WalletHub has a list of low-interest business credit cards. Such cards are ideal for small business owners looking to finance major purchases. Many cards offer 0% introductory APRs. But you should always strive to pay the balance in full before any introductory rate expires. Also, prioritize the specific needs of your business. Not all business cards offer a break on interest for both purchases and balance transfers.
Business cards that have a low regular APR can also benefit business owners who occasionally carry a balance from month to month. In most cases, credit card APRs are listed as a range. The issuer will determine the APR within that range based on your credit history, income, debt and other expenses. Of course, you can avoid interest charges altogether by paying off the entire balance each month.
The best low-interest business credit card is the Blue Business Plus card from American Express. It offers an introductory APR of 0% for 12 months on purchases and Not Offered on balance transfers with a N/A transfer fee. The regular APR is 13.24% - 19.24% (V), based on creditworthiness. There’s also a $0 annual fee. Another good low-interest business credit card is the U.S. Bank Business Cash Rewards Mastercard. It gives 0% for 15 months on purchases and 0% for 15 months on balance transfers. A 3% (min $5) transfer fee applies, the card’s regular APR is 11.99% - 22.99% (V), and its annual fee is $0.
You can apply for a business credit card with an EIN only, but it’s very rare. Two of the only business credit cards you can get with just an EIN, and no SSN required, are the Office Depot and Shell Gas business cards. Most business credit cards require an EIN, or Employer Identification Number, which the IRS assigns every U.S.-based company that applies for one. But most business cards also require a Social Security number or an Individual Taxpayer Identification Number. … read full answer
The EIN shows that you’re legitimately a business owner. The SSN, or ITIN, allows the credit card company to review your personal credit history when evaluating your application and hold you personally accountable for paying the bill if you’re approved. Almost all business credit cards require personal liability. But there are a few exceptions.
Business credit cards you can apply for with EIN only:
Office Depot Office Max Business Credit Card: You can apply with without an SSN if your company makes over $5 million per year and has been in business for at least three years. Or, if you are a government entity (including schools) or a nonprofit, you can apply without personal liability also. This card only works for OfficeMax and Office Depot purchases. This card requires good business or personal credit.
Sam’s Club Mastercard Business: You can apply without an SSN if your company makes $5+ million per year, is more than 2 years old and has more than 10 employees. You can only get this card if you’re a Sam’s Club member, and you need good business or personal credit to be approved. You can use the card anywhere that accepts Mastercard.
SuperAmerica Fleet Credit Cards: You can apply for these cards without an SSN if you’ve been in business for at least three years. You can use it at all SuperAmerica gas stations and 45,000 partner stations nationwide. Both cards require good business or personal credit.
Shell Small Business Card: You can get this card without any personal liability if you’re applying on behalf of a government entity or non-profit, or if your business has been open for at least three years and does $1+ million in yearly sales. This card requires fair business or personal credit, and you can use it at any of the 14,000 Shell gas stations nationwide.
If you want to apply for a business card with only an EIN, the choices are slim. But your options become far greater when you consider the full range of cards that require personal liability.
If you’re worried that your personal credit isn’t good enough to qualify for a business credit card, remember that you don’t have to use a business card for business expenses. So consider personal options such as the Discover it Secured Card as well as the likes of the Wells Fargo Business Secured Card. Both are available to people with bad credit.
There are several easy approval business credit cards. That’s because the easiest business credit cards to get only require fair or bad credit. They include Capital One Spark Classic for Business, the Staples Business Credit Card, and the Wells Fargo Business Secured Credit Card. It’s also worth noting that while you must have a business to get one of these cards, your personal credit history matters a lot more than your company’s.… read full answer
Here are your options for easy approval business credit cards:
Fair Credit: Staples Business Credit Card You’ll save $50 on a purchase of $150 or more made within 45 days of opening your account. You’ll also get 5% back in Staples credit for each purchase. There’s no annual fee. Your APR will be somewhere between 14.99% and 23.99%, depending on credit worthiness.
Bad Credit: Wells Fargo Business Secured Credit Card You’ll get 1.5% cash back on purchases. The annual fee is $25. The minimum security deposit is $500. And the APR is 16.40%. The BBVA Compass Business Secured Card is another good option.
You’ll get 2% cash back on the first $1,000 you spend at gas stations and restaurants each quarter. You’ll get 1% cash back on all other purchases. Discover matches the cash back you earn the first year. There’s no annual fee, the APR is 24.24%, and the minimum deposit is $200.
There are a few easy approval business credit cards, so you shouldn’t let limited or damaged credit prevent you from getting the card your business needs. And remember, if you pay your bills on time and keep your credit utilization ratio low, your credit should steadily improve over time.
The best cash back business credit card is the Capital One Spark Cash for Business Visa Card because it offers unlimited 2% cash back on all purchases. Spark Cash for Business also has a $500 bonus for spending $5,000 in the first 3 months and a $1,500 bonus for spending $50,000 in the first 6 months. There is no annual fee the first year ($95 after that), and applicants need good personal credit or better for approval.… read full answer
Some cash back business cards are best for certain spending categories. When it comes to phone service and office supplies, the SimplyCash Plus has the best deal. It offers 5% cash back on $50,000 spent per year in those categories, plus 3% back in a category of the cardholder’s choosing and 1% back on all other purchases. There’s also an intro APR of SimplyCash Plus on purchases, and the annual fee is $0. SimplyCash Plus requires good credit.
There are several other cards that deserve a spot on the list of best cash back business credit cards, too.
Here are the best cash back business credit cards:
Capital One Spark Cash for Business – Best overall
Chase Ink Business Cash – Best initial bonus
SimplyCash Plus Business Credit Card from American Express – Best bonus categories
Chase Ink Business Unlimited – Best for new businesses
Capital One Spark Classic for Business – Best for limited credit
Plum Card from American Express – Best charge card
The Capital One Spark Classic card is great for business owners with limited or no credit, offering good approval odds along with 1% cash back on all purchases and a $0 annual fee.
The Plum Card from American Express is the best cash back business charge card because it gives a 1.5% discount on all purchases that get paid off early. And while each purchase has to be paid in full, Amex allows two billing cycles (60 days) to do it. You just need to make a minimum payment on time the first month. The Plum Card also offers $600 in statement credits for spending $30,000 in the first 3 months ($200 credit for each $10,000 spent). And its $0 1st yr, $250 after annual fee is waived the first year.
It’s also worth mentioning that you shouldn’t forget about cash back credit cards meant for personal use. There are some really great deals right now, especially if you don’t plan to spend enough to qualify for a business card’s initial bonus.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.