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Sometimes people want to get not only personal credit cards, but also business credit cards. Of course with business cards, so the application process is a little different as it is based on your business. This scares some people off immediately as they don’t think they run big enough businesses, but it really shouldn’t. We live in a country of entrepreneurs, and odds are that many of you do have side businesses with expenses and income. Just in my own circle of friends I can think of several with side businesses that include Etsy shops, Ebay reselling, blogs, after-school tutoring, pet sitting, photography, and much, much, more. Heck, this blog scored me my first business card back when it was still very much a small side job.
Now several business card approvals later, I want to offer up some tips I have learned along the way in case you want in on some of these very lucrative business cards. Note that I do not recommend fabricating any information on the application or pretending you have a business that you don’t really have.
On the application you will need to answer questions both about you personally as well as about the business itself. Most of the personal questions are self-explanatory, so I will focus primarily on the business questions.
- Legal Name of Business: This might just be your own name, or the name of your business.
- Business Street Address: If you work from home this might be the same as your home address, but they want a real address and not a P.O. Box.
- Tax ID Number: If you have one then you provide it here, but if you don’t then just put your Social Security Number.
- Company Structure/Type of Business: For many of the smaller side-businesses this will likely be a sole proprietorship.
- Years in business/number of employees: This is pretty straightforward.
- Industry Type/Nature of Business: There will be some drop-down options like retail, professional service, agriculture, and other. Just choose the one that applies to your business or select other if none of them apply.
- Annual business revenue: This will either be a drop-down box that starts with 0 – 49,999 or a box that you enter your annual business revenue.
- Role in company/Authorizing Officer: Pick the one from the drop-down box that most closely applies, but owner may be the best selection.
If this is your first business card, it is likely you will have to call in to give them some more info after you apply. They asked me the following questions (many of which were also asked on the application):
- How long had I been in business?
- What does my business do?
- How many employees did I have?
- What is my annual revenue?
- How much of that is profit?
- How many liquid assets did I have (personal assets count)?
- What do I do for my “day job” (not what the business the card is used for)?
- How long have I worked at my “day job”?
- What is my personal yearly income including my “day job”?
I’ll admit I was a little nervous on my first business application, but it was well worth it both for the sign-up bonus, and the earning potential in the some of the business card bonus categories. Of course this isn’t for everyone, but it is probably for many of us. After your first one, it does get easier. In the meantime, if you have questions, just ask as many of us have been there before!