Published By Janet Gershen-Siegel at June 1st, 2021
We researched a lot of business credit cards for people with poor credit, for you. So, here are our choices.
Per the SBA, business credit card limits are a whopping 10 to 100 times that of personal credit cards!
This shows that you can get a lot more money with company credit cards.
And you are not going to need collateral, cash flow, or financials in order to get small business credit.
Benefits can vary. So, make sure to pick the benefit you would prefer from this selection of alternatives.
And always check rates on the appropriate website. a credit card issuer’s website is always going to have the most current, correct rates and terms.
Look into the Brex Card for Startups. It has no yearly fee.
You are not going to have to provide your Social Security number to apply. And you are not going to need to supply a personal guarantee. Rather, they are going to take your EIN.
Nevertheless, they do not accept every industry.
Likewise, there are some industries they are not going to work with, as well as others where they want more paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.
To determine creditworthiness, Brex will check a company’s cash balance, spending patterns, and investors.
You can get seven times the points on rideshare. Get four times the points on travel. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get equivalent points on everything else.
You can have bad credit (even a 300 FICO) to qualify.
Find it here: https://brex.com/lp/startups-higher-limits/
Have a look at the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 26.99%. You can earn unlimited 1% cash back on every purchase for your company, without any minimum to redeem.
While this card is within reach if you have average credit scores, beware of the annual percentage rate. However if you can pay on schedule, and in full, then it is a bargain.
Our Business Credit Builder is chock full of amazing business credit cards. And that includes gas credit cards for people with poor credit! These cards are for starter vendors. We know that they report to business credit reporting agencies. Whether you are new to business credit building, or have been at it for a while, it pays to get these cards.
Marathon Petroleum Company provides transportation fuels, asphalt, and specialty products throughout the United States. Their comprehensive product line supports commercial, industrial, and retail operations. This card reports to Dun & Bradstreet, Experian, and Equifax.
But before applying for multiple accounts with WEX Fleet cards, make sure to leave enough time in between applying so they do not red-flag your account for fraud.
To qualify, you are going to need:
You must supply your Social Security Number for informational purposes. If you are concerned that they are going to pull your personal credit, then be sure to talk to their credit department before applying. You can give a $500 deposit instead of using a personal guarantee if you have been in business less than a year. You can apply online. The terms are Net 15. You can get it here: marathonbrand.com.
76 is owned by Phillips 66 Company. They sell gas in more than 1,800 retail fuel sites in the United States. This card reports to Dun & Bradstreet, Experian, and Equifax. You can use this card at any P66, 76, or Conoco fueling location.
To qualify, you are going to need:
Your Social Security Number is necessary for informational purposes. If you are concerned that they are going to pull your personal credit, talk to their credit department before applying. If you are not approved based on business credit history or you have been in business less than one year, then a $500 deposit is needed or a personal guarantee (PG). You can apply online or over the phone.
The terms are Net 15. You can get it here: 76fleet.com.
Wrights Express (WEX Card) offers universal fleet cards, heavy truck cards, and universally accepted business fleet cards. These cards have features that support small business, including a rewards program.
But before applying for multiple accounts with WEX Fleet cards, make sure to leave enough time in between applying. This way, they would not red flag your account for fraud. This card reports to Dun & Bradstreet, Experian, and Equifax.
To qualify, you need:
If you do not get an approval based on business credit history, or have not been in business for one year, then a $500 deposit is needed or a personal guarantee. You can apply online or over the phone.
The terms are Net 15 (for the WEX Fleet Card), Net 26, and Revolving (for the WEX Flex Card). You can get it here: wexinc.com/solutions/fleet-management.
Your straight-out ideal company credit cards depend upon your individual circumstances.
Just you can choose which features you want and need. So, to do your research. What is outstanding for you could be disastrous for another person.
And, as always, make sure to build business credit in the recommended order for the best, speediest benefits. And then your poor credit is not going to matter at all.