Running a business often comes with numerous financial needs, and having a credit card tailored to your venture is a smart move. But what if your business has no credit history? You might think your options are limited. Still, there's good news - several credit card providers offer products specifically designed for businesses with no credit. This insightful guide will help you explore and understand the best credit cards for businesses with no credit and how to find the right one for your company's needs.
Best Credit Cards For Businesses With No Credit Table of Contents
1. Capital One® Spark® Classic for Business
The Spark Classic offers great rewards and an opportunity for businesses with no credit to build their credit score. With this card, you can earn:
- 1% cashback on every purchase, with no annual fee and no foreign transaction fee
- Free employee cards and an easy-to-use online account management
- Access to a yearly summary and additional Capital One credit-building tools
2. Wells Fargo Business Secured Credit Card
If you're looking for a credit card that suits your business's financial situation, the Wells Fargo Business Secured Card is an option to consider. It offers:
- A $0 annual fee for the first year and a $25 annual fee per card afterward
- 1.5% cashback on every $1 spent on net purchases
- A credit limit ranging from $500 to $25,000, based on the amount you deposit as security
- Access to free FICO® credit score tracking and credit-building tools
3. BBVA Secured Visa® Business Credit Card
The BBVA Secured Visa is another outstanding option for business owners looking to build their credit. This card provides:
- A low annual fee of $40, waived for the first year
- An opportunity to earn 3 points for every $1 spent on qualifying purchases in the category of your choice and 2 points for every $1 spent in the remaining categories
- Travel rewards and bonuses at participating hotels and retailers
4. Navy Federal Credit Union® Business Secured Credit Card
If you're a business owner eligible for the Navy Federal Credit Union, the Business Secured Credit Card is an excellent choice. It features:
- No annual fee or foreign transaction fee
- A variable APR as low as the prime rate, which is ideal if you may need to carry a balance
- A secured credit line ranging from $500 to $50,000 based on your security deposit
- Rewards points earned on every purchase, redeemable for travel and merchandise
- Auto rental collision damage waiver and free employee cards
5. Brex Corporate Card for Startups
The Brex Corporate Card is specifically designed for startups, providing business owners with no credit a chance to build their credit score. It offers:
- One account for all your transactions, with no personal guarantee or security deposit required
- Up to 7x rewards points for every dollar spent on common startup purchases
- No annual fee and no foreign transaction fee
- Advanced fraud protection and expense management tools
Best Credit Cards For Businesses With No Credit Example:
Imagine you run a small tech startup that frequently makes purchases in various categories, such as travel, dining, and office supplies. The Brex Corporate Card for Startups stands out as an excellent option for your business. With its high rewards points, no annual fee, and credit-building opportunities, it aligns perfectly with your business's financial needs. By selecting this card and making regular payments, your startup can establish a strong credit history in no time.
With the right credit card tailored for businesses with no credit, you can easily navigate the financial landscape while building your company's credit history. These credit cards offer unique benefits and features to meet your business's specific needs. So, go ahead and explore these options to find the best match for your financial goals. Once you've identified the perfect credit card, share your experience with other business owners and learn from their experiences as well – and don't forget to visit Flik Eco for more practical insights on personal finance and investing!
