Here’s how you should fill out the application form:
Legal Business Name. If you’re approved, this name will appear on the card. It must be the name that you used in your business registration. If you are, however, a freelancer or a sole proprietor, you can use your legal name. Small businesses who filed for a “Doing Business As” or DBA can also use their DBA name when they apply.
Tax Identification Number. Most credit card providers will not process the application if it lacks the tax identification number. Businesses must provide their Employer Identification Number (EIN). For freelancers, you can use their Social Security number instead, unless the IRS issued you an EIN. If yes, use your EIN.
Business Structure: You must inform the credit card provider of your business structure. If you are a freelancer, you can indicate sole proprietorship. If you are an LLC, you can choose either a corporation or a partnership.
Nature of Business: The form has a list of industries that you can choose from. Select the industry type that best describes the nature of your business.
Role: You have to provide your position in the business. You can indicate if you are the co-owner, the general manager, or founder.
Contact Details: Credit card companies need you to provide your business address and phone number. If you are doing your business from home, you can submit your home address.
Length of Business: Write the number of years you have been operating the business. If you’re still starting, you can put “0” in this portion.
Employees: If you have any employees, indicate how many they are. If you are a one-person show, just place “1” for yourself.
Annual Business Revenue: It is essential for credit card companies to know how much you are earning yearly. They often use this information to identify the credit limit they will give you. If you are yet to make a profit, you can put “0” in this line.
Monthly Expenditures: If you still don’t know, you can make an accurate guess of how much of your business expenses you will charge on the card. While not all credit card companies ask for this information, it is best to know the answer since they can use this to gauge your expenses.
Aside from providing information about your business, you also have to provide personal details, such as:
- Phone number
- Email address
- Social security number
- Mother’s maiden name
- Household income