Empower Your Business with 0 Interest Business Credit Cards in a Recession

Get Epic 0 Interest Business Credit Cards in a Recession

Do you know how to get 0 interest business credit cards in a recession? We break down the many choices out there to show you the best corporate credit cards with 0% interest.

Even during the time of the novel coronavirus, it’s still possible to get good business credit cards. You do not have to settle!

Per the SBA, corporate credit card limits are often 10 – 100 times that of personal cards! This means you can get a lot more cash with business credit.

And this also means you can have personal credit cards at retail stores, and now have a second card at the same shops for your company. And you will not need collateral, cash flow, or financials to get small business credit.

0 Interest Business Credit Cards in a Recession: Benefits

Features vary, so make certain to pick the perk you prefer from this selection of possibilities.

0 Interest Business Credit Cards in a Recession – Pay Nothing!

Blue Business® Plus Credit Card from American Express

Check out the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the initial one year. After that, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on day to day business purchases like office supplies or client dinners for the first $50,000 spent each year. Get 1 point per dollar afterwards.

You will need great to excellent credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Also have a look at the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. But its rewards are in cash as opposed to points.

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. Then get 1%.

It has no annual fee. There is a 0% introductory APR for the initial one year. Afterwards, the APR is a variable 14.74 – 20.74%.

You will need great to superb credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

Alternatives to 0 Interest Business Credit Cards in a Recession: Outstanding Business Credit Cards with No Annual Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Take a look at the Ink Business Unlimited℠ Credit Card. Beyond no yearly fee, get an introductory 0% APR for the first twelve months. After that, the APR is a variable 14.74 – 20.74%.

You can earn unlimited 1.5% Cash Back rewards on every purchase made for your small business. And get $500 bonus cash back after spending $3,000 in the initial three months from account opening. You can redeem your rewards for cash back, gift cards, travel and more via Chase Ultimate Rewards®. You will need exceptional credit to get approval for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Alternatives to 0 Interest Business Credit Cards in a Recession: Dependable Credit Cards for Fair to Poor Credit, Not Calling for a Personal Guarantee

Brex Card for Startups

Look into the Brex Card for Startups. It has no yearly fee.

You will not need to supply your Social Security number to apply. And you will not need to supply a personal guarantee. They will take your EIN.

However, they do not accept every industry.

Likewise, there are some industries they will not work with, and others where they want more paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a company’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Also, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have poor credit (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Alternatives to 0 Interest Business Credit Cards in a Recession: Irresistible Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Check out the Capital One® Spark® Cash Select for Business. It has no annual fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can get. Also earn a one-time $200 cash bonus once you spend $3,000 on purchases in the initial three months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR after that.

You will need great to superb credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Alternatives to 0 Interest Business Credit Cards in a Recession: Terrific Cards for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Check out the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. After that, this card costs $95 annually. There is no introductory APR deal. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the first three months from account opening. Get unlimited 2% cash back. Redeem at any time without minimums.

You will need great to excellent credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Flat-Rate Rewards and No Yearly Fee

Discover it® Business Card

Have a look at the Discover it® Business Card. It has no yearly fee. There is an introductory APR of 0% on purchases for year. After that the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.

You can download transactions| easily to Quicken, QuickBooks, and Excel. Keep in mind: you will need good to exceptional credit to get this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Take a look at the Ink Business Cash℠ Credit Card. It has no annual fee. There is a 0% introductory APR for the first one year. Afterwards, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the initial 3 months from account opening.

You can earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on net, cable and phone services each account anniversary year.

Get 2% cash back on the first $25,000 spent in combined purchases at gasoline stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases. There is no limitation to the amount you can get.

You will need superb credit to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the initial 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no yearly fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the first $50,000 in combined choice category/dining purchases each calendar year. After that get 1% after, with no limits.

You will need excellent credit scores to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/

Alternatives to 0 Interest Business Credit Cards in a Recession: Flexible Financing Credit Cards

The Plum Card® from American Express

Check out the Plum Card® from American Express. It has an introductory yearly fee of $0 for the first year. Afterwards, pay $250 annually.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need excellent to superb credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Alternatives to 0 Interest Business Credit Cards in a Recession: Secure Business Credit Cards for Fair Credit

Capital One® Spark® Classic for Business

Take a look at the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your company, without any minimum to redeem.

While this card is within reach if you have average credit, beware of the APR. Yet if you can pay on time, and completely, then it’s a good deal.

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

Alternatives to 0 Interest Business Credit Cards in a Recession: Company Credit Cards for Extravagant Travel Points

Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no yearly fee while still getting travel rewards, take a look at this card from Bank of America. It has no annual fee and a 0% introductory APR for purchases during the first 9 billing cycles. Afterwards, its regular APR is 13.74 – 23.74% variable.

You can earn 30,000 bonus points when you make at least $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Earn unlimited 1.5 points for every $1 you spend on all purchases, everywhere, every time. And this is regardless of how much you spend.

Likewise earn 3 points per every dollar spent when you book your travel (car, hotel, airline) through the Bank of America® Travel Center. There is no limit to the number of points you can get and points do not expire.

You will need superb credit to get this one (as in, 700s or better).

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

Your Best 0 Interest Business Credit Cards in a Recession and More

Your absolute best 0 interest business credit cards in a recession will hinge upon your credit history and scores. Just you can determine which features you want and need, so make sure to do your research. And, as always, make certain to build business credit in the recommended order for the best, fastest benefits.

The post Empower Your Business with 0 Interest Business Credit Cards in a Recession appeared first on Credit Suite.

How to Get a Commercial Line of Credit Right Now

Covid-19 has turned the world topsy turvy. There is no way around it. Most businesses need a little extra financial cushion at the very least. Most need much more than that. What happens in this post COVID-19 economy is literally unfolding as we watch. A commercial line of credit could be just the thing to keep your business going during a recession.

Get a Commercial Line of Credit Fast

The thing is, most business owners need money right now. That means you need the fastest, most cost-effective commercial line of credit that you can get. Why a line of credit rather than a loan? There are a few reasons, but one main reason.

Commercial Line of Credit vs. Loan

The most basic definition of a commercial line of credit is that it is a revolving credit, similar to a credit card. You have a limit and continuous access to that limit while making payments only on the portion you use each month.

For example, if you have a $10,000 line of credit, you can use however much of those funds you need each month for whatever you want, unless your lender issues some sort of restriction. If you use $2,000, then when you get your statement you will have to pay $2,000 plus the interest, rather than a payment plus interest on the entire amount of the loan.

If you were to pay $1,000, then spend another $500, you would pay on the $1,500 balance the next month. Your payments change as your balance changes. Just like with a credit card.

What is the advantage of a line of credit over a term loan? Flexibility, hands down. With a line of credit, you do not have to repay or pay interest on any amount that you do not use. You have access to the funds as needed, but you do not have to repay the entire amount unless you use the entire amount.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Commercial Line of Credit vs. Credit Cards

Now, you’re probably thinking that credit cards are super easy to get, and they work the same way. It’s revolving credit. You only use what you need. You only pay back what you need.

Why is one better than the other? In some cases, a credit card may be the better option. This is a choice to make based on several different factors.

The main difference between the two that most borrowers need to know is that a line of credit typically has a lower consistent interest rate. However, there are no perks like 0% interest or cash back that you sometimes see with credit cards.

Another benefit with a credit card is that it is typically unsecured credit, meaning you do not have to have collateral. Many credit lines do require security, or collateral.

