Starting a business can be a challenging and exciting endeavor. One of the essential tools for success is obtaining a business credit card. These cards can help you build your business credit, manage expenses, and even offer valuable rewards. But what if your business is new, or you have limited credit history? Fear not! We're here to share some of the easiest business credit cards to get approved for, even if you're just starting out.
Easiest Business Credit Cards To Get Approved For Table of Contents
Quick Tips for Getting Approved
- Know your business credit score: Before applying, check your business credit score. A higher score increases your chances of getting approved for a business credit card. If you don't have a business credit score, focus on building it before applying.
- Prepare your business information: Gather all necessary information, such as your Employer Identification Number (EIN) and tax identification numbers. Having these details readily available will make the application process smoother and increase your chances of approval.
- Choose cards based on your credit level: If you have a limited credit history, consider cards that cater to businesses with fair or poor credit.
Easiest Business Credit Cards to Get Approved For
1. Capital One Spark Classic for Business
Credit Requirement: Fair Credit
Capital One Spark Classic for Business is designed for entrepreneurs with fair credit. With no annual fee and unlimited 1% cash back on all purchases, it's an excellent option for those looking to establish business credit.
2. Wells Fargo Business Secured Credit Card
Credit Requirement: Poor to Fair Credit
If you're struggling to get approved due to a limited credit history, the Wells Fargo Business Secured Credit Card is worth considering. With a minimum deposit of $500, you can establish your credit line while earning 1.5% cashback on purchases. There's also a $25 annual fee per card.
3. Blue Business Plus Credit Card from American Express
Credit Requirement: Good Credit
Although the Blue Business Plus Credit Card from American Express requires good credit, it's still relatively easy to get approved. This card offers 2X Membership Rewards® points on everyday business purchases, up to $50,000 per calendar year, with no annual fee.
4. Ink Business Cash® Credit Card
Credit Requirement: Good Credit
Chase's Ink Business Cash® Credit Card is another solid option for businesses with good credit. The card offers 5% cash back on office supply store purchases and internet/cable/phone services (up to $25,000 annually), 2% cash back at gas stations and restaurants (up to $25,000 annually), and 1% cash back on all other purchases. Plus, there's no annual fee!
Easiest Business Credit Cards To Get Approved For Example:
Jenny, a freelance graphic designer, decided to start her own business. She knew having a business credit card would be essential to manage her expenses and build her credit. With only a fair credit score, Jenny was worried she wouldn't be able to get approved for a business credit card. After doing some research, she discovered Capital One Spark Classic for Business was the best option for her situation. This card allowed her to earn cash back, had no annual fee, and helped her establish business credit.
With this guide, you now have a better understanding of the easiest business credit cards to get approved for. Remember, your credit score isn't the only factor to consider when applying for a business credit card. By knowing your credit score, preparing your business information, and choosing cards tailored to your credit level, you'll increase your chances of approval.
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