Tag: Answered

Top Questions About the Business Loan Underwriting Process Answered

Loan underwriting is the process lenders use to determine the  risk that a borrower will not repay a loan. A higher risk of non-payment means higher interest rates or denial.

Business Loan Underwriting is a Little Different

When it comes to business loan underwriting, underwriters are looking at the owner’s information as well as information related to the business itself. This is more complicated and usually takes longer.

Here are some common questions about the process, and some tips to make things go as smoothly as possible.

Question #1: What Are Underwriters Looking For?

Loan underwriting is not a game of “gotcha. “ Lenders want to make good loans. After all, that’s how they make a profit. They need to see not only that your business can repay the loan, but that there is a high probability you will repay the loan. They also want to see how you will handle repayment if something unexpected happens. Do you have a plan for making payments if things don’t go as planned?

Learn business loan secrets and get money for your business.

Underwriters are asking themselves these questions when they review your application. If you know what they’re looking for, you can include all the information needed on the front end.

Each lender has different criteria when it comes to underwriting small business loans. There really isn’t a standard that applies to every lender. Still, generally lenders are looking at the same types of things when they look at your business. But be aware, they may not weigh all factors the same.

How to Answer Question #1 Most Effectively

  • Provide all requested information.
  • Have financials professionally prepared by an accountant and reviewed by a tax attorney.
  • Fill out the application thoroughly and carefully.

Question #2: What Will I Need to Provide to the Underwriter?

Generally, loan underwriting requires you to provide:

  • Basic personal information, such as your name, address, and Social Security number
  • Your business name or doing business as (DBA) name
  • Your Employer Identification Number (EIN)
  • A copy of your business plan
  • Information about collateral if you’re applying for a secured loan
  • Details about your business, including time in business, annual revenues, number of employees, and more
  • Financial records, including tax returns, bank statements, and/or pay stubs (both personal and business)

How to Answer Question #2 Most Effectively

Write your business plan long before you apply for a loan. Have a mentor or the local Small Business Development Center help you. Also, gather records requested and review the details for accuracy.

Question #3: How Will the Underwriter Use the Data I Provide?

The data you provide for loan underwriting will be used to do the following.

Verify Business Revenue

If there isn’t enough revenue to support debt payments, you aren’t getting the loan. Most lenders have a ratio that helps them calculate how much they are willing to lend to your business.  That is, if they approve the application.

Generally, approval for any amount over 10% of your annual revenues is not likely.  This is especially true for traditional lenders. Of course, it depends heavily on whether you have any other business debt.

Learn business loan secrets and get money for your business.

Verify Personal Credit Score

With traditional lenders, your personal credit score is going to be part of every loan decision. In fact, in some cases it will determine whether or not they will pursue your loan application at all.

Banks generally look for scores in the 700s, though some will go as low as 680. The SBA has a minimum threshold around 650. In contrast, online lenders will go as low as 600 or even 500 in some cases.

If you get approval, the lower your personal credit score, the more expensive the financing. You may also have to provide a personal guarantee or sign off on a UCC blanket lien if your personal credit scores are particularly low.

Verify Collateral

Not all lenders require collateral, but most banks and the SBA do. While the SBA doesn’t always require that you fully collateralize a loan, they will require any collateral you may have available.

Online lenders will often apply a general lien on business assets. Also, most will require a personal guarantee on small business loans.

Determine Personal Equity in the Business

Underwriters may want to see how much money you have invested in the business. Lenders want you to have some personal skin in the game. If the business defaults, you have something to lose too.

In addition, lenders may use the data to determine a number of ratios that can help them in the decision making process.

Debt Service Coverage Ratio

This is a calculation of your business’ income and the total amount of business financing you already have. It is calculated as Business Income/ Business Debt.  If your ratio is below 1.25, it will be difficult to get more financing.

Debt-to-asset Ratio (total debt/ total assets)

This is especially important to underwriting if there isn’t a collateral requirement. It shows whether you have enough assets to cover the loan in the event you default. For example, do you have enough equipment or property to liquidate and cover the loan if you can’t make payments. A ratio of more than 1:1 is favorable.

Loan-to-value Ratio

This only applies if there is a collateral requirement. Lenders really want to see that your collateral is worth at least 20% more than you want to borrow. That’s why you need a down payment of around 20% to buy a new car or purchase a new house.  The lender wants to make sure you meet this ratio.

