American Express® Platinum Business Card
- Earn 1 Membership Rewards point for every £1 spent.
- Enjoy access to over 1,200 airport lounges worldwide.
You want to apply for a business credit card? That’s great news. With a credit card you can track your business outgoings and access credit when you need it, so you’ll have the flexibility to manage your cash flow. By managing the card well, you can also build your business credit score, which could make it easier to borrow larger sums in the future as your business grows.
However, if you apply for a business credit card that isn’t right for you, you could find yourself with a worse credit rating than before. That’s why it’s important to do your research before you apply: and we’re here to help. Here’s what you need to know.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Any company, big or small, can have a business credit card, as long as you have some sort of business income.
To apply for a business credit card, you’ll need to be a sole trader or the director of a registered business. That doesn’t necessarily mean you need to be the CEO of a huge company: freelancers or side-hustlers (we see you!) can also successfully apply.
You’ll need to provide information and documents about your finances and credit score (see our list below) so the lender can decide if you’re eligible for their card.
If you have a personal credit card, you may have seen that some comparison sites offer eligibility checkers that run a “soft” search of your credit file to show which credit cards you’re most likely to get accepted for without impacting your credit score. Sadly, business credit card eligibility checkers don’t really exist in the same way. However, some business credit card providers, like Capital on Tap, do provide “soft” eligibility checks for individual cards on their own websites.
It all depends on what you need from a card: the best card for rewards might not be the best card for day-to-day spending, for example, and if you’re a startup or have a poor credit score, some providers may offer a business card that’s better tailored to you. The most important thing is to compare cards before you choose. Here are the factors you need to consider:
Most lenders will also want to see information about the financial history of your business, including the number of years you’ve been in business, your annual revenue, any existing debt and your monthly expenses. You’ll need to provide tax documents and bank statements to back this up.
You may need to provide this level of information about your personal finances too, particularly if you’re a startup or a fairly new business.
There’s no getting around it: lenders will run a credit check on your business credit report, and most likely your personal credit report too.
If you have a bad credit score, it’s unlikely that you’ll be able to access the best business credit card deals. However, this doesn’t mean you shouldn’t apply for a business credit card at all.
For one thing, credit card providers are increasingly using open banking technology to assess potential borrowing. This means they could check your actual spending habits, not just your credit score, to paint a more complete picture of your finances.
There are also a few business credit cards aimed at businesses which have poor credit or are yet to build up a credit score. There are some downsides to these:
However, if you take out one of these cards, pay it off every month and make sure you’re doing everything else you can to boost your business credit score, it’s likely you’ll be eligible for more appealing credit cards soon enough.
The lender will contact you to confirm details such as your APR, credit limit and annual fee. The APR might be higher than advertised and your credit limit may be lower, depending on your perceived risk as an applicant.
Once you accept the terms, your card(s) will be sent to you in the post, typically arriving within 5 working days. However, if you have the option to use a virtual card, you can usually start using the card as soon as your account has been activated
The application process for a business credit card is more complex than it is for personal credit cards, particularly if you’re a new business owner with a poor credit score. However, if you follow our steps you’ll cut out a lot of the hassle: and the benefits of choosing the right card for your business will hopefully be well worth it.
Find the best charge card for your business.
Earn Avios or cashback on all your business spending with this business Visa from challenger Capital on Tap.
Whether you’re an employer comparing business credit card options or an employee trying to figure out how to deal with expenses, here’s what you need to know about employee credit cards.
A business credit card with a high limit can be a useful way to boost cash flow for your company.
Most business expenses are unavoidable, so why not bag yourself a company card that pays out on all your business spending?
If you or your staff frequently travel overseas for business, choose a credit card that won’t charge punishing fees to convert currencies on foreign transactions.
Have a look at these business credit cards that let you earn Avios points on all your expenses, no matter whether you’re paying for a flight or buying drinks to celebrate your team’s latest accomplishment.
Learn when your personal credit score could be affected by business credit card use.
Take control of your business spending and set individual card limits for staff with this TSB deal.
Looking to improve cashflow, save interest and consolidate debt? A business balance transfer credit card could be for you.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.