You should start by comparing business credit cards on our chart above. The key things to compare are each card’s APR, annual fee, any cashback or rewards, associated costs and the interest-free grace period, as well as if there are any introductory 0% deals on offer.
Next, you can apply for the card with your preferred credit card lender. In some cases you’ll need to be an existing business banking customer with the brand, but not always, so make sure to check the criteria before you apply. Alongside that, make sure you meet all other eligibility requirements – some lenders have minimum annual turnover requirements and others have different cards for different kinds of businesses, so it’s important to check where you stand.
You can typically apply online or over the phone and will be expected to answer some questions about the business, its turnover (or expected turnover), financial information and the kind of credit limit you’re hoping for, together with the names of any additional cardholders. You’ll likely be expected to provide copies of bank statements and related financial and personal details, including tax statements.
The lender will then perform a credit check on your business – and sometimes a personal credit check too – and will offer you a deal accordingly, with a higher credit score meaning you’ll be eligible for better interest rates and potentially a higher credit limit. Your application will then be approved or declined and, if it’s the former, you’ll be sent your new card(s), usually within five to 10 working days. You can check your
personal credit score for free.
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