How to Answer Question #3 Most Effectively

Since you now know the formulas often used in the loan underwriting process, you can have your accountant do the math. It doesn’t make any sense to apply if the numbers aren’t in your favor.  If you are close, it may be worth a shot.

Running the numbers can also give you an idea of what may be required in terms of a personal guarantee or collateral.  This is helpful information to have before you apply.

Question #4: What Are the Dealbreakers?

There are a number of issues that an underwriter may uncover that may can mean “end game” for your loan application.  If you know of any of these issues before you apply, definitely disclose them. Knowing ahead of time will allow the underwriters to take note of mitigating factors as they go. If they come across any of these on their own, it is probably game over.

Learn business loan secrets and get money for your business.

  • Recent business cash advances or loans that are discovered but not disclosed in the month to date bank activity
  • An excessive amount of negative days in the bank activity printout
  • A criminal background history
  • Undisclosed tax liens or those not in a payment plan
  • A recent bankruptcy (within the last 6 months) or any open bankruptcy
  • Unsatisfied excessive or large judgments
  • Less than 50% ownership (depending on the lender)
  • A major drop in revenue
  • Negative landlord references
  • An undisclosed default or a restructured business loan or cash advance

How to Answer Question #4 Most Effectively

Check the documents you’re providing and make sure they’re complete. Material omissions, such as new loans that are not yet on record, need to be disclosed.

That way, the loan manager has all of the information and won’t penalize you for omissions.

Data Drives Loan Decisions

You provide the data to lenders that the underwriters use to make the loan decisions. It is imperative that the data you provide is as complete and accurate as possible. If they find inconsistencies, it is very likely they will simply deny the loan.

Something as small as using an ampersand in your business name in one place, and the word “and” in another, can cause enough doubt to deny a loan.

This is why building fundability is so important. Underwriters want to see your business is established as a separate entity from you, the owner. They need to see accurate and consistent information. Consequently, providing this from the beginning will make their job easier and save you a lot of time and frustration.

The post Top Questions About the Business Loan Underwriting Process Answered appeared first on Credit Suite.

How Do I Fund My Business? Your Top Questions Answered

Every entrepreneur asks themselves “How do I fund my business?” Some times it’s “What is the best way to fund my business?”  The answers to each are many and varied, and they depend on a number of variables.  Specifically, the question right now may be “How do I fund my business during a global pandemic?”  We have the answers you seek. 

Your Top 4 Questions About How Do I Fund My Business, and The Answers You Need

When asking yourself how do I fund my business, you are likely only thinking of traditional loans and investors.  First, it’s important to know that there are other options. That said, loans are the easiest and most reliable, despite the many pitfalls and barriers. This is true even if you have one of the best recession proof businesses around.  The need for business funding never goes away. No doubt you are asking yourself what other options you have however, especially if loans are not currently an option.  

How Do I Fund My Business without Debt?

Truthfully,  taking on debt during the course of running a business is virtually unavoidable.  However, there are debt free funding options that you can use to reduce the amount of debt you have to take on.  Aside from investors, there are grants and crowdfunding options out there.

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Learn bank rating secrets with our free, sure-fire guide.

Crowdfunding

With crowdfunding, you don’t have to find just one or two investors that have large sums of money.  In fact, you can find a lot of investors to fund your business a few bucks at the time. Honestly, some may kick in as little as $5.

Crowdfunding Platforms

There are many crowdfunding platforms.  Yet, they aren’t all the same.  You have to check them each out and figure out which one will work best for your business.  Here are a few to start with.

Of course, there are other platforms out there, but this is a good list to start with.

Grants

There are not a ton of grants out there compared to other funding options, and competition is stiff.  Still, they are an option if you are wondering how to fund my business without debt. 

Also, requirements vary from grant to grant. Furthermore, most are only awarded to a certain number of recipients. Despite this, they are still worth looking into if you fall into one of these basic categories. 

  • Women owned business
  • Minority owned business
  • Businesses run by veterans
  • Businesses in low income areas

There are also some corporations that offer grants in a contest format that do not require much other than that you meet the corporation’s definition of a small business and win the contest. 

Companies like FedEx and LendingTree have grant contests each year. 

How Do I Fund My Business with Bad Credit? 

