Published By Janet Gershen-Siegel at July 13th, 2018
According to the SBA, company 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.
With this card, you can, “take control of your credit history and help rebuild your credit”. Request your own credit limit between $2,000 and $100,000, in multiples of $50, when you apply. Your credit limit is subject to credit approval and a security deposit.
Your security deposit is 110% of the amount of your credit limit. And you will earn interest on your security deposit. But there is a $39 annual fee. Pay a variable 20.24% APR on purchases and balance transfers based on the Prime Rate.
Get it here: https://www.fnbo.com/small-business/credit-cards/
A Wells Fargo business checking or savings account must be open before applying. Upon approval, your funds will be transferred from the deposit account to fund the credit line
Get a $500 to $25,000 credit line, based on the amount of funds deposited by you as security in a collateral account. Pay no annual fee, and no foreign transaction fee.
You can get up to 10 employee cards. Pay prime + 11.90% APR on purchases. And pay prime + 20.74% APR on cash advances. Cash advance or balance transfer fees may apply.
Choose between Cash Back or Rewards Points. There is no annual rewards program fee. And there are no required spending categories or caps. Earn 1.5% cash back for every $1 spent on net purchases. You can receive cash back automatically as a credit to your account or to your eligible checking or savings account each quarter.
If you choose rewards points, you will earn 1 point for every $1 spent on net purchases. Get 1,000 bonus points when your company spends $1,000 or more in any monthly billing period. Redeem points for gift cards, merchandise, airline tickets and more. Get a 10% points credit when you redeem points online. And you can earn extra bonus points or discounts from Earn More Mall® retailers.
Wells Fargo reports your payment and usage behavior to the Small Business Financial Exchange. Payment and usage activity of the Wells Fargo Business Secured card is not reported to the consumer credit bureaus, therefore it will not help build or rebuild personal credit history.
Wells Fargo will periodically review your account and recent credit history for an opportunity to upgrade to an unsecured business credit card. You may become eligible with responsible use over time. Being able to upgrade to an unsecured business credit card also depends on your FICO score, payment history and ratio of credit card usage to credit limit.
For fair credit, we like the Capital One Spark Classic for Business.
Earn 1% cash back with every purchase, with no minimums. Pay no annual fee. But you will pay a 26.99% variable APR for both purchases and cash advances. The minimum credit line you can get is $300.
The cash back percentage is low, and the interest rate is higher than for the other cards reviewed. But if your credit is only fair, or you don’t have a very long credit history, this card could be right for you.
With this card, you can, “start building credit for your business”. Get up to a $25,000 secured credit limit. You will pay a 13.99% variable APR on purchases and balance transfers. And pay a 5% balance transfer fee on each transfer, with a minimum of $10.
There is a 25.25% APR for cash advances. And there is a $30 annual fee. Also, Union Bank will demand immediate payment in full, if you use this business credit card for personal, family, or household purposes.
Your very best biz credit cards 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.