You might believe that getting a business credit card is unattainable for someone who just started their company with no credit record. In spite of the fact this is the instance, however, are still a lot of ways to improve your business and credit score. In this article, we’ll look at a few of the top credit card options. There are several for new businesses and even tips on how to choose. You can build your credit score for the startup with the help of such cards.
You can build an excellent credit record for your business too. Major reasons you need to apply for a credit card include company costs like technology, etc. Then, pay the balance in whole and on time. You may eventually be able to qualify for greater financial assistance and better terms on your credit as a result of this. So, let’s look at startup business credit cards with no credit buyers.
The American Express Blue Business CashTM Card
Many new firms with no credit history choose the American Express Blue Business CashTM Card. By providing a variety of incentives, including a 2% cashback on up to $50,000 in expenditures each year, and then 1%, it is made to meet the demands of small businesses. Additionally, the first year’s yearly price is $0 as a promotional price before rising to $95. For transactions made within the first twelve months of account installation, the credit card provides a 0% promotional rate of interest (APR).
Following then, a variable APR between 13.24% and 19.24% will be in effect. This card is unique in that it doesn’t demand personal assurance. So you are spared the risk of your own money in the event that the business fails. But bear in mind that only proprietors of businesses with excellent personal credit ratings are eligible for consideration for this card. Therefore, it’s crucial to check your credit report to see if you fulfill the conditions before applying for the American Express Blue Business CashTM Card.
The Chase Ink Business Unlimited® Credit Card
For businesses that have just started out, the Chase Ink Business Unlimited® Credit Card is a good alternative. This card is a great option for companies that conduct a lot of purchases. Mostly because it doesn’t have a yearly charge and offers an infinite 1.5% rebate on each purchase. Additionally, if new cardholders spend $7,500 on transactions during the initial three months of starting their new account, they will receive an important initial reward of $750 in money back.
It provides an initial APR of 0% on transactions for a year, then moves to an adjustable APR of 13.24% – 19.24%, much as the American Express Blue Business CashTM Card. To be eligible for this card, you must have a strong personal credit rating and a personal guarantee.
The Capital One Spark Miles for Business
If you are looking for a travel rewards card, you might consider the Capital One Spark Miles for Business. This card has a $0 annual fee for the first year, then $95. It offers unlimited two miles per dollar on every buying, plus five miles per dollar on hotel and rental car bookings. The card also has a welcome bonus of fifty thousand (50,000) miles after you spend $4,500 on buying in the first three (3) months from account opening. It has a variable APR of 20.99%. This card does not require a personal guarantee, but it does require a good personal credit score to qualify.
Available Alternatives
If none of the credit cards described above suit your needs, you might want to think about getting a secured company credit card. You must pay a security deposit that is refunded for a credit card with a guarantee, which serves as your credit limit. You can do this to prove your company’s solvency without relying on your own credit report. The Wells Fargo Business Secured Card is one of the best-secured business cards you may take into consideration.
Each card incurs a yearly fee of $25. You also have the choice to receive 1.5% back or earn 1 point for each spent dollar while you are using the card. The maximum deposit amount for each card ranges from $500 to $25,000. Nevertheless, that depends on how strong your credit card is.
Simply said, you can choose a secured business credit card, that asks you to deposit a recoverable safety sum that acts as the credit limit if you are dissatisfied with the aforementioned cards. By using this technique, you may improve the trustworthiness of your business. In this instance, you don’t need to rely on your own credit record. The $25 annual fee Wells Fargo Business Secured Card is one. This special card provides either 1.5% back with cash or 1 point for each dollar spent.
These are a few startup business credit cards with no credit to back you. Compare their features, costs, rewards, and eligibility conditions carefully before choosing one, though. Additionally, maintain your balances low and pay your invoices on time to gradually raise your company credit score.
