Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.If you are in the market for a new credit card, you have probably noticed that almost every major bank has a line of business credit cards.
Often these credit cards have a rewards structure that awards bonus points and cash back in categories that small business owners are more likely to have purchases in.How to Qualify for a Business Credit Card If you report business income on your taxes, do some business under a trade name, have an EIN, and/or have a business bank account, you have a business. Your side hustles don’t have to be extensive, formal or extremely profitable to qualify for a business credit card.
Further, many business cards offer reporting features that will help you categorize your spending, making your record-keeping easier for tax purposes. Since many businesses use small business accounting software like QuickBooks, banks can make reports available that are easily downloaded and imported into this software. Often, these reports can be imported into tax software, saving time at year-end.
Further, credit card issuers are increasingly sensitive to customers opening and closing many lines of credit. For instance: Chase will not generally approve new lines for people who have opened five or more credit cards from any issuer within the previous 24 months, simply dubbedAdditionally, if you are applying for a mortgage or other type of loan, opening new credit cards may affect your mortgage rates negatively.