Consequently, If traditional loans are not an option due to bad credit, you might look into private lender options. There are a lot of them, but they aren’t all created equal.  You will have to do your research to avoid scams. Also, though all private lender rates are typically higher than their traditional counterparts, you will want to make sure you get the best rate you can. Here is some information to get you started. 

Fundation 

Fundation provides both term business loans online and lines of credit. It is most known for its working capital financing options. These are funds meant to help cover the day-to-day costs of running a business rather than larger projects. Typically, these funds come in the form of a line-of-credit

StreetShares 

StreetShares started as a service to veterans, but now offers term loans, lines of credit, and contract financing. They also offer small business loan investment options. The maximum loan amount is $250,000, and preapproval only takes a few minutes. They use a soft pull on your credit so it doesn’t affect your score. They require a minimum credit score of 620. 

BlueVine 

There are two options for small business financing with BlueVine. They include lines of credit and invoice factoring. Loans start at  $5,000 and go up to $100,000. Your annual revenue must be $120,000 or more, and the borrower must be in business for at least 6 months. Also, with BlueVine, there is a personal credit score requirement of 600 or higher. 

Fundbox 

Fundbox offers an automated process that is super-fast. They have no specific credit score requirement. You simply have to be an established business with regular monthly revenue.

Fora Financial 

Founded in 2008 by college roommates, Fora Financial now funds more than $1.3 million in working capital around the United States. There is no minimum credit score, and there is an early repayment discount if you qualify. 

OnDeck 

Obtaining financing from OnDeck is quick and easy. First, you apply online and receive your decision once application processing is complete. If you receive approval, your loan funds will go directly to your bank account. The minimum loan amount is $5,000 and the maximum is $500,000.  There is a personal credit score requirement of at least 500.

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Lendio

The secret to Lendio’s success is excellent customer service and a short, easy application process. The loan-connections service it offers slashes the time it takes to find the right business loans online. This is due to its heavily vetted network of lenders. Your personal credit score must be 560 or above. 

Credibly 

Credibly specializes in unsecured business loans. The minimum loan amount is $5,000 and the maximum is $250,000. They require a person credit score of at least 500 and at least 6 months in business.  You also have to show at least $15,000 in average monthly deposits. 

Kabbage 

Kabbage offers a small business line of credit that can help accomplish your business goals quickly. The minimum loan amount is $500 and the maximum is $250,000. They require you to be in business at least one year and have $50,000 or more in annual revenue or $4,200 or more in monthly revenue over the last 3 months. 

How Do I Fund My Business If I Don’t Know Where to Start? 

Well, you don’t.  You have to know where to start, so we are going to tell you. You start with the foundation.  How your business is set up has everything to do with fundability. Fundability is the ability to get funding for your business. How do you set up your business to be fundable? 

Separate Contact Information

Your business must have its own: 

Get an EIN

An EIN is an identifying number for your business that works in a way similar to how your SSN works for you personally.  You can get one for free from the IRS.

Incorporation is Necessary

Honestly, not incorporating your business as an LLC, S-corp, or corporation is not an option.  However, which form you choose, is.  It does not matter as much for fundability, but it makes a difference for your budget and liability protection.  Talk to your attorney or a tax professional about which option will work best for your needs..  

Also, when you incorporate, you become a new entity.  You basically have to start over. You’ll lose any time in business and a positive payment history you may have built up.  For this reason, you need to incorporate as soon as possible.

Get a Business Bank Account Now

In addition, you have to open a separate, dedicated business bank account.  There are a few reasons for this.  For these purposes, the main one is it will help create the separation from owner you need to build fundability. 

Licenses

For a business to be legitimate it has to have all of the necessary licenses it needs to run.  Do the research you need to do to ensure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels. 

Website

Spend the time and money necessary to ensure your website is professionally designed and works well.  Pay for hosting too. Don’t use a free hosting service.  Also, remember that email address you need? Make sure it has the same URL as your website. Don’t use a free service such as Yahoo or Gmail. 

How Do I Fund My Business in the Future? 

What happens after you have a fundable foundation?  Are you automatically going to have all the answers to all of the how do I fund my business questions? No, you won’t.  In fact, you won’t even be fundable yet. To fund your business into the future, you need to know everything that affects fundability so that you can make sure yours is strong. So, what exactly does affect the fundability of your business? 

