There are no unsecured business credit cards for bad credit. However, there are quite a few personal unsecured credit cards for bad credit that you can use for business purposes. One noteworthy example is the Credit One Bank® Platinum Visa® for Rebuilding Credit because it offers: 1% cash back on gas and grocery purchases, as well as 1% back on mobile phone, internet, cable and satellite TV services. This card does not charge an application processing fee.
Even the Credit One Visa leaves a lot to be desired, though. For starters, the 1% cash back rewards categories are determined after you apply and may not wind up being relevant to your business. Also, the annual fee is $75 intro 1st yr, $99 after. You’ll receive a minimum $300 starting credit limit. There’s also a $19 fee for each employee you want to add as an authorized user.
Secured credit cards are better for small business owners with bad credit. They’re easier to get because they require a security deposit to open the account. The deposit is fully refundable when you close the account in good standing.
One of the best secured credit cards specific to businesses is the Wells Fargo Business Secured Credit Card. Its security deposit (which sets the credit limit) starts at $500 and it offers 1.5% cash back on purchases when you enroll in the cash back rewards program.
Ultimately, you can check our editors’ latest picks for the best business credit cards for bad credit.
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