Published By Janet Gershen-Siegel at January 24th, 2019
Got bad credit? A business credit card can still be yours! We researched a lot of small business credit cards. We did the research for you. So here are our favorites.
Per the SBA, business credit card limits are a whopping 10 – 100 times that of personal cards!
This means you can get a lot more money with company credit. And this also means you can have personal credit cards at shops. So you would now have an additional card at the same shops for your company.
And you won’t have to provide collateral, cash flow, or financials in order to get business credit.
Advantages vary. So make sure to choose the benefit you prefer from this selection of alternatives.
For a 0% APR time frame, we prefer the Ink Business Cash ℠ Credit Card. Also, you pay no yearly fee. It’s got an interest-free time period. It has versatile cash-back rewards. There are spending limits for employees. But you will have to have a credit score of 690 or higher.
For an introductory 0% APR time period, we also like the Blue Business ℠ Plus Credit Card from American Express. So it has an introductory 0% APR for 15 Months. Also, you can earn twice the points on daily company purchases up to an annual limit. But the standard APR is 12.24% – 20.24%. So this APR is variable.
Get it here: https://creditcard.americanexpress.com/blue/
For Fair Credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. But you will need to have a credit score of 690 or higher.
But BEAR IN MIND: the standard APR is 23.99% variable APR.
For Travel Points, we like the Gold Delta SkyMiles Business Credit Card from American Express. Get 30,000 bonus miles. But this is after you make $1,000 in purchases on your new card. And it is within your first three months. Terms and limitations apply.
Also earn a $50 statement credit. But this is after you make a Delta purchase with your card. And it is in your first three months. Earn two miles per dollar spent on purchases made straight with Delta. Also, earn one mile per qualified dollar spent on purchases.
Check out the Business Platinum Card from American Express. Travel benefits including access to these airport lounge networks:
You also get Gold Status when you register for the Starwood Preferred Guest program. There is also a $200 yearly air travel fee credit.
There is a $100 credit towards the Global Entry application fee, which includes access to TSA PreCheck program. And you also get one point per dollar spent on the majority of purchases.
Also, you get 1.5 times the points. But this is on charges of $5,000 or more. And it is on qualified purchases. But this is up to one million more points yearly. Get five points per dollar. But this is for spending flights and prepaid hotels from the American Express Travel site.
Also, be sure to have a look at the Ink Business Preferred Card from Chase. Get 80,000 bonus points. But this is after you spend $5,000 on purchases. And it is in first three months from account opening.
Earn three points for each dollar. But this is on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, and cable and phone. It is also on advertising purchases made with social media sites and search engines. But this is for each account anniversary year.
Also, get one point per dollar on all other purchases. There is no limit to the amount you can earn.
For Low APR/Balance Transfers Business Credit Cards, we like the U.S. Bank Business Edge Platinum. So you start off with twelve months of 0% APR financing on new purchases and balance transfers. There is a 3% balance transfer fee.
After that, the purchase APR is a variable 10.49% – 18.49%. And this depends upon creditworthiness. There is no yearly fee. But this card is just on offer to those with great or excellent credit. But there is no rewards program for purchases.
Also, investigate the Blue Business Plus Credit Card from American Express. It has a 15-month initial 0% APR offer. There is no yearly fee.
Right now corporations can earn double points. But this is on the initial $50,000 in purchases per year.
Get it here: https://creditcard.americanexpress.com/blue/
Check out the Wells Fargo Business Secured Credit Card. It enables cardholders to obtain a credit limit of $500 – $25,000. The amount offered equals the amount of funding you provide to secure the line.
Your purchase APR rate can be as low as a variable 13.15%. And the yearly fee is $25. But the more cards you have, the more expensive your yearly fee is going to be.
This card lets small business owners with bad personal credit to get a card to make purchases and establish business credit.
But the card will only report to the personal credit bureaus if you default or are late on payments.
Consider the SimplyCash Plus Business Credit Card from American Express. So you can earn as much as $400 cash back. Get a $200 statement credit. But this is after spending $5,000.
Also, get 5% cash back at US office supply stores and on wireless phone services. So these must be bought from US service providers. But this applies to the first $50,000 of annual spending.
You also get 3% cash back on the spending category of your choice. So this is from eight distinct categories. They include air travel, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly spending.
And also you get 1% cash back on all other purchases.
Also, check out the Bank of America Business Advantage Cash Rewards MasterCard Credit Card.
With it, you can get a $200 statement credit. But this is after $500 in purchases . And that is within 60 days of account opening.
You also get 3% cash back on purchases at gas stations and office supply stores. But this is up to $250,000 per year.
Also, you get 2% cash back on purchases at eateries. And get 1% cash back on all purchases. Also, there is no yearly fee. But it is on offer to applicants with excellent credit.
But you can only redeem your cash back in $25 increments.
Additionally, have a look at the Spark Cash Select from Capital One. So you get 1.5% cash back on all purchases. So this is without limits.
New cardholders can also get a $200 cash bonus. But that is once they spend $3,000 on new purchases. So this is within three months of account opening.
New customers also get introductory APR of 0% on purchases. But that is for nine months. Also, there is no annual fee.
Take a look at the Business Gold Rewards Card from American Express OPEN. So you can earn 50,000 Membership Rewards points. But this is after $5,000 in purchases on the card within first three months.
Also, you get three points on your choice of five categories. In addition, get two times the points on the remaining categories.
Also, get one point per dollar on all other purchases. It has a $0 yearly fee for the first year. But then your yearly fee goes up to $175.
Also, take a look at the Business Platinum ® Card from American Express OPEN. So you can earn as many as 75,000 Membership Rewards points at the time of account opening.
Also get 50,000 Membership Rewards points. But this is after spending $10,000.
In addition, get 25,000 more points. But that is after spending an added $10,000 all on eligible purchases. But this is within the first three months.
Also you can get five times the Membership Rewards points. So this is on flights and prepaid hotels on amextravel.com. But it has a $450 yearly fee. Yikes!
Bad credit? A business credit card can still be yours. Eligibility is based upon your credit history and scores.
Only you can make a decision on which benefits you want and need. So be sure to do your homework. What is excellent for you could be disastrous for someone else.
And, as always, make sure to build credit in the established order for the most brilliant, fastest benefits.