Are you a business owner looking for a credit card, but concerned about your fair credit score? Stress no more, because we've got you covered! In this blog post, Flik Eco will reveal the best business credit cards designed specifically for those with fair credit ratings. Say goodbye to financial obstacles and prepare to propel your business to new heights.
Best Business Credit Cards For Fair Credit Table of Contents
Top Business Credit Cards for Fair Credit
Factors to Consider When Choosing a Business Credit Card for Fair Credit
Understanding Fair Credit
Sometimes even responsible business owners can find themselves with a fair credit rating. This rating, typically ranging from 580 to 669, can be due to a variety of factors such as late payments, high credit utilization, or short credit history. But don't worry – several credit card companies offer options designed with you in mind. Let's dive into the top picks for business credit cards for fair credit.
Top Business Credit Cards for Fair Credit
When evaluating the best business credit cards for those with fair credit, we considered factors such as annual fees, rewards programs, introductory offers, and additional perks. Here is our specially curated list to help you find the right fit:
- Capital One Spark Classic for Business: This card has no annual fee and offers unlimited 1% cash back on all purchases. Designed specifically for those with fair credit, the Spark Classic also provides free employee cards and tools like Year-End Summaries and downloadable purchase records. Plus, with responsible use, you can see your credit score improve over time.
- Wells Fargo Business Secured Credit Card: Requiring a minimum security deposit of $500, this card is perfect for credit rebuilding. Offering 1.5% cash back on all purchases or the option to earn rewards points, this card comes with a $25 annual fee per card. You also have the flexibility to increase your credit line by adding to your security deposit.
- BBVA Compass Secured Visa Business Credit Card: With a $40 annual fee (waived for the first year), this card offers rewards points on select categories such as office supplies, gas, and dining. You can even earn bonus points for purchases made at participating retailers. To apply, you must open a BBVA savings account and make a security deposit of at least $500.
- U.S. Bank Business Platinum Credit Card: Designed for those with fair credit who want to focus on lowering their debt, this card comes with a 0% introductory Annual Percentage Rate (APR) on both purchases and balance transfers for the first 12 months. The card has no annual fee, and it provides tools like online banking and expense tracking to help manage your business finances.
Factors to Consider When Choosing a Business Credit Card for Fair Credit
Before applying for one of these credit cards, consider the following factors:
- Your Business Type: Are you a sole proprietor, partnership, or corporation? Certain cards are better suited for specific business structures.
- Spending Habits: Do you spend more on travel, office supplies, or other categories? Choose a card that aligns with your spending habits to maximize rewards or cash back.
- Credit Building Goals: If your primary aim is to rebuild your credit, opt for a card that offers tools and opportunities to improve your credit score.
Best Business Credit Cards For Fair Credit Example:
Imagine you own a small consulting firm, and your credit score is currently in the fair range. Your business revolves around meeting clients and traveling to conferences. After assessing your spending habits, you decide that the Capital One Spark Classic for Business is the ideal card for you, as it offers unlimited 1% cash back on all purchases and has no annual fee. Over time, rewards begin to accumulate, and your credit score gradually improves with responsible usage.
Now that you're equipped with the knowledge of the best business credit cards for fair credit, go ahead and choose the one that best suits your business needs. With the right card, you can make the most of your financial situation and propel your business to greater heights. Don't forget to share this article with fellow business owners, and explore other financial insights and guides on Flik Eco to continue your journey towards financial success.
