to the website of the bank you wish to apply with, and fill out an online application that usually takes just a few minutes.
Take HSBC's Commercial Credit Card, for instance. It offers an easy, flexible account to help you manage every day expenses. This account provides you with up to 56 days interest free credit, with up to eight cards issued per business account, for an annual fee of £32 per card.
You can apply for this card online in just two minutes – but keep in mind that you’ll need to have an HSBC Business Current Account before they’ll extend a credit card your way. It is possible to apply for a transactional business card online, so if you’re not an existing customer, an investment of around 15 minutes will get you started!
On the other hand, you don’t need an existing account with MBNA to apply for one of their business credit cards. MBNA have a range of business credit card accounts, many of which are attached to rewards and cashback offers. All of their business credit card holders, however, benefit from specially negotiated discounts such as 50% off BusinessWeek subscriptions when you use your MBNA Business Visa Credit Card, and up to 35% off selected IHG Hotels.
To apply for one of these cards, or any other type of corporate credit card, you’ll need to have all of your financial information in order.
Information such as your annual turnover, ongoing expenses and income, and the length of time that you’ve been trading will be important. Basically, the credit card provider will want you to demonstrate that you operate a profitable business, and that you can afford to manage the ongoing responsibility of your corporate credit account, so the more information you can provide the better!
When you apply online, you’ll usually be notified immediately of whether you’ve been approved or not, subject to verification of references and information. But be warned: if you apply for a corporate credit card and you’re not approved, you’ll have to wait at least six months before you’re eligible to apply again.
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