Published By Janet Gershen-Siegel at January 7th, 2021
Do you know how to get business credit cards for bad credit in a recession? According to the SBA, small business credit card limits are 10 – 100 times those of personal cards! This means you can get a lot more money with business credit. And it also means you can have personal credit cards at shops, and now have an additional card at the same retail stores for your business. And you won’t need collateral, cash flow, or financial information to get small business credit.
In a recession, banks are understandably less inclined to loan. So get your funding on credit! Check out our stellar choices.
Look into 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 provide a personal guarantee. They will take your EIN.
Nevertheless, they do not accept every industry.
Additionally, there are some industries they will not work with, as well as others where they want more documentation. For a list, go here: https://brex.com/legal/prohibited_activities/.
To determine creditworthiness, Brex checks a company’s cash balance, spending patterns, and investors.
You can get 7x points on rideshare. Get 4x on Brex Travel. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.
You can have poor credit (even a 300 FICO) to qualify.
Find it here: https://brex.com/lp/startups-higher-limits/
Take a look at the Ink Business Unlimited℠ Credit Card. Past no annual fee, get an introductory 0% APR for the initial twelve months. After that, the APR is a variable 14.74 – 20.74%.
You can earn unlimited 1.5% Cash Back rewards on every purchase made for your company. And get $500 bonus cash back after spending $3,000 in the first 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. You will need excellent credit scores to receive this card.
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. However if you can pay in a timely manner, and completely, then it’s a bargain.
Take a look at the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. After that, this card costs $95 annually. There is no introductory APR offer. The regular APR is a variable 18.49%.
You can get a $500 one-time cash bonus after spending $4,000 in the first 3 months from account opening. Get unlimited 2% cash back. Redeem at any time with no minimums.
You will need good to outstanding credit scores to qualify.
Have a look at the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can get. Also get a one-time $200 cash bonus when you spend $3,000 on purchases in the initial 3 months. Rewards never expire.
So you pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR after that.
You will need great to outstanding credit scores to qualify.
Your absolute best way to apply for 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 catastrophic for others.
So, as always, make sure to develop credit in the recommended order for the best, speediest benefits.
The economy is bound to change again – and your chances to get these cards will increase. Then you can apply for business credit cards for bad credit in a recession, and beyond!