Middle Ground: Credit Line Hybrid

There is middle ground between unsecured and secured credit, and between a commercial credit line and credit cards. It’s called a credit line hybrid. A credit line hybrid is revolving, unsecured financing that allows you to fund your business without putting up collateral, and you only pay back what you use. It’s quickly accessible, lower interest, and high limit. It’s the best of both worlds.

Who Qualifies for this Type of Commercial Line of Credit?

Who qualifies for a credit line hybrid? Well, if you have a personal credit score of at least 685, you’re off to a good start. In addition, you can’t have any liens, judgments, bankruptcies or late payments. Furthermore, in the past 6 months you should have less than 5 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards. It’s also preferred that you have established business credit as well as personal credit.

If you do not meet all of the requirements, it’s okay. You can take on a credit partner that meets each of these requirements. Many business owners work with a friend or relative to fund their business. If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding.

What are the Benefits of This Type of Commercial Line of Credit?

There are many benefits to using a credit line hybrid. First, as already mentioned, it is unsecured. That means you do not have to have any collateral to put up. Next, the funding is “no-doc.” You do not have to provide any bank statements or financials.

Not only that, but typically approval is up to 5x that of the highest credit limit on the personal credit report. Furthermore, frequently you can get interest rates as low as 0% for the first few months, allowing you to put that savings back into your business.

The process is pretty fast, especially with a qualified expert to walk you through it. One other benefit is this. With the approval for multiple credit cards, competition is created. That means it’s likely if you handle the credit responsibly, that you can get interest rates lowered and limits raised every few months.

Private Lenders: Another Way to Get a Commercial Line of Credit Fast

Private lenders generally operate online. They typically offer lines of credit to those with credit scores that are lower than what is generally required by traditional banks. In addition, often you can get the funds within a few days of application, rather than a few weeks. Here are a few examples.

Kabbage

Kabbage offers a credit line of up to $150,000 with no credit score required. The catch is that the interest rate is between 32 and 108%. The business must have been in existence for at least one year and have revenue of at least $50,000.

Due to the extremely high interest rate, this is really only an option for those businesses that cannot get financing due to a low or nonexistent credit score and need something immediately.

StreetShares

The credit line that StreetShares offers goes up to $100,000 for those who have a business credit score of at least 600. You also have to have been in business for at least one year, and have at least $25,000 in revenue. It requires weekly repayment.

This is a good option for smaller businesses that are okay in the credit department but have trouble meeting higher revenue criteria. Also, the interest rate minimum is lower than some. The low end at 9%.

OnDeck

If you have a credit score of at least 600 you can get a credit line of up to $100,000 with OnDeck . The interest rate is a little higher than some that require a higher credit score minimum. It ranges from 13.99 to 39.99 percent.

Again, due to the higher interest rate, this should only be an option if you cannot meet the higher credit score requirement with a lender that offers a lower interest rate.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Lending Club

The credit line at Lending Club goes up to $300,000. It requires a credit score of 600, at least one year in business, and $50,000 or more in revenue. The repayment term is 25 months. In addition, they require collateral for limits over $100,000.

This is a good option for those who meet the requirement as there is a higher limit available with collateral, and the interest rate can go as low as 6.25%. Also, the repayment terms are more manageable.

Credit Card Options

Of course, while not the perfect solution, credit cards are an option. You have to be careful, and you want to research to ensure you get the best rates and terms possible. Here are some to start with.

Brex Card for Startups

The Brex Card has no yearly fee. Also, you will not need a personal guarantee. However, this card does not work for every industry.

To determine creditworthiness, Brex checks a company’s cash balance, spending patterns, and investors. Rewards include 7x points on rideshare and 4x on Brex Travel. Also, you can get triple points on restaurants and get double points on recurring software payments. Get 1x points on everything else.

Capital One® Spark® Classic for Business

The Capital One® Spark® Classic for Business is another good one to consider. It has no annual fee, but there is also no introductory APR offer. The regular APR is a variable 24.49%. However, you can get unlimited 1% cash back on every purchase for your company and there is no minimum to redeem.

While this card is within reach if you have fair credit scores, beware of the APR. If you can pay promptly, and completely, it’s a good deal.

Ink Business Unlimited℠ Credit Card

The Ink Business Unlimited℠ Credit Card has no annual fee and a 0% introductory APR. After that expires, the APR is a variable 14.74 to 20.74%.

Earn unlimited 1.5% cash back rewards on every purchase made for your company and get $500 bonus cash back after spending $3,000 in the initial 3 months from account opening. Rewards rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. You will need superb credit to get approval for this card.

Blue Business® Plus Credit Card from American Express

The Blue Business® Plus Credit Card from American Express has no no annual fee and either, and it also has a 0% introductory APR for the first year. After that, the APR is a variable 14.74 to 20.74%.

Get double Membership Rewards® points on everyday business purchases like office supplies or client dinners. This applies to the first $50,000 spent each year. You get 1 point per dollar after that. Your credit has to be really good to qualify.

American Express® Blue Business Cash Card

Another one to check out is the American Express® Blue Business Cash Card. It is identical to the Blue Business® Plus Credit Card from American Express. However its rewards are in cash instead of points. You get 2% cash back on all eligible purchases up to $50,000 per calendar year. After that, it’s 1%.

There is no yearly fee, and there is a 0% introductory APR for the first one year. Afterwards, the APR is a variable 14.74 to 20.74%. You will need awesome credit to qualify for this card.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Capital One ® Spark® Cash for Business

The Capital One® Spark® Cash for Business card is another great option. It has an introductory $0 annual fee for the first year. After that, it costs $95 per year. There is no introductory APR deal. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the first 3 months from account opening. Also, you get unlimited 2% cash back. YOu can rRedeem any time without any minimums. You will need fabulous credit scores to qualify.

Discover it® Business Card

Another good one is the Discover it® Business Card. It has no yearly fee. There is an introductory APR of 0% on purchases for twelve months. Then, the regular APR is a variable 14.49 to 22.49%.

You get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. Also, they double the 1.5% Cashback Match™ at the end of the first year. There is no minimum spend requirement either.

You can download transactions easily to Quicken, QuickBooks, and Excel. This one also requires great credit scores.

The thing with credit cards is, you have to be so careful. As with all debt, payments must be made on time. However, the higher interest rates make this a little harder than it typically is with a commercial line of credit.

A Commercial Line of Credit Can Help You Right Now

In this post COVID world, most business owners need money fast. A commercial line of credit is the best way for that to happen, especially if you can get a credit line hybrid. Truly, with the ability to use a credit partner, virtually everyone can access this type of funding. It’s low interest, high limit, fast access to the funds you need to make sure your business thrives regardless of the state of the economy.

The post How to Get a Commercial Line of Credit Right Now appeared first on Credit Suite.

How to Get Approved for a Business Credit Card

Want to learn how to get approved for a business credit card?

How to Get Approved for a Business Credit Card

We researched a ton of company credit cards for you. So, here are our preferences.

Per the SBA, small business credit card limits are a whopping 10 – 100 times that of consumer credit cards!

This demonstrates you can get a lot more cash with small business credit. And it also shows you can have personal credit cards at retail stores. So, you would now have an extra card at the same shops for your small business.

And you will not need collateral, cash flow, or financials to get company credit. But you do need to be fundable.

Be Fundable to Get a Business Credit Card

The best way to get approved for a business credit card is to build fundability. But what does it mean to be fundable?

Fundable: of or capable of being funded; deserving of being funded. Fundable also suggests – able to be funded by a lending institution or a credit issuer.

Lenders and credit providers want to see if your corporation is a good credit risk. Firms which are fronting your business cash, they wish to know that you can pay them back. They want to be sure you’re not committing fraud. It all starts with your industry.