Business Credit Reports

Where do business credit reports come from?  There are a lot of different places, but the main ones are Dun & Bradstreet, Experian, Equifax, and FICO SBSS.  Since you have no way of knowing which one your lender will choose, you need to make sure all of these reports are up to date and accurate. 

Other Business Data Agencies 

In addition to the business credit reporting agencies that directly calculate and issue credit reports, there are other business data agencies that affect those reports indirectly.  Two examples of this are LexisNexis and The Small Business Finance Exchange. 

Identification Numbers 

In addition to the EIN, there are identifying numbers that go along with your business credit reports.  Some of them are simply assigned by the agency, like the Experian BIN.  One, however, you have to apply to get.  It is absolutely necessary that you do this. 

Dun & Bradstreet is the largest and most commonly used business credit reporting agency.  Every credit file in their database has a D-U-N-S number.  To get a D-U-N-S number, you have to apply for one through the D&B website. 

Business Credit History

Your credit history is a huge factor in the fundability of your business.  

It consists of a number of things including: 

  • How many accounts are reporting payments?
  • How long have you had each account? 
  • What type of accounts are they?
  • How much credit are you using on each account versus how much is available?
  • Are you making your payments on these accounts consistently on-time?

The more accounts you have reporting on-time payments, the stronger your credit score will be. 

Business Information

This is a problem because a ton of loan applications are turned down each year for fraud concerns due to things not matching up.  Maybe your business licenses have your personal address but now you have a business address.  You have to change it. Perhaps some of your credit accounts have a slightly different name or a different phone number listed than what is on your loan application. Do your insurances all have the correct information?

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Financial Statements

Both your personal and business tax returns need to be in order.  Not only that, but you need to be paying your taxes, both business and personal.    

Business Financials

It is best to have an accounting professional prepare regular financial statements for your business. Having an accountant’s name on financial statements lends credence to the legitimacy of your business. 

If you cannot afford this monthly or quarterly, at least have professional statements prepared annually. Then, they are ready whenever you need to apply for a loan. 

Personal Financials

Often tax returns for the previous three years will suffice.  Get a tax professional to prepare them.   This is the bare minimum you will need.  Other information lenders may ask for include check stubs and bank statements, among other things. 

Bureaus

There are several other agencies that hold information related to your personal finances that you need to know about.  Everyone knows about FICO.  Your personal FICO score needs to be as strong as possible. It really can affect business fundability and almost all traditional lenders will look at personal credit in addition to business credit. 

Also, there is ChexSystems.  In the simplest terms, this keeps up with bad check activity and makes a difference when it comes to your bank score.  If you have too many bad checks, you will not be able to open a bank account.  Consequently, you will run into serious fundability issues. 

Personal Credit History

Your personal credit score from Experian, Equifax, and Transunion all make a difference.  You have to have your personal credit in order because it will definitely affect the fundability of your business.  That means, if it isn’t great right now, get to work on it.  The number one way to get a strong personal credit score or improve a weak one is to make payments consistently on time. 

The Application Process

This is related to when you apply and what you apply for.  Is it the right time to apply for financing? Are you applying for a product you can use or even get? 

How Do I Fund My Business?  The Answer Lies with Fundability

In the end, the key to funding any business at any time is to have strong fundability.  As a result, you have to start from the foundation and continually work to build business credit and keep all information up-to-date and accurate.  Do this, and you will be able to find the answers to all of your “How do I fund my business” questions.

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You Asked, We Answered: What is the Easiest Business Credit Card to Get?

We heard your question – what is the easiest business credit card to get?

What is the Easiest Business Credit Card to Get?

We researched a bunch of company credit cards for you. So, here are our favorites.

Per the SBA, company credit card limits are a whopping 10 – 100 times that of personal credit cards!

This reveals you can get a lot more funds with business credit. And it also means you can have personal credit cards at retail stores. So, you would now have an additional card at the same retail stores for your business.

And you will not need collateral, cash flow, or financials to get business credit.

What is the Easiest Business Credit Card to Get? Benefits

Benefits vary. So, make certain to choose the benefit you prefer from this choice of options.

What is the Easiest Business Credit Card to Get with 0% APR?

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card 

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no annual fee and comes with a 0% introductory APR on purchases for the first nine months. Thereafter, the card has a 13.24 – 23.24% variable APR

Earn 3 points/dollar spent when you book travel via the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can get unlimited points and points will never expire.

