Business Credit Cards

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.

Here are your options for easy approval business credit cards:

• Limited Credit: Capital One Spark Classic for Business
  You’ll get 1% cash back on all purchases. There’s no annual fee, and the purchase APR is 24.24%.
• 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.
  
• Personal Option: Discover it Secured Credit Card

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 high limit business credit cards are also the best business credit cards for people with excellent or good credit. The better your credit situation (both personal and business) is, the more responsible you’ll seem to lenders, and the more likely they’ll be to give you a higher credit line. And although there’s no way to know the maximum on these cards (as the companies themselves don’t give such a number), you can find out the minimum credit limit. The list below has some of your best options, along with their minimum limit and a few other facts.

Here are some of the best high limit business credit cards:

• Chase Ink Business Preferred: Minimum credit limit of $5,000, but could start at more than $25,000. 3 points per dollar spent in categories that rotate every year, 1 point per dollar on everything else. $95 annual fee. Requires excellent credit.
• Chase Ink Business Cash: Minimum credit limit of $3,000, but could start at more than $25,000. 5% cash back on your first $25,000 spent at office supply stores and on tv/internet/phone; 2% on your first $25,000 of gas; 1% on everything else. No annual fee. Requires excellent credit.
• Capital One Spark Cash for Business: Minimum credit limit of $2,000. Unlimited 2% cash back on all purchases. $95 annual fee waived first year. Requires good credit.

Depending on how good your credit is, you may receive a lot more than the minimum. Just look at Ink Business Cash. You’re guaranteed $3,000, but if they think you’re creditworthy enough, you can have $25,000+ as your starting limit. Your credit will have to be pretty flawless to attain that though, and you’ll need to show that your income and assets allow you to spend that much. In any case, like most credit cards, business cards will often give you credit limit increases over time if you pay on time. So don’t be late and keep your credit in good shape and you’ll usually see your credit go up over time.

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. 

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.

The best credit cards for nonprofits are business credit cards. Nonprofits are eligible for business credit cards because they are entities that can hire employees and receive an Employer Identification Number from the IRS. Andbusiness credit cardstend to have high starting credit limits, lucrative reward rates, and sizeable initial bonuses —bigger than on personal cards. You can get cash to put back into your organization, or use points/miles to help cover work-related travel. But you don’t have to get a business credit card – many nonprofits do use good personal credit cards, like Amex EveryDay, for their expenses. 

Here are the best credit cards for nonprofits:

• Big bonus - Chase Ink Business Preferred: 80,000 bonus points when you spend $5,000 in the first 3 months. That will cover $1,000 in travel expenses or get you $800 cash back. 
  This card is ideal if your employees travel often. 3 points per $1 on your first $150,000 spent in categories that change each year and 1 on everything else. No additional cost for employee cards. $95 annual fee. Excellent credit needed.
• Cash back – Capital One Spark Cash for Business: $500 bonus for spending $4,500 in the first 3 months. 2% cash back on all purchases. 
  This is an easy way to invest money back into your organization. No additional cost for employee cards. $95 annual fee, $0 the first year. Good credit needed.
• Financing – Amex EveryDay: 0% APR on purchases and balance transfers for 15 months (no transfer fee for 60 days). 
  There’s also a 10,000-point bonus for spending $1,000 in the first 3 months, plus 2 points per $1 on $6,000 in supermarket purchases per year (1 on everything else). That’s great for nonprofits who provide food to the needy. 20% more points when you use your card 20 times in a billing cycle. No annual fee. Good credit needed.
• Fair credit – Capital One Spark Classic for Business: 1% cash back on all purchases. No annual fee. No extra cost for employee cards. 
• Bad credit – Discover it Secured: 2% cash back on up to $1,000 in gas station and restaurant purchases per quarter. First year’s cash back matched on your account anniversary. $200 minimum deposit, $2,500 maximum. 
  This lets you set your own spending limit and offers easy approval even if your personal credit isn’t great. No annual fee. 

Business cards reward high spending, allowing you to use your expenses to help your organization. But don’t forget that whether you use a business or personal card, you can get a tax deduction for any interest from business purchases (if your organization isn’t already tax exempt).

Not necessarily. Even though creditors today tend to move away from relying on personal credit alone when judging the financial health of a business, your personal credit history will still factor into your approval and credit limit when you apply for business credit.

That is because most business credit cards require the business owner to personally guarantee the debt, so if the balance isn’t paid off the owner will be liable.

This also means that the business account activity may show up on the owner’s personal credit reports. Depending on each card issuer’s policy, it may show up only if the owner defaults, or all activity may be reported.

You can learn more from WalletHub’s latest Business Credit Card Study.