Get the Best Small Business Credit Cards Even if You Have Fair Credit
Are you looking for small business credit cards for fair credit? We checked out a ton of company credit cards, and did the research for you. So here are our preferences.
Per the SBA, small business credit card limits are a whopping 10 – 100 times that of personal cards!
This demonstrates you can get a lot more money with business credit. And it also shows you can have personal credit cards at retailers. So you would now have an added card at the same stores for your company.
And you will not need collateral, cash flow, or financials in order to get small business credit. Fair credit doesn’t have to be an obstacle!
Benefits vary, so make certain to choose the reward you prefer from this assortment of alternatives.
Secure Business Credit Cards for Fair Credit
Capital One® Spark® Classic for Business
For fair credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. The card gets an unlimited 1% cash back on all purchases. There is an annual fee of $0.
With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage. And you get travel and emergency assistance services.
But KEEP IN MIND: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus.
Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/
Wells Fargo Business Secured Credit Card
Take a look at the Wells Fargo Business Secured Credit Card. It charges a $25 yearly fee per card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000) and it is designed to help cardholders establish or rebuild their credit.
Choose if you want to earn 1.5% per dollar in purchases with no limits or get one point for every dollar in purchases. You also earn 1,000 bonus points for every month your company makes $1,000 in purchases on the card.
Also, you get free FICO scores every month, a great way to see if your fair credit is getting better. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed.
And you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.
APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a card for balance transfers.
Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/
Credit Builder Company Credit Cards – Improve Your Fair Credit
Discover it® Student Cash Back
Be sure to have a look at the Discover it® Student Cash Back card. It has no yearly fee. The card also offers a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.
One unique feature is that it offers an incentive for scholars to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or higher each school year, the card will award the $20 statement credit annually for up to five years.
Use this credit card to build personal credit and improve your fair credit. While this is a personal card versus a company credit card, for new credit users, their FICO scores will be important. And this card offers an outstanding way to raise FICO while also getting rewards.
You can earn 5% cash back at different places each quarter like grocery stores, gas stations, restaurants or Amazon.com up to the quarterly maximum. After that, this credit card offers unlimited 1% cash back on all purchases.
In the initial year, all cash back rewards are matched 100%.
Downsides include a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is more. And although they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.
Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html
Low APR/Balance Transfers Business Credit Cards
You may be able to improve your fair credit with a balance transfer to a card with better rates, so it pays to look.
Discover it® Cash Back
Check out the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.
After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based on the Prime Rate.
You can get 5% cash back at different places each quarter. So, these are places like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. Plus, automatically earn unlimited 1% cash back on all other purchases.
You will earn an unlimited dollar-for-dollar match of all the cash back you have gotten at the end of your first year, automatically.
Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html
Company Credit Cards with 0% APR
Improving fair credit can also take the part of getting credit cards with better rates.
Capital One® Quicksilver® Card
Have a look at the Capital One® Quicksilver® Card. It features flat-rate rewards of 1.5% on all purchases. There are no limits how many cash back rewards that cardholders can earn. Also, the card has a $0 yearly fee.
New cardholders have a 0% APR on purchases and balance transfers for the first fifteen months after starting the account. And then they have a 14.74 – 24.74% (variable) APR after that. A cash bonus of $150 is available for those who make a minimum of $500 on purchases within 3 months of account opening.
Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.
Additionally, there is a cash bonus of $150 is available to cardholders who make a minimum of $500 on purchases within 3 months of account opening.
The card also offers travel accident insurance. And you can get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.
Downsides are the flat reward rate, not permitting any more than that. And then there’s the increased APR after the initial fifteen months.
Get it here: https://www.capitalone.com/credit-cards/quicksilver/
Business Credit Cards with No Annual Fee
Improve your fair credit by avoiding annual fees.
Costco Anywhere Visa® Business Card by Citi
This card earns cash back with every purchase. Earn 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Earn 3% cash back at restaurants and on eligible travel purchases. Also, get 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.
Note: the $0 yearly fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.
Also, there is no sign-up bonus available with this card.
Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card
The Perfect Business Credit Cards for Your Fair Credit
Your outright best business credit cards hinge on your credit history and scores.
Only you can pick which features you want and need. So be sure to do your homework. What is outstanding for you could be disastrous for someone else.
And, as always, make certain to develop credit in the recommended order for the best, speediest benefits.