How long does it take to get a business credit card?

Depending on the provider, it could take a few days or a couple of weeks for the business credit card to arrive in the post. Once you submit your application it will need to be reviewed by the card issuer but that is normally approved quickly.

Is a credit record checked for a business credit card?

Credit card providers usually check your business's finances and credit record when you apply for a business credit card. If your business doesn't have much credit history, your personal credit history may be checked.

Does using a business credit card affect my personal credit record?

Using a business credit card could affect your personal credit card, particularly if you're the main account holder. It's best to use a business credit card sensibly, as you would a personal credit card, If you're worried about repayments you should speak to the card provider as soon as possible.

Can I get a business credit card with rewards?

Yes. You can get business credit cards that give you back a percentage of what you spend back as cashback. Others offer air miles or other rewards, such as shopping vouchers.

Can several employees have their own card?

Yes, you can get several credit cards for one account, meaning selected employees can have their own card with the business paying just one bill.

Do I need a business current account to apply?

No. Having a business current account isn't necessary to get a business credit card, but having one could make paying your bill and handling your finances easier.

Can I get a business credit card as a startup?

Yes, there's nothing to stop you from applying for a business credit card as a startup - it might be a helpful tool as you're starting out too as you try and manage your business' cash flow. But because your business is new, you may need to provide additional information to evidence that you'll be able to keep up with repayments. It will also help the provider determine your credit limit. This might mean providing a personal credit history check, company statements and details of any assets.

Can I have a business current account if I'm a sole trader?

Yes, business current accounts are available for sole traders as well as partnerships and limited companies.

Can I use a personal current account for my business transactions?

It's generally not advisable to use a personal current account for business transactions, as it can lead to complications in managing finances and accounting. If you have a limited company, then a business bank account is a legal obligation as your limited company is a separate legal entity.

What fees can I expect with a business current account?

Fees vary depending on the bank and the type of account. Common fees include monthly account fees, transaction fees, and charges for additional services.

Can I get a business current account with bad credit?

It can be more challenging to get a business current account with bad credit, but some banks may offer options specifically designed for businesses with poor credit history. Taking steps to improve your credit history and ultimately your credit report can be helpful too.

Can I have multiple business current accounts?

Yes, you can have multiple business current accounts. It can be useful for separating different aspects of your business or if you have multiple businesses.

Do I need to maintain a minimum account balance?

Whether you need to maintain a minimum account balance depends on the specific terms and conditions of the account. As with any bank account you might open, it's important to check specific terms and ask the account provider if you're still unsure.

Are there any limitations on the number of transactions or cash deposits I can make?

Business current accounts may have limitations on the number of free transactions or cash deposits you can make each month. Additional fees may apply if you exceed the limits.

What happens if I close my business, can I close my business current account?

If you close your business, you should inform your bank and close your business current account. The bank will guide you through the process, and any remaining funds will be transferred to another account.

Am I certain to get an overdraft with a business account?

There's no guarantee you'll get an overdraft with your business bank account. Just like with a personal bank account, you'll still need to pass a credit check to be approved for an overdraft facility, and the amount approved can differ depending on your circumstances. If you need an overdraft facility for your business then it's worth speaking to your account provider to see what options are available to you.

Is my business eligible to use the Current Account Switch Service?

You can use this service if your business has fewer than 50 employees, an annual turnover of £6.5 million or less, and both your current and new banks are part of the switch guarantee scheme. If you're unsure whether your business qualifies, it's best to contact your new bank for more information.

Do I need a business account for a business loan?

Some banks may insist that you have a business current account with them before they will accept you for a loan while others, such as the government-backed Start Up Loan, will transfer the loan to a personal bank account.

Do I need to be the owner of a company to get a loan?

No, you don't need to be the owner of a company to get a loan. Registered company directors can apply for most business loans.

Can my small business get a loan?

Yes, small businesses can get loans, but you may be offered different ones depending on your firm's size and revenue. For instance, only businesses that are less than three years old can get a government Start Up Loan.

Does my business have a credit record?

Yes, your business does have a credit record and it may affect whether or not your loan application will be accepted. You can find the credit score for your business through credit referencing agencies such as Experian.

Could I lose my home if my business defaults?

You could lose your home if your business defaults. It all depends on the type of loan you choose, whether it is secured against your home and if you sign a director guarantee. Always check the terms and conditions carefully before agreeing to any loan.

How long does it take to be approved?

The length of time to be approved for a business loan depends on the provider, the checks they carry out, the information they need to see and how quickly you're able to provide it. It also depends on the type of loan - for example secured loans can have longer approval times.

Is it possible to pause payments when the loan account is open?

If you experience financial difficulty during the term of your loan, you may be able to request a payment holiday. This is where repayments are paused for a period of time. You'll need to speak to the loan provider in the first instance - and you should do so as soon as you experience any financial difficulty.

