Step-By-Step: Filing A Business Credit Card Application

A business credit card application is completed in the same manner that an application for personal use is completed. The business credit card application is used to provide information to the credit card company to determine the amount of credit that will be extended and the number of cards that the company will need. The chief difference between business credit card applications and personal ones is the fact that separate applications need to be completed for each employee that will use or have access to the account. Any business entity, such as a limited liability company, can apply for a business credit card.

Obtaining a Credit Card Application

The first step in the process of completing a business credit card application is obtaining the application form. This form can be completed online in an electronic format or manually. The application requests a few key pieces of information:

  • Business’s location
  • Tax Identification or tax number
  • Responsible officer
  • Financial information of the business

Once completed, the credit card company will maintain a credit card on file form, along with the necessary signatures for any subsequent cards that are issued.

Most credit card companies permit the business to establish the credit amount or limit for each employee that will use the card.  This helps the business limit or control spending by allowing higher limits for employees with a greater need over those whose use of the card is occasional.

Individual Employee Applications

Second in the process is for the business to obtain applications from each employee that will be using the credit card.  The individual cards allow the credit card company to issue personalized cards in the name of the business for the employee based on the credit limit that the corporation determines. The application that an employee completes is a shorter form than what is used for personal credit cards. This information can be completed electronically or manually.

Submitting the Application

The final step in the process of filing a business credit card application involves sending in the application forms for a decision. Once this transmission takes place, it typically takes a short of amount of time for the credit card company to make a decision and issue the cards. When done electronically, this approval can be accomplished as quickly as 24 hours or less.

Any business with a need for a credit card for its employees can go through the application process with relative ease. There are typically no fees or expenses involved in applying for a credit card and other than a small investment in time to complete the application forms, the steps involved in filing are easy as 1-2-3.