Applying For A Business Credit Card With Instalment in the UK: Answering The Whys and Hows

Do you believe owning a business credit card is a hassle? If you replied in the affirmative, we are here to prove you otherwise. 

Owning a business credit card can have multiple benefits for your organization, from easing your cash flow to boosting your business credit score.

Three Reasons Why You Should Apply for a Business Credit Card

No matter the type of business, we believe a business credit card is a must-have. 

Business Credit Cards Help Keep Your Finances Separate

Suppose you are a sole proprietor. It is easier just to use your personal credit card for your business. However, imagine the struggle if you need to view your business spending separately. It will become nearly impossible to sort out the expenses. Moreover, even legally, keeping your business and personal finances separate is advisable as it may cause inconvenience later. 

Business Credit Cards Offer Specifically Tailored Rewards Such As Cashbacks and Benefits Such As Instalments 

Financial institutions tailor business credit card plans with the needs and requirements of companies in mind. So, it may seem harmless to use a personal credit card for your business; however, you might just miss out on many of the perks business credit cards offer. 

For example, the Debite business credit card allows you to switch to an annual SaaS tool  (software-as-a-service) plan without paying the entire upfront costs. Instead, you can pay it off on 12 monthly instalments and get up to 30% discounts for using Debite. You can never get this offer on a personal credit card.

Business Credit Cards Can Help Build Credit Score

We all know how finance is critical to running a business. You often need external finance to maintain or expand the business activities. This is where credit scores come in handy. 

Lenders will likely trust you more if you have a sound credit score. In addition, your business loan applications can get approved quickly with better rates since lenders rely on you to pay back on time. 

Therefore, owning a business credit card and maintaining an impeccable credit history is a great way to keep your future financing plans sail smooth. 

How to Apply for a Business Credit Card?

Just go to the Debite homepage, sign up, and apply for your business credit card with instalment. So now that we have put the reservations aside and agreed that business credit cards are a must, let us see how we can apply for any business credit card.

Check if You Are Eligible For A Buiness Credit Card

You are mistaken if you believe your sole proprietorship may not be eligible for a business credit card. There is no restriction on the business scale or the work you do per se. 

However, the type of business card you are eligible for depends significantly on your credit history. If your business doesn’t already have one, the credit card companies may look into your personal credit history. This is why keeping an impeccable credit record on your personal accounts is best, as it may also affect your business borrowings. 

Moreover, your income and assets also play a huge role in determining the credit limit you are allowed. For example, a flourishing business with substantial revenue is more likely to get a credit card with higher credit limits and better perks. 

Look into Your Options, Compare and Choose

You will find many options when you step out into the market searching for the perfect business credit card. But not all credit cards suit every venture. Some are mainly designed for startups, whilst others focus on lending to well-established entities. 

For example, the Santander Business Cashback Credit Card suits small and medium-sized companies since it has minimal card costs and offers a cashback of 1% on all business purchases. 

On the other hand the Debite Business Credit Card offers a more generous cashback of 4% on all business purchases.

Moreover, some business credit cards offer perks that may suit your business better. For example, if you or your employees often travel on business trips, a card offering discounts or cashback on travel or hotel accommodation may be the best pick for you.

Also, whilst choosing the right card for your business, do not forget to consider the interest rate, the interest-free period, the annual fee expense, and any other extra charges. These considerations can be a deal breaker since such fees can instantly increase your business expenses.  

The perfect way to go about it is to know your requirements, surf your way through all products available, and then decide the one that suits your needs the best. 

Gather the Information Needed And Apply

Whilst the credit card company might focus more on your credit history, they also enquire about other essential details.  

This information might include your company name, address, the number of employees, estimated spending needs, annual revenue, etc. 

Once you start the application process, the credit card company will ask you to fill out forms with all the information required. Then, they may verify and enquire further. Therefore, you must provide the necessary documents to make the process easier. 

Once everything is verified, you will receive your business credit card. The entire process can typically take up to 15 days.

How Issuing a Debite Business Credit Card Is Easier?

Applying for a credit card can sometimes be a daunting process. And this is why some owners prefer avoiding the extra hassle and continue using their personal credit cards for the business. 

However, Debite is a credit card company that issues its business credit card in merely 24 hours. Yes, you read that right. The application process takes five minutes. And the credit card is given to you within the next 24 hours. Remember how long it takes to get a business credit card from traditional banks? Up to 15 days.

Benefits of Getting a Debite Business Credit Card

Most business credit cards you will get on the market allow you an interest-free period of 45-56 days. However, Debite offers to pay your dues in 3 to 12-month instalments. 

You can use this feature to help you manage your cashflows better. Also, Debite charges a very minimal monthly variable starting from a monthly interest rate of 0.79% which means your annual interest rate charge will not be a blow to your overall business spending.

Furthermore, Debite business credit card focuses on providing startups funding, with the necessary financing. Most credit card companies are skeptical of providing finance to small and medium-sized companies because of the risk involved. But, Debite offers its services to entities that are not making substantial annual revenue. 

Conclusion

If you already don’t have one, consider getting a business credit card now. The steps are super simple, and the process doesn’t take long if you have a good credit history. Also, a business credit card will help you streamline your business cash flows in multiple ways.

Trust us; if you don’t have one, you’re missing on some great opportunities.

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