Details

There is a 25,000-point sign-up bonus when you spend $1,000 in the initial 60 days of opening up the account. Cardholders get travel accident insurance, and lost luggage reimbursement. 

They also get trip cancellation coverage, trip delay reimbursement and other benefits.

There is no introductory rate for balance transfers. Also, bonus categories are limited.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/ 

JetBlue Plus Card

Consider the JetBlue Plus Card for yet another offer of a 0% introductory APR

Earn six points/dollar on JetBlue purchases, two points/dollar at eating establishments and grocery stores. And get one point/dollar on all other purchases. 

Details

Spend $1,000 in the first 90 days and pay the yearly fee. So, then you can get 40,000 bonus points. New cardholders get a 12-month, 0% initial APR on balance transfers made in 45 days of account opening.

After that, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based upon creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.

There is a $99 annual fee for this card.

Get it here: https://cards.barclaycardus.com/cards/jetblue-card/   

What is the Easiest Business Credit Card to Get with No Annual Fee? 

Uber Visa Card 

Check out the Uber Visa Card. Uber is the first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.

The card offers 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, earn 3% back on hotel, airfare and vacation home rentals. And get 2% back on online purchases. 

So, this includes retailers and subscription services like Uber and Netflix. And get 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly within the app.

By spending a minimum of $500 in the initial 90 days, users can earn a $100 sign-up bonus. Cardholders spending at least $5,000 annually are eligible to receive a $50 credit toward online subscription services. 

Details

If you pay your cellphone bill with this card, you are insured up to $600 for cellphone damage or theft.

Cardholders are eligible for exclusive access to specific events and offers. Uber expects most of these offers to be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.

But there is no introductory rate. So, the APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range. 

Also, there are restrictions on Uber credits. To redeem points as credits in the Uber app, accrue a minimum of 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, per day.

Get it here: https://www.uber.com/c/uber-credit-card/ 

Costco Anywhere Visa® Business Card by Citi 

Not taking Uber? Then you’ll want to fill your gas tank somehow. Why not do so with the Costco Anywhere Visa® Business Card by Citi?

This card earns cash back with every purchase. Earn 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Earn 3% cash back at restaurants and on eligible travel purchases. Also, get 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.

So, note: the $0 annual fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.

Also, there is no sign-up bonus available with this card.

Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card

Ink Business Cash℠ Credit Card

Check out the Ink Business Cash ℠ Credit Card. Companies can get cash back with every single purchase. Spend $3,000 in the initial three months from account opening. And you’ll get a $500 bonus cash back.

There is a $0 annual fee with a 0% introductory APR for 12 months on purchases and balance transfers. After that, the APR is a 15.24 – 21.24% variable. 

The credit card includes travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.

Details

Earn bonus cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.

Note: this credit card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is greater. Also, there is a foreign transaction fee of 3%.

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-cash 

United MileagePlus Explorer Business Card

Get a good look at the United MileagePlus Explorer Business Card.

Earn 2 miles/dollar with United and at restaurants, filling stations and office supply stores. All other purchases earn 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the initial three months from account opening. 

Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.

Details

Also, get two United Club passes annually. And get hotel and resort perks including upgrades. In addition, get early check-in and late checkout. And get an auto rental collision damage waiver. 

Plus, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.

After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.

Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business 

Starwood Preferred Guest® Business Credit Card from American Express

Another alternative is the Starwood Preferred Guest Business Credit Card from American Express. 

This credit card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Earn six points per dollar of eligible purchases at participating SPG and Marriott Rewards hotels.

And earn four points per dollar at US restaurants, US filling stations, and on US purchases for shipping. 

Also, earn four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, get two points per dollar.

Details

Earn 75,000 bonus points when you spend $3,000 in the initial three months of account opening. Benefits include free in-room premium internet access, Sheraton Club lounge access, and purchase protection. 

Plus, you get car rental loss and damage insurance. And you get baggage insurance. There is also a global assistance hotline. And there is a roadside assistance hotline. And get travel accident insurance and extended warranty coverage.

The biggest issue is the yearly fee. There is a $0 introductory annual fee for the first year, then it’s $95 after that. Plus, there is no 0% introductory APR. Instead, there is a 17.74 – 26.74% variable APR

Get it here: https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/spg-amex-starwood-credit-card 

What is the Easiest Business Credit Card to Get for Average Credit?

