Credit cards for businesses with a bad credit score can help you start your business again without more struggle.
What credit score do you have?
If it’s not an excellent credit rating, then credit cards for bad credit business might be of interest to you.
There are many credit card companies out there that will approve people with low credit scores.
Most credit card companies are hesitant to approve applicants with a low credit score.
But there are some that will take the risk.
These credit cards for bad credit businesses can be the perfect solution to get back on track.
Whether it’s because of a recent bankruptcy or other credit difficulties.
Credit cards for bad credit businesses are the answer to get back on track and grow your company into an empire!
If you’ve been looking for a way to rebuild your credit, then this article is just what you need!
However, there are many options out there.
But credit cards for bad credit businesses are the best option when it comes to credit repair.
What To Look for in a Credit Card for Bad Credit Business
There are many credit cards for bad credit businesses out there.
But not all of them offer the same features.
There are some things to keep an eye on when looking at your options, and here they are:
- length of zero annual fee period
- zero interest rate if paid in full each cycle’s due date
- cash advance or balance transfer fees (if applicable)
The length of the 0% APR grace period is also important.
It can show how long you will be able to take advantage of such a benefit without paying any additional costs.
Zero percent intro APR periods often range from six months up to 15 months.
So, this should always factor into your decision-making process before committing to one credit card over another.
We still believe this list of business credit cards will be the best choice for your business.
Table of Contents
- What To Look for in a Credit Card for Bad Credit Business
- 7 Credit Cards for Bad Credit Business in 2021
- 1. Brex Cash
- 2. Suncrest Bank Business Card
- 3. First National Bank Business Edition® Secured® Visa Card
- 4. Wells Fargo Business Secured Credit Card
- 5. BBVA Secured Visa® Business Credit Card
- 6. Capital One® Spark® Classic for Business
- 7. Business Edition Secured card from FNBO
- Startup Business Credit Cards With No Credit
- How do you apply for a business credit card with bad credit?
- How to know your credit score.
- Alternatives to business credit cards for bad credit
- Benefits of having a credit card for Business
- Things to avoid when using your Credit Card for your Business
- Important Information About the risk when Using Credit Card for Business.
- Final Thoughts on Credit Cards For Bad Credit Business
7 Credit Cards for Bad Credit Business in 2021
Here are the best credit cards for bad credit business with low or no credit score in 2021
1. Brex Cash
The best among all the credit cards for bad credit business in 2021 is the Brex Cash.
Brex is a startup company that offers rewards corporate cards as an alternative to traditional business credit cards.
However, there are different credit card offers from them but only the Brex cash is our best choice.
It comes with many attached benefits.
Brex Cash is designed like a checking account, but it has features that only come with business accounts.
Another important difference is that you are actually paying with your own money.
So, all the purchases you make will earn points and move your card balance higher.
The best part is that.
If they do approve an applicant then you will get 50,000 in Brex rewards points upon approval.
You can as well choose to use the card as an alternative to your bank account.
Benefit of Using Brex Cash Credit Card
However, here is the following benefit you will get for using the Brex cash credit card:
- 50,000 in Brex rewards points upon approval
- Replace your bank account with Brex Cash. Brex Cash is a bank account alternative designed with your time and money in mind. With the Brex card, it’s your new financial OS.
- No account fees or minimums
- Free to send ACH and wire transfers-even internationally
- Avoid late vendor payments with tools to schedule recurring payments in advance
- Deposit checks, see your balance, and access or lock your cards all from the mobile app
- Brex Treasury LLC is not a bank; Brex Cash is not a bank account
- Annual Fee: $0
Additionally, it is worth noting that this card offers expansive points-earning structures every day if you pay your balance.
The Brex Cash earning structures are:
- 1x on everything else
- 3x on recurring software
- 3x on Apple products
- 4x on restaurants and dining
- 5x on Brex Travel
- 8x on rideshare
Most importantly, If you ahead with the monthly payment, your expansive points-earning will look like this:
- 7x on rideshare
- 4x on Brex Travel
- 3x on restaurants and dining
- 3x on Apple products
- 2x on recurring software
- 1x on everything else
8x points are incredible, and you don’t have to go through much effort for them.
