Monday, June 20, 2011

A Business Credit Card Application

By Joe Kindertan


A business credit card application is completed the same way that a personal credit card application is completed. The application for the business credit card is used in order to provide information to the credit card provider to determine the number of credit cards the business will need and the amount of credit that will be extended to the business. The primary difference between the personal credit card application and the business credit card application is that for the business credit card application, separate applications are required to be completed for each employee of the business that will have access to or use the business credit card. Any business that is a limited liability business may apply for a business credit card.

The first step in the process of completing an application for a business credit card is to obtain the application form. This form can be completed on the Internet manually or in an electronic format. The application will request financial information about the business, the officer who is responsible, the tax number or tax identifier, and the business' location.

After the application is completed, the credit card provider will maintain a credit card on file form, in addition to the required signatures for any credit cards that are issued subsequently.

Most credit card providers will allow limit the amount of credit for each employees who will uses the credit card or establish the credit amount for the business. This will help the business control or limit spending by only permitting lower limits for those employees who will only use the credit card occasionally than the higher credit limits for employees who will use the credit card regularly.

Next, the business will obtain credit card applications from each employee who will use the credit card. The employee cards permit the credit card provider to issue credit cards that are personalized with the name of the business for the individual based on the credit limit that has been determined by the business. The credit card application that an employee completes is shorter than the application for a personal credit card. This information may be completed manually or electronically.

Finally, the business credit card application will be sent in for a decision. After this is done, it usually only takes a small amount of time for the credit card provider to make a determination and issue the credit cards. When this is done electronically, this approval can be done in a little as no more than 24 hours.

It is relatively easy for any business that needs a credit card for its employees to go through the application process. Usually, there are no expenses or fees or expenses involved in applying for a business credit card and other than the amount of time it takes to complete the application forms.




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