Published By Janet Gershen-Siegel at September 21st, 2020
Do you want the best business credit cards for bad credit in a recession? Look no further, for we have got you covered!
Per the SBA, corporate credit card limits are 10 to 100 times those of personal cards! Hence you can get a lot more cash with business credit.
It also means you can have personal charge cards at stores. You can also, now, 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 small business credit.
Check out the Brex Card for Startups. It has no annual fee.
You will not need to supply your Social Security number to apply. And you will not need to supply a personal guarantee. They will take your EIN.
However, they do not accept every industry.
Also, there are some industries they will not work with, and others where they want more documentation. For a list, go here: https://www.brex.com/legal/prohibited-restricted-activities/.
To determine creditworthiness, Brex checks a business’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.
So you can have poor credit (even a 300 FICO) to qualify.
Find it here: https://brex.com/lp/startups-higher-limits/
Check out 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, with no minimum to redeem.
While this card is within reach if you have fair credit, beware of the APR. Yet if you can pay on schedule, and in full, then it could be a bargain.
Take a look at the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. Afterwards, this card costs $95 per annum. There is no introductory APR deal. The regular APR is a variable 18.49%.
You can get a $500 one time cash bonus after spending $4,000 in the first three months from account opening. Get unlimited 2% cash back. You can redeem at any time with no minimums.
So you will need good to superb credit scores to qualify.
Your absolute best way to get your business credit cards for bad credit in a recession will hinge on your credit history and scores.
Only you can select which features you want and need. So make sure to do your homework. What is excellent for you could be downright catastrophic for others.
And, as always, make sure to develop credit in the recommended order for the best and fastest benefits. So you can get the best business credit cards for bad credit in a recession – and beyond. The economy is not going to be in trouble forever. This, too, shall pass.