The primary goal of the Small Business Financial Exchange, or SBFE, is to provide accurate and complete payment information on small businesses that can be used to reflect business credit.

As a small-business owner, you’re likely making all sorts of regular payments, whether for your business credit card or to vendors you work with. If one of your lenders is a member of the SBFE, it will report your payment information to the association.

Certain SBFE-certified vendors then use this information to piece together a credit history for your small business that includes credit reports and scores. If you’re making on-time payments, this data could help you build your business credit, which could lead to increased access to credit options.

Read on for a look at how the SBFE works.

• What is the SBFE and exactly what does it do?
• What information does the SBFE collect on my business?
• Why is the SBFE important?
• How do small businesses interact with the SBFE?
• How can I find SBFE members and vendors?

What is the SBFE and exactly what does it do?

The SBFE is a nonprofit association serving small-business lenders, including banks, credit unions, credit card issuers and other lenders that offer loans or extend credit to small businesses.

The members provide your small business’s payment data to the SBFE, which then licenses the data to authorized SBFE-certified vendors, which include Dun & Bradstreet, Equifax, Experian and LexisNexis Risk Solutions.

These vendors can use the data collected to create business credit reports and credit scores. Lenders can then use these credit products to assess the credit risk of small businesses. The SBFE itself isn’t a credit bureau and doesn’t provide business credit scores or credit reports.

What information does the SBFE collect on my business?

Members submit their small-business lending data to SBFE’s database. According to Equifax, an SBFE-certified vendor, payment information can be submitted for lines of credit, term loans, SBA loans, credit cards and leases.

This information is used by SBFE-certified vendors, with additional data drawn from other sources, to build business credit reports and credit scores for small businesses. If your lender is a member of the SBFE, your information is likely included in the SBFE database.

Why is the SBFE important?

If you apply for a line of credit or other business financing, the business credit reports that the lender checks to gauge how risky it is to lend to you could include some data that was originally drawn from the SBFE.

Your payment history data can ultimately affect your ability to obtain financing for your business. Knowing what information is reported to the SBFE is one step toward understanding and building your business credit.

How do small businesses interact with the SBFE?

Your small business isn’t likely to interact directly with the SBFE. Instead, you may indirectly interact with the association if you make payments to companies that are members of the SBFE.

SBFE members submit both negative and positive account information on businesses they lend to. If you’re not seeing payment data from a lender on your business credit reports, or you’re not sure if they’re an SBFE member, contact the lending company to ask if they report to the SBFE or the business credit bureaus.

How can I find SBFE members and vendors?

Any U.S. lender that offers loans to small businesses and is able to report their data to the SBFE can become an SBFE member. The SBFE has many members, including …

• American Express
• Capital One
• PNC
• Sun Trust
• Wells Fargo

SBFE data are provided to the following certified SBFE vendors:

• Dun & Bradstreet
• Equifax
• Experian
• LexisNexis Risk Solutions

Bottom line

The SBFE provides years of historical data from some of the largest business credit card companies and commercial lenders. And the association strives to provide the best outcomes for small businesses and lenders alike, by delivering accurate payment information.

For small-business owners, payment data can play an important part in establishing business credit. It’s good to know about the SBFE, because the information it collects on your business could be essential in helping your business grow.

An employer identification number, or EIN, is a tax identification number assigned by the IRS to small businesses, corporations and other types of business entities for tax purposes.

But EINs are used for many purposes beyond taxes as well, including opening business bank accounts and applying for business credit.

If you don’t have an EIN or don’t know if you should apply for one, consider the type of business you have. Based on your situation, you may need one to file your tax returns, pay employees or handle your finances.

Read more to learn why an employer identification number is important, whether you need one or not, and how to apply.

• Who needs an employer identification number?
• How can I get an employer identification number?
• Where can you find your employer identification number?

Who needs an employer identification number?

The IRS uses your EIN to identify your business for tax administration purposes. Your small business can use an EIN to do any of the following:

• Pay federal taxes
• Pay your employees
• Open a business checking account
• Apply for business licenses and permits
• Build business credit

Some business entities, such as sole proprietors or self-employed individuals, may not be required to have an EIN. But some choose to get one anyway, to help protect themselves against identity theft or to identify as an independent contractor while working for pay.

