Business Credit Cards Available for You Now

There are a few types of credit cards you can secure in the business funding world. Most work exactly like consumer credit cards. But there are more benefits. These benefits depend on the type of cards you get.

Get credit cards for your business through Visa, MasterCard, AMEX, and Discover. Use them almost anywhere, for almost any purpose.

These cards are secured by you having a good business credit report and score. You usually need 10 payment experiences and a PAYDEX score of 80 or higher to get approval.

These card limits mimic your highest business credit card account limits at the time you apply. Rates are similar to consumer cards and no personal guarantee from you is necessary.

You can use your personal credit to get approval for real business credit cards instead of using business credit. These accounts demand you provide a personal guarantee.

To get approval you must have excellent, near flawless personal credit with fewer than two inquiries in the last six months, and utilization under 30%. But it doesn’t need to be as good as for Business Unsecured cards. You might need fewer than 10 inquiries in the last 90 days and utilizations can be near 60% and you can still get approval.

You can typically get five times the amount of credit of your current highest limit reporting card. This comes in the form of five separate cards. They often only report to the business credit reporting agencies and offer introductory rates of 0% for 6 – 18 months.

Underwriting Timeframes and Due Diligence

The higher dollar amount loan or line you secure, the longer it takes to underwrite. This is true no matter what type of financing you are seeking.

Loans and credit lines usually take 30 – 90 days or more. Advances are very fast, usually can be secured in seven days or less. Credit cardsusually take three weeks or less to secure.

All lenders perform a due diligence check on you and your application. They check if you have other outstanding loans you forgot to mention on your application. They make sure your lease or mortgage is in good standing. And they check if you are going out of business. They even check your online reputation.

The purpose of this check is to find hidden risks they couldn’t find on the application. Another purpose is to see if you left information off of the application intentionally.

So make sure you disclose everything they ask for. Otherwise lenders WILL find out about it. These checks usually only take 1 – 3 days to complete.