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Published By Janet Gershen-Siegel at October 25th, 2018
Do you have bad credit? Credit cards for business are not out of your reach. We did the research for you. So here are our favorites.
Per the SBA, corporate credit card limits are a whopping 10 – 100 times those of personal cards!
This means you can get a lot more cash with company credit. And this also means you can have personal charge cards at shops. Also, you would now have an additional card at the same retail stores for your small business.
And you won’t have to have collateral, cash flow, or financials to get corporate credit.
Advantages vary. So make certain to pick the reward you prefer from this selection of alternatives.
For Low APR/Balance Transfers Business Credit Cards, we prefer the U.S. Bank Business Edge Platinum. So you begin with twelve months of 0% APR financing on new purchases and balance transfers. There is a 3% balance transfer cost.
Afterwards, the purchase APR is a variable 10.49% – 18.49%. And this depends on creditworthiness. There is no annual fee. But this card is solely on offer to people with great or outstanding credit. But there is no rewards program for purchases.
Also, have a look at the Blue Business Plus Credit Card from American Express. It has a 15-month introductory 0% APR offer. There is no yearly fee.
Right now corporations can earn double points. But this is on the first $50,000 in purchases per year.
Get it here: https://creditcard.americanexpress.com/blue/
Check out the Wells Fargo Business Secured Credit Card. It allows cardholders to get a credit limit of $500 – $25,000. The amount available equates to the amount of cash you offer to secure the line.
Your purchase APR rate can be as low as a variable 13.15%. And the annual fee is $25. But the more cards you have, the more expensive your annual fee will be.
This card lets small business owners with poor personal credit to get a card to make purchases and set up business credit.
But the card will only report to the personal credit agencies if you default or are late on payments.
For a 0% APR time frame, we like the Ink Business Cash ℠ Credit Card. Also, you pay no annual cost. It’s got an interest-free period. It has flexible cash-back rewards. There are spending limits for employees. But you will have to have a credit score of 690 or better.
For an introductory 0% APR 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 double points on everyday company expenses up to an annual cap. But the regular APR is 12.24% – 20.24%. So this APR is variable.
Get it here: https://creditcard.americanexpress.com/blue/
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 very first three months. Terms and limitations apply.
In addition 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 directly 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 receive 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, including access to TSA PreCheck program. And you also get one point for every 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 qualifying purchases. But this is up to one million added points annually. Get five points per dollar. But this is for spending flights and prepaid hotels from the American Express Travel site.
Also, make sure to check out the Ink Business Preferred Card from Chase. Earn 80,000 bonus points. But this is after you spend $5,000 on purchases. And it is within the 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 of the other purchases. There is no restriction to the amount you can earn.
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 first $50,000 of yearly spending.
You also get 3% cash back on spending category of your choice. So this is from eight separate categories. They include air travel, gas, advertising and computer purchases. But it applies to the first $50,000 of annual spending.
Plus 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 earn a $200 statement credit. But this is after $500 in purchases . And that is during 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 annually.
Also, you get 2% cash back on purchases at restaurants. And get 1% cash back on all purchases. Also, there is no yearly fee. But it is available to applicants with exceptional credit.
But you can only redeem your cash back in $25 increments.
Furthermore, check out 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 as soon as they spend $3,000 on new purchases. So this is during the first 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.
Check out 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 other categories.
Also, get one point per dollar on all other purchases. It has a $0 annual fee for the first year. But after that your yearly fee rises to $175.
Also, have 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 earn 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 qualifying purchases. But this is within the first three months.
And also you can get five times the Membership Rewards points. So this is on airline flights and prepaid hotels on amextravel.com. But it has a $450 yearly fee. Yikes!
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 better.
But KEEP IN MIND: the standard APR is 23.99% variable APR.
Your perfect bad credit cards for business have a basis in your credit history and scores.
Just you can determine which perks you want and need. So make sure to do your research.
And, as always, make certain to build credit in the established order for the best, fastest benefits.