What Information is Needed For a Small Business Credit Card Application

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When business owners apply for a credit card, they need to provide detailed information to the potential lending company. The application form is more detailed than the one used for an individual who is applying for credit. Some of the information that a business owner is asked to provide will be the same as with an application for a personal card. Other will pertain to the history of the business.

The business owner will be asked to indicate the legal name of the business, as well as the company address, phone and fax numbers. Thelending company will also want to get information about the nature of the business, as well as whether the business is a sole proprietorship, a partnership, or a corporation.

The required form will also ask for information about the company’s gross annual sales, how many employees it has, and how long it has been in business. The tax ID or the owner’s Social Security Number are also required.

The may also request additional information on the small business credit card application form, such as the annual sales for the previous three years and whether the business is a subsidiary of a parent company. The credit issuing company may also ask about previous bankruptcies or tax liens that have been filed against the company. Business owners should consider their options carefully before filling out applications for your small business credit cards. The terms can vary greatly between issuers, and these differences cost a business money.

When business owners apply for a credit card, they need to provide detailed information to the potential lending company. The application form is more detailed than the one used for an individual who is applying for credit. Some of the information that a business owner is asked to provide will be the same as with an application for a personal credit card. Other will pertain to the history of the business.

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Source by James J. Robinson