Capital One® Spark® Classic for Business 

For fair credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. The card gets an unlimited 1% cash back on all purchases. There is an annual fee of $0.

With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage. And you get travel and emergency assistance services.

But KEEP IN MIND: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus. In addition, this card reports monthly to personal credit. It does report to business credit as well, but they generally require a personal credit check and will always report to personal credit.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/ 

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

What is the Easiest Business Credit Card to Get Low APR and Balance Transfers? 

Discover it® Cash Back

Have a look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.

After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based upon the Prime Rate.

Details

You can get 5% cash back at different places every quarter. So, these are places like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. Also, automatically get unlimited 1% cash back on all other purchases.

You will get an unlimited dollar-for-dollar match of all the cash back you have earned at the end of your first year, automatically.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html 

What is the Easiest Business Credit Card to Get to Build Credit?

Discover it® Student Cash Back

Be sure to check out the Discover it® Student Cash Back card. It has no annual fee. The credit card also offers a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.

One special feature is that it offers an incentive for scholars to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or higher each school year, the card will award the $20 statement credit every year for up to five years.

Details

Use this credit card to build personal credit. While this is a personal card versus a company credit card, for new credit users, their FICO scores will matter. And this card provides an excellent way to raise FICO while also getting rewards. Better personal credit can also, often, be the key to unlocking online lending.

You can earn 5% cash back at different places each quarter such as grocery stores, gas stations, restaurants or Amazon.com up to the quarterly maximum. After that, this credit card offers unlimited 1% cash back on all purchases.

In the initial year, all cash back rewards are matched 100%.

Downsides include a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is greater. And though they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html 

What is the Easiest Business Credit Card to Get for Luxurious Travel Points?

Capital One® Spark® Miles for Business 

Be sure to check out the Capital One® Spark® Miles for Business card. With this card, you can earn 2 miles per dollar on all purchases. When you spend $4,500 within the first 3 months of opening an account, you can earn 50,000 miles. So, that is worth $500 in travel.

Benefits for cardholders include an auto rental collision damage waiver, and purchase security. And they also include extended warranty coverage. And you get travel and emergency assistance services.

Cardholders will pay $0 introductory for the first year. But they will pay $95 after that for the annual fee.

There is no 0% APR for purchases or balance transfers with this card. The APR is 18.74% (variable).

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/  

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

IHG ® Rewards Club Premier Credit Card

Check out the IHG ® Rewards Club Premier Credit Card. it gets hotel rewards worldwide. For each dollar spent at participating IHG hotels, earn 10 points. Earn two points per dollar spent at gas stations, grocery stores and restaurants. 

Plus, all other purchases earn one point. New cardholders can get an 80,000-point sign-up bonus when they spend $2,000 in the first three months of account opening.

Details

This card offers a free one-night hotel stay annually. Plus, there is a variety of benefits like travel and purchase coverage and an upgrade to Platinum Elite status with the IHG Rewards Club. The club offers complimentary room upgrades when available and guaranteed room availability.

The most significant issue is that the card does not offer a zero percent APR introductory rate. And the standard APR is 17.99 – 24.99% variable. Also, the annual fee is $89.

Get it here: https://creditcards.chase.com/a1/ihg/premiernaep 

Marriott Rewards® Premier Plus Credit Card

This credit card earns six points/dollar spent at participating Marriott and SPG hotels. And get two points/dollar on all other purchases. 

Spend $3,000 in the first three months from account opening and get two free night awards (each worth up to 35,000 points). 

Cardholders get access to perks including a free one-night stay every year after account anniversary. Also get travel and purchase protection. So, this includes free standard in-room Wi-Fi and priority late checkout.

Details

Perks include baggage delay reimbursement, and lost luggage reimbursement. There is also trip delay reimbursement. And there is purchase protection. In addition, there are concierge service and automatic Silver Elite status, which includes a 20% bonus on points. 

Spend $35,000 each account year and get an upgrade to Gold Elite status. So, that includes a complimentary room upgrade, free daily breakfast and 4 PM late checkout.

There is an annual fee of $95. The APR is a 17.99– 24.99% variable.

Get it here: https://creditcards.chase.com/marriott/apply 

What is the Easiest Business Credit Card to Get for Cash Back?

