Business Credit Card for Your LLC: 5 Things to Know

Written by Banks Editorial Team
4 min. read
Written by Banks Editorial Team
4 min. read

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Every business owner needs capital to gain market share and stay in business. Cash flow helps you address immediate expenses and pay salaries, and storing enough cash enables you to make investments in your company. However, while your business can provide revenue, it may come up short for certain expenses. Some businesses do not have enough money for short-term obligations or to make a necessary long-term investment. These business owners often tap into financing to get the necessary funds.

Business owners can select from various funding sources, including business credit cards. This popular funding source can give your company enough cash to address cash flow gaps. With many options available, why should you consider a business card? These insights will help you find the optimal business credit card for your LLC.

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Benefits of Getting a Business Credit Card for Your LLC

A business credit card gives you more capital for your business. You can cover short-term costs and make long-term investments in your company. Business credit cards have higher credit limits than personal credit cards, and some people want to keep those finances separate for tax purposes.

You can get financing through a small business loan and other financial products, but business credit cards save time. Since they are revolving lines of credit, you don’t have to apply for them continuously. If you borrow against your credit limit and pay back the balance, you can borrow from it again whenever you need extra cash. Business owners who borrow and repay small business loans have to apply for another loan to get new capital. You’ll have to wait for loans to get approved and pay loan origination fees each time you need additional funds.

Most business credit card issuers provide rewards to their cardholders. You can receive points, cashback, or another perk for every purchase you make on your card. However, some business owners are reluctant to open up business credit cards because of the debt and interest rates. Letting a credit balance linger can create more problems in the future. However, if you can pay back the balance within 30 days, a business credit card provides affordable financing for short-term costs.

Is It Possible to Get a Business Credit Card for Your LLC?

 LLC business owners have many options, including business credit cards. The credit card issuer will review your credit score, annual income, and other details before giving you a business credit card. Improving your credit score before applying for a card will help you secure lower interest rates. LLC owners have to fill out an application and provide basic information, such as their name, email, phone number, and EIN.

Things to Know About Business Credit Cards for LLC

A business credit card is a reliable funding source for many LLCs. Knowing these basics will help you feel more confident in a business credit card and save as much money as possible.

1. Credit Limits and Interest Rates

LLC owners can borrow against their credit limits. A business credit card with a higher credit limit lets you access more cash. You should review your monthly expenses and assess how much you need to borrow from your credit limit each month. The average small business credit card has a $56,010 credit limit. Fund&Grow lets business owners borrow up to $250,000 in business credit.

You will have to pay interest if you borrow against the line of credit. Higher interest rates make it more challenging to keep up with debt and remain financially stable, but some cards provide grace periods. Repaying the debt within 30 days can help you escape interest payments. Some business credit card providers have introductory 0% APR programs to entice business owners to work with them. You won’t owe interest on outstanding debt throughout the introductory period, which can last over a year. You should pay down debt quickly as the initial period comes to a close.

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2. Types of Business Credit Cards Available For an LLC

Business owners can select from numerous types of business credit cards. Some cards appeal to low-credit business owners who want to rebuild credit and access additional funds. Other credit cards provide travel rewards and other perks for every purchase, but some of these same cards might have annual fees. Credit cards have their pros and cons, but having good credit and a solid income will help you qualify for the best choices.

3. Business Credit Card Rewards and Perks

Every credit cardholder loves to cash out on rewards. Each purchase adds up, and you may have enough points to afford an extra piece of equipment or another necessity for your business. Business credit cards have reward systems that provide perks based on expense categories. Some cards offer universal cashback on any purchase, while others place more emphasis on specific expense categories. Business cards with higher rewards for particular categories usually have lower cashback or points rewards for expenses outside of the favored categories. Therefore, you should assess a business credit card’s reward structure before applying for a card.

4. Typical Requirements for a Business Credit Card for LLC

Creditors have multiple requirements to mitigate risk when giving out business credit cards. Most of them will have income and credit score requirements. If you do not fit the criteria, you should look for another business credit card instead of hoping you get lucky in the application process. Applying for too many business credit cards will hurt your credit score due to the accumulating credit inquiries, making it more difficult to get a card you could have received.

5. Personal and Business Credit Scores

Most business credit card issuers will look at your business and personal credit scores. If you do not have a business credit score, you can still get a card from your personal credit score. Making on-time payments to your credit balance will improve your credit score over time. A higher credit score will help you qualify for a higher credit limit and lower interest rates. Delaying credit card payments will hurt your score, and the debt snowball will gain momentum. A business credit card makes it easier to separate your personal credit score from your LLC’s spending activity.

How to Get a Business Card for LLC

Business owners need capital to scale their companies. Business cards give you the resources to cover short-term expenses, and their rewards programs help you get more out of every dollar spent. Unfortunately, many business owners get discouraged by the effort it takes to find the best business credit cards and submit numerous applications. A streamlined approach can help you get a business card sooner and with fewer hassles.

Fund&Grow can speed up the process and help you get financing. Business owners just have to submit their details and let their team handle the rest. Fund&Grow will apply for the top business credit cards on your behalf, and they help you secure up to $250,000 in business credit. Fund&Grow pairs business owners with credit card issuers that offer introductory 0% APR for 6-18 months, giving you time to repay initial debt. Their team would be happy to assist with your business card search. In addition, you can schedule a call with a Fund&Grow business lending consultant to discover your options.


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