Published By Janet Gershen-Siegel at April 27, 2018
Bad Credit? Small business credit cards can be yours. But only if you know where to look. Fortunately, we have done the research for you.
According to the SBA, company credit card limits are 10 – 100 times that of personal cards! Therefore, this means you can get a lot more money with corporate credit. And it also means you can have personal charge cards at stores. Also, you would have a second card at the same stores for your business. And you will not have to put up collateral, cash flow, or financial information to get business credit.
Even with bad credit, you can still qualify for several of these cards.
Perks vary, so make sure to choose the perk you prefer from this collection of alternatives.
For a 0% APR time frame, we like the Ink Business Cash ℠ Credit Card. You pay no annual fee. It’s got an interest-free time period. It has versatile cash-back rewards. There are spending limits for your employees. You will need a credit score of 690 or better.
For an introductory 0% APR period, we also go for the Blue Business ℠ Plus Credit Card from American Express. It has an introductory 0% APR for 15 Months. You can earn double points on routine business purchases up to a yearly limit. The regular APR is 12.24% – 20.24% (variable). There is no yearly fee. Right now corporations can get double points on the first $50,000 in purchases each year.
Get it here: https://creditcard.americanexpress.com/blue/
For Fair Credit, we are partial to the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. You will need to have a credit score of 690 or higher. TAKE NOTE: the ongoing APR is 23.99% variable APR.
For Travel Points, we incline toward the Gold Delta SkyMiles Business Credit Card from American Express. Get 30,000 bonus miles after you make $1,000 in purchases on your new card within your very first three months. Terms and limitations apply. In addition earn a $50 statement credit after you make a Delta purchase during your first three months. Earn two miles per dollar spent on purchases made straight with Delta. Earn one mile on each qualified dollar spent on purchases. Get it here: https://www.americanexpress.com/us/small-business/credit-cards/gold-delta-skymiles/44279
Also, look at the Ink Business Preferred Card from Chase. Get 80,000 bonus points after you spend $5,000 on purchases within your first 3 months from account opening. Get three points per dollar on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, cable and phone, advertising purchases made with social media sites and search engines each account anniversary year. Earn one point for each dollar on all of the other purchases. There is no limitation to what you can earn.
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 air travel fee credit each year. There is a $100 credit towards the Global Entry application fee, which includes access to TSA PreCheck program. You get one point for each dollar spent on most purchases. Also, you get 1.5 times the points on charges of $5,000 or more on qualifying purchases. And this is up to one million additional points each year. You get five points per dollar spent buying flights and prepaid hotels from the American Express Travel web site.
Take a look at the Wells Fargo Business Secured Credit Card. It allows cardholders to acquire a credit limit of $500 – $25,000. The amount offered is identical to the amount of money you furnish to secure the line. Your purchase APR rate can be as low as a variable 13.15%. The yearly fee is $25. The more cards you have the more expensive your yearly fee is going to be. This card lets business owners with bad personal credit get a card to make purchases and set up business credit. However, the card will only report to the personal credit agencies if you default or are behind on payments.
Consider the SimplyCash Plus Business Credit Card from American Express. You can earn as much as $400 cash back. Earn a $200 statement credit after spending $5,000. You get 5% cash back at US office supply stores and on wireless phone services bought straight from US service providers. This applies to the first $50,000 of yearly spending. You also get 3% cash back on spending category of your choice, from eight different categories. These include air travel, gas, advertising and computer purchases. However, the 3% only applies to first $50,000 of yearly spending. Plus you get 1% cash back on all other purchases.
In addition, check out the Spark Cash Select from Capital One. You get 1.5% cash back on all purchases, without limitations. New cardholders can also get a $200 cash bonus. However, this is only once they spend $3,000 on new purchases within three months of account opening. New customers also get introductory APR of 0% for nine months. There is no yearly fee.
Also, take a look at the Bank of America Business Advantage Cash Rewards MasterCard Credit Card. With it, you can get a $200 statement credit after $500 in purchases during 60 days of account opening. You also get 3% cash back on purchases at gas stations and office supply stores (as much as $250,000 yearly). And you get 2% cash back on purchases at eateries, and 1% cash back on all purchases. There is no yearly fee. It is available to applicants with outstanding credit. Your cash back can only be redeemed in $25 increments.
Check out the Business Gold Rewards Card from American Express OPEN. You can earn 50,000 Membership Rewards points after $5,000 in purchases on the card within first three months. You get three points on your choice of five categories. And you get two times the points on the other categories. Also, get one point per dollar on all other purchases. It has a $0 yearly fee for the first year, then afterwards your yearly fee increases to $175.
Also, look at the Business Platinum ® Card from American Express OPEN. You can earn as many as 75,000 Membership Rewards points upon account opening. You can also earn 50,000 Membership Rewards points after spending $10,000. And you can get 25,000 points more after spending an added $10,000 all on qualifying purchases during the first three months. Also, get five times the Membership Rewards points on flights and prepaid hotels on amextravel.com. Unfortunately, it has a $450 annual fee.
For Low APR/Balance Transfers Business Credit Cards, we prefer the U.S. Bank Business Edge Platinum. You start 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%, which depends on creditworthiness. There is no yearly fee. This card is just available to those with great or superb credit, so it will only make sense when you improve your scores. Unfortunately, there is no rewards program for purchases.
Bad credit? Small business credit cards can still be yours. Your absolute best cards have a basis in your credit history and scores, but even bad personal credit isn’t a problem if you’ve got business credit.
Just you can figure out which advantages you want and need, so be sure to do your research. And, as always, make sure to build business credit in the recommended order for the highest, fastest benefits. Check out how this will help your company get business credit cards.