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You don’t need a company with a lot of employees to qualify for a business credit card—even side gigs like driving for Uber count.
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It’s entirely possible that you can qualify for a business credit card even if you don’t run a successful business.
You may be running a small business without considering it in your life. Any type of profitable business activity that counts as a business – even on a very small scale – can qualify for a business credit card. And if so, it makes sense to sign up and use a business credit card to keep your expenses separate and maximize your purchases.
If you receive a 1099 instead of a V-2 for your work, such as driving for Uber and Lyft or working a part-time job, you are conducting business activities that would likely qualify for a business card.
However, running a business is not limited to people receiving 1099s. Do you have a rental property? Selling things on eBay or Etsy? These activities generate taxable income and are also business activities, which means there is good reason to keep your finances separate from business banking services such as credit cards.
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From youth softball teams to bowling leagues to flower shops, there are many small non-profit organizations that manage money. Many of them are informally run, but can use commercial banking services, including credit cards. You also do not need to register your nonprofit at the federal level. There are inexpensive ways to register a nonprofit organization in many states, and it’s enough to establish a business banking identity.
The premise of getting a business credit card is to establish a separate tax identity for your business activity. Fortunately, it doesn’t have to be complicated. Instead, you need a free tax ID number called an “EIN” from the IRS. You can apply for an EIN for free on the IRS website.
An EIN is needed to file payroll taxes if you employ people or if you issue 1099s to other people. You may not do this, but banks track and manage business accounts using this number along with your Social Security number.
If you have a more formal business, but if you’re a sole proprietor — meaning you have a side gig like selling items online — you can apply for a business card, you usually need EIN. All you’ll need is your Social Security.
Ebay Or Etsy Sale Of $600 Now Prompt An Irs Form 1099 K
If you have a rental property or a small side business like selling things on Etsy, it may not generate much income. That’s okay – banks assess your credit risk based on the overall picture of your income and assets, since you’re personally guaranteeing a business credit card (and at that point, think carefully about whether it’s a good idea to someone else is involved in the business ).
I have a rental property that earns $6,000 per year, and it’s enough to qualify for a business credit card because the bank assesses their risk based on my personal income and guarantee.
Business credit cards often have great incentives for signing up, but they can also be harder to get than personal credit cards.
When you apply for a business credit card, you contact the bank’s commercial banking department. They work differently, and at many banks the process is often more involved and takes longer than getting approved for a personal credit card.
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It is common for banks to ask for additional documents, and may even require a personal visit to the branch. Banks take on more risk with business loans than with personal loans, so they’ll want to get to know you and your business before approving your account.
This can be a good or bad thing depending on your perspective. Business credit cards generally do not affect your personal credit report. This means that spending on a business credit card will not help you build personal credit (since these products are not meant to be used for personal spending).
It also means that if your business is late on payments, it won’t show up on your personal credit—unless the business completely defaults and the account is sent to collections. At that point, the loan becomes “yours” because you personally guarantee it.
Note that some banks (such as Barclays, Capital One and Discover) report small business cards to the Consumer Credit Bureaus – meaning these cards are
How To Qualify And Apply For A Business Credit Card In 2022
Whatever you spend on your business credit card must be business-related – for tax reasons and to stay in line with the bank’s terms and conditions. That said, many of the expenses you personally incur today would be more appropriately classified as business expenses.
For example, if you drive for Uber, many car-related expenses, such as gas, insurance and repairs, can be considered business expenses. Talk to your tax advisor to find out what expenses your business should deduct.
Another thing to remember is that when you borrow money from a business, it doesn’t have to be in the form of a check. The business may pay you a cash equivalent, such as gift cards purchased with a business credit card.
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How To Build Business Credit For A Small Business
$900 bonus cash back after you spend $6,000 on purchases in the first three months of account opening
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Get 5% cash back on the first $25,000 spent on combined purchases at office supply stores and Internet, cable and phone services. Earn 2% cash back on the first $25,000 spent on joint purchases at gas stations and restaurants on each account anniversary. Get 1% cash back on all other purchases.
If you’re now convinced you’re running a small business, you realize there are dozens more credit cards available to you that offer valuable sign-up bonuses and ongoing benefits.
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If you’re looking for a quick list of the best options for you, here are some top options to consider. You can read more about the best credit cards for small business in our guide.
120,000 Membership Rewards® points after you spend $15,000 in qualifying purchases with your Card in the first three months of Card membership
70,000 Membership Rewards® points after you spend $10,000 on qualifying purchases in your first 3 months of card membership
15,000 Membership Rewards® points after you spend $3,000 on qualifying card purchases in the first 3 months of card membership
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$500 after spending $5,000 in the first 3 months and $500 after spending $50,000 in the first 6 months of account opening
$500 cash back after account holders spend $4,500 on card purchases within the first 150 days of account opening
65,000 American Airlines AAdvantage® bonus miles after you spend $4,000 on purchases in the first 4 months of account opening
Business credit cards aren’t an easy slam dunk, but they’re more attainable than you might think. That said, why not double the welcome bonus? When you fly beyond first class on an award flight booked with points on a card like the Ink Business Preferred® Credit Card, it’s worth the effort.
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