Best Business Credit Cards For New Businesses – Starting a business is an exciting endeavor, but often requires capital and resources. Securing financing can be a challenge for business owners with limited or no credit history. However, there are credit card options specifically designed for startups with no credit history.
In this article, we’ll explore the best startup credit cards that can help entrepreneurs get credit, manage their expenses, and build a solid financial foundation for their business.
Best Business Credit Cards For New Businesses
The Capital One Spark Classic for Business Card is a great option for startups without credit. It offers cashback incentives and allows you to build credit history. This card has a manageable credit limit and no annual fee, making it a practical choice for entrepreneurs just starting out.
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Not just for businesses, the Discover it Secured card is a great option for businesses looking to get credit. This secured credit card requires a security deposit, but offers cash back rewards and the option to upgrade to an unsecured card. By using the card responsibly, businesses can build a positive credit history while benefiting from cash back incentives.
The Brex Card for Startups is specifically designed to meet the needs of early stage businesses. This card does not require a personal credit check or collateral, making it accessible to businesses with limited credit or no credit history. In addition, the Brex card offers higher credit limits based on start-up funding and cash balances, allowing businesses to effectively manage their costs.
The Wells Fargo Business Secured Credit Card is a great option for businesses looking to get a loan. It requires a security deposit, which is the card’s credit limit, but allows you to upgrade to an unsecured card in the future. The card allows businesses to monitor and control their spending by providing expense management tools and reporting capabilities.
The OpenSky Secured Visa Credit Card is a great option for businesses with no credit history. It does not require a credit check, making it accessible to people with limited or damaged credit. By managing cards responsibly and making timely payments, businesses can build a positive credit history and increase their chances of securing future financing.
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A US Bank secured business credit card is designed specifically for business owners looking to build or rebuild credit. It requires a security deposit, but offers benefits such as expense management tools, spending limits for employees, and increased lines of credit. By using this card responsibly, businesses can demonstrate their creditworthiness and pave the way for future financial opportunities.
Building credit from scratch can be a challenge for startups, but with the right credit card, it’s an achievable goal. The best startup business credit cards in this article allow entrepreneurs to build credit history, manage expenses, and build a solid foundation for their business. By using these cards responsibly and making payments on time, entrepreneurs can not only build credit, but also open up future financing opportunities and benefit from incentive programs.
It is important for business owners to carefully consider their business needs, credit goals, and the terms and conditions associated with each card before making a decision. In addition, adopting responsible financial practices such as keeping credit utilization low and paying bills on time will contribute to a strong credit image.
While these credit cards can be valuable tools for building credit, remember it’s important to use them responsibly. Here are some tips to maximize the benefits of a startup credit card.
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By following these best practices and using business credit cards responsibly, you can build a strong credit foundation for your business. Remember that building credit takes time and patience, but the effort will pay off in the long run as it improves financial stability and opens up financing opportunities.
Finally, the best startup business credit cards offer entrepreneurs with limited or no credit a valuable opportunity to build a credit history and obtain much-needed financing. Evaluate the features, benefits and requirements of each card before choosing one. You probably have a credit card or two in your wallet. This means that you already understand the importance of credit cards. Not only do they make it easier to track your transactions, but they’re also useful for establishing your credit (ie, a measure of how likely you are to pay back the money you’ve borrowed).
But did you know how important it is for business owners to have a business credit card? Similar to the process of establishing your personal credit, you use a business credit card
Loan. A good credit history will increase the reliability and credibility of your SME in the eyes of other credit card companies, banks and investors (which will make it easier for you to get a loan and lower interest rates). In addition, business credit cards have much higher credit limits than personal credit cards, making it easier to make large and bulk purchases.
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In other words, responsible credit card use can be good for your business (or even seemingly irresponsible credit card use—CEO Chris Ronzio knowingly took on $300,000 in debt to successfully grow his business).
You’ll know this from your personal credit card usage, but different credit cards have different benefits. Some come with points that accumulate with each transaction and can be used to purchase goods, book tours or book other services. Others offer cash back – AKA spending money to earn money back (smaller percentage, but still).
And when you swipe your card, your benefits will increase even more. For example, some cards give you more points at the gas pump, while others offer rewards for shopping with corporate partners (businesses like Amazon, Peloton, and Apple are just a few examples).
You’ll also want to consider where you and your business stand financially. Since you are a business owner, most credit card companies look at your personal credit score to determine your eligibility for your first business credit card. They will want to pay off the debt your business has accrued. Factors such as annual fees and annual percentage rates (APR) can be important, especially if your business is just starting out.
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Here’s a scenario for you: let’s say you run a landscaping business. Your crew will likely be driving across town to pick up supplies, mow the lawn, and perform other yard maintenance. So, having a credit card that gives you 3% cash back on gas transactions can be beneficial (especially with current gas prices).
On the other hand, you’re less likely to travel outside of your home country, so airline hotspots or hotel benefits won’t be on your radar. However, you may want to consider credit cards that offer additional benefits when shopping at home improvement companies like Home Depot or Lowes.
There are several business cards out there, and you may be wondering where to start. Here we come in. Here’s a list of the best cards for small businesses right now:
The Spark Cash Plus card gives you 2% cash back on your spending. Cons: no annual fee, no APR (meaning you have to pay off the card every month).
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You get 3% cashback on your chosen category and the list includes things like petrol, travel, business advice and more. That’s with 2% cashback on food and 1% cashback on all other purchases. However, your 3% and 2% compounding categories have a maximum cash back limit of $50,000.
We’re talking three points per dollar spent in travel and other bonus categories (including social media and search engine advertising!). Plus, since it’s a Chase business card, users have access to Chase Ultimate Rewards with even more travel discounts. However, there is an annual fee of $95.
The Brex 30 card does not require a credit check or security deposit, but your business must be well-funded (minimum $50,000 bank balance from professional investors).
Don’t see a card that’s perfect for your business needs? There are many other great options, including Nerdwallet and The Points Guy, and personal finance sites that post monthly lists of alternatives and track changes in introductory offers.
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Hosted and published daily by Chris Ronzio, Organized Chaos includes the playbook, people strategies, and productivity hacks SMB leaders need to take their teams to the next level. Choose the Chase Ink Business Credit Card for your small business based on the following. your spending habits, rewards and other favorite features.
Most of the products on this page are products of partners who may compensate us. This may affect which products we write about and where and how they appear on the page. However, the opinions expressed here are solely those of the author and not those of any bank, credit card issuer, airline, or hotel chain.
Chase Ink Business credit cards set themselves apart from the competition with a combination of generous rewards, robust welcome bonuses and other valuable perks. If you’re looking for a new small business credit card, Chase has a good option
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