Published By Janet Gershen-Siegel at July 8, 2018
Written by Janet Gershen-Siegel
Quick approval business credit cards are not out of reach.
Per the SBA, company credit card limits are 10 – 100 times that of personal cards! So you can get a lot more money with company credit.
And this also means you can have personal credit cards at retail stores, and now have a second card at the same shops for your small business.
Also, you won’t have to have collateral, cash flow, or financial information to get company credit.
Advantages vary, so choose the reward you prefer from this assortment of possibilities.
Look at the Wells Fargo Business Secured Credit Card. It lets cardholders get a credit limit of $500 – $25,000. The amount offered equals the amount of money you furnish to secure the line.
Your purchase APR rate can be as low as a variable 13.15%. The yearly fee is $25. The more cards you have the more expensive your annual fee will be.
This card allows company owners with bad personal credit get a card to make purchases and develop business credit.
However, the card will just report to the personal credit agencies if you default or are overdue on payments.
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. Afterwards, the purchase APR is a variable 10.49% – 18.49%; this is dependent on creditworthiness. There is no annual fee.
This card is only offered to people with great or exceptional credit. Unfortunately, there is no rewards program for purchases.
Also, check out the Blue Business Plus Credit Card from American Express. It has a 15-month introductory 0% APR offer. The normal APR is 12.24% – 20.24% (variable).
There is no yearly fee. Right now corporations can get double points on the initial $50,000 in purchases per year.
Get it here: https://creditcard.americanexpress.com/blue/
For a 0% APR period, we really like the Ink Business Cash ℠ Credit Card. Pay no annual fee. It’s got an interest-free time period. It has flexible cash-back rewards.
There are spending limits for your employees. You must have a credit score of 690 or better.
For Fair Credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. You must have a credit score of 690 or better.
KEEP IN MIND: the ongoing APR is 23.99% variable APR.
Check out the SimplyCash Plus Business Credit Card from American Express. You can earn as much as $400 cash back. Earn a $200 statement credit after spending $5,000.
Get 5% cash back at US office supply stores and on wireless phone services from US service providers. However, this applies to first $50,000 of yearly spending.
Also get 3% cash back on the spending category of your choice. These are from eight categories. They include air travel, gas, advertising and computer purchases.
However, this applies to the first $50,000 of yearly spending. Also, 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 earn a $200 statement credit after $500 in purchases during 60 days of account opening.
You also get 3% cash back on purchases at filling stations and office supply stores. So this is up to $250,000 yearly.
And you get 2% cash back on purchases at eateries, and 1% cash back on all purchases. There is no annual fee. It is available to applicants with excellent credit. However, your cash back can only be redeemed in $25 increments.
Additionally, have a look at the Spark Cash Select from Capital One. Get 1.5% cash back on all purchases, without limitations.
New cardholders can also get a $200 cash bonus as soon as they spend $3,000 on new purchases. This is during the first three months of account opening.
New customers also get introductory APR of 0% on purchases for nine months. There is no annual fee.
Check out Business Gold Rewards Card from American Express OPEN. Get 50,000 Membership Rewards points. However, this is after $5,000 in purchases on the card in first three months.
You get three points on your choice of five categories. Also, you get twice the points on the other categories. In addition, you get one point per dollar on all other purchases.
It has a $0 annual fee for the first year, and after that your yearly fee goes up to $175.
Also, check out the Business Platinum ® Card from American Express OPEN. 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. Also, get an extra 25,000 points after spending $10,000 more on all on qualifying purchases. So this is within first three months.
Also, you can get five times the Membership Rewards points on flights and prepaid hotels on amextravel.com. Unfortunately; it has a $450 annual fee.
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 in the first three months.
Terms and limitations apply. Also earn a $50 statement credit after you make a Delta purchase in the first three months.
Earn two miles per dollar spent on purchases made straight with Delta. Earn one mile per qualified dollar spent on purchases.
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 enroll in 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. This also includes access to TSA PreCheck program.
Get one point for every dollar spent on most purchases. You get 1.5 times the points on charges of $5,000 or more on qualified purchases. This is up to one million added points yearly.
Also get five points per dollar spent buying flights and prepaid hotels from the American Express Travel site.
Also, check out the Ink Business Preferred Card from Chase. Earn 80,000 bonus points after you spend $5,000 on purchases in first three months from account opening.
Get three points per dollar on the first $150,000 spent in combined purchases. So these are on travel, shipping purchases, internet, cable and phone, advertising purchases made with social media sites and search engines. Also, this is for each account anniversary year.
Earn one point per dollar on all of the other purchases. There is no limit to how much you can earn.
Build business credit!
Small business credit is credit in a company’s name. It doesn’t tie to an owner’s personal credit, not even if the owner is a sole proprietor and the solitary employee of the small business. As a result, an entrepreneur’s business and consumer credit scores can be very different.
Because company credit is distinct from individual, it helps to secure an entrepreneur’s personal assets, in case of litigation or business bankruptcy. Also, with two distinct credit scores, a small business owner can get two different cards from the same vendor. This effectively doubles purchasing power.
Another benefit is that even startup ventures can do this. Going to a bank for a business loan can be a formula for disappointment. But building corporate credit, when done properly, is a plan for success.
Personal credit scores are dependent on payments but also various other elements like credit use percentages. But for company credit, the scores truly merely depend on if a company pays its invoices in a timely manner.
Growing company credit is a process, and it does not occur automatically. A business must actively work to establish business credit. However, it can be done readily and quickly, and it is much more efficient than developing individual credit scores. Merchants are a big part of this process.
Undertaking the steps out of order will cause repetitive denials. Nobody can start at the top with small business credit. For instance, you can’t start with store or cash credit from your bank. If you do you’ll get a denial 100% of the time.
Always use credit sensibly! Never borrow beyond what you can pay back. Keep an eye on balances and deadlines for payments. Paying off promptly and completely will do more to elevate business credit scores than almost anything else.
Growing corporate credit pays. Excellent business credit scores help a small business get loans. Your loan provider knows the corporation can pay its financial obligations. They understand the corporation is bona fide. The small business’s EIN attaches to high scores, and loan providers won’t feel the need to require a personal guarantee.
Business credit is an asset which can help your business for many years to come. Learn more here and get started toward establishing corporate credit.
Your best corporate credit cards depend on your credit history and scores. As a result, just you can determine which rewards you want and need. So make sure to do your research.
Also, as always, make sure to build credit in the established order for the highest, fastest benefits. Check out how this will help your company get quick approval business credit cards.