Small Business Credit Cards

Business credit cards are similar to standard credit cards, in that they offer a credit limit that can be spent and borrowed against, with a minimum monthly payment required. The primary difference is that business credit cards are offered to small businesses, either with a tax identification number or with the SSN of a sole proprietorship. Otherwise, they function similar to their personal counterparts

Much like a personal credit card, business credit cards offer a spending limit that can be borrowed against and paid back monthly. Your business can use credit cards for any purchase that accepts credit cards, such as utility bills, major expenses like new equipment for the workplace, or even dinner & transportation for employees. Our business credit cards offer additional rewards above and beyond the norm, which can help you save even more on these expenses.

The primary advantage of a business credit card is that, typically speaking, the available credit limit will be much higher than on personal credit cards. Many small business owners tend to use their personal credit cards for business expenses, which can impact your personal credit. By opening a business credit card, you can better manage your expenses and help grow your business’ reputation with potential banks and lenders along the way.

The answer to this question will greatly depend on your business’ financial situation, as well as the policies of the bank you get your cards from. Generally speaking, however, it’s more advantageous for small businesses to keep one credit card and make consistent payments on it, unless their expenses are high enough to necessitate multiple cards for multiple purposes. Your needs may change as your business grows, but starting off with one card will help you manage your finances more easily.

While the facts of every business’ financial situation will be different, many experts recommend that you carry a balance not exceeding 30% of your total credit line. For example, if your credit limit is $10,000, try to carry a max balance of $3,000.

Applying for a business credit card is easy, but will require some additional documentation. When you apply for a business credit card, you may be asked to provide the following information:

• Contact information
• Federal tax ID
• Number of employees
• Annual revenue
• Estimated monthly expenses
• Personal credit information

Once you have all of these documents together, you can download our business credit card application, or visit a Genisys branch location to get started!