In today’s competitive business landscape, having access to credit can be crucial for entrepreneurs and small businesses to fuel growth and manage cash flow effectively. Business credit cards are a popular financial tool that provides businesses with a revolving line of credit, making it convenient to make purchases, track expenses, and build a credit history separate from personal finances. However, not all business credit cards are easy to obtain, especially for those with limited credit history or lower credit scores.
This expert article aims to guide entrepreneurs and small business owners in finding easy-to-get business credit cards that are accessible even with less-than-perfect credit. By exploring the factors to consider when choosing such cards, highlighting top options available, providing application tips, and discussing alternative financing options, this article will empower business owners to make informed decisions and take advantage of credit opportunities that align with their needs.
Whether you’re a startup founder looking to establish credit or a small business owner seeking financial flexibility, understanding the landscape of easy-to-get business credit cards can open doors to opportunities and propel your business towards success.
Factors to Consider When Choosing Easy-to-Get Business Credit Cards
When searching for easy-to-get business credit cards, it’s essential to consider several factors that can influence your eligibility and the overall suitability of the card for your business. By evaluating these factors, you can make informed decisions and increase your chances of securing a credit card that meets your needs. Here are the key factors to consider:
Credit score requirements:
- Understand the minimum credit score required by the credit card issuer.
- Look for credit cards that cater to individuals with fair or average credit scores, as they may be more accessible.
Income and revenue requirements:
- Evaluate the income and revenue criteria set by the credit card issuer.
- Some cards may have lower income requirements, making them more suitable for smaller businesses or startups.
Business age and documentation:
- Determine if the credit card issuer requires a minimum business age.
- Check the documentation needed, such as business registration, tax identification number, or financial statements.
Collateral or personal guarantee:
- Assess if the credit card requires collateral or a personal guarantee.
- Secured credit cards may be easier to obtain, as they are backed by a deposit or asset.
Annual fees and interest rates:
- Compare the annual fees associated with the credit card.
- Consider the interest rates charged on purchases and cash advances, as higher rates can impact your costs over time.
By carefully considering these factors, you can identify business credit cards that align with your financial profile and business requirements. Remember, each credit card issuer may have different criteria, so it’s important to research and compare multiple options to find the best fit for your business.
Top Easy-to-Get Business Credit Cards
When it comes to easy-to-get business credit cards, several options are available that cater to entrepreneurs and small business owners with limited credit history or lower credit scores. Here are the top choices worth considering:
Capital One Spark Classic for Business
Capital One Spark Classic for Business is a highly accessible business credit card option designed for entrepreneurs and small business owners who have average or fair credit scores. It offers a range of features and benefits that make it an attractive choice for those looking for an easy-to-get business credit card. Here’s an overview of the card’s key aspects:
- Credit Score Accessibility:
- The Capital One Spark Classic for Business is specifically tailored for individuals with average credit scores, providing an opportunity for business owners with less-than-perfect credit to obtain a credit card.
- No Annual Fee:
- One of the notable advantages of this card is that it does not have an annual fee. This feature helps keep costs low for businesses, particularly for those who are just starting or have limited budgets.
- Cash Back Rewards:
- Cardholders earn 1% cash back on all purchases made with the Capital One Spark Classic for Business. This rewards program allows businesses to save on their everyday expenses, adding value to their overall financial management.
- Building Credit History:
- Responsible usage of this credit card can contribute to building a positive credit history. Making timely payments and keeping credit utilization in check can improve creditworthiness over time, enabling access to better credit options in the future.
- Expense Tracking and Reporting Tools:
- Capital One provides useful expense tracking and reporting tools that help business owners monitor their spending, categorize expenses, and simplify bookkeeping processes. These tools enhance financial organization and management for businesses of all sizes.
- Additional Benefits:
- The Capital One Spark Classic for Business offers additional perks such as fraud protection, 24/7 customer service, and customized payment due dates to accommodate business cash flow needs.
It’s important to note that while the Capital One Spark Classic for Business is accessible for those with average credit, approval is subject to creditworthiness and other factors determined by Capital One. Applicants may be required to provide business documentation during the application process.
Overall, the Capital One Spark Classic for Business stands out as an easy-to-get business credit card that offers practical benefits for entrepreneurs and small business owners. Its emphasis on accessibility, combined with cash back rewards and expense management tools, makes it a valuable financial tool for those looking to establish or rebuild their credit while effectively managing their business expenses.