For the purposes of building business credit, having an EIN is important because business credit-reporting bureaus can use it to report your business activities and payments.

How can I get an employer identification number?

You can get an employer identification number in one of several ways.

• Mailing or faxing a completed EIN application, Form SS-4, to the IRS
• Online using the EIN assistant
• By telephone, if you’re an international applicant

EIN’s are free, and the easiest way to get one is to apply online using the EIN Assistant at IRS.gov. The online assistant only takes a few minutes and you’ll need to complete it in one sitting because you can’t save your info and finish later.

You will receive your new EIN immediately after you submit your application. You can only apply for one EIN per day online, and the individual applying must be a responsible party for the business.

Where can you find your employer identification number?

If you think you have an EIN already but can’t find the number, the IRS suggests several ways to try retrieving it.

• Reach out to your banking institution if you’ve used your EIN to open a bank account.
• Find a prior federal tax return for your business (it should have your EIN).
• Search for the computer-generated notice provided by the IRS when you applied for the EIN.
• Contact the IRS Business & Specialty Tax Line at 1-800-829-4933.

Bottom line

An employer identification number is like a Social Security number for your business. You can use it to pay taxes, apply for business credit cards and manage your business finances.

If you’re a freelancer or sole proprietor, an EIN isn’t required — but you might find getting one helpful. For example, you can use an EIN to open your own business checking account to separate your business finances from your personal finances. And you can avoid sharing your Social Security number when working with others.

Visit IRS.gov, review the requirements carefully, and submit the necessary IRS form to obtain an employer identification number.

Whether you’re a freelancer or have your own start-up, you’ve probably wondered how to get a business credit card, especially if you’re just starting your business and don’t have any business credit yet.

For many small-business owners, a business credit card can help streamline finances while building business credit. With a business credit card, you can also earn bonuses, points and cash back on your business’s everyday purchases.

Even though there are a few differences between business and personal credit cards, the process for applying is similar. Here’s what you should do if you’re trying to get a business credit card.

How do business credit cards work?

Business credit cards are similar to personal credit cards, but they’re designed for business use instead of personal use, and the cards’ features and rewards typically reflect this difference. To apply, you may need a business credit score, but that isn’t always the case.

A business credit card may also have a higher credit limit than a personal card, and it’ll expand your business’s purchasing power in addition to helping you build business credit.

Benefits of business credit cards

Having a business card will provide you with perks specifically for your business. You can build business credit, earn rewards and use credits for business travel and expenses — all while making purchases for office supplies, employee travel, advertising, company meals or other purchases you’d already be making for your business.

If you’re running a business with multiple employees, you may be able to get a business card that offers employee cards with tracked spending and rewards earning. And if you’re running a solo operation, a business card will help you ensure your business and personal expenses are separate.

How to get a business credit card

1. Check your personal credit
2. Research business credit card options to find one that fits your needs
3. Apply for a business credit card
4. Receive your business credit card in the mail and start using it

1. Check your personal credit

Before you start the process of applying for a business credit card, check both your personal and business credit. Both can be considered when you apply. Your credit standing can affect the types of cards you’re able to qualify for. Having a strong personal credit history (with scores in the “good” to “excellent” range) may help you qualify for a business card with more-desirable perks and rewards.

Lenders may also consider other factors about both you and your business, such as …

• Business revenue
• Business expenses
• Personal income

If you don’t have business credit, you may need to work on building it before you can be approved for the best business credit cards. One way to do that is with a secured business credit card.

2. Research business credit card options to find one that fits your needs

There are several different types of business cards, so make sure to keep your business needs in mind. Consider what type of business you have and how you can maximize your rewards based on your business-spending requirements.

For example, a freelance graphic designer with monthly expenses for design software might benefit from using a business credit card with cash back for general purchases. But a business owner who travels frequently might have more use for a business card with travel rewards instead.

If you’re working on building your business credit, know that not all business credit cards report to business credit-reporting agencies. If you get a card from an issuer that doesn’t, you won’t build your business credit. Before you apply, ask the credit card company if it reports to a business credit-reporting agency.

Compare each card side-by-side so that you can make the best decision and minimize the number of cards you apply for — too many hard inquiries will impact your credit scores.

