Business Credit Cards for LLCs

Learn more about business credit cards for LLC owners.

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When starting your LLC, there are many ways to gain access to immediate funds to get your business going. One of these ways is through a business credit card for LLCs. 

What is a business credit card?

A business credit card acts much like a personal credit card. According to Investopedia, “A business credit card is a credit card intended for use by a business rather than for an individual’s personal use. Business credit cards are available to businesses of all sizes and can help them build a credit profile to improve future borrowing terms.”

Can anyone get a business credit card?

Depending on the bank or credit card company you choose, almost anyone can obtain a business credit card provided that you meet certain criteria. Business owners with less than perfect credit can obtain a business credit card, but are subject to higher interest rates. Unlike personal credit cards that rate an applicant on a credit scale of 350-800, business credit cards rate you on a credit scale of 1-100.

What are the benefits of having a business credit card for an LLC?

There are many benefits of having a business credit card for an LLC. Most business credit cards offer a lower interest rate than a personal credit card. Oftentimes, business credit cards offer perks like cash back, points, or travel miles. All purchases made with the card are eligible for these rewards.

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Paying your business expenses with a business credit card can also help to keep your personal funds separate from your business accounting. This is essential for tax purposes, as a business owner cannot commingle funds.

Are there drawbacks in having a business credit card for my LLC?

There are drawbacks in using any sort of credit card. With a business credit card for an LLC, there are a few things to consider.

First, business credit cards carry a higher interest rate than a small business loan or fixed line of credit offered by a bank. If these cards aren’t monitored regularly, it’s easy to go over your spending limit, or miss a payment resulting in more fees.

Second, many credit card companies or banks require an applicant to sign a personal-liability agreement. This means that the company would come after you personally for any late or missed payments, resulting in a negative impact on your personal credit score.

Finally, unlike a personal loan or a fixed line of credit, the interest rates of business credit cards can fluctuate. The issuing company of your business credit card can reset your interest rate depending on how you use and manage your account.

How do I apply for a business credit card for my LLC?

Applying for a business credit card for an LLC is not as difficult as it sounds. One thing to keep in mind, though, is that your LLC must already be registered with the state before you can put a card in the name of the business. Once you’re up and running, do your research. Find a card that offers the rewards or rate that suits you best.

Once you choose your card company, the best way to proceed is to go directly to the website of the credit company and apply. You will be asked to provide information regarding your LLC, including (but not limited to) its name, income, and EIN. Once you submit the online application, you will be notified if you are approved or declined.

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