Are you looking to improve your business credit score but don’t know where to start? You’re not alone; having bad credit can be a major obstacle when owning and running a successful business. But have no fear - plenty of options can help you build or even rebuild your business credit profile.
In this blog post, we’ll look at the best business credit cards for bad credit situations so that you can decide which option is best for you. So read on and learn how to leverage available financial tools and take control of your struggles with bad credit!
Capital One Spark 1% Classic: Best for fair credit borrowers
The Capital One Spark, 1% Classic, is a great option for business owners with fair credit scores looking to rebuild their business credit scores. This card offers a low APR and an annual fee of only $0, making it ideal for rebuilding your score.
Additionally, there’s no limit on how much cashback you can earn – each purchase earns 1% cashback, and you can also get a bonus when you spend over certain thresholds. The Capital One Spark, 1% Classic, is a great choice for those looking to rebuild their business credit score while still earning rewards!
BlueVine Business Card: Best for flexible spending
For businesses that need some flexibility in how they use their credit card, the BlueVine Business Card is a great option. This card offers 0% APR on purchases and cash advances for the first 15 months, making it ideal for those who need to finance large purchases or take out short-term loans without worrying about high-interest rates.
BlueVine also offers cash back rewards – 1% on general purchases and up to 3% on certain categories. The BlueVine Business Card is a great choice for those who need some extra flexibility in their spending!
U.S. Bank Secured Credit Card: Best for secured credit cards
If you’re looking for a secured credit card to improve your business credit score, the U.S. Bank Secured Credit Card is a perfect choice. This card requires a deposit but offers a low annual fee and competitive APR.
Additionally, U.S. Bank reports your account activity to all three major credit bureaus, which means that each time you make a payment on time, your credit score will go up! The U.S. Bank Secured Credit Card is a great choice for those who need to rebuild their business credit score.
Wells Fargo Business Secured Credit Card: Best for businesses with no credit
The Wells Fargo Business Secured Credit Card is ideal if you’re just starting a business and have no existing credit. Not only does this card require a deposit, but it also offers a low APR and no annual fee.
Additionally, Wells Fargo reports your account activity to all three major credit bureaus so that you can build your business credit score quickly and easily! The Wells Fargo Business Secured Credit Card is a great choice for businesses with no credit.
Bank of America Business Cash Rewards Card: Best for cash back rewards
The Bank of America Business Cash Rewards Card is a great option for those looking to earn extra cashback on their business purchases. This card offers up to 5% cash back rewards on select spending categories and 1% on all other purchases.
This card also offers 0% APR for the first 12 months and a low annual fee. The Bank of America Business Cash Rewards Card is a great choice for those looking to earn extra cashback on their business purchases!
American Express Blue Business Cash Card: Best for small businesses
The American Express Blue Business Cash Card is perfect for small businesses with limited spending needs. This card offers up to 3% cashback on select categories of purchases, no annual fee, and low APR rates.
Additionally, American Express reports your account activity to all three major credit bureaus, meaning that each time you make a payment on time, your credit score will increase! The American Express Blue Business Cash Card is a great choice for small businesses looking to improve their credit score.
Discover It Business Card: Best for the sign-up bonus.
The Discover It Business Card is a great option for those looking to get the most bang from their business credit card. This card offers an impressive sign-up bonus of 0% APR on purchases and cash advances for the first 12 months and 1.5% cash back rewards on all purchases.
Additionally, Discover also offers a low annual fee and reports your account activity to all three major credit bureaus, which means that each time you make a payment on time, your credit score will go up! The Discover It Business Card is an excellent choice for those seeking extra rewards while improving their business credit score.
Chase Ink Business Cash Credit Card: Best for bonus rewards
The Chase Ink Business Cash Credit Card is a great choice for businesses seeking extra rewards on their purchases. This card offers up to 5% cash back rewards on select categories of purchases and 2% cash back on the first $25,000 spent in combined purchases each year.
Chase also offers 0% APR on purchases and cash advances for the first 12 months and a low annual fee. The Chase Ink Business Cash Credit Card is an excellent choice for businesses seeking extra rewards while improving their credit score.
FAQs
Can I open a business with bad credit?
Yes, you can! Many options are available to help you build or rebuild your business credit profile. Consider applying for a secured business credit card, looking into traditional financing, or taking advantage of alternative financing options to get started.
What kind of rewards can I earn with a business credit card?
It depends on your chosen card, but you can typically earn rewards such as cashback, points, and miles. Many business credit cards also offer bonus rewards for spending in certain categories or when you spend over a certain threshold. Shop around to find one that best fits your needs!
What is the easiest way to build my business credit score?
Making timely payments is the easiest way to build your business credit score. You should also keep a low balance on your cards and use them for everyday expenses such as office supplies or travel-related expenses. You can also look into applying for a secured business credit card.
Conclusion
Many options are available if you want to improve your business credit score. From secured credit cards to traditional financing and alternative financing options, you have the tools to rebuild or even build your business credit profile. Consider all the different factors when choosing a card that best suits your financial needs, and take control of your bad credit situation! With the right card, you can improve your business credit score and reap the rewards of good financial standing.
