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Business Credit Cards: What do lenders look for?

Applying for business credit cards is somewhat similar to applying for a typical personal credit card but the only difference between this is the checks a lender might undertake to ensure suitability of a business.

Business credit cards are not always essential but can prove useful; however you do need to prepare for some rigorous checking from lenders before the final decision is given.

  1. Annual Turnover. If you are applying for business credit cards, the lender in question will need to bear in mind your annual turnover which will help allocate your credit limit and how much the repayments will be.
  2. Bad credit or not? If the managing director and / or the overall business is well known to be linked with bad credit then like with a typical individual who has suffered at the hands of bad credit you are almost certainly going to be turned down.

These are the two main points that lenders will take into consideration when you apply for business credit cards because whilst such a card is not always going to be essential, for businesses it would be advisable however, if you are turned down then it could prove almost impossible to obtain any form of credit.

As with some lenders, there may be the opportunity to still apply for and obtain business credit cards but at a substantially higher rate than average and this could end up leaving to a very expensive option.

It can be somewhat difficult to locate business credit card lenders that are willing to deal with poor credit and in most cases, individuals won’t establish a business on bad credit and such a search is not normally required.

If you want to undertake a search based on this, I would look on a variety of search engines across the internet for the best deals possible:

The information that lenders may require when it comes to business credit cards applications will vary depending on their rules and regulations so by providing any details they require then this will more likely lead to your application being accepted almost instantly and without hassle.

There can be many benefits linked to applying for business credit cards if you are accepted from a more competitive APR rate to benefits such as Air flyer miles which can be gained by frequent travel and even cash back based on your business related spending over the year.

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