Published By Janet Gershen-Siegel at June 23rd, 2020
Every entrepreneur should know about these 7 recession-beating credit cards for business! Despite COVID-19, you can get these cards!
Benefits can vary. So, make sure to choose the benefit you would like from this selection of alternatives.
Look into the Brex Card for Startups. It has no annual fee.
You will not need to provide your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN.
Nonetheless, they do not accept every industry.
Additionally, there are some industries they will not work with, and others where they want added documentation. For a list, go here: https://brex.com/legal/prohibited_activities/.
To determine creditworthiness, Brex checks a corporation’s cash balance, spending patterns, and investors.
You can get 7x points on rideshare. Get 4x on Brex Travel. Also, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.
You can have bad credit (even a 300 FICO) to qualify.
Find it here: https://brex.com/lp/startups-higher-limits/
Take a look at the Capital One® Spark® Classic for Business. It has no yearly fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your company, without minimum to redeem.
Check out the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the initial 12 months. After that, the APR is a variable 14.74 – 20.74%.
You can get unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the initial three months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. You will need outstanding credit scores to qualify for this card.
Check out the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the initial year. After that, this card costs $95 annually. There is no introductory APR offer. The regular APR is a variable 18.49%.
You can get a $500 one-time cash bonus after spending $4,000 in the first 3 months from account opening. Get unlimited 2% cash back. Redeem any time without minimums.
You will need great to exceptional credit scores to qualify.
Take a look at the Plum Card® from American Express. It has an initial annual fee of $0 for the first year. Afterwards, pay $250 annually.
Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.
You will need great to excellent credit scores to qualify.
Take a look at the Capital One® Spark® Cash Select for Business. It has no annual fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can get. Also earn a one-time $200 cash bonus as soon as you spend $3,000 on purchases in the initial three months. Rewards never expire.
Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR after that.
You will need great to superb credit to qualify.
For a great sign-up offer and bonus categories, check out the Ink Business Preferred℠ Credit Card.
Pay an annual fee of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.
Get 100,000 bonus points after spending $15,000 in the initial 3 months after account opening. This works out to $1,250 toward travel rewards if you redeem using Chase Ultimate Rewards.
Get three points per dollar of the first $150,000 you spend with this card. So this is for purchases on travel, shipping, internet, cable, and phone services. Plus it includes advertising purchases made with social media sites and search engines each account anniversary year.
You can get 25% more in travel redemption when you redeem for travel through Chase Ultimate Rewards. You will need a great to excellent FICO score to qualify.
For no yearly fee while still getting travel rewards, check out this card from Bank of America. It has no yearly fee and a 0% introductory APR for purchases during the first nine billing cycles. Afterwards, its regular APR is 13.74 – 23.74% variable.
You can get 30,000 bonus points when you make at least $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.
Earn unlimited 1.5 points for each $1 you spend on all purchases, everywhere, every time. And this is regardless of how much you spend.
Likewise earn 3 points per every dollar spent when you schedule your travel (car, hotel, airline) through the Bank of America® Travel Center. There is no limit to the number of points you can get and points do not expire.
You will need outstanding credit scores to get this one (as in, 700s or better).
Your very best 7 recession-beating credit cards for business will hinge upon your credit history and scores. Only you can determine which advantages you want and need, so be sure to do your research. And, as always, make certain to build credit in the recommended order for the max, fastest benefits. The COVID-19 situation will not last forever.