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How to Apply for Joint Business Credit Cards

by Kay Piem
  • Overview

    Credit cards for your business can be a great tool for financial management. Your company applies for a line of credit, and includes the names of all authorized users. Each user will have a credit card in his name, but all users will incur debt from the same credit limit. You can set limits on the cards to protect and manage spending. If an authorized user exhausts all the debt in violation of business policy he is not liable to the main business credit card holder. If the user is terminated or leaves the company, the debt accrued on his card must be paid. Speak with your credit card company to learn more details about its terms and conditions.
  • Choosing a Business Credit Card

 
  • Step 1

    Find a variety of credit card companies and banks that offer business credit cards. Call and speak to a representative about the terms and conditions and take notes to compare with the competition. Make an appointment to visit a bank and speak with a representative about the bank's business credit card offers.
  • Step 2

    Ask about the credit card's annual fees, interest rates and additional benefits (such as points rewards for travel or events). Comparison shop based on your business' needs. Consider a more conservative introductory term with the credit card before committing to larger credit lines.
  • Step 3

    Inquire about the chosen company's liability clause with authorized users. Find out if there are additional finance charges for adding names to the credit card account.
  • Application Process

    • Step 1

      Apply for the card online, through a paper application via mail, or with an agent at a bank. You will need to provide your business tax ID number, the name of the individual managing the account and her identification, the company's business address and requested financial details. Find out whether each user needs to apply separately, or if users are added after the credit card has been approved.
    • Step 2

      Wait for the approval process to complete. This process can be instant or take several weeks, depending on the company. If you've applied online, some credit card companies offer instant approval decisions for applicants with excellent credit. Additional processing times may be longer depending on your credentials and credit history.
    • Step 3

      Review the paperwork, terms and conditions once your credit card arrives. Do not activate the card until you have accepted the terms.
    • Step 4

      Call the credit card company and add any additional authorized users onto the account. Set spending limits if desired.
    • 2
    • Tax ID number Name of person to be manager of account Business financial details Business address
    • Tax ID number
    • Name of person to be manager of account
    • Business financial details
    • Business address
    • Comparison shopping for your business credit card is vital to the process. Take notes of all the annual fees, interest rates, grace periods and balance limits of each credit card company. Try not to be persuaded by benefits or short-term perks that may ultimately cost your business additional money.
    • Comparison shopping for your business credit card is vital to the process. Take notes of all the annual fees, interest rates, grace periods and balance limits of each credit card company. Try not to be persuaded by benefits or short-term perks that may ultimately cost your business additional money.

    References & Resources