Industry

Some industries are believed to be high risk or restricted. These industries, by definition, are going to have a more difficult time getting financing of any kind. There may be high risks of injury at work. Or the industry might engage in a lot of cash transactions.

Industry Aligned on All Records

This is the idea of congruency, and it turns up repeatedly. Business credit reporting bureaus and lenders will analyze your corporation carefully. Among the major ways they do this is by strictly looking for matching records.

Because of this, if your records do not all match, it will show up as if they are missing. Missing records will trigger a rejection, as a loan provider will assume fraud on its face.

Therefore, it is crucial to make sure that every record, anywhere, is identical.

Copy/paste this info; do not chance it with retyping.

Business Name

Including a risky business type in your corporate name will cause funding rejections. Listed corporate ownership must be the same any place you list it. It is best practices to keep a record of every place where your corporation has a listing.

Website

A business needs a professional-looking site. And it must have site hosting from a provider like GoDaddy. Do not use Weebly or Wix. It needs to be your domain, not domain.wix.com. Use Upwork to employ people who can help you get set up. Get a professional logo from Fiverr.

Business Address

A business address must be a real brick and mortar building. It must be a deliverable physical address. This can never be a home address or a PO Box. Do not use UPS mailing addresses.

Never use a home address on your application.

Business Phone Number

Your corporation must have its own phone number. Do not give a personal cell or residential phone as a business telephone number. But VOIP (voice over internet protocol) is fine.

Also, your corporate telephone number must be toll-free. This is 800 exchange or such.

You must list your company phone number on 411. You can do so on http://www.listyourself.net. Your phone number has to have a 411 listing for most credit issuers, lenders, vendors, and even insurance companies to approve you. Check your record to see if you’re listed. Make sure your information is accurate.

Time in Business

Incorporation date, the business license issue date, and the date you opened your business bank account all matter.

Business Bank Account

You need a business bank account, to keep funds separate from personal accounts. Keep a good, positive balance and avoid NSFs.

Business Entity

This defines issues of liability, and it makes a difference when it comes to taxes. The best business entity for fundability is a corporation.

Corporations are legally distinct from their owners. Whether you pick a C-corporation, an S-corporation, or an LLC is your choice.

A sole proprietorship means the business owner is it when it pertains to liability and tax obligations. Nobody else is responsible. Incorporating fixes this.

Any complete company name must include any recorded DBA filing you use. This necessary for document congruency.

But no matter what, if you run a small business as a sole proprietor, the best thing to do is to incorporate. If you have already filed a DBA, you will still need to move onto a corporate business entity. You ought to only look at a DBA as an interim step on the way to incorporation.

Check with your Secretary of State to guarantee they have all the needed details for your business. Make certain that you are in good standing with them, and that your entity is active. You must submit annual reports and pay a fee each year to stay active.

EIN #

Go to the IRS website and get a free EIN for your business. This is also where you choose a business entity like corporation, LLC, etc. To open a business bank account, and file business taxes, you need an EIN, so get this out of the way first.

Email

Corporate e-mail addresses must be professional. This means something like admin@yoursite or info@yoursite. Your business e-mail must be on the exact same domain as your business. Do not use generic free email services likes Gmail, yahoo, or msn.

Business Licenses

A corporation must have all of the licenses necessary for running. These licenses all must be in the perfect, accurate name of the business. And they must have the same corporate address and telephone numbers.

This means not only state licenses, but potentially also city licenses. Check with your Secretary of State’s office.

Business Credit Bureaus

The biggest and best-known business credit reporting agencies (also called CRAs or bureaus) are D&B, Experian, and Equifax.

Business Data Agencies

These companies collect data and offer it to the business CRAs.

CreditSafe provides alternative credit, where they base some of their scoring on utility and rent payments. These payments are typically not considered by other CRAs unless they’re late. CreditSafe reports these payments whether positive or negative. Third-party payments like Credit Suite, CRM, and software can be included.

LexisNexis is where a number of lenders get their info from. They furnish info on likelihood to pay, or not. If the application and LexisNexis do not match, then loan providers will deny you funding. They will see the disparity as fraud.

The SBFE collects data on small businesses from its members, which are lending institutions. Lenders use this information to make credit decisions.

FICO uses its SBSS (Small Business Scoring Service) Score to combine consumer bureau, monetary, application, and business bureau information.

Business credit providers and the SBA use the FICO SBSS score as a tool to decide whether they should authorize a loan to your business.

Identification Numbers

CRAs use identification numbers to designate your business.

Experian’s BizSource assigns a BIN (Business Identification Number).

Begin at the D&B website and get a free D-U-N-S number. If there is no D-U-N-S number, then there is no record and no PAYDEX score. Your D-U-N-S plus three payment experiences gets you a PAYDEX score.

Business Credit History

Your company credit history is the single most important driver of your business credit scores. In turn, this influences fundability profoundly.

Late repayments will impact your business credit score for years. If you pay your business financial obligations off, as swiftly as possible and as completely as possible, you can make a very real difference in your credit scores.

UCC Filings

If the business owner has poor personal credit, lenders will typically secure a UCC blanket lien if they give your company a loan.

This is a note on your credit report. It says the financial institution has an interest in all your corporation’s assets till you pay off the loan in full. Therefore, there may be dire consequences if you default.

UCC filings are a matter of public record. Lenders and credit providers take them into consideration when determining if your business is fundable.

Judgments, Liens, and Bankruptcies

These are all a matter of public record, and they can all negatively impact fundability.

Together with UCC blanket liens are any other liens against your corporate assets. A lien is a credit provider’s right to retain possession of property belonging to until the debt owned by that person or business is discharged.

A lien isn’t quite the same thing as collateral – it’s the property which is subject to the lien is the collateral.

Total number of trade accounts and highest credit limit

These come from credit issuers which give you starter credit when you have none. Terms are usually Net 30, versus revolving.

The more trade accounts, the better. But in general, a few high credit limit accounts do more to enhance business fundability than a large number of very low credit limit accounts.

By getting trade credit ASAP, your trade accounts are as aged as they can be.

Financial data

Opening and responsibly using business credit accounts can help you increase your available credit and boost your credit rating. The key is to use your credit.

Closing accounts has a direct impact on overall credit history. If a card is closed and is in good standing, it will fall off a credit report at some point. And once it’s gone, the history which accompanied it is gone, too.

By closing accounts, you are tanking the average age of your accounts. It’s a part of fundability over which you have control – simply use your credit and pay it back quickly. In this way, your providers will not feel the need to close accounts for non-use.

Congruency is a requirement in your business CRA records, as in all other areas.

Financial Statements

Financial statements include business tax returns. It’s best if these are prepared by an accountant or an accounting company, or at least audited by them.

Tax returns should be complete and up to date. Reported income and expenses should be commensurate with those anticipated from a corporation of your size, age, and industry.

Personal Financials

In particular for newer businesses, credit issuers and lenders will want to see personal financials. This includes taxes and reported income and expenses. Banks will even look at child support and criminal records.

Just like there are business credit reporting agencies, there are CRAs for personal credit. In addition to reporting on business credit, Experian and Equifax also report on personal credit. TransUnion only reports on personal credit.

Data Agencies

There are companies which collect data and provide it to the personal credit reporting agencies. Some banks and other credit issuers use ChexSystems to get more information on your personal credit habits. They also report on insufficient funds, closed accounts, and overdrafts.

Lenders use LexisNexis information to cross-check loan applications. Your FICO score comes from your payment history, amounts of owed, length of credit history, credit mix, and new credit.

Personal Credit History

Much like your business credit history matters for calculating fundability, so does personal credit history. Data points like accounts over limit, authorized users, and short sales loom large.

