Published By Janet Gershen-Siegel at February 17th, 2019
We inspected a number of company credit cards for business with fair credit. We did the research for you. So here are our favorites.
Per the SBA, business credit card limits are a whopping 10 – 100 times those of personal cards!
This means you can get a lot more cash with corporate credit. And this also means you can have personal charge cards at stores. So you would now have an additional card at the same shops for your business.
And you will not need to have collateral, cash flow, or financial information to get company credit.
Features vary, so make sure to pick the perk you prefer from this selection of options.
For Fair Credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. But you will need a credit score of 690 or higher.
But BEAR IN MIND: the standard APR is 23.99% variable APR.
At times, you might be looking for a card with different perks from fair credit. Here are some of our favorites.
For a 0% APR period, we 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 employees. But you will need a credit score of 690 or better.
For an introductory 0% APR time period, we also go for 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 ordinary business purchases up to annual cap. 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 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 straight with Delta. Also, earn one mile per qualified dollar spent on purchases.
Also, be sure to have 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 initial 3 months from account opening.
Get three points per 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 per dollar on all of the other purchases. There is no limitation to the amount you can earn.
For Low APR/Balance Transfers Business Credit Cards, we prefer the U.S. Bank Business Edge Platinum. So you begin with twelve months of 0% APR financing on new purchases and balance transfers. There is a 3% balance transfer fee.
Afterwards, 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 on offer to those with great or superb 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 initial 0% APR offer. There is no annual fee.
Right now companies can earn double points. But this is on the first $50,000 in purchases each year.
Get it here: https://creditcard.americanexpress.com/blue/
Check out the Wells Fargo Business Secured Credit Card. It allows cardholders to secure a credit limit of $500 – $25,000. The amount offered is identical to the amount of cash 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 higher your yearly fee is going to be.
This card lets company owners with poor personal credit to get a card to make purchases and develop business credit.
But the card will only report to the personal credit bureaus if you default or are behind on payments.
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 first $50,000 of yearly spending.
You also get 3% cash back on 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 annual spending.
And also you get 1% cash back on all other purchases.
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. But this is after $500 in purchases . And that is during 60 days of account opening.
You also get 3% cash back on purchases at filling stations and office supply stores. But this is as much as $250,000 per year.
Also, you get 2% cash back on purchases at eateries. And get 1% cash back on all purchases. Also, there is no yearly fee. But it is available to applicants with outstanding credit.
But you can only redeem your cash back in $25 increments.
Furthermore, 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 limitations.
New cardholders can also get a $200 cash bonus. But that is as soon as 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 annual fee.
Consider 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 5 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 annual fee for the first year. But then your annual fee increases to $175.
Your perfect corporate credit cards for business with fair credit will depend on your credit history and scores.
Only you can choose which features you want and need. So be sure to do your due diligence. What is excellent for you could be disastrous for someone else.
And, as always, make sure to build credit in the prescribed order for the most brilliant, fastest benefits.