When your business is growing or when you're spending cash quicker than cash is coming in - you could benefit from a credit card.
Get started and check the eligibility of your limited company or sole trader business today.
When suppliers need paying, a project needs more investment or your day-to-day cash is looking low, a credit card can offer a quick cash injection to your business. They can help you manage your cashflow and spread your costs. They can also help you build a better credit profile for your business.
Businesses of any size are eligible for a credit card. However, companies that are start-ups or less established may find it more difficult. Your eligibility will also be based on your business credit score, and the credit provider will credit check your company to decide whether they’d like to offer a card and the credit limit.
Your business may also look at bank statements and repayment histories to check you can manage the credit card payments. Some may look at your personal credit score if you own the business.
It is known that credit cards have a good approval rate. You can check your eligibility in minutes here.
To be eligible for a business credit card you have to own a business, or work for a business that authorises you to obtain a credit card for the company. You will also be required to have some business income and provide documentation about your finances and credit score to check your eligibility.
It’s important to note that all different providers may have their own eligibility criteria.
A poor business credit score can make it harder to access funding, but it doesn’t mean there are no options available. However, with a low credit score, you may face higher interest rates or repayment costs. If this is the case, it’s important to consider all your options. If you have time, you might want to take steps to improve your credit score first. Tips on how to improve your business credit score can be found in this article. Alternatively, you can explore short term loan options.
If your business is growing, expanding, or has a continuous flow of expenditure, a credit card could be a great solution for cashflow management.
Business credit cards can be especially helpful if you find cash flowing out of your business more frequently than cash is coming in. For example, if your suppliers offer short payment terms and your customers take longer to pay, you may struggle to cover expenses like materials, staff, and overheads. A business credit card can help protect your cash flow by allowing you to spread these expenses over a longer period.
Business credit cards can offer great advantages when you’re looking for finance. Often, business credit cards offer lower monthly credit limits than a business loan. They’re also more flexible and offer short term funding quickly to help you cover expenses that need to be paid quickly i.e. overheads, invoices, staff wages.
They can also help improve your business credit score over time, as it shows your ability to repay debts in a consistent way.
A business card may not be perfect in all cases, such as for capital expenditure, or long-term financing. In these cases, you may want to consider a business loan.
There’s lots of different kinds of business credit cards available. We work with Cashplus, who provide one business credit card suitable for limited companies and one for sole traders.
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