Lenders are looking at settled debt, foreclosures and late payments. They are checking opened accounts and history length. They want to see if there are any bankruptcies in your past.

More than two recent inquiries will be seen as proof of credit shopping. Credit Utilization Rate also matters. Credit Utilization Rate is credit in use, divided by total available credit. Keep this ratio at about 30% or less. Experian checks utilization rate both overall and per credit card.

Application Process

Even the process of applying can have an impact on your fundability. This includes time, negotiations, and whether your application is being made in person. Choosing a lender familiar with your industry makes a positive difference.

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

Fundability, on Balance

Keep all records consistent to ensure fundability. Set up your business legitimately, with a domain, phone numbers, an address, and more. Get all ID numbers and register with the IRS. Set up your business bank account for fundability. Keep all business financials organized and have them prepared by a competent professional. Get your personal credit ‘house’ in order.

Being fundable means your business can get financing from a credit provider or lender.

How to Get Approved for a Business Credit Card with 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Take a look at the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the initial 12 months. Afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on day to day company purchases like office supplies or client dinners for the initial $50,000 spent each year. Get 1 point per dollar afterwards.

You will need good to outstanding credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Also take a look at the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. Yet its rewards are in cash as opposed to points.

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. Then get 1%.

It has no annual fee. There is a 0% introductory APR for the initial one year. After that, the APR is a variable 14.74 – 20.74%.

You will need great to outstanding credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

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

How to Get Approved for a Business Credit Card for Luxurious Travel Points

IHG ® Rewards Club Premier Credit Card

Consider the IHG ® Rewards Club Premier Credit Card. it earns 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 provides a free one-night hotel stay each year. 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 biggest issue is that the card does not have a zero percent APR introductory rate. And the standard APR is 17.99 – 24.99% variable. Also, the yearly 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 initial three months from account opening and get two free night awards (each has a value of up to 35,000 points).

Cardholders get access to perks including a free one-night stay each 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. Plus, 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

How to Get Approved for a Business Credit Card for Low APR or Balance Transfers

Discover it® Cash Back

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 on the Prime Rate.

Details

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

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

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

How to Get Approved for a Business Credit Card and Build Credit

Discover it® Student Cash Back

Be sure to look at the Discover it® Student Cash Back card. It has no annual fee. The card also has 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 one-of-a-kind feature is that it offers an incentive for scholars to maintain good grades with a $20 statement credit. If scholars earn a GPA of 3.0 or better 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 credit card provides an outstanding way to raise FICO while also getting rewards. Better personal credit can also, often, be the key to unlocking online lending.

You can get 5% cash back at different places each quarter like 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 first 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 more. And although 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

How to Get Approved for a Business Credit Card for Cash Back

SimplyCash Plus Business Credit Card from American Express

Look at 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 first 15 months an account is open.

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

Details

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

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

Note: you cannot use this credit 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 applies 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. And after that they have a 14.74 – 24.74% (variable) APR after that.

A cash bonus of $150 is on offer for those who make at the very least $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 credit 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.

How to Get Approved for a Business Credit Card for No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Check out the Ink Business Unlimited℠ Credit Card. Past no annual fee, get an introductory 0% APR for the initial twelve months. After that, the APR is a variable 14.74 – 20.74%.

You can get unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the initial 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. You will need exceptional credit to qualify for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

How to Get Approved for a Business Credit Card for Fair to Poor Credit, Not Requiring a Personal Guarantee

Brex Card for Startups

Take a look at the Brex Card for Startups. It has no annual fee.

You will not need to provide your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN.

Nonetheless, they do not accept every industry.

Additionally, there are some industries they will not work with, as well as others where they want more paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a corporation’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have poor credit scores (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

How to Get Approved for a Business Credit Card for Fair Credit Scores

Capital One® Spark® Classic for Business

Check out the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can get unlimited 1% cash back on every purchase for your business, without minimum to redeem.

While this card is within reach if you have average credit scores, beware of the APR. But if you can pay in a timely manner, and completely, then it’s a good deal.

Find 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.

How to Get Approved for a Business Credit Card for Luxurious Travel Points

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

Take a look at the Capital One® Spark® Miles for Business. It has an introductory annual fee of $0 for the first year, which after that rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.

This card is wonderful for travel if your costs do not fall under basic bonus categories. You can get unlimited double miles on all purchases, without limits. Get 5x miles on rental cars and hotels if you book with Capital One Travel.

Get an introductory bonus of 50,000 miles. That’s the same as $500 in travel. However you only get it if you spend $4,500 in the initial 3 months from account opening. There is no foreign transaction fee. You will need a good to superb FICO score to qualify.

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

Bonus Travel Categories with a Sign-Up Offer

Ink Business Preferred℠ Credit Card

For a wonderful sign-up offer and bonus categories, have a look at the Ink Business Preferred℠ Credit Card.

Pay a yearly fee of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.

Get 100,000 bonus points after spending $15,000 in the first 3 months after account opening. This works out to $1,250 toward travel rewards if you redeem via Chase Ultimate Rewards.

Get 3 points per dollar of the initial $150,000 you spend with this card. So this is for purchases on travel, shipping, internet, cable, and phone services. Plus it includes advertising purchases made with social media sites and search engines each account anniversary year.

You can get 25% more in travel redemption when you redeem for travel with Chase Ultimate Rewards. You will need a great to excellent FICO score to qualify.

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

No Annual Fee

Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no yearly fee while still getting travel rewards, check out this card from Bank of America. It has no yearly fee and a 0% introductory APR for purchases during the first nine billing cycles. After that, its regular APR is 13.74 – 23.74% variable.

You can get 30,000 bonus points when you make a minimum of $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Earn unlimited 1.5 points for each $1 you spend on all purchases, everywhere, every time. And this is no matter how much you spend.

Likewise earn 3 points per every dollar spent when you reserve your travel (car, hotel, airline) through the Bank of America® Travel Center. There is no limit to the number of points you can earn and points don’t expire.

You will need outstanding credit scores to get this one (as in, 700s or better).

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

Hotel Credit Card

Marriott Bonvoy Business™ American Express® Card

Have a look at the Marriott Bonvoy Business™ Card from American Express. It has an annual fee of $125. There is no introductory APR offer. The regular APR is a variable 17.24 – 26.24%. You will need good to outstanding credit to get this card.

Points

You can get 75,000 Marriott Bonvoy points after using your card to make purchases of $3,000 in the first three months. Get 6x the points for qualified purchases at participating Marriott Bonvoy hotels. You can get 4x the points at US restaurants and gasoline stations. And you can get 4x the points on wireless telephone services purchased straight from US service providers and on US purchases for shipping.

Get double points on all other qualified purchases.

Rewards

Plus, you get a free night each year after your card anniversary. And you can earn an additional free night after you spend $60,000 on your card in a calendar year.

You get Marriott Bonvoy Silver Elite status with your Card. Also, spend $35,000 on eligible purchases in a calendar year and earn an upgrade to Marriott Bonvoy Gold Elite status through the end of the following calendar year.

Plus, each calendar year you can get credit for 15 nights towards the next level of Marriott Bonvoy Elite status.

Find it here: https://creditcard.americanexpress.com/d/bonvoy-business/

How to Get Approved for a Business Credit Card for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Have a look at the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the initial year. Afterwards, this card costs $95 annually. There is no introductory APR offer. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the initial three months from account opening. Get unlimited 2% cash back. Redeem any time without any minimums.

You will need good to exceptional credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Flat-Rate Rewards and No Yearly Cost

Discover it® Business Card

Check out the Discover it® Business Card. It has no yearly fee. There is an introductory APR of 0% on purchases for year. After that the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.

