Published By Janet Gershen-Siegel at July 13th, 2018
Want the best business credit cards for bad credit? Need to demolish a bad credit score? We examined a ton of small business credit cards. We did the research for you. So here are our favorites.
According to the SBA, company credit card limits are a whopping 10 – 100 times those of personal cards!
This means you can get a lot more money with company credit. And it 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 will not have to put up collateral, cash flow, or financial information to get company credit.
Features vary, so make sure to pick the advantage you prefer from this variety of possibilities.
Check out the Wells Fargo Business Secured Credit Card. It enables cardholders to get a credit limit of $500 – $25,000. The amount available equates to the amount of money you supply 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 higher your annual fee will be.
This card lets small business owners with bad personal credit to obtain a card to make purchases and develop business credit.
But the card will just report to the personal credit bureaus if you default or are overdue on payments.
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 a credit score of 690 or better.
But BEAR IN MIND: the standard APR is 23.99% variable APR.
Take a look at the Business Gold Rewards Card from American Express OPEN. So you can get 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 rises to $175.
Also, check out the Business Platinum ® Card from American Express OPEN. So you can earn as much as 75,000 Membership Rewards points at the time of account opening.
Also earn 50,000 Membership Rewards points. But this is subsequent to spending $10,000.
In addition, get 25,000 more points. But that is after spending an additional $10,000 all on qualified purchases. But this is during 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 a 0% APR period, we really like the Ink Business Cash ℠ Credit Card. Also, you pay no yearly fee. It’s got an interest-free period. It has flexible cash-back rewards. There are spending limits for your 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 a yearly cap. But the normal APR is 12.24% – 20.24%. So this APR is variable.
Get it here: https://creditcard.americanexpress.com/blue/
Take a look at 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 varying categories. They include air travel, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly 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 within 60 days of account opening.
You also get 3% cash back on purchases at filling stations and office supply stores. But this is up to $250,000 per year.
Also, you get 2% cash back on purchases at restaurants. And get 1% cash back on all purchases. Also, there is no annual fee. But it is available to applicants with exceptional credit.
But you can only redeem your cash back in $25 increments.
In addition, 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 any limits.
New cardholders can also get a $200 cash bonus. But that is once they spend $3,000 on new purchases. So this is during the first three months of account opening.
New customers also get initial APR of 0% on purchases. But that is for nine months. Also, there is no yearly fee.
For Low APR/Balance Transfers Business Credit Cards, we like the U.S. Bank Business Edge Platinum. So you start 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 upon creditworthiness. There is no yearly fee. But this card is just on offer to those with great or superb 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 initial 0% APR offer. There is no yearly fee.
Right now businesses can earn double points. But this is on the first $50,000 in purchases each year.
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 during 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 3 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, which includes 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 qualified purchases. But this is up to one million additional points each year. Get five points per dollar. But this is for spending flights and prepaid hotels from the American Express Travel site.
Also, make sure to take 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 3 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 for each dollar on all of the other purchases. There is no limitation to the amount you can earn.
Your very best business credit cards for bad credit will hinge on your credit history and scores. Only you can decide which advantages you want and need. So make sure to do your homework. What is excellent for you could be disastrous for someone else.
And, as always, make certain to build credit in the recommended order for the best, fastest benefits. Check out how this will help your company get the best business credit cards for bad credit.