10 Easiest business credit cards for start ups to get with bad credit in 2022
Businesses with bad credit need to get the best credit cards to get past the financial challenges they initially faced.
We completely understand how difficult it can be to get a sound credit card with a bad credit history. But here, we have listed the best business credit cards that help startups get lousy credit in 2022.
Wells Fargo Business Credit Card
For businesses that are just getting started or need to rebuild their business credit, the Wells Fargo Business Secured Credit Card provides adequate cash back rewards and benefits for the price. Of course, there are better reward options with unsecured cards, as is familiar with any secured credit card. Still, this card from Wells Fargo provides a competitive option for those without the luxury of choice.
The card allows you to earn 1.5 % cash back per dollar spent on qualifying purchases, or 1 point per dollar and 1,000 bonus points when your company spends $1,000 or more in any monthly billing period.
For most cardholders, the cash back option is the best fit. However, cardholders who plan to spend between $1,000 and $2,200 per month may benefit from the points option—read on to find out why.
The rewards potential of this card is determined not only by the amount of business spending placed on the card but also by the rewards-earning structure selected.
If the company spends $2,000 per month on purchases, the card will earn 3,000 points per month. This results in 36,000 points earned per year, redeeming for $360.
To maximize your rewards potential with this card, you need to calculate your expected average monthly business spending and decide whether earning points or cashback will be more beneficial.
American Express Blue Business
The American Express Blue Business Cash Credit Card is one of the few small-business credit cards that offer 2% cashback with no annual fee. In addition, few small-business credit cards offer a lengthy 0% introductory APR period. The exception is the American Express Blue Business Cash Card. You’ll get a 0% intro APR on purchases for 12 months, followed by an ongoing APR of 13.24 % – 21.24 % Variable APR.
This can buy you some time to pay off a large purchase. The card’s 0% intro APR on purchases is also useful for those looking to finance one-time expenses.
However, suppose you own a strong network or have predictable higher cash flow monthly expenses that fit into specific categories. In that case, you may be able to find more lucrative cards. And if you’re looking for travel rewards, you’ll have to look elsewhere.
It doesn’t matter if your annual expenses aren’t even close to $50,000 before the rewards rate drops to 1%. Businesses that spend significantly more than that per year, on the other hand, would be better off with a card that offers unlimited bonus rewards.
Thanks to its simple rewards structure and automatic redemptions, if you want straight cash back and don’t mind receiving it as a statement credit, the American Express Blue Business Cash Card is the clear winner.
Earning 2% cashback on purchases up to $50,000 per year means you’ll get 2 cents for every dollar spent.
Plum Card From AmEx
The American Express Plum Card can be a valuable tool for managing working capital. However, it isn’t cheap — the annual fee is relatively high. However, it is well worth the money. The American Express Plum Card® does not have a pre-set spending limit. While this does not imply unlimited spending, it does mean that your purchasing power is more flexible than it would be if you used a credit card with a set limit.
It also prevents you from carrying a balance from month to month. Therefore, your balance is usually due in full when you receive your statement. However, The Plum Card from American Express stands out in this regard. The Plum Card from American Express, unlike many other American Express cards, has no foreign transaction fees, making it a good choice for business travelers who travel internationally. Although the APR values are unavailable at the moment, you can check it on the AmEx website or call their helpline to get a clear understanding of what you’ll be getting with the Plum card.
There are two types of small business owners who can benefit from using American Express’s Plum Cards :
- Who has enough hard cash on hand to pay early and receive a 1.5 percent discount.
- Who prefer to pay off their balance rather than earn rewards. At different times, some business owners fall into both categories. Consider another card if you’re concerned about annual fees or if your business will require you to carry a balance.
Chase Ink Business Unlimited
The Chase Ink Business is ideal for business owners. It has been on our recommendations list several times due to its unique perks and rewards. For example, the Chase Ink Business Unlimited card has a $0 annual fee. In addition, it offers 1.5 percent cash back on all qualified transactions. You’ll also get a $750 cashback incentive if you spend $7,500 on purchases after creating your account in the first three months.