You can download transactions| easily to Quicken, QuickBooks, and Excel. Note: you will need good to superb credit scores to receive this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Check out the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the initial 12 months. After that, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first three months from account opening.

You can get 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on net, cable and phone services each account anniversary year.

Get 2% cash back on the initial $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Get 1% cash back on all other purchases. There is no limitation to the amount you can get.

You will need outstanding credit to get this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Check out the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no yearly fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gasoline stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the first $50,000 in combined choice category/dining purchases each calendar year. After that earn 1% after, with no limits.

You will need exceptional credit scores to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/

How to Get Approved for a Business Credit Card with Unbeatable Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Take a look at the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. Also earn a one-time $200 cash bonus as soon as you spend $3,000 on purchases in the initial 3 months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR after that.

You will need great to superb credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

How to Get Approved for a Business Credit Card, On Balance

Your outright best business 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 other people.

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

The post How to Get Approved for a Business Credit Card appeared first on Credit Suite.

How to Get a Commercial Line of Credit Right Now

Stunning! It’s the Best Business Credit Cards for Bad Credit

The Best Business Credit Cards for Bad Credit in a Recession Can Be Yours

Want the best business credit cards for bad credit in a recession? Then look no further, for we have got you covered!

Per the SBA, corporate credit card limits are 10 – 100 times those of personal cards! Hence you can get a lot more cash with business credit.

It also means you can have personal charge cards at stores. You can also, now, have a second card at the same stores for your business.

And you will not have to put up collateral, cash flow, or financial information to get small business credit.

Get the Best Business Credit Cards for Bad Credit in a Recession

Brex Card for Startups

Check out the Brex Card for Startups. It has no annual fee.

You will not need to supply your Social Security number to apply. And you will not need to supply a personal guarantee. They will take your EIN.

However, they do not accept every industry.

Also, there are some industries they will not work with, and others where they want more documentation. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a business’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Also, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

So you can have poor credit (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

The Best Business Credit Cards for Bad Credit in a Recession and Pay No Annual Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Have a look at the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the initial 12 months. Afterwards, the APR is a variable 14.74 – 20.74%.

You can earn unlimited 1.5% Cash Back rewards on every purchase made for your company. And get $500 bonus cash back after spending $3,000 in the initial 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. You will need excellent credit scores to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

The Best Business Credit Cards for Bad Credit in a Recession and Get a 0% Introductory APR – Pay Absolutely Nothing!

Blue Business® Plus Credit Card from American Express

Have a look at the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the first 12 months. After that, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on everyday company purchases like office supplies or client suppers for the first $50,000 spent each year. Get 1 point per dollar afterwards.

You will need great to excellent credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. Then get 1%.

It has no yearly fee. There is a 0% introductory APR for the first twelve months. After that, the APR is a variable 14.74 – 20.74%.

So you will need great to superb credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

The Best Business Credit Cards for Bad Credit in a Recession and Get Secure Company Credit Cards for Fair Credit

Capital One® Spark® Classic for Business

Check out the Capital One® Spark® Classic for Business. It has no yearly fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your company, with no minimum to redeem.

While this card is within reach if you have fair credit, beware of the APR. Yet if you can pay on schedule, and completely, then it’s a bargain.

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

The Best Business Credit Cards for Bad Credit in a Recession and Get Flexible Financing

The Plum Card® from American Express

Take a look at the Plum Card® from American Express. It has an introductory yearly fee of $0 for the first year. After that, pay $250 each year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need good to outstanding credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

The Best Business Credit Cards for Bad Credit in a Recession and Earn Unbeatable Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Check out the Capital One® Spark® Cash Select for Business. It has no annual fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can get. Also get a one-time $200 cash bonus when you spend $3,000 on purchases in the first three months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

So you will need great to outstanding credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

The Best Business Credit Cards for Bad Credit in a Recession and Get Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Take a look at the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. Afterwards, this card costs $95 annually. There is no introductory APR deal. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the first three months from account opening. Get unlimited 2% cash back. Redeem at any time with no minimums.

So you will need good to superb credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Flat-Rate Rewards and No Yearly Cost

Discover it® Business Card

Have a look at the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for 12 months. Then the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.

You can download transactions| easily to Quicken, QuickBooks, and Excel. Note: you will need great to superb credit scores to get approval for this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Have a look at the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the first twelve months. Afterwards, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the initial three months from account opening.

You can get 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year.

Get 2% cash back on the first $25,000 spent in combined purchases at filling stations and restaurants each account anniversary year. Get 1% cash back on all other purchases. There is no limitation to the amount you can get.

So you will need outstanding credit scores to get approval for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the initial 9 billing cycles of the account. Afterwards, the APR is 13.74% – 23.74% variable. There is no yearly fee. You can get a $300 statement credit offer.

You will need exceptional credit to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Your Choice: The Best Business Credit Cards for Bad Credit in a Recession

Your absolute best way to get the business credit cards for bad credit in a recession will 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 excellent for you could be catastrophic for others.

And, as always, make sure to develop credit in the recommended order for the best, speediest benefits. So you can get the best business credit cards for bad credit in a recession – and beyond. The economy is not going to be in trouble forever.

The post Stunning! It’s the Best Business Credit Cards for Bad Credit appeared first on Credit Suite.

Bad Credit in a Recession? You can get Business Cards and Build Credit

Do you have bad credit in a recession? You can get business cards and build credit – so don’t worry. Yes, even in a bad economy. And this is true no matter what happens with COVID-19.

Don’t Let Bad Credit in a Recession Get You Down

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

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

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

Credit Card Benefits

Benefits can vary. So, make certain to pick the perk you like from this choice of options.

Bad Credit in a Recession? Get Trustworthy Credit Cards for Fair to Poor Credit, Not Calling for a Personal Guarantee

Brex Card for Startups

Check out the Brex Card for Startups. It has no yearly fee.

You will not need to provide your Social Security number to apply. And you will not need to supply a personal guarantee. They will take your EIN.

Nonetheless, they do not accept every industry.

Likewise, there are some industries they will not work with, as well as others where they want more documentation. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a business’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have bad credit scores (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

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

Bad Credit in a Recession? Get Corporate Credit Cards for Fair Credit Scores

Capital One® Spark® Classic for Business

Take a look at the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can get unlimited 1% cash back on every purchase for your company, with no minimum to redeem.

While this card is within reach if you have fair credit scores, beware of the APR. However if you can pay on time, and in full, then it is a bargain.

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

Exceptional Business Credit Cards with Flexible Financing Credit Cards – Check Out Your Options!

The Plum Card® from American Express

Have a look at the Plum Card® from American Express. It has an introductory yearly fee of $0 for the first year. Afterwards, pay $250 per year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need good to superb credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

Bad Credit in a Recession? Get Company Credit Cards with Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Have a look at the Capital One® Spark® Cash Select for Business. It has no annual fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. Also get a one-time $200 cash bonus when you spend $3,000 on purchases in the first three months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

You will need great to outstanding credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Bad Credit in a Recession? Get Business Credit Cards with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Have a look at the Blue Business® Plus Credit Card from American Express. It has no annual fee. There is a 0% introductory APR for the first year. Afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on day to day business purchases like office supplies or client dinners for the initial $50,000 spent annually. Get 1 point per dollar afterwards.

You will need good to outstanding credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Get 2% cash back on all eligible purchases on up to $50,000 per calendar year. Then get 1%.

It has no annual fee. There is a 0% introductory APR for the first year. After that, the APR is a variable 14.74 – 20.74%.

