Even with no credit history and no business history, get the finest credit cards for your company. Here, we compare the best rewards credit cards for businesses.
You may get the resources you need to develop and be successful as a company with the aid of a business credit card. A starting company credit card can help you manage your cash flow when your small firm is in the beginning stages. But are new businesses eligible for business credit cards?
That is a yes or no question. Additionally, using a business credit card might benefit your credit score development and reward you for your expenditures. Let’s look at some of the top business credit cards for new enterprises, entrepreneurs, and startups.
1. BEST FOR SPEND MANAGEMENT: RAMP CORPORATE CARD
A fairly simple cash back rewards programmer is available with the Ramp business credit card. All purchases will earn you 1.5% cash back, which is really good for a business card. With a range of expenditures, startups and small companies stand to gain from this rewards programmer.
In addition to the 1.5% cash back, Ramp provides tremendous partner benefits and savings totaling over $175K. Here, the $50,000 in Segment Credits and priority access to AWS credits stand out.
Ramp’s algorithm-driven savings insights are its greatest distinctive advantage. Ramp examines your company’s expenditure patterns to identify areas where you may reduce expenses and make savings. For instance, you may come up with the idea of combining identical Dropbox memberships that several corporate departments have acquired.
2. BEST FOR LOW APR: AMERICAN EXPRESS BLUE BUSINESS CASH
The American Express Blue Business Cash Card is the finest business credit card with a low APR, and it also offers customers the ability to carry a debt as their businesses expand. You won’t have to pay any interest on purchases for the first 12 months. The APR then increases to a variable rate between 13.49% and 21.49% after that. This credit card’s 0% introductory rate might result in big savings if you must carry a load while your firm is getting off the ground.
The great welcome bonus of $250 cash back as a statement credit when you spend $3,000 in the first three months adds to the savings. That’s not all, either. On your first $50,000 in annual qualified travel and retail expenditures, you’ll get recurring benefits of 2% cash back. Your earnings rate reduces to a still-respectable 1% beyond that threshold.
Your account will be automatically credited with cash back. And there are no yearly fees associated with using this card.
3. BEST FOR FAIR CREDIT: CAPITAL ONE SPARK CLASSIC
The best business credit card for those with mediocre credit is Capital One Spark Classic, which is ideal for startups and company owners aiming to achieve their objectives. Company Card has a lot going for it, including a $0 annual fee, limitless 1% cash back on all purchases with no caps or limitations, and the potential to improve and boost your company credit rating.
The rewards rate is good and better than you may anticipate with only a fair credit rating, even if it is not the highest we’ve seen. You may cash out your card rewards as a statement credit or a cheese. As long as your account is active, there is no minimum redemption requirement, and your points never expire. Remember that this card has a high APR, which is now 27.24%, so you shouldn’t use it to carry a debt.
4. BEST OVERALL CARD FOR STARTUPS: CHASE INK BUSINESS CASH
We believe that Chase Ink Business Cash offers the finest overall mix of essential features for new businesses, including a significant welcome gift, an introductory 0% APR, a high rate of rewards, and no annual fee. Overall, there aren’t many credit cards that are more suited to the requirements of entrepreneurs than Ink Business Cash.
This card offers 5% cash back on the first $25,000 spent annually in combined purchases at office supply retailers and on internet, cable, and phone services. Startup firms growing a young company will profit from this offer. No other business card provides as much cash back for expenses related to setting up your office.
Additionally, you will receive 2% cash back on the first $25,000 in combined petrol station and restaurant expenditures and 1% cash back on all other transactions. Through Chase Ultimate Rewards, you may exchange your cash back for statement credits, vacation, and other things. You must spend $7,500 in purchases in the first three months of card use to qualify for the $750 cash back incentive. And you’ll particularly like the 12 months of 0% APR if your startup has to hold a load for a while you try to get your firm profitable.
5. BEST FOR HIGH BONUS OFFER: CHASE INK BUSINESS PREFERRED
Due to its generous bonus offer, Chase Ink Business Preferred is one of the finest credit cards for new businesses. When you spend $15,000 on purchases within the first three months, you’ll receive 100,000 bonus points as a start-up bonus. You can then earn up to 3x bonus points on your first $150,000 in shipping and other business expenses like social media advertising, internet, cable, and phone services, and travel. As long as your account is active, all additional purchases will give you one point for every $1 spent.
If your startup involves travel, this card offers a tone of extra benefits since your points are worth 25% more when you redeem them for travel through Chase Ultimate Rewards. With several airlines and hotel partners, you may exchange points for cash back or gift cards at a 1:1 ratio.
There is an annual charge of $95 for this card, but you should be able to cover it with the points you earn.
6. WELLS FARGO BUSINESS SECURED CREDIT CARD: BEST SECURED CARD FOR BAD CREDIT
Significantly while it might be challenging to obtain startup funding when your credit is ordinary, it becomes significantly more challenging when you have poor credit or no credit history at all. Secured business cards may help with that, and one of the finest credit cards for new businesses with bad or no credit is the Wells Fargo Business Secured Credit Card.
