Are Business Credit Cards Harder to Get Approved?

[Obi-run Kenobi]

I'm looking at applying for a business credit card because there are a few with decent sign up bonuses (AMEX, NAB). Question is, how difficult is it to get approved for these? Is it much different than when applying for personal cards? I realise they need proof of cash flow or tax statements etc.

I don't want to waste a credit enquiry on one of them if it's more likely to be declined than a personal card.

 

[SYD]

In general, much harder depending on the company/business structure. I set up my own company (Pty Ltd) in 2019 and I initially went to Westpac for a Biz card with a good sign up bonus. They wanted 3 yrs trading history - so that wasn’t going to work and they pinged my credit rating anyway.

So I called AMEX (as a long term customer) and no drama. I was able to get a QF Business CC (not the QBR card) easy as. It’s effectively in my name rather than the Company.

 

[trendwhore]

You still need personal income proof as well which can be difficult if you're small business level sole trader. Also using AMEX here as they seem easier to sign up for small business

 

[Obi-run Kenobi]

I'm primarily considering Amex for the current QF Business card promo, so this might be worth trying.

 

[SYD]

You still need personal income proof as well which can be difficult if you're small business level sole trader. Also using AMEX here as they seem easier to sign up for small business

Well, in my situation I was technically unemployed and AMEX didn’t bat an eyelid! $25K Credit limit.

Probably because I had a continuous 30 year* spotless record with AMEX.

Initially, I only used it for business expenses because I tried to link the feed to my accounting software but that was a bit of a fail (details for another time). Thereafter, I pretty much chuck everything on it I can. 1 QF pt per $ no cap!

*Note to churners. AMEX is one you probably should decide at some point to sit tight and hold on to. They might be your only friend in times of need. Ask any retiree that didn’t get their CC situation in order before ceasing full time employment.

 

[lilkid28]

Any sole traders here with business credit cards apart from Amex? Currently have personal Amex (probably will cancel that and wait the 18 months)