What Are the Top Benefits of Having a Business Credit Card?

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is a Business Credit Card?
How Do Business Credit Cards Work?
Why Should You Get a Business Credit Card?
Financial Flexibility
Easier Bookkeeping
Building Company Credit
Reaping Rewards
Supervised Employee Spending
What Are The Cons of a Business Credit Card?
You’re Still Responsible
Defaulting Can Damage Your Credit
Interest and Fees Can Be Expensive
Fewer Consumer Protections
Differences Between a Regular Credit Card vs Business Credit Card
Credit Reporting
Credit Limits
Rewards Programs
Special Financing
Expense Tracking
Consumer Protections
How Do I Apply for a Business Credit Card?
Check Your Credit
Gather the Information You’ll Need to Apply
The legal name of your business Your business address and phone number Your Social Security number (SSN) and, if you have one, your business’s Employer Identification Number (EIN). The type of business How much revenue the business generates annually Monthly business expenses Personal household income Your date of birth The date the business was started or number of years in business
The Takeaway
The regular or introductory APR The annual and other fees The credit score required to qualify Any bonuses, discounts, and rewards
About the Author
Kim Franke-Folstad is an award-winning journalist with 30 years of experience writing and editing for newspapers, magazines and websites. Her work for SoFi covers a range of topics related to personal finance, including budgeting, saving, borrowing, and investing.
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