What You Need to Know Before Filling Out a Business Credit Card Online Application
Thanks to the Internet and the creation of the business credit card online application, the days of searching high and low for snail mail apps and waiting weeks for approval are long gone. Nowadays, getting a business credit card is as easy as logging on to the Web and filling out a simple form. However, there are a few things you need to MEPCO Complaints know about business credit cards and online applications before you jump in with both feet.
Your Personal Information Matters
If you’re one of the many who think your personal information will play no part in the business credit card online application process, you’re sorely mistaken.
Unless you have a well-established business that is its own entity with its own credit history, you’re going to need to put your credit on the line and you’ll need to provide your personal information (including your social security number) to the credit card company.
Credit Limits Don’t Change Too Much
When you submit a business credit card online application, you may be expecting a larger credit limit than you would normally qualify for. After all, it’s a business credit card, right? Don’t get your hopes up.
Chances are you’re making a personal guarantee to qualify for the business credit card. Because of this, the credit limit you are granted will coincide with your own credit rating. If your credit is excellent, you may indeed have a credit limit in excess of $10,000 when your business credit card online application is approved.
On the other hand, if you need credit improvement, Your limit isn’t going to be much higher than it would be on a personal credit card. In fact, $500 (or maybe even less) may be a more likely scenario.