Credit One does not have a business credit card, as the bank currently offers personal credit cards only. Even though there isn’t a Credit One business credit card, it is still possible to use one of the bank’s personal credit cards for business expenses. It’s just best not to mix personal and business expenses on the same card. In addition, Credit One cards may not be the best for business expenses since they tend to offer low credit limits.
If you’re just interested in business credit cards that cater to bad or limited credit like Credit One’s personal credit card offers do, there are a few other options you might consider, too. The Wells Fargo Business Secured Credit Card and the BBVA Compass Secured Visa® Business Credit Card are two viable options, for example.
The credit score needed for a business credit card varies by issuer and by card. The top business credit cards usually require good credit or better, but there are still options for small business owners with fair credit or bad credit. By the way, it’s your personal credit rating that really matters, even though you’re applying for a business credit card.… read full answer
That means you need a credit score of at least 700, personally, to get the best business credit cards in most cases. The higher your score is, and the more income you have relative to your debt, the better your chances of approval will be.
Here are some popular business credit cards by credit score requirement:
In general, good-to-excellent credit gets you access to the biggest sign-up bonuses, the highest ongoing rewards rates, and lots of options with no annual fee. People with lower scores are more likely to have to choose between low fees and other perks.
If you’re wondering why credit card companies rely on personal credit to evaluate business credit card applications, a lot has to do with personal credit histories usually being longer than the business version. Since they’re longer, they tend to be more predictive. Most credit card companies also consider a business owner’s personal finances to be intertwined with the business. That’s often true, since personal savings are the top source of start-up capital for new businesses.
The best business credit card for startups is the Ink Business Preferred® Credit Card because it offers 100,000 bonus points for spending $15,000 in the first 3 months. There’s also 3 points / $1 spent on travel and common business expenses. And the card has a fairly cheap $95 annual fee.… read full answer
To be clear, the best business credit cards for startups are the same as the best business credit cards for any company. Approval for a business credit card does not depend on how long the company has been around. Rather, it rests on the owner’s personal credit history.
Choosing the best business credit card for a startup usually comes down to finding the card that rewards the business’s biggest spending categories the most. It’s especially important to focus on purchases that will be paid off within a single billing period, as business credit cards are bad for carrying a balance from month to month, since the interest rate can change at any time. Still, there are a lot of other great incentives to get a business credit card for a startup, so shop around to see which card fits the needs of the business best.
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