Can you apply for a credit card if your business is less than 2 years old? Find out how here.

Ask Miles: Can I apply for a credit card if my business is less than 2 years old?

Can I apply for a credit card if my business is less than 2 years old?


Answer

The short answer is yes. There are a number of credit card providers that will consider an applicant who has run their business for less than 2 years. 

We highly suggest waiting out the extra time. From a lender’s perspective, a full 24 months allows lenders to assess the financial health of your business. 

Even lenders that request a minimum of 12-month trading history heavily scrutinise your personal finances. In other words, your business is high risk to the lender which is likely to result in a declined credit card application. 

Most banks will need you to supply the usual information such as financial statements, tax returns and BAS reports. In addition, some of the extra requirements are things like your accountant's contact details, asset & liability details and individual Notice of Assessment.

Some other lenders strictly will not deem your business as eligible unless you have a two-year business history. This policy protects the lender but also your business as it ensures that you are able to make the repayments if negative events affect your business.

You can read our detailed guide on how self-employed and freelancers can ace their credit card application.

Below is a summary of the banks that allow businesses with under 2 years of trading history to apply for a business credit card:

BankYesNoSpecifications
American ExpressAssessed on a case by case basis.

- Individual tax return and income details required to apply.
ANZ- Most recent personal tax return
- ATO Notice of Assessment (must be less than 18 months old).
- Your accountant’s name and contact number may also be required.
Bank of Melbourne and BankSA- ATO Notice of Assessment (must be less than 18 months old).
- Last two months of business bank account statements.
Bendigo BankAssessed on a case by case basis.

- Business needs to be trading for a minimum of 12 months.
- Provide your accountant’s name and contact details
- Details of your income, assets and liabilities. This is where your most recent tax return statement would come in handy.
Commonwealth Bank of Australia- Most recent personal tax return
- ATO Notice of Assessment (must be less than 18 months old).
HSBCYou’ll be required to provide:
- Appropriate company documentation such as financial reports and invoices.
- ATO Notice of Assessment (two most recent reports).
NAB- Recent company Profit & Loss statement,
- Balance sheet statement
- Individual tax return for business owners
- ATO itemised account.
Westpac- ATO Notice of Assessment (must be less than 18 months old).
- Last two months of business bank account statements.

Check out the full and updated list of business cards on our website.

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Disclaimer

The products, banks and companies mentioned in this Ask Miles question and answer section was correct at the time of publishing. The information published is general advice only and should not be taken as specific personal finance advice.

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