Wells Fargo Business Secured Credit Card
The Wells Fargo Business Secured Credit Card is a notable option among easy-to-get business credit cards, particularly for individuals with limited credit history or lower credit scores. This secured credit card offers several features and benefits that cater to the needs of business owners looking to build or rebuild their credit. The key aspects of the Wells Fargo Business Secured Credit Card are:
- Secured Credit Card:
- The Wells Fargo Business Secured Credit Card is a secured credit card, which means it requires a collateral deposit that determines your credit line. This deposit provides the bank with security in case of non-payment.
- Building Credit History:
- One of the primary advantages of this card is its ability to help businesses establish or rebuild their credit history. By using the card responsibly and making timely payments, cardholders can demonstrate creditworthiness and improve their credit scores over time.
- No Minimum Credit Score Requirement:
- Unlike many traditional business credit cards, the Wells Fargo Business Secured Credit Card does not have a specific minimum credit score requirement. This makes it accessible to individuals with lower credit scores who may have difficulty obtaining other types of credit cards.
- Credit Limit Increase:
- As your creditworthiness improves, Wells Fargo may offer opportunities to increase your credit limit. This can provide greater flexibility for business expenses and reflect your business’s growth.
- Reporting to Credit Bureaus:
- Wells Fargo reports cardholder activity to major credit bureaus, allowing responsible card usage to positively impact your credit history. This helps establish a solid credit profile for your business.
- Online Account Management:
- The Wells Fargo Business Secured Credit Card offers convenient online account management tools. Cardholders can easily monitor transactions, make payments, and access account statements, simplifying financial management tasks.
It’s important to note that while the Wells Fargo Business Secured Credit Card is designed for those with limited credit history, applicants will still need to meet certain eligibility requirements and provide business documentation during the application process. The collateral deposit required for this card will depend on the credit limit desired.
Overall, the Wells Fargo Business Secured Credit Card provides an accessible and responsible option for business owners who are looking to establish or rebuild their credit. It offers the opportunity to demonstrate creditworthiness while benefiting from the convenience and financial flexibility of a business credit card.
Chase Ink Business Cash Credit Card
The Chase Ink Business Cash Credit Card is an excellent choice for business owners seeking an easy-to-get credit card with attractive features and rewards. Designed specifically for small businesses, this card offers several benefits that make it a popular option. Here’s an overview of the primary features of the Chase Ink Business Cash Credit Card:
- Small Business Focus:
- The Chase Ink Business Cash Credit Card is tailored to the needs of small businesses, catering to their unique spending patterns and financial requirements.
- No Annual Fee:
- One of the standout advantages of this card is that it has no annual fee. This allows business owners to access credit card benefits and rewards without incurring additional costs.
- Cash Back Rewards:
- Cardholders can earn cash back on various business-related categories, such as office supplies, internet, cable, and phone services, as well as dining and gas stations. This rewards program provides an opportunity to save on essential business expenses.
- Introductory 0% APR:
- The Chase Ink Business Cash Credit Card offers a 0% introductory APR on purchases for a limited period. This feature allows business owners to make interest-free purchases, providing financial flexibility and helping to manage cash flow.
- Employee Cards:
- Business owners can request employee cards for their team members at no additional cost. This allows for easy expense tracking and helps streamline business spending.
- Flexible Credit Requirements:
- While a good to excellent credit score is recommended, the Chase Ink Business Cash Credit Card may still be accessible for individuals with fair credit scores. This makes it an attractive option for those with a moderate credit history.
- Business Management Tools:
- Chase provides a suite of business management tools to assist cardholders. This includes features such as expense tracking, account alerts, and the ability to integrate with popular accounting software.
It’s important to note that the specific approval criteria for the Chase Ink Business Cash Credit Card may vary based on factors such as creditworthiness, income, and business documentation. However, compared to other business credit cards, it is known for having a relatively accessible application process.
In summary, the Chase Ink Business Cash Credit Card is an easy-to-get credit card that offers tailored benefits for small businesses. With its cash back rewards, no annual fee, and introductory 0% APR, it provides a range of features that can support businesses’ financial needs and help them maximize their purchasing power.
American Express Blue Business Cash Card
The American Express Blue Business Cash Card is a popular and accessible business credit card option designed for small business owners. With its attractive features and benefits, it stands out as an easy-to-get credit card that caters to the needs of entrepreneurs. The highlights of the American Express Blue Business Cash Card include:
- No Annual Fee:
- The American Express Blue Business Cash Card does not have an annual fee, which makes it cost-effective for small businesses. This allows business owners to access credit card benefits without incurring any additional expenses.
