Published By Janet Gershen-Siegel at March 20th, 2019
We researched a number of business credit cards. We did the research for you. So here are our favorites. Get a secured business credit card and build credit – and stop worrying about funding!
Per 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 charge cards at stores. So you would now have a second card at the same retail stores for your company.
Also, you won’t have to put up collateral, cash flow, or financial information to get small business credit.
Perks vary. So make sure to pick the perk you prefer from this selection of choices.
For Fair Credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. But you will need to have a credit score of 690 or better.
But BEAR IN MIND: the ongoing APR is 23.99% variable APR.
For a 0% APR time period, we like the Ink Business Cash ℠ Credit Card. Also, you pay no yearly cost. It’s got an interest-free period. It has flexible cash-back rewards. There are spending limits for employees. But you will need to have a credit score of 690 or better.
Check out the Wells Fargo Business Secured Credit Card. It enables cardholders to obtain a credit limit of $500 – $25,000. The amount offered equals the amount of money you offer to secure the line.
Your purchase APR rate can be as low as a variable 13.15%. And the yearly fee is $25. But the more cards you have, the higher your yearly fee will be.
This card lets small business owners with poor personal credit to acquire a card to make purchases and build business credit.
But the card will just report to the personal credit bureaus if you default or are late on payments.
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 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 three months. Earn two miles per dollar spent on purchases made straight with Delta. Also, earn one mile per qualifying dollar spent on purchases.
For Low APR/Balance Transfers Business Credit Cards, we prefer the U.S. Bank Business Edge Platinum. So you start with twelve months of 0% APR financing on new purchases and balance transfers. There is a 3% balance transfer fee.
After that, the purchase APR is a variable 10.49% – 18.49%. And this is dependent on creditworthiness. There is no yearly fee. But this card is solely on offer to those with great or exceptional credit. But there is no rewards program for purchases.
Take a look at the SimplyCash Plus Business Credit Card from American Express. So you can earn up to $400 cash back. Get a $200 statement credit. But this is after spending $5,000.
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 annual spending.
You also get 3% cash back on the spending category of your choice. So this is from eight different categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of annual spending.
In addition you get 1% cash back on all other purchases.
A terrific secured business credit card for you has a basis in your credit history and scores. Just you can decide which perks you want and need. So make sure to do your homework.
And, as always, make sure to build credit in the prescribed order for the optimum, fastest benefits.