Business credit cards can be a very effective financing tool for your business. They not only can help to differ cash flow, they also help with easily tracking and controlling expenses.
Business credit cards fall into three main categories, bank, retail and fleet.
Business Credit Card Category #1 - Bank Cards. Business credit cards are offered by most large banks; Wells Fargo, Citibank, Chase, Bank of America, Capital One, PNC Bank, US Bank, American Express just to name a few. Most of these banks pre-qualify based solely on the personal credit scores and current debt usage of the business owners. If you plan to apply for any of these cards, you need to make sure beforehand that all three of your FICO scores are 700 or above and that your credit card debt usage is 30% or less. Be careful with these cards because some report on your personal credit and not on your business credit and others report only in the event of a default.
Business Credit Card Category #2 - Retailers. There are many business retail credit cards, such as; Home Depot, JCPenney, Lowe's, Macy's, RadioShack, Restoration Hardware, Sears, Staples, Target, and Wal-Mart to name a few. These cards are typically much easier to obtain, and many can be obtained without using your personal credit to do so, but that will require your business to have established some business credit scores first. Here to knowing what these cards require for approval and where they report is critical for you to know before you apply. After you take the business finance pre-qualification test, we show you what they require for approval and which agencies they report to.
Business Credit Card Category #3 - Fleet. There are many business fleet credit cards, such as; FuelMan, Citgo, Chevron, Texaco, Shell, Exxon, Fleetmaster, 7-Eleven, Sunoco, CircleK, Valero, BP, Tesoro, Arco and of course there are more. These cards are easier to get than bank business credit cards, and many can also be approved solely on strong business credit scores. The key is to know which ones. Once you take the business finance pre-qualification test, we show you what they require for approval and which agencies they report to.