- Cash Back Rewards:
- Cardholders can earn cash back on eligible purchases made with the American Express Blue Business Cash Card. This rewards program offers a percentage of cash back on each purchase, providing an opportunity for businesses to save on their regular expenses.
- 0% Introductory APR:
- The card offers a 0% introductory APR on purchases for a limited period. This feature allows businesses to make purchases without incurring interest charges, providing financial flexibility and helping manage cash flow.
- Expense Management:
- American Express provides robust expense management tools for cardholders. These tools enable businesses to track and categorize their expenses, simplifying the process of budgeting and financial management.
- Business and Travel Protections:
- The American Express Blue Business Cash Card offers a range of business and travel protections. These include purchase protection, extended warranty coverage, and travel accident insurance, providing added peace of mind for business owners.
- Flexible Credit Requirements:
- While a good to excellent credit score is typically recommended, the American Express Blue Business Cash Card may still be accessible for individuals with fair credit scores. This makes it an attractive option for those looking to establish or improve their credit history.
- Business Benefits:
- American Express provides various business benefits to cardholders, including access to OPEN Savings with participating merchants and the ability to add employee cards to the account.
Overall, the Wells Fargo Business Platinum Credit Card can be a valuable option for LLCs that are looking for a no-frills credit card option with a 0% introductory APR and flexible payment options. The ability to add employee cards and set individualized credit limits can help businesses manage their employee expenses more effectively, while the cell phone protection and purchase protection benefits can provide additional peace of mind for business owners.
Note that it has a relatively low cash back or point earning rate compared to other business credit cards on the market. Additionally, the card’s 3% foreign transaction fee may not make it the best choice for businesses that frequently travel overseas.
U.S. Bank Business Platinum Card
The U.S. Bank Business Platinum Card is a notable option among easy-to-get business credit cards, offering a range of features and benefits that cater to the needs of business owners. It provides accessibility and practical advantages for those looking for a straightforward business credit card. Here’s a look at the key aspects of the U.S. Bank Business Platinum Card:
- No Annual Fee:
- The U.S. Bank Business Platinum Card does not have an annual fee, making it an attractive choice for businesses that want to avoid unnecessary costs associated with their credit card usage.
- 0% Introductory APR:
- The card offers a 0% introductory APR on both purchases and balance transfers for a specific period. This feature can be beneficial for businesses looking to make new purchases or transfer balances from existing cards without incurring interest charges.
- Online Expense Management Tools:
- U.S. Bank provides robust online expense management tools that allow business owners to easily track and categorize their expenses. These tools help streamline financial management processes and provide a clear overview of business spending.
- Business Benefits:
- The U.S. Bank Business Platinum Card offers various business benefits such as free employee cards, allowing businesses to delegate spending authority to their employees while easily tracking and managing expenses.
- Flexibility in Credit Requirements:
- While the U.S. Bank Business Platinum Card typically requires a fair credit score, it may be accessible for individuals with average credit scores. This makes it a viable option for business owners who are still establishing or improving their credit history.
- EMV Chip Technology:
- The card features EMV chip technology, providing enhanced security and protection against fraud when making in-person transactions at chip-enabled terminals.
- U.S. Bank FlexPerks Rewards:
- With the U.S. Bank Business Platinum Card, cardholders can enroll in the U.S. Bank FlexPerks Rewards program. This program allows businesses to earn points on their purchases, which can be redeemed for a variety of rewards, including travel, merchandise, and gift cards.
The Business Platinum Card from American Express comes with a significant annual fee, which may not be suitable for all businesses. This fee may be prohibitive for some businesses, especially those with lower spending volumes. Additionally, the card’s rewards program may not be as valuable for businesses that don’t spend much on travel or hotel purchases.
Overall, The Business Platinum Card from American Express is a premium business credit card that offers a range of benefits and rewards for LLCs that value travel and purchasing perks. However, it’s important to carefully consider your business’s spending patterns and needs before choosing this card, as its high annual fee may not be justified for all businesses.
Tips for Successfully Applying for Easy-to-Get Business Credit Cards
Applying for easy-to-get business credit cards requires careful preparation and attention to detail. By following these tips, you can increase your chances of a successful application:
Review and improve your personal credit score:
- Obtain a copy of your credit report and check for any errors or discrepancies.
- Take steps to improve your personal credit score by paying bills on time, reducing debt, and keeping credit utilization low.