3. Apply for a business credit card

Once you’ve found the right business credit card for you, fill out an application.

Most credit card companies will accept an application online, where you’ll be provided with a decision. If you don’t receive an immediate decision, your application will be reviewed and a decision will be sent to you.

The application will likely ask for your personal and business information, including …

• Legal business name
• Business address
• Type of business
• Business phone number
• Tax identification number
• Annual business revenue
• Years in business
• Monthly business expenses
• Personal income
• Social Security number
• Date of birth

4. Receive your business credit card in the mail and start using it

If you’ve been approved, all you need to do is wait for your card to arrive in the mail. If you applied online, most credit card companies will mail your card within seven to 14 business days. Once you receive your business card, activate it and start using it.

• Carefully review the terms of any related rewards program so you can reap the maximum benefits of your business card.
• Avoid mixing personal and business-related expenses on your business credit card. Keeping these purchases separate will help you when it’s time to sort out your accounting information during tax season.

Bottom line

If you’re a self-employed freelancer or small-business owner, the right business credit card can help you build your business credit if you’re consistent with your payments and keep your utilization ratio down. But if your business doesn’t have an income yet or you don’t have business credit, be prepared to prove your creditworthiness based on your personal credit history and income.

Once you’ve received your card, use it to further grow your business and your business credit.

Frequently asked questions

Updated April 30, 2024

This date may not reflect recent changes in individual terms.

Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Written by: Latoya Scott

Pros

• Intro 0% APR for balance transfers and purchases for the first 18 billing cycles your account is open, then a variable APR of 18.24% - 29.24%
• Annual fee: $0

Cons

• To qualify for the intro APR for balance transfers, transfers must be completed within 60 days from account opening
• Balance transfer fee: An introductory fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, for balances transferred within 60 days of account opening. After that, either 5% of the amount of each transfer or $5 minimum, whichever is greater.
• No rewards or sign-up bonus

If you’re anticipating a large purchase, or another big expense comes up, it might be good to have the U.S. Bank Visa® Platinum Card in your wallet.

In the world of balance transfer credit cards, the U.S. Bank Visa® Platinum Card might not be considered the best, but it certainly has a couple of features that stand out. Here’s our take.

The rundown: Everything we like about the U.S. Bank Visa® Platinum Card

The U.S. Bank Visa® Platinum Card doesn’t come with a ton of perks, but the long intro APR on balance transfers could be helpful if you’re looking to pay off your credit card debt or consolidate balances.

And it’s got an equally long intro APR for purchases, which makes it a good option if there’s a high unexpected bill or big purchase you don’t have the cash on hand for.

For either option, just make sure you plan to pay off the balance in full before the intro APR period ends. That way you’ll get the full benefits.

Heads up: What you should consider before applying for the U.S. Bank Visa® Platinum Card

If you transfer a balance to this U.S. Bank card, you’ll pay a balance transfer fee: An introductory fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, for balances transferred within 60 days of account opening. After that, either 5% of the amount of each transfer or $5 minimum, whichever is greater. Depending on how much you plan to transfer, that could be a sizable cost.

Also, the U.S. Bank Visa® Platinum Card doesn’t come with a sign-up bonus, rewards program or cash back features that you can find with other credit cards.

Do the math: How to get the most out of the U.S. Bank Visa® Platinum Card

To get the most out of the U.S. Bank Visa® Platinum Card as a balance transfer card, you need to transfer any balances within 60 days of your account opening.

You should also be aware of the promotional APR terms, so that you don’t miss out on the main offer. When the intro APR period ends, you’ll be charged interest again on any remaining balances, whether they’re from a transfer or new purchases on the card. The new variable rate will also apply to any new or future purchases and balances transferred.

Bottom line: Is the U.S. Bank Visa® Platinum Card right for you?

If you need a balance transfer card to consolidate and pay off debt more quickly, the U.S. Bank Visa® Platinum Card isn’t your only option — and some of those other cards out there have more-comprehensive offers for balance transfers. But if you need a no-interest period to help pay off a large purchase or unforeseen expense, the long introductory rate on this card may be exactly what you need.

Still, other than the lengthy intro period, nothing else about this card is exceptional.