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 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.

It Might Not Be Instantaneous

Many of us have become accustomed to online credit card applications offering instant approval. Business credit card applications, however, are not always an instant gratification process.

When you submit a business credit card online application don't be surprised if it takes a week or two to get a response. Many business credit cards don't offer online instant approvals yet.

Compare, Compare, Compare...

Of course, just as you would do with personal credit cards, make sure you compare the terms of the various business credit cards available before filling out any business credit card online application. The difference between two credit card offers can be like the difference between night and day. Make sure you understand which credit card will work best for your specific needs before submitting your business credit card online application.