Remember that you don’t have to maintain any credit score or have funds before you can benefit from this incredible offer.
You can also qualify for up to $150,000 in partner perks, including:
- Amazon Web Services — $5,000 credit and up to $100,000 in AWS Activate, depending on eligibility
- Slack — 25% off 12 months of eligible Slack paid plans
- Zoom — 20% discount on annual Zoom subscription
- Dropbox — Get 50% off on all Dropbox Business, Standard, or Advanced plans
Even if you have low credit, Brex won’t hold the fact that you have a low score against you.
It doesn’t offer its services to companies that are not based and registered in the U.S.
But even if they were organized elsewhere their management would be ineligible for an account.
2. Suncrest Bank Business Card
Suncrest bank’s business card is another great option for credit cards for bad credit businesses.
This card has a low interest rate and an easy-to-understand credit limit policy.
You can get this credit card with any credit score.
But it’s not for people who are buying luxury items or want rewards points along the way.
It offers access to your funds through ATMs all around the world without charging you international withdrawal fees!
Withdrawal limits depend on what type of account you have so make sure that you read their policies carefully before applying.
The rewards program is also awesome.
This is because there’s no annual fee.
It lets you earn cashback based on how much money it spends in eligible categories like gas stations, grocery stores, wholesale clubs, and many more.
For you to apply for Suncrest bank’s business card, you need a credit score of 600 or higher.
You can download the credit card application form with all the details right here:
In fact, your business credit history will be more important than personal credit when applying for cards like these.
This means that you could be approved even if your credit was below 650.
To find out what other options are available to people who have bad credit scores
Check out some reviews on ConsumerAffairs where they outline their experiences and the pros/cons so you know which one suits you best before getting it.
3. First National Bank Business Edition® Secured® Visa Card
My third option in finding better credit cards for bad credit business is Visa Card by First National Bank.
This credit card is a little more flexible because it doesn’t require an initial deposit.
In order to apply, you will need good credit or better and there’s also an annual fee of $29 that needs to be paid yearly.
There are no rewards points offered with this credit card.
But the interest rate for revolving balances is 0% for 12 months.
However, it can help get your credit back on track!
This card also has some really great security features including chip AND PIN technology.
The best part about this Visa Card by First National Bank is that you don’t need any sort of collateral at all in order to qualify.
Alternatively, bad credit business owners could actually benefit from it as well if they want a secured credit card.
4. Wells Fargo Business Secured Credit Card
The Wells Fargo Business Secured card allows you to open this business credit card by depositing funds into a collateral account.
However, your deposited amount will determine the size of your line with a limit of up to $250,000.
Your credit line is largely determined by the amount you choose to put down as a deposit.
To get the Wells Fargo Credit card you will need to have a credit score of at least 600.
Moreover, with Wells Fargo Business Secured Card, you’re opportune to 1.5% cash-back on your purchases.
Not just that, you will also earn 1 point per $1 spent.
It also allows you to earn a bonus of 1,000 points when your company spends is $1,000 or more every monthly billing period.
This may be a credit card that is good for your needs.
If you have a lower credit score or want to start building some credit without applying online or through the mail.
However, this may sound like something you need then you take advantage of their lowest interest rate.
More money put down as collateral means less risk for Wells Fargo.
They’re trusting you won’t run away with the cash they’ve lent out because it’s tied up in the security deposit account!
This card is available with no annual fee, has no foreign transaction fees, and can be upgraded to an unsecured credit card on a case-by-case basis.
You can build your business credit history by adding up to 10 employee cards, take advantage of zero liability protection and fraud monitoring.
5. BBVA Secured Visa® Business Credit Card
The BBVA Secured Visa® Business Credit Card is a credit card designed specifically to help you build credit with monthly payments.
