Step-by-step: How to complete a Capital One business credit card application
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For a long time, Capital One business cards have been ideal for the business owner who wanted to earn the most rewards with the least amount of time and effort. Cards like the Capital One® Spark® Miles for Business and Capital One® Spark® Cash for Business earn a straight 2x miles or 2% cash back on every purchase. You don’t have to juggle cards to take advantage of specific bonus spending categories, and earning 2% back for business purchases that would normally only earn 1% in rewards adds up over time.
Not only that, but now you can transfer Capital One miles to 15 airline partners, which only increases the value of the credit card miles you earn with the Spark Miles Business and Capital One® Spark® Miles Select for Business cards.
When you apply for a Capital One card, the bank is known for pulling your credit report from all three of the major credit agencies — Experian, Equifax and TransUnion — so you’ll want to do everything possible to ensure a successful application. With that in mind, Capital One has a couple of specific credit card application restrictions to be aware of.
First, while the issuer limits you to having two Capital One personal credit cards at a time, but Capital One business cards (and cobranded cards) aren’t included in this limit. You’ll also only be approved for, at most, one Capital One-issued card every six months. One other item to keep in mind is that Capital One business cards will appear on your personal credit report, which means they add to your Chase 5/24 count even though they’re business cards.
How to complete a Capital One business credit card application
Let’s walk through this application for the Capital One Spark Cash business credit card as an example, though no matter which Capital One business card you’re applying for, the application will look exactly the same.
First, you’ll need to enter your business information.
If you’re a sole proprietor (i.e. the sole business owner) you can use your name as the business name. If you’re a freelancer or independent contractor, you’ll also want to use your own name as the business name unless you’ve registered with your local or state government for a DBA name (doing business as or fictitious name), in which case you should use that name. For partnerships, LLCs or any other type of legal business structure use the official business name. Don’t make up a business name that you haven’t registered a DBA for — use your own name if you don’t have an official separate business name.
On the other hand, the “business name as you want it to appear on the card” doesn’t need to match the “business name,” it can be an abbreviation if the full business name won’t fit. The business address and phone number can be your home address or personal cell phone number.
If you’re the only owner and haven’t registered for a legal business entity (LLC, non-profit, etc.) then select “sole proprietor” as the “legal business structure.” As a sole proprietor, you can use your Social Security number as the business tax ID. Otherwise, use your federal EIN (Employer Identification Number).
In most cases, the “business ownership type” will be privately owned, unless your company is publicly traded or partially government owned. Once you’ve selected your “industry type,” you’ll need to further specify your business activities by “category” and “specialty.” I find that the limited choices for this part of the application almost never accurately describe my freelance business activities — if you’re in the same boat, just pick the options that make the most sense.
When it comes to your “annual business revenue,” you’ll include all the money your business takes in before expenses and taxes. For your “business spend per month,” it’s okay to put an average of what you expect to spend per month over the year, especially if your business is seasonal and your expenses fluctuate.
Once you’ve filled out your personal information, you’ll choose your role or title in the business. For most folks, this will be owner or partner. Your “total annual income” can include any income you regularly use to pay your bills — for most people this means a spouse or partner’s income can be included in this box.
The last question asks if you want blank checks to use for cash advances, I recommend leaving this blank or selecting “no.” If you use one of these checks, you’ll pay a higher interest rate on the cash advance (compared to a regular card purchase) along with a 3% fee ($10 minimum), even if you pay it off right away. On top of that, cash advances won’t earn points or count toward earning the welcome bonus.
With the addition of airline transfer partners, business credit cards like the Capital One Spark Miles and Capital One Spark Miles Select have become more valuable. But before you apply, you’ll want to make sure you understand the ins and outs of the application process. Accurately filling out the application can improve your chances of getting approved, and you’ll want to be aware of the rules specific to Capital One before you start your application.
Featured photo courtesy of gpointstudio/Shutterstock.
- Earn unlimited 2 miles per $1 on every purchase, everywhere
- Earn a one-time bonus of 50,000 miles – equal to $500 in travel – once you spend $4,500 on purchases within the first 3 months from account opening
- Receive up to $100 credit for one Global Entry or TSA Pre✓® application fee
- Fly on any airline, anytime, with no blackout dates or seat restrictions
- $0 intro annual fee for the first year; $95 after that
- $0 fraud liability if your card is lost or stolen
- Free employee cards which also earn unlimited 2x miles from their purchases
- No foreign transaction fees