Start-up business owners have a lot of consideration to do in the making, and while you’re just starting out, you just seem to handle everything to pick up the cash for the payroll. Obviously, finances are a huge factor and business credit cards can be a big asset in the company if used responsibly.
Having access to sufficient liquid cash makes your business resilient in the ever-changing market climate, capping immediate needs and allowing you to make profitable investments in the future.
So, if you’re one of the many small business owners who’s tired of wasting money on high credit card interest rates? Consider applying for a 0% interest credit card. Here are the guidelines you must follow to easily get approved.
1. Establish your business
What is considered a legitimate business when it comes to qualifying for business credit cards? The distinctiveness is quite broad, you are not obliged to have an official business structure, similar to an LLC or S Corp., in order to get approved for a business credit card, a sole proprietorship is also considered, making business credit cards a choice not just for business owners but also for those people who are doing freelance or contractual work.
2. Keep an eye on your credit score
Your personal credit history plays an important role when it comes to business credit cards due to the fact that if your business is not able to pay your credit card balance, you are likely to be paying it from your personal accounts. It is the responsibility of the business owner to pay what is charged on the credit card, even if the business doesn’t succeed.
So, check your credit report and your credit scores. You can have at least one personal credit report per year from each of the three main credit bureaus Experian, TransUnion, and Equifax,
In regard to personal credit cards, your options can vary once your credit score is in the good or excellent range, usually a FICO score of at least 690. If your score isn’t totally what you’d want to have, a credit building manner, like making all the payments on time and charging a low percentage of your overall credit limit each month can help over time.
3. Consider your business credit card options
One of the most reliable sources of capital an entrepreneur can acquire is having a corporate credit line, this serves as a credit card for business. A corporate line of credit gives an emergency fund to every business, and that is why every entrepreneur should have one. The moment you need to handle cash flow, buy additional equipment, inventory, or pay for unexpected damage, then a business line of credit is really helpful.
A business line of credit is a type of business loan that offers flexibility that a usual business loan doesn’t. A line of credit works like credit cards. You can borrow up to a specific limit — let’s say, you want to apply for $100,000 — you can pay with the interest alone on the portion of the amount that you borrow. You then take out and pay off funds as you like, for as long as you don’t go beyond your credit limit.
You can check SALS CAPITAL’s website, a known financing firm that helps you get funded within 48 hours. You can do it by just completing their 2-minute pre-qualification form & get the approval you need today!
They have a variety of funding options such as a 0% interest rate for start-up companies, working capital, lines of credit, equipment finance, as well as consumer financing up to $50,000. Contact (332-334-1077) to apply how you might qualify for 0% interest funding options.
4. Gather all the documents you need to apply
Depending on which funding options you apply for, you may be asked to submit some or all of the following information:
Personal information: including your name, birthdate, phone number, home address, email, annual income, and monthly rent or mortgage payment.
Business information: including your business name, industry type, address, legal business structure, phone number, monthly revenues.