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How To Get A Business Credit Card

Last updated: January 09,2023
Originally Published: April 10,2020
by Jameson Lamie

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Who Can Get a Business Credit Card? Basic Requirements for HUGE Sign Up Bonus

Who can get a business credit card?

There’s a straightforward answer with a bit of ambiguity surrounding it.

Often, people are going through the travel hacking process with access to really great consumer cards, but what would it take for a travel hacker to get a business credit card?

There are some distinct advantages to having great business credit cards like the Chase Ink for Business and the Business Platinum Card from American Express.

Advantages to having a business credit card:

  • Earning an entirely new sign up bonus and some extra perks from having a card.

The only thing you need to get a business credit card is an EIN Number.

An EIN number is like a social security number, but for businesses.

If you don’t currently have a business or are someone with just a side business, you might be filing your taxes as a sole proprietor. As a sole proprietor, there is no distinction between you and your business when you are paying taxes.

When you file for an EIN number, you are making a distinction between you and your business for tax purposes amongst other reasons.

Read More: Is The American Express Business Platinum Card Worth It?

So how do I get an EIN?

Getting an EIN is pretty simple and only takes about 5 seconds. You go on the IRS website, type in the name of your business and you can get an EIN easily.

How to get a business credit card? Creating a business is as easy as getting an EIN and LLC
Creating a business is as easy as getting an EIN and LLC

If you want to turn your business into an LLC, the entire process costs around $500 and you can do this through websites like IncFile or LegalZoom.

What constitutes a business?

Let’s say you have an online scarf business and are making $50,000 a year. You are providing a service to other people and are taking in revenue and making profits. You can provide these details along with a business bank account to confirm your business as an LLC.

However, just because you have an EIN number doesn’t mean you’ll get approved for a business card. If your business is brand new, let’s say in the last week, a bank might not approve you for a business credit line once they put your EIN and Social Security number through their algorithm.

So, if you have a brand-new business or EIN, it will probably come down to your personal credit score as to whether or not you’re going to get approved for a business credit card in the beginning.

If you default on the business’s line of credit, they’re going to come after you personally for the money, which is stated in the terms and conditions.

In conclusion, who can get a business credit card?

  • Technically, anyone with an EIN.
  • If you’ve been running a hobby business for the last couple of years, have any kind of revenue, and are using a combined bank account for personal reasons, I highly recommend you switch to using a business account so you’ll be able to qualify for a business card.
  • If you’re a business owner that uses cards like business debit cards, I would at least consider getting a business credit card like Chase Ink. They can be very valuable from an earning potential standpoint as well as for sign-up bonus.

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