Prepare necessary documentation:
- Gather all the required documents, such as business registration papers, tax identification number, financial statements, and proof of income.
- Ensure that your documents are up to date and accurate.
Research and compare different card options:
- Explore various easy-to-get business credit cards and compare their features, benefits, fees, and eligibility criteria.
- Consider factors such as rewards programs, introductory offers, and additional perks that align with your business needs.
Understand the terms and conditions:
- Thoroughly read and understand the terms and conditions of the credit card before applying.
- Pay attention to interest rates, penalty fees, grace periods, and any restrictions or limitations that may affect your business’s financial management.
Utilize introductory offers and rewards programs:
- Take advantage of introductory offers, such as 0% APR for a certain period or waived annual fees.
- Assess the rewards programs associated with the credit card, such as cashback, travel points, or discounts on business-related expenses.
By implementing these tips, you can enhance your chances of securing an easy-to-get business credit card. It’s important to remember that responsible credit card usage, including making timely payments and managing your expenses wisely, will contribute to building a positive credit history for your business.
Other Financing Options for Businesses with Limited Credit History
While easy-to-get business credit cards can be a viable financing option, businesses with limited credit history or those who are unable to obtain a credit card may need to explore alternative avenues for financing. Here are some options to consider:
Small business loans:
- Research and apply for small business loans specifically designed for startups or businesses with limited credit history.
- Explore government-backed loan programs, such as those offered by the Small Business Administration (SBA).
Alternative lending options:
- Investigate alternative lenders who specialize in providing financing to businesses with less-than-perfect credit.
- Consider online lenders, peer-to-peer lending platforms, or microlenders that may have more lenient credit requirements.
Business lines of credit:
- Explore the possibility of obtaining a business line of credit, which provides a predetermined credit limit that can be accessed as needed.
- Some lenders offer secured or unsecured lines of credit with varying credit requirements.
Trade credit and supplier financing:
- Establish relationships with suppliers who offer trade credit, allowing you to defer payment for goods or services.
- Explore supplier financing programs that provide financing options specifically tailored to your industry.
When exploring these alternative financing options, it’s important to thoroughly research the terms, interest rates, repayment schedules, and any associated fees. Additionally, consider how each option aligns with your business goals and financial capabilities. Building relationships with lenders, demonstrating strong cash flow, and showcasing a solid business plan can also improve your chances of securing financing despite limited credit history.
Best Practices for Using Business Credit Cards Responsibly
Once you’ve obtained an easy-to-get business credit card, it’s important to use it responsibly to maximize its benefits and minimize potential risks. Here are some best practices to follow when using business credit cards:
Set a clear budget and spending limits:
- Establish a budget for your business expenses and determine how much you can comfortably charge to your credit card each month.
- Avoid exceeding your predetermined spending limits to prevent unnecessary debt accumulation.
Pay bills on time and in full:
- Make timely payments on your credit card bills to avoid late fees and negative impacts on your credit score.
- Whenever possible, pay the full balance each month to avoid accruing high-interest charges.
Monitor credit card activity regularly:
- Keep a close eye on your credit card transactions and statements.
- Regularly review your credit card activity to identify any unauthorized charges or errors and report them promptly to your credit card issuer.
Separate personal and business expenses:
- Maintain a clear separation between your personal and business expenses.
- Use your business credit card exclusively for business-related purchases to streamline accounting, expense tracking, and tax reporting.
Maximize rewards and benefits:
- Take advantage of the rewards programs offered by your credit card, such as cashback, travel points, or discounts on specific business categories.
- Understand the terms and conditions of the rewards program and optimize your card usage to maximize the benefits available to you.
By adhering to these best practices, you can effectively manage your business credit card and leverage its advantages. Responsible credit card usage can help you establish and maintain a positive credit history for your business, increase your borrowing capacity, and potentially unlock better financing opportunities in the future.
Remember, a business credit card is a tool to facilitate financial management, and it should be used strategically and prudently to support your business’s growth and success.
Choosing the right business credit card for your LLC is an important decision that can have a significant impact on your company’s financial management. By considering factors such as rewards and benefits, annual fees, interest rates, credit score requirements, additional fees, and customer service, you can choose a card that best suits your LLC’s needs.
Once you have chosen your business credit card, it’s important to use it responsibly by keeping business and personal expenses separate, paying your bill on time, monitoring your spending, and taking advantage of rewards and benefits. By doing so, you can use your business credit card as a valuable tool for managing your LLC’s finances and helping your business grow.