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What do you need for a business credit card?

What information do I need to provide to get a business credit card?

Written by Dan Moore, Contributing writerEdited by Lucinda O'Brien, savings expert, 20 December 2024

Fact Checked

Discover which documents and information you need to successfully apply for a business credit card in this practical guide.

Card providers require a lot of information about the company owner and the firm when you’re applying for a business credit card.

The key to running a successful business is good organisation. A business credit card can help you achieve this aim, offering a safe and secure payment method while keeping your personal and work finances separate.

In this guide, we explain what documents and information you need to get a business credit card.

Key takeaways

Business credit cards can be highly beneficial for start-ups, small businesses, self-employed individuals and gig workers
Getting a business credit card often requires meeting several requirements, so ensure you have all the necessary documents and information ready when applying
Card providers will review your credit report, so it’s important to take steps to keep yours in good shape

Earn rewards and save money with a business credit card

Compare business credit cards

Who can get a business credit card?

You can apply for a business credit card whether you’re operating as a sole trader, partnership or limited company. Business credit cards are similar to personal ones (which small businesses can also use) but are registered in a company’s name rather than an individual’s. Other differences between business and personal credit cards include the fact that you can often get multiple cards linked to a single card account, which means your staff can also use company cards to make any necessary payments, saving you the bother of reimbursing expenses. It’s important to note that money spent on company credit cards must be paid off by the company, not the individual staff member, so it’s crucial to enforce spending limits when handing out these cards.

Read our What is a business credit card guide for more information.

What do I need to provide to get a business credit card?

As with personal credit cards, the card provider takes on an element of risk when they offer a line of credit. The difference is that businesses are more likely to struggle financially, particularly new or small ones – around half of these fail within three years of starting up.

For this reason, card providers require a lot of information about the company owner and the firm itself. Here’s what you typically need to provide to get a business credit card:

Personal details

Your full name
Your home address and any addresses you have lived at over the past three years
Your date of birth
The personal details of all business partners or directors

Business details

Your company address
Your business start date
A description of your business, including the type of firm (e.g. sole trader, partnership, limited company) and the sector or industry you work in or serve
Where you operate and which countries you do business with. For example, UK only, EU countries or beyond Europe
Number of employees (including yourself)
Company’s Registration Number (if registered with Companies House)

Financial details

Your bank account details. Many banks require business credit card customers to hold a business bank account with them
The company’s annual revenue, which affects your credit limit
Your ideal preferred credit limit
How you intend to use the card. For example, making regular supplier purchases, paying commercial property rent, buying equipment or tools, smoothing cash flow
Your personal income, which might be available to cover any shortfall in business credit card repayments

Tax Details

Your unique taxpayer reference (UTR). This 10-digit number features on the front page of your tax return. This is form SA100 if you operate as a sole trader or form CT600 if you pay corporation tax

Credit history

Credit checks establish how much of a risk you are to providers. They look at your history, taking note of missed or late payments, County Court Judgments or anything else that suggests there’s a risk of you failing to make repayments
If you’ve only just started trading and don’t have a business credit report, providers run a check on your personal credit file

What other information might be required?

Some providers only issue business credit cards to existing business current account holders, and only if applicants agree to restrict card use to business purchases only.

Certain providers won’t accept applications from company owners who already have a business credit card, so check the fine print before making a request, as failed applications can affect your credit score.

What credit score do I need for a business credit card?

Each of the three main credit reference agencies – Equifax, Experian, and TransUnion – has its own rating criteria. The higher up the scale your rating is, the more attractive you are as a potential customer.

For example, Experian’s business credit rating structure is as follows:

A score of 80 to 100 indicates your business is low risk
A score of between 40 and 80 may mean you need to provide more information about your personal or business history to become a credit card customer
Below 40 means you may need to investigate how to get a business credit card with a poor credit history.

What if you don’t have a business credit history?

If you’re a start-up with no experience running a company, you probably won’t have much of a business credit history. In this case, lenders tend to focus on your personal credit history. They may also ask you to sign a personal guarantee. This is a legally binding agreement that you and your partners or fellow directors accept personal liability for any money owed to the lender in the event that the company can’t cover the debt.

Employees aren’t usually asked to sign a personal guarantee, even if they have a business credit card.

How can I improve my credit score?

If you’re struggling to get a business credit card, don’t apply repeatedly – this signals desperation to lenders and makes them even less likely to accept you. Instead, you can do the following to build your business credit score:

Ensure you pay creditors promptly
Register your business with each of the three credit reference agencies (CRAs)
Check your personal and business credit reports regularly, and notify the CRAs if you spot any errors or anomalies
Get on the electoral roll
Take care of your tax returns on time