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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

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