You will need good to superb credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

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

Bad Credit in a Recession? Get Terrific Cards for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Take a look at the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the initial year. Afterwards, this card costs $95 each year. There is no introductory APR offer. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the initial three months from account opening. Get unlimited 2% cash back. Redeem any time with no minimums.

You will need good to excellent credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Flat-Rate Rewards and No Yearly Cost

Discover it® Business Card

Have a look at the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for year. After that the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.

You can download transactions| easily to Quicken, QuickBooks, and Excel. Note: you will need great to outstanding credit to get approval for this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Take a look at the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the initial year. Afterwards, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first three months from account opening.

You can get 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year.

You will need superb credit scores to get approval for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Get 3% cash back in the category of your choice. So these are gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. After that get 1% after, with no limits.

You will need outstanding credit scores to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/

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

Bad Credit in a Recession? Get Company Credit Cards for Luxurious Travel Points

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

This card is wonderful for travel if your costs don’t fall into basic bonus categories. You can get unlimited double miles on all purchases, without any limits. Earn 5x miles on rental cars and hotels if you book with Capital One Travel.

Get an initial bonus of 50,000 miles. That’s the same as $500 in travel. But you just get it if you spend $4,500 in the initial 3 months from account opening. There is no foreign transaction fee. You will need a great to exceptional FICO rating to qualify.

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

Bonus Travel Categories with a Sign-Up Offer

Ink Business Preferred℠ Credit Card

For a great sign-up offer and bonus categories, check out the Ink Business Preferred℠ Credit Card.

Pay an annual fee of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.

Get 100,000 bonus points after spending $15,000 in the initial three months after account opening. This works out to $1,250 toward travel rewards if you redeem via Chase Ultimate Rewards.

Get three points per dollar of the first $150,000 you spend with this card. So this is for purchases on travel, shipping, internet, cable, and phone services. Plus it includes advertising purchases made with social media sites and search engines each account anniversary year.

You can get 25% more in travel redemption when you redeem for travel using Chase Ultimate Rewards. You will need a great to outstanding FICO score to qualify.

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

No Yearly Fee

Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no yearly fee while still getting travel rewards, have a look at this card from Bank of America. It has no annual fee and a 0% introductory APR for purchases during the first 9 billing cycles. After that, its regular APR is 13.74 – 23.74% variable.

You can get 30,000 bonus points when you make at least $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Get unlimited 1.5 points for every $1 you spend on all purchases, everywhere, every time. And this is despite how much you spend.

Likewise get 3 points per every dollar spent when you schedule your travel (car, hotel, airline) via the Bank of America® Travel Center. There is no limit to the number of points you can earn and points do not expire.

You will need superb credit scores to get this one (as in, 700s or better).

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

Hotel Credit Card

Marriott Bonvoy Business™ American Express® Card

Have a look at the Marriott Bonvoy Business™ Card from American Express. It has a yearly fee of $125. There is no introductory APR offer. The regular APR is a variable 17.24 – 26.24%. You will need great to superb credit scores to get this card.

Points

You can get 75,000 Marriott Bonvoy points after using your card to make purchases of $3,000 in the initial 3 months. Get 6x the points for qualified purchases at participating Marriott Bonvoy hotels. You can get 4x the points at United States restaurants and filling stations. And you can get 4x the points on wireless telephone services purchased directly from American service providers and on American purchases for shipping.

Get double points on all other qualified purchases.

Rewards

Plus, you get a free night every year after your card anniversary. And you can get one more free night after you spend $60,000 on your card in a calendar year.

You get Marriott Bonvoy Silver Elite status with your Card. Plus, spend $35,000 on eligible purchases in a calendar year and get an upgrade to Marriott Bonvoy Gold Elite status through the end of the next calendar year.

Also, each calendar year you can get credit for 15 nights towards the next level of Marriott Bonvoy Elite status.

Find it here: https://creditcard.americanexpress.com/d/bonvoy-business/

The Perfect Business Credit Cards for You (Even With Bad Credit in a Recession)

Your absolute best business credit cards hinge on your credit history and scores, even if you have bad credit in a recession.

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

And, as always, be sure to develop credit in the recommended order for the best, quickest benefits. The COVID-19 situation will not last forever.

The post Bad Credit in a Recession? You can get Business Cards and Build Credit appeared first on Credit Suite.

It’s Science-backed With Our Foolproof Research: How to Build a Business Credit Score in a Recession

We Smuggled Out Hidden Information on How to Build a Business Credit Score in a Recession

Our research dynamos can teach YOU how to build a business credit score in a recession! The economy doesn’t have to be perfect to build business credit quickly and effectively.

Building better business credit means that your small business attains opportunities you never assumed it would.

You can get new equipment, bid on real property, and deal with the company payroll. And you can do so even when times are a bit lean. This is specifically helpful in holiday businesses, where you can go for calendar months with simply negligible sales.

Because of this, you ought to tackle building your company credit. Enhance and maintain your scores and you will have these possibilities. Do not, and either you do not get these opportunities, or they will cost you a lot more. And no company owner wants that.

So you need to know what affects your business credit before you can make it better.

How to Build a Business Credit Score in a Recession: Credit History Length Is Vital

This is essentially the length of time your business has been using business credit. Obviously newer businesses will have short credit histories. While there is not too much you can particularly do about that, do not despair.

Credit reporting agencies will also consider your personal credit score and your own history of payments. If your consumer credit is good, and particularly if you have a fairly extensive credit history, then your individual credit can come to the rescue of your company.

So that is, you did not just get your first credit card recently.

Normally the converse is also right. Hence if your individual credit history is poor, then it will have a bearing on your business credit scores. And it will do so until your small business and personal credit can be split up.

How to Build a Business Credit Score in a Recession: Don’t Allow Your Credit Utilization Rate to Harm Your Small business

Your credit utilization rate is just the amount of cash you have on credit. So it is then divided by your total available credit. Lenders in general do not wish to see this exceed 30%. Hence for every $100 in credit, do not borrow more than $30 of that.

If this percent is climbing, you’ll have to spend down and pay off your debts prior to borrowing more.

How to Build a Business Credit Score in a Recession: Your Payment History Truly Matters

Late repayments will affect your company credit score for a good seven years. If you pay your company debts off, as fast as possible, then you can make a very real difference when it relates to your credit scores.

Ensure that you pay promptly. And you will enjoy the rewards of promptness.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN. Get money even in a recession!

How to Build a Business Credit Score in a Recession: Your Personal Credit Can Bear upon Your Business Credit

A substandard business year could end up on your personal credit score. And in case your business has not been around for too long, it will directly influence your company credit.

But don’t worry, you can separate them easily. Do so by taking measures to unlink them.

For instance, get credit cards exclusively for your firm. Or open business checking accounts and other bank accounts (or perhaps get a business loan). And then the credit reporting bureaus will begin to address your personal and small business credit independently.

Also, make sure to incorporate. Or at least file a DBA (doing business as) status. You can also pay for your company’s debts with your firm credit card or checking account. And make certain it is the company’s full name on the bill and not your own.

How to Build a Business Credit Score in a Recession: The Credit Reporting Bureaus Can Just Plain Get It Wrong

Just like each organization out there, credit reporting agencies like Equifax and Experian are only as good as their information. If your firm’s name is like another’s, there can possibly be some errors.

So check those reports, and your company report at Dun & Bradstreet, PAYDEX. Remain on top of these reports and contest charges with documentation and clear communications. Do not just let them stay incorrect! You can fix this!

And while you’re at, it you should also be overseeing the credit reporting agency which solely handles personal and not business credit, TransUnion. If you do not know how to pull a credit report, do not fret. It’s easy.