SimplyCash Plus Business Credit Card from American Express

Check out the SimplyCash Plus Business Credit Card from American Express. There is a $0 yearly fee. And there is a 0% APR on purchases. So this is for the initial 15 months an account is open. 

But when the introductory period expires, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.

Details

This card has numerous benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.

Also, earn 5% cash back at US office supply stores and on wireless telephone services. So, these must be purchased from US providers. But this pertains to the initial $50,000 of annual spending. Then, you get 1% cash back.

You also earn 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly spending. Then, you get 1% cash back.

Cash-back bonuses are automatically credited to the customer’s billing statement.

Note: you cannot use this card for balance transfers. There is a foreign transaction fee of 2.7%. The credit card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%. 

And, it kicks in if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279 

Capital One® Quicksilver® Card 

Check out the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits to the amount of cash back rewards that cardholders can earn. Also, the card has a $0 annual fee.

New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after opening the account. Then afterwards they have a 14.74 – 24.74% (variable) APR after that. 

A cash bonus of $150 is on offer for those who make a minimum of $500 in purchases in 3 months of account opening.

Details

Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.

This card also offers travel accident insurance. And you get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.

Downsides are the flat reward rate, not allowing for any more than that. And the higher APR after the first 15 months.

Get it here: https://www.capitalone.com/credit-cards/quicksilver/ 

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

What is the Easiest Business Credit Card to Get Which is Secured?

Wells Fargo Business Secured Credit Card

Have a look at the Wells Fargo Business Secured Credit Card. It charges a $25 annual fee per card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000) and it is meant to help cardholders set up or rebuild their credit.

Select this card if you want to get 1.5% per dollar in purchases with no limits or get one point for every dollar in purchases. You also get 1,000 bonus points for every month your company makes $1,000 in purchases on the card.

Details

Also, you get free FICO scores every month. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed. And you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.

APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a card for balance transfers.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/ 

What is the Easiest Business Credit Card to Get for Jackpot Rewards?

Chase Sapphire Preferred® Card

Have a look at the Chase Sapphire Preferred® Card for travel points.

You can earn two points per dollar spent on travel and dining at restaurants. And you can get one point per dollar on all other purchases. Points can be redeemed for cash back, gift cards, or travel. 

The card’s benefits include trip cancellation insurance, travel and emergency assistance services. They also include an auto rental collision damage waiver, purchase protection and extended warranty protection.

When you spend $4,000 in the initial 3 months from account opening, you will earn 50,000 bonus points. These points are worth $625 if you redeem them for travel through Chase Ultimate Rewards.

Details

You can get an unlimited two points per dollar for travel and dining at restaurants. And after that get one point per dollar for all other purchases. Points will transfer equally to 13 leading frequent travel programs with partners. So, these include British Airways, Southwest Airlines, United, and Marriott.

There is no 0% introductory APR on purchases or balance transfers. The card’s standard APR is 17.74 – 24.74% variable. Also, the card has an annual fee of $0 introductory for the first year. And then it skyrockets to $95.

Get it here: https://creditcards.chase.com/rewards-credit-cards/chase-sapphire-preferred 

Ink Business Preferred ℠ Credit Card

Get a look at the Ink Business Preferred Credit Card from Chase. Cardholders earn 3 points for every dollar spent on travel, shipping, internet, cable, phone and qualifying advertising with the card. So, this is up to $150,000 each year. And all other purchases earn an unlimited one point per dollar spent.

This is a Visa card.

Cardholders get benefits like purchase protection, trip cancellation or interruption insurance. They also get cellphone protection. And they get extended warranty coverage. And they get an auto rental collision damage waiver.

Details

Earn 80,000 bonus points when you spend $5,000 in the first 3 months from account opening. There is an annual fee of $95. You can add employee cards at no additional cost.

This card only offers 3 points per dollar to a limit of $150,000 a year. So, this is for travel, shipping, internet, cable, phone and qualifying advertising. All other purchases earn an unlimited flat rate of one point per dollar. And there is no introductory APR

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-business-preferred 

What is the Easiest Business Credit Card to Get for You?Get a Business Credit Card the Easy Way Credit Suite

Your outright best company credit cards hinge on your credit history and scores.

Only you can select which features you want and need. So, make sure to do your homework. What is outstanding for you could be disastrous for another person.

And, as always, be sure to build credit in the recommended order for the best, quickest benefits.

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