Applying for a Credit Union Business Credit Card:
Your Simple 4-Step Guide
If you’re using your personal credit card or checking account to cover business expenses, you may be missing out on important benefits, and even protections. Our simple four step guide will help you outline the right questions to ask about business credit cards, what documents you will need to apply, and how you can work with Community First to maximize card benefits.
1. Questions to Ask Yourself When Choosing a Card
If you aren’t sure which card features and benefits to prioritize, you may find that asking the following questions will help you finalize your decision on a business credit card.
Is there a welcome offer? Make sure you read the fine print about welcome offers for rewards points or cash bonuses. Determine whether your business spending habits will help you meet the requirements to receive the offers. Also be clear on when you will receive the points or cash bonus.
Cash bonus vs cash back: Cash back is generally paid as a percentage of your purchase. Some cards allow you to earn cash back on all purchases, while others are for certain categories. (Dining, travel, etc.) A cash bonus is what the lender is offering as a sign-on bonus if you meet certain spending requirements.
Is there an annual fee? Understand whether you’ll be charged an annual fee, and if there are perks and benefits that may support your business travel plans or activities.
Is there an introductory APR offer? Some cards come with a low introductory APR, commonly offered for 6 - 12 billing cycles.5 If you need to make a larger purchase for your small business, this could help you save money while you pay it off.
The APR you pay on purchases and balance transfers is arguably the most important aspect of applying for any card – business or personal. Read the fine print, which can be found in the card disclosures, and know what the introductory APR is, and what it will be AFTER that period ends.
Do you know how to redeem rewards you earn with the card? Explore how cash back and reward points can be redeemed. Many business credit cards rewards programs let you redeem points for travel and merchandise that your business can save money on.
2. Applying for the Business Credit Card
Before you begin the application process, make sure you have the necessary documentation ready. This will remove stress and streamline your application.
Before beginning your application, it is a good rule of thumb to be prepared with:
- Your business’s legal name
- Contact information for your business
- Contact information for you, including credit history and SSN
- Contact information for any additional business owners
- Industry type (ex: restaurant, salon, etc.)
- Legal structure (ex: corporation, nonprofit, LLC, etc.)
- Time in business
- Business Mortgage Payment or Rent Payment
- Number of employees
- Federal Tax ID (or EIN)
- Annual business revenue
- Annual business Net Income
- Average monthly spend
- Your personal annual income
3. Wait for Approval
Depending on the lender, it can take anywhere from a few minutes to a few weeks to receive approval on a business credit card application. Some applications require further review, which can extend the waiting period. Approval is based on the credit union’s discretion and is not guaranteed.
4. Start Using Your Card
If you are approved, you could receive your card within a week to ten days. Remember to understand benefits and offers, such as introductory APR, and use them to your advantage. You can reinvest rewards and cash back into your business, plus you can build your small business’s creditworthiness. A business credit card is a valuable tool that can build trust with future lenders and enable you to access financial products that help your business succeed.
Benefits of the Community First Visa® Signature Credit Card for Business
- 2% Cash back on all purchases1
- $300 cash bonus2
- 0% introductory APR on balance transfers3
- Low introductory APR on purchases4
- Fast, local decision-making
- Support from experts who know Florida business
- No annual fees
Conclusion
If this is your first business credit card, you may find it beneficial to make an appointment with an experienced professional who can guide you. Our dedicated team of experts is well versed in Florida business practices and can help you apply for the business credit card or other financial solution that meets your business’s unique needs.
Fill out our business inquiry form and let us know more about your business. Also discover Community First business loans and lines of credit.
FAQ
- Will my personal credit report be pulled during the application process?
- Many financial institutions pull an applicant’s personal credit report5 in order to determine creditworthiness. The application process and qualification criteria vary from lender to lender.
- Will a business credit card affect my personal credit?
- Depending on the card and lender, payment history and balance details can affect personal credit scores. For example, if a business owner had multiple late payments and charged a large purchase to their business card, it could affect their personal payment history and credit utilization score.5
- Do I need revenue to qualify for a business credit card?
- Qualification criteria can vary from one lender to the next. Contact our specialists at Community First by filling out this form, or by calling 904.371.8185.
All credit card offers are subject to credit approval. All credit union programs, rates, terms and conditions are subject to change at any time without prior notice. Terms and conditions apply. Credit, income, and other restrictions apply. Offers may end at any time without notice. The business headquarters, corporate office or any physical location must be located within our field of membership OR any Responsible Individual must live, work, or attend school in one of the following counties: Baker, Brevard, Broward, Clay, Duval, Flagler, Indian River, Lake, Martin, Nassau, Orange, Palm Beach, Putnam, Seminole, St. Johns, St. Lucie, or Volusia OR any Responsible Individual must be a relative of an existing or eligible Community First Credit Union of Florida member. For more membership requirement information visit the Business Account opening requirements page or simply contact us. All introductory offers are only available for new credit cards. You may not be eligible for introductory credit card offers if you opened a Community First Credit Card within the last 15 months from the date of the new application and you received introductory APR(s), fees, and/or bonus rewards offers - even if that account is closed and has a $0 balance.
1 - A $5,000 minimum limit is required on the Visa® Signature Credit Card for Business. Cash back can be redeemed on demand through the Cash Back Mall. Online banking with the Credit Union is required to participate in the Cash Back Mall. If the cash back balance is not redeemed, your cash back balance will be automatically applied to your credit card balance every November. Currently, the Cash Back Rewards percentage is 2.0% however, this Cash Back Rewards percentage may change at our discretion at any time without advance notice to you.2 - $300 credited to qualifying members' primary share account on or around the following month of reaching the $3,000 minimum within 90 days of opening the credit card. All loans and accounts are subject to approval. All rates are based on an evaluation of the member’s individual credit history. Terms and conditions apply and verification and restrictions may apply. All credit union programs, rates, terms, and conditions are subject to change at any time without prior notice.
3 - APR= Annual Percentage Rate. 0% Introductory APR for 12 billing cycles, valid for balance transfers made within the first 90 days of account opening. After the 12-month promotional period ends, it will revert to your standard variable rate. A 3% transaction fee will be applied for each balance transfer. All credit card applications are subject to approval. Balance transfers of existing Credit Union credit cards are not eligible for this promotion. Certain restrictions and limitations may apply.
4 - APR= Annual Percentage Rate. 1.9% APR for 12 months valid for purchases made within the first 90 days of account opening. After the 12-month promotional period ends, it will revert back to your normal variable rates. Credit, income, and other restrictions apply. Offer may end at any time without notice.
5 - All information contained in this blog is for informational purposes only. The credit union makes no representations as to the accuracy, completeness, suitability, or validity, of any information. The credit union is not responsible for any errors, omissions, or any losses, injuries, or damages arising from its display or use. All information is provided AS IS and with no warranties and confers no rights. The credit union is not responsible for material that is found through non-credit union links posted on this blog site. Ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.