You can maximize your spending while simultaneously establishing a strong credit history for your firm thanks to its versatile rewards programmer that allows you select between miles and cash back.
plus the Wells Fargo Business Secured Card, use your purchases to earn 1.5% of every dollar spent or opt to earn one point for every dollar spent, plus a bonus of 1,000 points for each billing period that you spend $1,000 or more. After you pay a security deposit of $500 to $25,000, you may begin using the card. Your credit limit is determined by that deposit.
It’s not ideal, but if you’re starting a firm without a solid credit history, this provides you an opportunity to launch it while you establish the credit you’ll require later on.
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7. BEST FOR 0% INTRO RATE: US BANK BUSINESS PLATINUM CARD
The Business Platinum Card from US Bank is one of the finest introductory rate credit cards for new businesses. On both new purchases and balance transfers made with this card, you will benefit from a complete 20 billing cycles of 0% interest. That’s 20 months with no interest, which should be appealing to fledgling business owners who could be experiencing a negative cash flow as they improve their products, establish a new business plan, and expand their clientele.
You may use this card without paying an annual fee, and the alluring APR is undoubtedly alluring. If you’re transferring any existing amounts, be prepared to pay a transfer charge of 3% of the balance, but you’ll probably recover that cost thanks to the 0% interest.
The ARP will increase to 12.24%–21.24% after 20 months, depending on your creditworthiness at account opening. If you carry a balance after the promotional period, you may anticipate an APR of 29.99% if you make late payments, go over your credit limit, or incur additional penalties. What you can’t anticipate with this card: any cash back or points that may be redeemed for gift cards, statement credits, or travel advantages.
8. BEST FOR FLAT-RATE REWARDS: CAPITAL ON TAP BUSINESS CREDIT CARD
The greatest credit card for flat-rate rewards is also one of the best for startups: Every purchase made with the Capital on Tap Business credit card earns a flat 1.5% cash back. Even though it isn’t the biggest rewards rate we’ve seen, it is undoubtedly one of the simplest to monitor.
Additionally, if you’re focused on getting your firm off the ground, you might not have time to consider which spending categories provide the best rewards potential. This card eliminates uncertainty and offers a decent rewards rate while you finance your expanding company.
The Capital on Tap credit card offers free cards for use by every employee of your business, spend tracking features, accounting software interfaces, and a $200 incentive if you make $15K in purchases during the first three months. Although there is no annual charge, you must take your creditworthiness into account when applying for this card.
You will be subject to an APR ranging from 9.99% to 34.99% if you intend to carry a debt. To put it another way, you won’t want to carry a balance for very long.
9. BEST FOR SPREADING OUT PAYMENTS: AMAZON BUSINESS PRIME AMERICAN EXPRESS CARD
One of the greatest credit cards for company owners who don’t want to carry a load but simply need a little more time to pay off purchases is the Amazon Company Prime American Express Card. The caveat, as you would infer from the name, is that you can only do so if you make purchases from Whole Foods Market, Amazon.com, or Amazon Web Services.
You have 90 days to pay off those items if you select this option. Alternatively, if you’d rather not wait until the end of the day to pay, you can opt to receive 5% cash back on such transactions. Whichever option you select, you’ll also receive limitless 2% cash back on non-Amazon purchases from eateries, petrol stations and wireless service providers. Every other purchase you make will result in an infinite 1% cash back. Points are redeemable for statement credits and have no expiration date.
You will get a $125 Amazon gift card when you apply for this business credit card. Remember that to be eligible for this card, you must continue to be an Amazon Prime member ($60–$139/year). This card can be an affordable option for your small business if you currently often purchase at Amazon or use Amazon Business or Amazon Web Services. Additionally, this card may provide the financial flexibility your expanding business needs by allowing you to pay off purchases over a period of 90 days without worrying about interest costs.
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FAQS: BUSINESS CREDIT CARDS FOR STARTUPS
Can you get a business credit card at startup?
Even if your starting firm doesn’t yet have a sales history or a credit history, you can still apply for a business credit card. Your application will likely be evaluated by credit card firms depending on your individual credit history. If your credit is bad or nonexistent, you should be able to receive a secured business credit card that will help you to raise your credit score. Card alternatives are available for applicants with credit scores ranging from fair to great.
What is the fastest way to get business credit for an LLC?
The quickest approach to secure business credit for a startup is to look into your alternatives for business credit cards and then submit an application. Knowing your own credit score will help you increase your chances of getting approved for credit cards that accept applications with scores similar to yours. Make sure you understand the application conditions before you apply for any cards as applying for cards you won’t likely be accepted for will harm your credit score.
Can you get a business credit card with bad personal credit?
If you apply for the correct sort of card, you may obtain a company credit card even with poor personal credit. Cards are available that don’t run a credit check and cards designed for individuals with a spotty or nonexistent credit history. A secured business credit card, such as the Wells Fargo Business Secured Credit Card, is another option.
What credit score is needed for a small-business credit card?
Applicants with credit ratings ranging from Excellent to Zero are eligible for small business credit cards. The secret is to be aware of the prerequisites for each card before applying. Your company alternatives don’t have to be limited by your personal bad credit history or lack of credit.