An Alternative – Business Credit!

Business credit is credit in a small business’s name. It doesn’t attach to an owner’s consumer credit, not even if the owner is a sole proprietor and the only employee of the company. Consequently, a business owner’s business and consumer credit scores can be very different.

The Benefits

Since small business credit is independent from individual, it helps to secure a business owner’s personal assets, in the event of a lawsuit or business bankruptcy. Also, with two separate credit scores, a small business owner can get two different cards from the same merchant. This effectively doubles buying power.

Another advantage is that even new ventures can do this. Visiting a bank for a business loan can be a recipe for disappointment. But building business credit, when done the right way, is a plan for success.

Personal credit scores depend upon payments but also additional factors like credit usage percentages. But for business credit, the scores truly only hinge on whether a company pays its bills on time.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN. Get money even in a recession!

The Process

Growing business credit is a process, and it does not happen automatically. A business needs to actively work to establish business credit. Nevertheless, it can be done easily and quickly, and it is much more rapid than establishing personal credit scores.

Merchants are a big part of this process.

Doing the steps out of order will result in repetitive denials. No one can start at the top with company credit. For instance, you can’t start with store or cash credit from your bank. If you do you’ll get a rejection 100% of the time.

Business Fundability

A business has to be genuine to lenders and merchants. For that reason, a business will need a professional-looking web site and email address, with site hosting bought from a merchant such as GoDaddy.

And company telephone and fax numbers ought to have a listing on ListYourself.net.

Likewise the company telephone number should be toll-free (800 exchange or comparable).

A business will also need a bank account dedicated solely to it, and it has to have all of the licenses essential for running. These licenses all have to be in the correct, correct name of the small business, with the same business address and phone numbers.

So bear in mind that this means not just state licenses, but possibly also city licenses.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN. Get money even in a recession!

Dealing with the Internal Revenue Service

Visit the Internal Revenue Service web site and acquire an EIN for the company. They’re totally free. Select a business entity like corporation, LLC, etc.

A company can get started as a sole proprietor. But they will more than likely wish to change to a kind of corporation or partnership to decrease risk and maximize tax benefits.

A business entity will matter when it comes to taxes and liability in case of a lawsuit. A sole proprietorship means the entrepreneur is it when it comes to liability and taxes. No one else is responsible.

If you operate a small business as a sole proprietor, then at the very least be sure to file for a DBA (‘doing business as’) status.

If you do not, then your personal name is the same as the business name. As a result, you can wind up being directly responsible for all company debts.

Additionally, according to the IRS, by having this structure there is a 1 in 7 possibility of an IRS audit. There is a 1 in 50 chance for corporations! Steer clear of confusion and significantly decrease the chances of an IRS audit at the same time.

Starting Off the Business Credit Reporting Process

Begin at the D&B website and get a cost-free DUNS number. A DUNS number is how D&B gets a company in their system, to produce a PAYDEX score. If there is no DUNS number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s websites for the company. You can do this here. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

By doing this, Experian and Equifax will have something to report on.

Trade Lines

First you must establish trade lines that report. This is also called vendor accounts. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can start getting revolving store and cash credit.

These types of accounts have the tendency to be for the things bought all the time, like coffee, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But first off, what is trade credit? These trade lines are credit issuers who will give you initial credit when you have none now. Terms are commonly Net 30, instead of revolving.

Hence if you get approval for $1,000 in vendor credit and use all of it, you must pay that money back in a set term, like within 30 days on a Net 30 account.

Details

Net 30 accounts have to be paid in full within 30 days. 60 accounts have to be paid in full within 60 days. In contrast to with revolving accounts, you have a set time when you must pay back what you borrowed or the credit you made use of.

To kick off your business credit profile the right way, you should get approval for vendor accounts that report to the business credit reporting bureaus. As soon as that’s done, you can then use the credit.

Then pay back what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Not every vendor can help like true starter credit can. These are vendors that will grant an approval with hardly any effort. You also need them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

But you may have to apply more than one time to these vendors, and you may need to purchase some things you don’t need, to confirm you are responsible and will pay promptly. Consider giving nonessential things to charitable organizations.

Revolving Store Credit

Once there are 3 or more vendor trade accounts reporting to at least one of the CRAs, progress to revolving store credit. These are service providers such as Office Depot and Staples.

Use the small business’s EIN on these credit applications.

Fleet Credit

Are there more accounts reporting? Then move onto fleet credit. These are businesses like BP and Conoco. Use this credit to purchase fuel, and to repair and take care of vehicles. Make sure to apply using the small business’s EIN.

Cash Credit

Have you been sensibly handling the credit you’ve gotten up to this point? Then move onto more universal cash credit. Keep your SSN off these applications; use your EIN instead.

These are usually MasterCard credit cards. If you have more trade accounts reporting, then these are feasible.

Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and deal with any mistakes ASAP. Get in the practice of checking credit reports. Dig into the specifics, not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less. Update the information if there are errors or the info is incomplete.

Disputing Errors

So, what’s all this monitoring for? It’s to dispute any errors in your records. Errors in your credit report(s) can be corrected. But the CRAs normally want you to dispute in a particular way.

Disputing credit report inaccuracies usually means you send a paper letter with copies of any proofs of payment with it. These are documents like receipts and cancelled checks. Never mail the originals. Always mail copies and retain the original copies.

Disputing credit report mistakes also means you specifically spell out any charges you challenge. Make your dispute letter as clear as possible. Be specific about the problems with your report. Use certified mail so that you will have proof that you mailed in your dispute.

A Word about Building Business Credit

Always use credit sensibly! Don’t borrow more than what you can pay off. Keep an eye on balances and deadlines for repayments. Paying in a timely manner and in full will do more to raise business credit scores than pretty much anything else.

Establishing business credit pays. Great business credit scores help a business get loans. Your lending institution knows the business can pay its debts. They know the business is bona fide.

The small business’s EIN attaches to high scores, and lending institutions won’t feel the need to demand a personal guarantee.

How to Build a Business Credit Score in a Recession: The Takeaways

Once you find out what influences your small business credit score, you are that much nearer to being able to build a business credit in a recession.

Learn more here and get started on how to build a business credit score in a recession.

The post It’s Science-backed With Our Foolproof Research: How to Build a Business Credit Score in a Recession appeared first on Credit Suite.

How Business Credit Can Help With Effective Hiring

Effective hiring should be on every business owner’s list.

Here’s What You Need to Know About Effective Hiring and Business Credit

I once spoke with a small business owner who had recently won a multi-million dollar consulting contract with the U.S. government. This contract required him to seriously ramp up his operation with more employees and the additional infrastructure that he would need to accommodate the increase in headcount. A problem most small business owners would like to face, right?

He had a lot of experience working with government contracts. And he was familiar with the payment cycle for the invoices he regularly sent for payment. He knew he would be paid. But he also knew it would take over 30 days. This made it difficult to float all the ramp-up costs with his cash flow.

This is a common challenge faced by many small businesses that need to ramp up to service a new client or meet the demands of a new contract. Fortunately, this business owner could access borrowed capital to meet this short-term need. Fueling growth is a good use case for borrowed capital. His credit profile allowed him to meet the demands of his new government contract without the insurmountable cash flow burden that would have otherwise been required.

Proactively approaching your credit profile today, to turn it into a tool that you can strategically leverage to foster growth when needed—which often means hiring more employees—should be top of mind for every small business owner.

Learn more here and get started with building business credit with your company’s EIN and not your SSN. Get money even in a recession and put it toward more effective hiring!

