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Add company credit card

all right let's get started today i'm going to share with you how to fill in an american express small business credit card application what many people don't realize is that business credit cards work a little bit differently than a personal credit card for example many banks do not report these balances and transactions or even the credit lines to your personal credit report and this can be extremely beneficial when you're trying to get a small business or side hustle off the ground for example the other day i was doing a one-on-one consultation call with someone who had a question of how they could front a purchase order for a new business they were just getting off the ground see this artist was going to take some of their designs and put them on things like clothing and apparel and as a result they knew that these pre-orders once they fulfilled them would already pay back the money they needed to spend and earn a profit so not only would he be able to fulfill that purchase order and make those deliveries but he'd also be doing it on a credit card with zero percent interest for 12 months no annual fee a little bit of a sign up bonus and the potential to earn back rewards for whatever money he spends on there now that we've talked about some of the reasons you might want to consider opening up a small business credit card let's dive into the application for american express what i'm going to do is have the application up on the screen here so feel free to fill it in and follow along and i'll leave a link down below to the application for that blue business plus card all right so after you click that link it's going to take you to a landing page that looks like this you can see the card that's being offered is the blue business plus card there are some other ones they have annual fees that's why i'm recommending this one and it has that 0 for 12 months go ahead and click apply now you'll see right away there might be a pop-up that's asking you if you are already a card member if so feel free to just log in with your user id and password and it's going to give you an answer in as little as 30 seconds but for the sake of this video i'm going to walk you through what it looks like to fill in the application itself so let's start right here with your email address feel free to put whatever email you actually use in check and what i mean by that it does not have to be a business email address it could be your personal email the one that you use for a correspondence and this next part where it asks you to enter your business information is the part that trips people up the most for example if you are a sole proprietor if you're an independent contractor a gig worker essentially if you're self-employed and work for yourself then your legal business name is going to be your first and last name so go ahead and type that in now on this application you're going to notice that it automatically fills in your first and last name as the business name on the card and that's exactly how it should be i know some of us have different brands like i have the teacher entrepreneurs you might have something that you use to brand the honey that you make or the cookies that you bake i don't know why that rhymed but long story short just put your name in both of these spots go ahead and check the box that says company does not have a dba that's something that you have to apply for and it takes effort getting meaning you're going to know if you have one so most of us don't just go ahead and check this box okay moving down on to the next part of the application it's going to ask for your business address and it's okay just to go ahead and fill in your home street address especially if you work from home and on the next line it's going to ask you for your zip code i'm just going to type in 90210 and what you'll notice when you type in yours is that it should automatically populate the city and the state so for example here 90210 is beverly hills california up next is going to ask for your business phone number feel free to go ahead and put down your cell phone number again if you have a business line you would know that you can put that number in there but again they're looking to get in touch with you send you text messages for verification purposes so just put down the number that you use most often up next for this drop down menu they're going to ask for your industry type and again people get a little tripped up on here like they're afraid and intimidated to put the wrong answer well just take a look at the choices for example someone like myself i'm not in agriculture or construction i wouldn't really pick any of these so i'm going to go ahead and just select other feel free to choose whatever you think most appropriately fits your line of business or choose other and next we get to company structure and again this can be a little like tricky if you're not familiar with these terms but go ahead and if you work for yourself and you're self-employed like i'm talking about before those side hustles those gig workers those independent contractors feel free just to put down sole proprietor okay for these next few boxes it's just important to remember how long you've been in business and have a grasp of how much money you're actually bringing in and sometimes those two things don't go hand in hand for example when it's asking for uh years in business sometimes you start planning a business you buy the website you go and test and experiment and get get feedback from people and you're not really making any money and but those years count so for example if you've been at something for a year or two and you haven't made any money yet be honest and write down a year if it's been longer than that or less just again be honest it for for what you're feeling right here for a number of employees put down one because you're going to be considered the only employee of course just like the other situations if you have a w-2 employee on the books then you can count them you don't need to count people that you would just be paying or sending out checks to for their services those are those are not your employees and this next number is going to determine probably what sort of credit limit they give you now remember this is american express so they're going to ask maybe different questions than if you're filling out another application for example they want to know how much revenue your business brings in now if it's a newer business and you're only bringing in let's say a couple hundred a month or maybe a thousand a month again just be honest here you can put in as little or as much as is accurate and you just want to be on the up and up with this for the sake of