This is accomplished by your business needing to provide collateral in the form of an initial deposit and a monthly fee for the credit line.
In order to qualify, applicants need at least two years’ worth of tax returns.
You will also need other documentation proving that you’re running your own company.
You’ll also be required to pay a low annual fee that will cover any worldwide purchases made on this account.
During your first 1 year, you can use the card for any purchase with no annual fee.
But an annual fee of $40 will is issue to you after your first year of usage.
Regardless of whether these transactions were made while taking advantage of Visa’s Zero Liability policy!
It’s not hard to see why some people would prefer having good credit over bad credit.
Most especially, when it comes down to getting approved for loans and credit cards.
This article highlights how easy it can be to open an account with them with a minimum opening deposit of $500.
You’re also urged to maintain continuous deposits at any time in $100 increases.
For every transaction you make, you will earn 1.5 BBVA Rewards points per $1 spent.
As BBVA Secured Visa® Business Credit Cardholder, you are entitled to numerous benefits such as travel accident insurance, purchase security, free employee cards, travel, and emergency assistance.
Lastly, the card is only available for businesses in Florida, Texas, California, Alabama, Arizona, Colorado, and New Mexico.
6. Capital One® Spark® Classic for Business
The Capital One® Spark® Classic for a Business credit card has the perfect blend of low rates and rewards.
It has an easy application process and a solid customer service team.
The only downsides are that it’s not available to people who have had a bankruptcy in six years or more.
You must apply in person at your local branch location (there is no online application form).
There is a $75 annual fee after the first year.
If these drawbacks don’t bother you too much, then this credit card might be right for you!
Capital one spark classic credit card doesn’t require you to have excellent credit to get approved as a business owner!
Users have access to unlimited 1% cash-back rewards with no annual fee.
The credit card has a “no late fees” policy.
It will offer you the opportunity to make six months’ worth of payments on your balance in advance.
Nevertheless, you have access to a customer service team 24/hrs per day, who are available by phone or live chat.
This is a better option and making it easy for people with busy schedules!
7. Business Edition Secured card from FNBO
Business Edition Secured card from FNBO is one of the popular credit cards for bad credit business.
This card can be opened and secured via a security deposit.
The credit card is for people with a credit score of 580 or better.
It has an annual fee, but if you pay on time then it will only be $35 per year.
You can request your own credit limit between $2,000 and $100,000 in multiples of $50, and your security deposit is 110% of the amount ($2,200 to $110,000).
You can get a secured credit card without a credit history and use your savings account to cover any purchases made on this credit card.
Rather than paying off your individual lines one at a time.
You are able to combine them all onto a single credit limit that’s approved by the bank.
This way you don’t have many different limits accumulating more debt with each purchase!
FNBO Credit Card provides secured credit cards for bad credit business owners looking to start back up again while still maintaining excellent customer service.
If your credit is getting worse, you can get a credit card with no credit check that doesn’t require an annual fee and does not charge any interest rate!
This way you are able to make purchases without having the worry of accumulating debt from high interest rates.
Many people have found success in rebuilding their credit score by using these types of cards on a monthly basis.
Since they don’t incur any interest charges.
It makes them great for those who recently dipped into bankruptcy or foreclosure as well.
Startup Business Credit Cards With No Credit
If your business is a startup and it’s fully registered, then you can use the following credit cards for bad business credit.
One of the credit cards for bad credit businesses is a card that was designed specifically for new businesses and startups.
That makes it easy to get approved even if you don’t have any credit history!
You’ll need your EIN number, company name, address (street & city), and personal taxpayer ID in order to apply.
But after being approved.
This credit card will give you an instant $500 limit on purchases with no annual fee or interest rate.
Another great credit card option is one that has all kinds of purchase options from gas stations to restaurants.
So there’s something available when you’re considering what to buy next while still rebuilding your credit score by paying off each month before the due date arrives.
