Published By Janet Gershen-Siegel at September 14th, 2020
Do you have bad credit in a recession? You can get business cards and build credit – so don’t worry. Yes, even in a bad economy.
Per the SBA, small business credit card limits are 10 – 100 times that of personal credit cards.
This reveals you can get a lot more cash with business credit. And it also means you can have personal credit cards at stores. So you would now have an added card at the same retail stores for your company.
And you will not need collateral, cash flow, or financials in order to get small business credit.
Benefits can vary. So, make certain to pick the perk you like from this choice of options.
Check out the Brex Card for Startups. It has no yearly fee.
You will not need to provide your Social Security number to apply. And you will not need to supply a personal guarantee. They will take your EIN.
Nonetheless, they do not accept every industry.
Likewise, there are some industries they will not work with, as well as others where they want more documentation. For a list, go here: https://www.brex.com/legal/prohibited-restricted-activities/.
You can get 7x points on rideshare. Get 4x on Brex Travel. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.
You can have bad credit scores (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 annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can get unlimited 1% cash back on every purchase for your company, with no minimum to redeem.
While this card is within reach if you have fair credit scores, beware of the APR. However if you can pay on time, and in full, then it is a bargain.
Have 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 earn. Also get a one-time $200 cash bonus when you spend $3,000 on purchases in the first three months. Rewards never expire.
Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.
You will need great to outstanding credit scores to qualify.
Have a look at the Blue Business® Plus Credit Card from American Express. It has no annual fee. There is a 0% introductory APR for the first year. Afterwards, the APR is a variable 14.74 – 20.74%.
Get double Membership Rewards® points on day to day business purchases like office supplies or client dinners for the initial $50,000 spent annually. Get 1 point per dollar afterwards.
You will need good to outstanding credit scores to qualify.
Take a look at the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the initial year. Afterwards, this card costs $95 each year. 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 initial three months from account opening. Get unlimited 2% cash back. Redeem any time with no minimums.
You will need good to excellent credit to qualify.
Have a look at the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for year. After that the regular APR is a variable 14.49 – 22.49%.
Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.
You can download transactions| easily to Quicken, QuickBooks, and Excel. Note: you will need great to outstanding credit to get approval for this card.
Take a look at the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the initial year. Afterwards, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first three months from account opening.
You can get 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year.
Get 2% cash back on the first $25,000 spent in combined purchases at filling stations and restaurants each account anniversary year. Get 1% cash back on all other purchases. There is no restriction to the amount you can get.
You will need superb credit scores to get approval for this card.
Check out the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no yearly fee. You can get a $300 statement credit offer.
Get 3% cash back in the category of your choice. So these are gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. After that get 1% after, with no limits.
You will need outstanding credit scores to qualify.
Find it here: https://promo.bankofamerica.com/smallbusinesscards2/
For no yearly fee while still getting travel rewards, have a look at this card from Bank of America. It has no annual fee and a 0% introductory APR for purchases during the first 9 billing cycles. After that, 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.
Get unlimited 1.5 points for every $1 you spend on all purchases, everywhere, every time. And this is despite how much you spend.
Likewise get 3 points per every dollar spent when you schedule your travel (car, hotel, airline) via the Bank of America® Travel Center. There is no limit to the number of points you can earn and points do not expire.
You will need superb credit scores to get this one (as in, 700s or better).
Your absolute best business credit cards hinge on your credit history and scores, even if you have bad credit in a recession.
Only you can select which features you want and need. So be sure to do your homework. What is excellent for you could be disastrous for another person.
And, as always, be sure to develop credit in the recommended order for the best, quickest benefits. The current situation will not last forever.