You may use this card for business transactions without worrying about annual fees because you don’t have to bother about reward programs. However, the disadvantage of this card is that it does not feature any spending categories. Thus, it is not perfect if you have significant spending in specific categories.
First Progress Mastercard
For those who want more flexibility and convenience, the First Progress Platinum Prestige Mastercard® Secured Credit Card is ideal.
Because a refundable security deposit secures the credit line, the client is not required to have a minimum credit score either, which gives an advantage over other credit cards.
This credit card has a revolving credit line and can be considered a full-fledged account. You’ll need a bank account to make on-time monthly payments on your new card account to avoid having to pay separate fees levied by payment providers. However, you can pay off your entire balance and get your deposit back at any time.
You can get your card faster with the new processing option, so you can start using it right away.
Bank Of America Business Advantage Card
The Bank of America Business Advantage Travel Rewards World Mastercard credit card is a terrific alternative for small-business owners who travel, as it offers tangible rewards for a low annual fee of $0. And the benefits could be the finest in class for people who hold a certain amount of money in qualified Bank of America and Merrill business accounts. If you keep at least $20,000 in total balances in eligible Bank of America and Merrill business accounts, the Bank of America Business Advantage Travel Rewards credit card becomes more valuable. You’ll be eligible for the Bank of America Preferred Rewards for Business program at that point. You’ll earn a lot of benefits as a result, including bonus rewards on this card.
The introductory APR deal on this card could benefit you if you want to pay back company purchases over time. On Purchases, you’ll enjoy a 0% initial APR for nine billing cycles, followed by a 12.24 percent -22.24 percent Variable APR. Such discounts aren’t standard on small-business cards.
Brex corporate cards offer the best expense tracking, higher spending limits, and reporting options. It also has a more generous rewards program than most new business credit cards. For example, when you choose the Brex Corporate Card for Startups, you can also earn more money on rideshares, restaurants, business plan software, and other expenses.
You can get as many credit cards as you want for each member of your team, and you can set custom limits for each one. You will be able to better understand your company’s costs as a result of this.
It is one of the best startup business cards available, with cashback, international travel insurance, gas credit, and other beneficial benefits to entrepreneurs on the go. If you have no credit, this type of startup credit card is your best option for creating financial credibility for your corporation.
Capital One Spark Classic
The Capital One Spark Classic for Business can help you build and strengthen your credit if you use it responsibly. In addition, you can earn cashback rewards for any amount at any time because there is no expiration date for the life of the account.
You can use AutoPay to avoid logging into your account every month to make specific payments.
You can also get an itemized report of your expenditures to help your budget and tax time.
If you have an account manager who handles payments, evaluates transactions, and resolves any problems that arise on your behalf. You can’t go wrong with this card because it has no annual fee and doesn’t require excellent credit. But unfortunately, there is no credit check, which is a stumbling block for many people who want to start a new business.
OpenSky Secured Visa
This is one of the few cards that accepts candidates with bad credit, so this is the card for you if you have a low credit score. In 2022, the OpenSky Secured Visa Credit Card is an excellent option for business owners looking to improve their credit.
With such a deposit starting at around $200, you can make the best decisions based on your needs and ability. This card, which has a $35 annual fee, is one of the best ways to build credit.
Because OpenSky believes that everyone should have the opportunity to succeed in business, your Visa card’s credit line limit is determined by the refundable deposit you make.
With a track record of clients who started without a credit score achieving one in as little as six months, you can get the help you need to raise your credit score as quickly as possible.
How to apply for a credit card only for startups
The majority of startups will apply for a business credit card online. The bank where you have your business bank account may also provide one. However, when it comes to getting a credit card for a brand new business, small business credit cards are usually better than corporate cards.
However, because these cards are intended for small business owners, you would almost certainly be required to provide an authentic Employer Identification Number (EIN) for your company, which you can find from the IRS. In addition, for the personal credit check, you’ll need your Social Security number.
This article discussed the easiest and most rewarding business credit cards for startups in 2022. The list made above has specific perks like traveling and bonuses. To get the best credit card, you need to know the purpose and where the credit card money will be used to choose the best credit card for the same category expenditure. For more updates, make sure to sign-up for our newsletter to keep yourself updated on the news worldwide.