Business Credit Cards for Startups

  • November 2, 2020
  • Written by : REIL Capital

When starting a business from the ground up, the most important factor is building a solid foundation.

A good foundation consists of a strong business plan. Also, it requires proper funds to ensure the availability of enough working capital at all times. Other than this, one has to ensure enough funding is left available for unexpected situations or in the case of an emergency.

A corporate credit card is one of the most prominently used forms of funding for small businesses. Not only is this the number one way to build credit for your business, this option also gives companies the ability to access capital immediately. 

Credit Card Process

Prior to deciding that a business credit card is the best option for your company. It is important to understand the working of the entire process. Including how to make payments and what can one expect as a business owner.

How does the process work?

After your application and acceptance, the lender will issue a line of credit for your business. 

As with any credit card, personal or other, repayment is set with specific terms and rates (we touch on this a bit below in our qualifications section). Depending on your current standing, terms and rates vary.

How will payments be made?

With us, we (your credit card) will provide you capital whenever needed. As you will be able to draw capital immediately, and only pay interest on the outstanding amount. 

What is expected of you as a business owner?

A working plan for repayment to ensure trust between you and your lender is key to qualifying for a business line of credit, especially considering your business, in this case, is operating as a startup with zero history of stable credit to improve your standing. 

Have an action plan in place to share with your lender, and you are on the way to obtaining a business credit card.

Qualifications and Essential Documentation 

At REIL Capital, we typically offer businesses a corporate credit card with up to a $200,000 limit and an introductory rate of 0%, and aim to have this to you in as little as two weeks.

Application requirements

To apply, you’ll need:

  • At least one credit card, personal or other, with a $3,000 limit,
  • a solid repayment history without late payments for at least one year, 
  • a credit report free of any charged-off or negotiated/settled accounts with outstanding balances, as well as free from bankruptcy,
  • a 650+ FICO,
  • and possibly a mortgage or other line of credit.

While this has several requirements to qualify. As mentioned, this is one of the most commonly sought after forms of funding. This is because of its ease and immediacy.

Choosing this funding option opens up several benefits for your business that extend far past quick working capital. In fact, one of the best benefits is the allowance of a much higher limit than one’s expectation. Also, this is available to you on a personal credit card.

“Revenue that’s bigger than your income could result in a higher limit than you’d get on a personal card, where you’re reporting only personal income to which you have a reasonable expectation of access,” explains Claire Tsosie, writer for Nerd Wallet.

Startups are able to thrive and grow with corporate credit cards. And at REIL Capital, that’s our goal: to support small business growth.

Our onboarding is the simplest around. Our 3-minute application allows the process to become simplified and efficient. No more wasting time with hours of paperwork or a prolonged waiting period for acceptance. We set you on the right track to begin using your credit card almost instantaneously. 

So, if you’re a startup, or brainstorming ways to begin funding your business idea(s), we invite you to meet our team of experts, so we can begin helping you with all of your business needs.

We’re in this together, as a family.

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