Published By Janet Gershen-Siegel at May 20, 2018
Do you know how to get business credit cards for bad credit? 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.
Advantages vary, so make certain to select the reward you prefer from this selection of alternatives. Business credit cards for bad credit can have all kinds of rewards.
Have a look at 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 supply to secure the line. Your purchase APR rate can be as low as a variable 13.15%. The annual fee is $25. The more cards you have the more expensive your annual fee is going to be.
Also, this card lets small business owners with inadequate personal credit get a card to make purchases and develop business credit. The card will only report to the personal credit bureaus if you default or are late on payments. Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/
For Low APR/Balance Transfers Business Credit Cards, we like the U.S. Bank Business Edge Platinum. You start with twelve months of 0% APR financing on new purchases and balance transfers. There is a 3% balance transfer cost. After that, the purchase APR is a variable 10.49% – 18.49%; this depends upon creditworthiness. There is no yearly fee. This card is solely offered to people with great or exceptional credit. However, there is no rewards program for purchases. Get it here: https://www.usbankedge.com/credit/business-edge-platinum.do
Also, check out the Blue Business Plus Credit Card from American Express. It has a 15-month initial 0% APR offer. There is no annual fee. Right now businesses can get double points on the initial $50,000 in purchases every year. Get it here: https://creditcard.americanexpress.com/blue/
For a 0% APR time frame, we prefer the Ink Business Cash ℠ Credit Card. You pay no yearly cost. It’s got an interest-free time period. It has versatile cash-back rewards. There are spending limits for employees. You will need to have a credit score of 690 or better. Get it here: https://creditcards.chase.com/credit-cards/small-business/ink-cash
For an introductory 0% APR time period, we also go for the Blue Business ℠ Plus Credit Card from American Express. It has an introductory 0% APR for 15 Months. You can earn twice the points on everyday business purchases up to an annual cap. The normal APR is 12.24% – 20.24% (variable). Get it here: https://creditcard.americanexpress.com/blue/
For Fair Credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. You will need to have a credit score of 690 or higher. BEAR IN MIND: the standard APR is 23.99% variable APR. Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/
Take a look at the SimplyCash Plus Business Credit Card from American Express. You can earn up to $400 cash back. Get a $200 statement credit after spending $5,000. You get 5% cash back at US office supply stores and on wireless phone services bought directly from US service providers (this applies to the initial $50,000 of yearly spending).
You also get 3% cash back on spending category of your choice, from eight different categories, consisting of airfare, gas, advertising and computer purchases (applies to first $50,000 of annual spending). Additionally you get 1% cash back on all other purchases. Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279
Also, take a look at the Bank of America Business Advantage Cash Rewards MasterCard Credit Card. With it, you can earn a $200 statement credit after $500 in purchases during 60 days of account opening. You also get 3% cash back on purchases at gas stations and office supply stores (up to $250,000 annually).
Also, you get 2% cash back on purchases at eateries, and 1% cash back on all purchases. There is no yearly fee. It is available to applicants with excellent credit. Your cash back can only be redeemed in $25 increments. Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/cash-rewards-business-credit-card/
Additionally, consider the Spark Cash Select from Capital One. You get 1.5% cash back on all purchases, with no limitations. New cardholders can also get a $200 cash bonus once they spend $3,000 on new purchases during the first three months of account opening. New customers also get initial APR of 0% on purchases for nine months. There is no annual fee. Get it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/
Check out the Business Gold Rewards Card from American Express OPEN. You can get 50,000 Membership Rewards points after $5,000 in purchases on the card within first three months. You get three points on your choice of five categories, two times the points on the other categories, and one point per dollar on all other purchases. It has a $0 annual fee for the first year, and then your yearly fee rises to $175. Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-gold-rewards
Also, check out the Business Platinum ® Card from American Express OPEN. You can earn as many as 75,000 Membership Rewards points upon account opening. You can also get 50,000 Membership Rewards points after spending $10,000 and an extra 25,000 points after spending an additional $10,000 all on eligible purchases during the initial three months.
And also you can get five times the Membership Rewards points on flights and pre-paid hotels on amextravel.com. Unfortunately; it has a $450 annual fee. Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279
For Travel Points, we prefer the Gold Delta SkyMiles Business Credit Card from American Express. Get 30,000 bonus miles after you make $1,000 in purchases on your new card within your very first three months. Terms and limitations apply. In addition earn a $50 statement credit after you make a Delta purchase with your brand new card during your first three months. Earn two miles per dollar spent on purchases made directly with Delta. Earn one mile on each qualifying dollar spent on purchases. Get it here: https://www.americanexpress.com/us/small-business/credit-cards/gold-delta-skymiles/44279
Check out the Business Platinum Card from American Express. Travel benefits including access to these airport lounge networks:
You also get Gold Status when you register for the Starwood Preferred Guest program. You receive a $200 annual air travel fee credit. There is a $100 credit towards the Global Entry application fee, which includes access to TSA PreCheck program. You get one point for every dollar spent on most purchases.
Also, you get 1.5 times the points on charges of $5,000 or more on qualified purchases, up to one million additional points per year. You get five points per dollar spent purchasing flights and prepaid hotels from the American Express Travel web site. Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279
Also, make sure to take a look at the Ink Business Preferred Card from Chase. Earn 80,000 bonus points once you spend $5,000 on purchases within the initial 3 months from account opening. Also, earn three points for each dollar on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, cable and phone, advertising purchases made with social media sites and search engines. This is for each account anniversary year.
Earn one point for each dollar on all other purchases. Also, there is no limit to the amount you can earn. So get it here: https://creditcards.chase.com/credit-cards/small-business/ink-business-preferred
Your absolute best small business credit cards for bad credit hinge upon your credit history and scores. Just you can make a decision on which advantages you want and need, so be sure to do your homework. And, as always, make sure to build credit in the prescribed order for the max, fastest benefits. Check out how this will help your company get business credit cards.