You can trust the following credit cards as a startup business:
- Brex Cash.
- Capital One credit card
- Wells Fargo Business credit card
Like any credit card, the following come with their own sets of benefits and terms.
Pick one that best suits your needs as a business owner!
If you’re not sure where to start when it comes to building credit for your new business
Sometimes all it takes are some simple steps in order to build good habits.
How do you apply for a business credit card with bad credit?
To apply for a business credit card with bad credit, all you need to do is to visit any of the above-listed banks for inquiries.
You can call their Customer Care Service or use their website to start your application.
Some of the credit cards management company doesn’t allow online application while some do
Don’t forget to ask every question so you know it’s the best credit card for you.
How to know your credit score.
You can know your credit score by looking at your credit report.
Some credit cards for bad credit business offers free credit score so don’t hesitate to ask the bank about this service.
Moreover, if you’re not satisfied with a low-limit credit card then apply for a secured credit card instead.
If you have any more questions, please feel free to contact me!
I will be glad to help! 🙂
There are free and paid online services that can provide you with your credit report.
Check these free websites for a credit report:
This website gives credit scores and credit reports.
The only downside is they don’t give you a full credit report on your own.
But will do so if it says that there are any discrepancies in the information.
On AnnualCreditReport.com you are entitled to a free annual credit report from each of the three credit reporting agencies.
Credit bureau of Canada
This site offers a detailed summary of your credit history with an option for more details about each account or loan listed.
It links to financial assistance programs available through provincial governments.
You can as well Google for more info.
You can pay yearly or monthly fees depending on what suits you best.
Alternatives to business credit cards for bad credit
If you’re in search of an alternative and feel like the above-listed credit card company doesn’t suit your test.
In credit unions, you can often find low-interest credit cards for people with a poor credit rating.
The best thing is that they are not as competitive in the market.
It does offer more affordable rates to its members than other credit card companies out there!
Plus, these credit unions circulate money within the community which helps grow local economies.
Just a suggestion 🙂
Benefits of having a credit card for Business
Having credit cards for business credit can help you in the following ways:
- Improve your credit score.
- Your ability to buy more inventory and invest money.
- You’ll have an easier time with loans (including purchases).
You are eligible for a credit card even if you don’t currently have one!
Some companies offer credit cards solely based on your current financial situation.
So it doesn’t matter what is on your past credit history or whether or not you’ve had a bank account before.
It’s all about how much of your income goes towards paying off debt each month.
Things to avoid when using your Credit Card for your Business
There are a few things you need to be careful of when using credit cards for your business.
The first thing is making sure you can pay off the balance each month.
Do not accrue any more debt, as this will affect your credit score.
The second thing is that some companies may charge an Annual Fee or Interest Rates on purchases made with their credit card.
So make sure to check before applying!
Important Information About the risk when Using Credit Card for Business.
There is nothing in the world without risk.
That is why I will say that there is a risk when using a credit card and businesses are not an exception.
The risk is that the credit card company will not honor your payments and decide to close your account, leaving you with a huge balance on it.
These balances can be as high as $30,000 or more for some people who have had their credit shut down before.
There are many credit card companies out there but they all share this same risk of them shutting your account.
This applies to some credit card companies.
If you miss just one payment which happens often in start-up business ventures when cash flow is tight and expenses exceed income.
This would cause a very large negative mark on your credit score.
It making future loans difficult to obtain except at extremely high interest rates (even around 20%).
And even then getting approved might be tough.
Final Thoughts on Credit Cards For Bad Credit Business
The key to success is not giving up on your business idea because of your bad credit history.
Credit cards for bad credit businesses will help even those who have dealt with bankruptcy or foreclosure get back into work quickly without any hassle at all!
So if you need better access to funds through a higher line of credit, it’s time to look into getting a credit card.
I hope this article has been helpful for you.
Let us know your thought in the comments below.
Feel free to tell us which of those credit cards for bad business will you choose and why?