this application i'll just write down 12 000 which would be a thousand dollars a month for this next box they want to know your estimated monthly spend again they're not asking for an annual here so be careful and the example i used in the beginning uh that purchase order was ten thousand dollars to fulfill so if you knew if you know you're going to put on ten thousand dollars and then pay it off and then put on let's say another fourteen thousand then you gotta do a little math here and write down estimated monthly spend of about two thousand dollars per month for the sake of this application i'll just write down one thousand dollars a month again just be honest if you know you have some big purchases you have to make you got some equipment to get the business off the ground uh just put down what you think you'll honestly spend on average each month okay and this next drop down menu is going to ask you your role in the company and typically what i would end up choosing here would be owner again it is up to you to decide what your title is but in this case if you're the only person working there then you own the company and it's okay just to select owner okay so this ends the business portion of the application they have all the business information they need and now they just need some personal information about you go ahead and fill in your first and last name as i did here rich smith but go ahead and put your own name similarly to when you filled in the business portion you're going to see that this is going to pop up so that the name on the card matches who you are you're going to need to be able to use that card when you go places if anyone ever says oh can i see some id to match the card make sure you're putting your own name on here now there is a box you can check that says your home address is the same as your business address of course if for some reason that is different you would know that so i'm going to go ahead and check this box that it is the same you're going to see that same information populate itself and then if it did not auto fill in for you go ahead and put the cell phone number again same one that you put before for this next part they are going to ask for your social security number what they do is they verify your identity you're applying for this card even though it's a business card and again some of those benefits that we talked about before it won't show up on your personal credit they still need your social security number to verify your identity after you fill in the social security number they're going to match that with your date of birth so go ahead and put that as well and then this next portion is probably going to make some of you feel pretty good if your business is newer and you're worried about getting approved for a business card now let me explain they're going to ask for your total annual income now if you look at this pop-up box essentially they're asking you for all the income that you have access to and that's in your household so for someone let's say who is married or you work a few different jobs they're going to ask for all the income you make and so if your business is brand new or it's only making a little bit you can include that amount but you can also include the other income that you have access to so i'm gonna go ahead and put down fifty thousand dollars that takes into account the twelve thousand dollar business income that i mentioned before and then i'm just making up that maybe i'm just like a young single person just starting out but whatever is your situation add up all that income and that and can include income in your household they also ask about non-taxable income that probably does not apply if it does to you you can add that as well and if you're curious what that means you can just click on that little icon to see if it applies and we are almost to the promised land there is just one part of the terms and conditions that i wanted to point out to you here you can see that it does say all cards issued on the account will only be used for commercial or business purposes and the reason i wanted to point that out is i look at business cards as a great way to separate your personal spending from your business spending for reasons like accounting and bookkeeping but along the same line sometimes those lines can get a little blurred sometimes you're taking someone out to lunch and that's a business expense or perhaps you use your personal car for personal reasons but also for business reasons so they are asking you to keep this as separate as possible and that is going to fall on your shoulders all right the last thing to do is hit submit application all right if you made it this far in the video congratulations you just applied for a small business credit card through american express i didn't really mention this in the beginning of the video but american express is going to be more likely to approve your first business credit card if you've never applied for one before they just seem to be more open to allowing small business owners to get a line of credit so i look at american express as a great first business card for a lot of people out there it starts to build that business credit history for you and then when and if you want to get a card with another lender there's a greater chance that you will be able to and again the blue business plus card that i mentioned is a great first card because it has that no annual fee it's one you can keep for years to come i think you earned something like 2x on all your spending and that first 12 months with zero interest on any of your purchases could really help catapult your business to a new level of momentum where you just keep growing and building exactly the business that you want all right let's wind this thing down if you like this style of video please let me know in the comments i feel like these tutorials can be you know a little dry but super helpful so i just love your feedback so thanks also if you're new to the channel please be sure to like this video it really helps with the algorithm uh hit subscribe and ring that notification bell it's interacting with you down in the comments and seeing that subscriber number grow that really helps keep me going also i mentioned it at the beginning of the video i am offering private one-on-one consultation calls if that's something that you might be interested in i have a few slots available every single week so i'll leave a link down below in the description for that as well one last thing our facebook group just continues to grow and i am planning some webinars or zoom calls in the future with the members of that group so feel free to join that and you'll be invited to some of those events alright as always i'm rich and until next time you