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Published By Janet Gershen-Siegel at November 24th, 2018
Business credit cards for a bad credit history can be yours – this is foolproof!
We examined a ton of corporate credit cards. We did the research for you. So here are our favorites.
According to the SBA, business credit card limits are a whopping 10 – 100 times that of personal cards!
This means you can get a lot more money with company credit. And this also means you can have personal charge cards at shops. So you would now have a second card at the same retail stores for your company.
And you will not need collateral, cash flow, or financial information to get business credit.
Benefits vary, so be sure to pick the advantage you prefer from this variety of choices. As your credit history improves, you will undoubtedly have more options.
Check out the Wells Fargo Business Secured Credit Card. It allows cardholders to get a credit limit of $500 – $25,000. The amount offered equals the amount of funding you furnish to secure the line.
Your purchase APR rate can be as low as a variable 13.15%. And the annual fee is $25. But the more cards you have, the more expensive your annual fee will be.
This card lets business owners with bad personal credit to acquire a card to make purchases and set up business credit.
But the card will only 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 have to have a credit score of 690 or better.
But TAKE NOTE: the ongoing APR is 23.99% variable APR.
For Low APR/Balance Transfers Business Credit Cards, we prefer 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 fee.
Thereafter, the purchase APR is a variable 10.49% – 18.49%. And this depends on creditworthiness. There is no annual fee. But this card is only available to those with great or outstanding credit. But there is no rewards program for purchases.
Also, investigate the Blue Business Plus Credit Card from American Express. It has a 15-month introductory 0% APR offer. There is no annual fee.
Right now corporations can earn double points. But this is on the initial $50,000 in purchases every year.
Get it here: https://creditcard.americanexpress.com/blue/
For a 0% APR period, we prefer the Ink Business Cash ℠ Credit Card. Also, you pay no yearly fee. It’s got an interest-free time period. It has flexible cash-back rewards. There are spending limits for your employees. But you will need a credit score of 690 or higher.
For an introductory 0% APR time period, we also prefer the Blue Business ℠ Plus Credit Card from American Express. So it has an introductory 0% APR for 15 Months. Also, you can earn twice the points on day-to-day company purchases up to annual limit. But the standard APR is 12.24% – 20.24%. So this APR is variable.
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 within your 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 qualifying 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 sign up 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, including access to TSA PreCheck program. And you also get one point for every dollar spent on most 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 added points per year. Get five points per dollar. But this is for purchasing flights and prepaid hotels from the American Express Travel web site.
Also, make sure to take a look at the Ink Business Preferred Card from Chase. Earn 80,000 bonus points. But this is once you spend $5,000 on purchases. And it is within the first 3 months from account opening.
Get 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, earn one point per dollar on all of the other purchases. There is no limitation to the amount you can earn.
Take a look at the SimplyCash Plus Business Credit Card from American Express. So you can earn up to $400 cash back. Earn 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 yearly spending.
You also get 3% cash back on the spending category of your choice. So this is from eight separate categories. They include air travel, gas, advertising and computer purchases. But it applies to the first $50,000 of annual 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 get 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 gasoline stations and office supply stores. But this is up to $250,000 annually.
Also, you get 2% cash back on purchases at eateries. 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.
Furthermore, check out the Spark Cash Select from Capital One. So you get 1.5% cash back on all purchases. So this is with no limits.
New cardholders can also get a $200 cash bonus. But that is once they spend $3,000 on new purchases. So this is within 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.
Also, you get three points on your choice of five categories. In addition, get two times the points on the other categories.
Also, get one point per dollar on all other purchases. It has a $0 annual fee for the first year. But afterwards your annual fee climbs to $175.
Also, have a look at the Business Platinum ® Card from American Express OPEN. So you can get as much as 75,000 Membership Rewards points at the time of account opening.
Also get 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 qualifying purchases. But this is within the initial three months.
And also you can get five times the Membership Rewards points. So this is on flights and prepaid hotels on amextravel.com. But it has a $450 yearly fee. Yikes!
Your best business credit cards are based upon your credit history and scores. So the best business credit cards for a bad history will initially be a short list. But persevere and improve your credit, and you’ll have more options.
Only you can choose which benefits 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 prescribed order for the most remarkable, fastest benefits.