A good first business credit card is the Ink Business Preferred® Credit Card. This card offers 100,000 points for spending $15,000 in the first 3 months. Plus, you can earn 1 - 3 points per $1 spent on purchases. The card comes with a $95 annual fee and it requires at least good credit for approval.
A first business credit card is beneficial because it allows you to separate your personal and business expenses.
Business cards usually come with a higher credit limit than personal credit cards.
In most cases, activity on your business card won’t affect your personal credit report. However, you’re still personally liable for any debt incurred on a business credit card.
Business cards generally come with better rewards. You can make the same purchases you normally would for your business and earn more points.
Businesses can also distribute credit cards to employees as expense accounts. All eligible spending on an employee’s business card earns rewards toward your account.
Many good first business cards require good or excellent credit to qualify. Your personal credit profile will be a major factor in determining if you’re ultimately approved for a business credit card.
One glaring difference between business cards and personal credit cards is that business cards are excluded from protections under the Credit CARD Act. Most notably, an issuer can arbitrarily raise the interest rate on a business card balance. For personal credit cards, payment has to be at least 60 days before a higher interest rate kicks in. Fortunately, many of the major issuers have implemented some of the CARD ACT’s key policies for their business cards.
In general, the easiest credit cards for a business to get require … read full answerbad-to-fair credit for approval. It’s also worth noting that while you must have a business to get most of these cards, your personal credit history matters a lot more than your company’s credit standing.
As you can see, there are a few easy approval business credit cards available, so you shouldn’t let limited or damaged credit prevent you from getting the card your business needs. Also, remember that if you pay your bills on time and keep your credit utilization ratio low, your credit should steadily improve over time.
Getting your first business credit card is beneficial because it often comes with a higher credit limit than a personal credit card. Business cards also come with better rewards; you can make the same purchases you normally would for your business and earn more points. Businesses can also distribute credit cards to employees as expense accounts. All eligible spending on an employee’s business card earns rewards toward your account.… read full answer
5 Steps for Getting Your First Business Credit Card
Check your credit, because most issuers will decide about your application partly based on your personal credit score
Keep in mind that even a side hustle or freelancing makes you eligible for a small business credit card
Find the business credit card that best suits your needs. Maybe you want travel rewards, or rewards you can redeem for business related purchases like office supplies. Weigh your options, but also your needs. By having higher credit limits, rewards business cards could be very lucrative
Pay attention to the requirements and apply for the business card of your choice
Be responsible by always paying your bills on time and possibly in full
Another great advice about business credit cards is to try to use them for business expenses only. It’s best to keep personal and business spending separate.Whatever your needs may be, you have plenty of good business cards to choose from.
The best startup business credit card for no credit is Capital One Spark Classic for Business because it has a $0 annual fee and offers at least 1% cash back on all purchases. In addition, it is one of the few business credit cards on the market geared toward business owners with limited or no credit history.… read full answer
Most credit cards for new businesses require good-to-excellent credit for approval, and a small number of cards are designed for business owners with bad credit. Startup business owners with no credit, however, will have very few business-specific credit card options.
Best Startup Business Credit Cards for No Credit in 2023
Other Benefits: Travel benefits for your business, including $100,000 in travel accident insurance. Additional services include auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when you’re away from home.
Initial Bonus: 30,000 points for spending $3,500 or 50,000 points for spending $9,000 in 30 days
Ongoing Rewards: 7 points per $1 on rideshare/taxi, 4 points per $1 on travel booked through Brex Travel, 3 points per $1 on restaurants and Apple products, 2 points per $1 on recurring software subscriptions, 1 point per $1 on all other purchases
Other Benefits: Instant payouts, wire transfers with no fees, and built-in integrations (such as Xero, NetSuite, and Expensify), among other things.
Other Benefits: No credit check or U.S. credit history required.
Annual Fee: $35
How to Choose a Startup Business Credit Card
Choosing the best startup business credit card with no credit is not an easy task, as there aren’t many options available. However, to get the right credit card for your business, make sure to take into consideration the type of business you have, the features offered, and your financial needs.
Keep in mind that the main reasons you should get a business credit card for no credit are convenience and to start building a credit history. Once you have a good credit score, you can start thinking about applying for one of the best business credit cards on the market.
It is also worth noting that while there aren’t many startup credit cards for people with no credit, there are plenty of credit cards for new businesses led by individuals who’ve already established a good credit history. After all, it’s your personal credit history that matters most when you’re applying for a business credit card – not your company’s creditworthiness.
Best Business Credit Cards for New Businesses in 2023
Finally, to expand your choices, consider our editors’ picks for the best credit cards for no credit, which include both low-cost secured cards and unsecured cards. These personal cards may be worth a look because they come with certain user protections not available on business credit cards, and there’s more of a selection to choose from. Just remember to keep your business and personal expenses on separate credit cards.
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