Question 1

What are the benefits of a business credit card?

Accepted Answer

Business credit cards offer rewards on business purchases, higher spending limits, employee card options, and easy expense tracking. Look for information about WaFd credit cards above.

Question 2

Are business credit card expenses tax-deductible?

Accepted Answer

Interest, fees, and business expenses you pay with your business credit card may qualify as tax write-offs, check with a tax professional to understand what those are.

Question 3

Do business credit cards affect my personal score?

Accepted Answer

WaFd's Small Business Cash Back Credit Card does. While the card is for business use, your personal credit will be checked when applying.

Question 4

How can I apply for a credit card?

Accepted Answer

Simply visit your local branch to start your application. Please note you must have an active WaFd banking relationship with a positive account balance and make regular deposits; or loan account must be current, for a minimum of one year at the time of application.

Question 5

My application is being reviewed. When will I be approved?

Accepted Answer

Generally, we begin manually reviewing applications the next business day. If we have additional questions, we'll reach out to you. Usually, the review can take a week or so, but sometimes can take a couple of weeks.

Question 6

I was not approved. Why?

Accepted Answer

Your credit card application underwent a thorough decisioning process based on the following:

Your credit history
Underwriting standards
Bank's risk policies

Our decision may have been based in whole or in part on information obtained in a report from a consumer reporting agency. The reporting agency played no part in our decision and is unable to supply specific reasons why we have denied credit to you. Those who are denied will receive a letter in the mail defining the reasons for the denial.

Question 7

Can I still apply for a WaFd Bank credit card if I&#x27;m retired or unemployed?

Accepted Answer

Yes, you can apply. If you've been retired or unemployed for less than two years, the following information is required.

Previous employment
Occupation
Employer name
Duration

Question 8

Can I have more than one WaFd Bank credit card?

Accepted Answer

You may qualify for multiple card products. However, Community Banking Cash Bank cardholders are limited to one open credit card per business, up to two businesses per client. Total maximum aggregate credit line amount must equal the total qualifying amount of the individual.

Question 9

Can I get a business credit card if I&#x27;m self-employed or a sole proprietor?

Accepted Answer

Yes! We welcome applications for a WaFd business credit card from those who are self-employed or a sole proprietor.

Question 10

Can a new LLC get a business credit card?

Accepted Answer

It depends on how long you've been in business, among other factors. Please work with a WaFd banker to understand requirements and what you need for the best odds of approval.

Question 11

Is a guarantor required to apply for the Commercial Preferred Credit Card?

Accepted Answer

A guarantor may be required depending on the credit profile of the business.

Question 12

How does the virtual card option work?

Accepted Answer

Virtual cards allow you to authorize and control company spending securely, giving flexibility to employees without sacrificing oversight.

Question 13

Can we issue both physical and virtual cards?

Accepted Answer

Yes. WaFd provides physical cards and can issue virtual cards upon request for projects, departments, or secure transactions.

Question 14

What controls are available for Purchasing cardholders?

Accepted Answer

Admins can set individual credit limits, restrict usage by merchant category code, and adjust or cancel cards instantly through the online portal.

Question 15

I&#x27;m concerned about fraud. What can I do to protect my account?

Accepted Answer

WaFd Bank is always looking for ways to implement new protections to keep your accounts secure. Our fraud vendor may send out fraud alerts related to your account to verify whether a transaction was fraudulent or not. The SMS number you can expect a fraud alert from is 86975. Ensure your mobile phone number is updated on your account to receive alerts for seamless usage. You can find additional information regarding fraud tools and services on the Visa Security and Fraud Prevention website.

WaFd Bank Small Business Credit Card

Frequently Asked Questions

General Questions

Application

Virtual Cards: Commercial Preferred Solution and Purchasing Credit Cards

About Your Credit Card Account & Payments

About Your Card

Cashback Rewards

Authorized Users