How can I get a Visa, Mastercard or Discover card under my business name?

Question

Without tying in my personal credit? Do you know of any that will allow the credit to be under my business name only, by using my Federal Tax ID number? I have credit through two office supply vendors, a computer vendor and a gas vendor.

To the person who answered below, tell me how and where I can get this card. Thanks.

Answer 1

you may be able to obtain a credit card under your business entity through the financial institution your business banks with. the bank will make a credit decision based on your business' credit. you will nedd to supply them with the latest irs filings of your business. rhey might also ask for an audited income statement and balance sheet ( your accountant usually prepares those at least once a year.). just like a personal credit application, the credit worthiness of your business will be assessed and a credit line amount, if any, will be approved.

another way might be for you to apply for the American Express small business card. they offer terms that are at times more competitive than a bank-issued Visa or M/C for small business. They heavily advertise it on t.v and other media.. it's specifically tailored for small business and as such is offered based on the credit worthiness of your business.

don't quote me on this because i might be wrong, but i read somewhere ( forgot where ) that small businesses are rated in a data base and given a fico type rating. but to be in the data base your business should have applied for credit in the past and if that credit was granted , then based on your business' credit history, a numerical score like fico would be attached. at the same time, if your business has no credit history, then it's not in the data base, but that won't be used as a negative and reason to be denied the credit u seek. but as i said i'm not really sure about that. i just remember reading it somewhere.

good luck.

Answer 2

1. Get a business license from your city (and whatever other paperwork that involves).

2. With your business license in-hand, open a business account at a local bank of your choice.

If you don't want it under your own social security number, then file for forming a corporation, or LLC with your state regulatory agency that handles such things. Then apply for an EIN with the IRS under the corporation name. You can use the EIN with the bank instead of a S.S. number.

3. Apply for a business credit card from that bank

4. After you've done all this, pay a tax accountant a few $$ to advise you on all the fine details. There is no need for a lawyer at this point -- a tax accountant can tell you all you need to know, for a lot less money than a lawyer.

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Answer 3

Yes. I have an incorporated company and have a VISA card in the company name. The card limit is tied to my company's credit capability. it is a small limit relative to my personal line of credit because I am not personally on the hook for it.

You apply for a VISA card through the bank that you are (or planning) on doing business with. They will require proof of incorporation. I suspect that you can get any credit card under a business name by applying to the credit card company.

Answer 4

You can get a card in your company name but it will require you give out your info, because you are the owner of the company. You would be held responsible for all credit cards issued under the company name. The issuing credit card company wants someone they can hold responsible in case they have to collect.