Building Your Credit Profile into a Strategic Tool

Building a strong credit profile isn’t rocket science. But it isn’t something that just happens either. What’s more, if you have a less than perfect credit profile, it isn’t going to change overnight. Slow and steady wins this race.

For most small business owners in the United States, your personal credit score will be a part of every business creditworthiness conversation so it’s important to understand what lenders see when they look at your personal score. Fortunately, so far as personal credit is concerned, your score is easy to translate. Here is what it means:

Above 800 (excellent)

A credit score of 800 or better puts you in pretty elite company. Borrowers in this range are considered consistently responsible when it comes to managing debt. They have a long history of no late payments. Plus they carry low balances on their personal credit cards. They are considered at low risk of default.

740-799 (very good)

This is considered a very good score and tells lenders you are generally financially responsible when it comes to money and managing your personal credit. Although you may have an occasional late payment, most of the time you make timely payments on your personal loans, credit cards, utility payments, and mortgage. It also indicates that the balances you carry on your personal credit cards are generally low (below 30% of available credit).

670-739 (Good)

If your score falls in the upper part of this range, you are a little better than the average U.S. consumer whose FICO score is around 704. Although this borrower shouldn’t have too much trouble obtaining financing, there will be some options unavailable to them. Although they are unlikely to be offered the same low rates and favorable terms of those with Very Good or Excellent credit.

580-669 (Fair)

Borrowers in this range may have a few dings on their credit history, but no serious delinquencies. It’s still possible to get financing. But it will not be at very competitive rates. There will be limited options.

Under 580 (Poor)

This score represents what could be multiple defaults on different loans from different lenders. It could also represent a bankruptcy, which will remain on your credit report for 10 years. Borrowers with scores this low will have very limited business loan options. They should expect to pay some of the highest rates on business financing if approved. Borrowers with a score in this range should focus on repairing and rebuilding their score.

No Credit

Although there is a difference between Poor Credit and No Credit, the results are similar. When building a personal credit history, don’t be afraid to start small. Make sure you pay your utility bills and meet your other personal financial obligations in a timely manner.

Now that you know what your personal credit score means, you need to know how it’s calculated so you can take the right steps to build or improve your score.

How is My Personal Credit Score Calculated?

Most of the personal credit reporting bureaus base their credit scores on the FICO score. Although if you check your score with different reporting agencies there might be some slight differences, the basis for those scores is all the same. Here is the formula:

35% Comes from Your Payment History

In other words, the single most important thing you can do is to make each and every periodic payment in a timely fashion. Most creditors understand the difficulties people are facing right now. But that doesn’t mean you’ll get a pass. It’s important to stay current. Do not let a debt obligation go 60-, 90-, or 120-days past due.

30% Comes from Your Debt to Credit Ratio

In other words, the ratio of debt you use compared to the amount of credit you have. The credit bureaus don’t like to see maxed out credit accounts. A good rule of thumb is to keep that ratio below 30% (lower is even better). But anything over 50% is a big red flag that will keep your personal credit score in the basement.

15% Comes from the Length of Your Credit History

Lenders are trying to make decisions about what you will do in the future based on what you’ve done in the past. So a longer track record is better than a shorter track record. You’ll probably get some allowance for the first half of 2020. But if you have chronic credit problems dating from before the crisis, you need to get to work on making improvements to your credit habits.

10% Comes from the Type of Credit You Use

For example, credit bureaus look at mortgages, auto loans, credit cards and other revolving debt through a different lens. Creditors want to see a mix of credit. So if the only credit account you have is your mortgage, a little diversification will help your credit score.

10% Comes from New Credit Inquiries

While it’s true that new inquiries can impact your score, the amount of impact is relatively small. That is particularly true if you are consistently current with your payments and aren’t maxing out the limit on your credit cards every month.

Before we talk about how to improve your credit to maximize your ability to access borrowed capital to hire new employees or otherwise ramp up for a new contract, we need to address business credit. What makes it different from personal credit and some of the synergies created by a strong personal credit score and a robust business credit history.

Learn more here and get started with building business credit with your company’s EIN and not your SSN. Get money even in a recession and put it toward more effective hiring!

How is My Business’s Credit Profile Reported?

Like the credit bureaus that report on your personal credit history, there are business credit bureaus that report on your business credit history. They consider how you pay your suppliers, your landlord, your utilities, your business credit cards, and how you may payments on any other business loan or business debt you might have.

With the exception of the FICO SBSS credit score, which is a composite of your personal and business credit used by the SBA to evaluate a loan application, you should consider your business credit as typically a collection of scores, rather than one universal score like your personal score. Every business credit bureau creates this profile differently. So no two business credit reports will look exactly the same. Regardless of how long you’ve been in business, you have a business credit profile that includes detailed information about your business and your business credit history.

Your Business Credit Score is Different

Although your personal score is considered private, your business profile is public to anyone who wants to see it. The basis of your business profile is whether or not the majority of your credit interactions are positive or negative. The goal here is to meet all your business obligations as agreed upon.

Additionally, your credit history is a measurement against other businesses in your industry. And this includes if they are considered more or less risky from a credit perspective. Your history is also compared to other businesses in your region, of your size, and annual revenues. This is to make a recommendation to creditors on your business’s potential creditworthiness.

Improving Your Business Credit Score

Irrespective of personal or business credit, the single most important thing you can do to build a positive profile is to make your periodic payments in a timely manner. If you want to build your credit into a strategic tool you can use to fuel growth, here are 4 things you should start doing today:

Make Sure Your Profile is Accurate

There is a lot of negative credit activity going on right now. Plus, it’s easy to confuse businesses with similar names or addresses. So it’s more important than ever to make sure the things reported about your business are accurate and reflect your credit practices. If you find an error, all the major business credit bureaus have mechanisms to correct the mistakes you can verify.

Keep Your Personal and Business Credit Separate

This can be hard for young businesses that don’t have a lot of business credit yet. But using your personal credit for business credit purposes not only doesn’t help your business profile, it could actually hurt your personal credit score. Since 30% of your personal score comes from how much credit you use compared to how much you have, the higher balances often associated with business expenses can negatively impact your ratios. If you want to keep your personal score as strong as possible, while building your business profile, avoid the temptation to use your personal credit to pay for a business expense.

Establish Trade Credit Accounts with Your Suppliers

This is one of the most underrated ways to build a strong business profile. Most vendors are willing to offer payment terms to their good customers. Although it’s not a business loan, if they report your good credit behavior to the appropriate credit bureaus, this valuable credit will help you build a strong business credit history. This will enable you to borrow when you really need to.

Use the Credit You Need and Stay Current

Businesses large and small leverage borrowed capital to fuel growth and fund other business initiatives like effective hiring of new employees. The biggest thing you can do to build a strong profile is to use the credit you need and make sure you make every periodic payment. Lenders look at your history because they want some assurance that you will make timely payments to them. It helps if they can see you’ve done so in the past.

Learn more here and get started with building business credit with your company’s EIN and not your SSN. Get money even in a recession and put it toward more effective hiring!

Effective Hiring of New Employees Can be Expensive

Effective hiring of new employees often includes expense beyond the addition of another paycheck. For some companies it might be a new computer and workstation. For others it could be something else. Most of these upfront expenses are relatively short term. So many small business owners opt to finance them with either a business credit card or even a small business loan depending on the cost. The business owner I described at the beginning of this article opted for a small business loan.

He had worked to build his credit profile so he could use business financing as a strategic tool when he needed it. So he could borrow the money he needed to ramp up employees and infrastructure to service the new contract. And he could repay the loan once he started to get regular payments from his government contract.

Effective Hiring and Business Credit: Takeaways

As a small business owner accessing borrowed capital has always required a good personal and business credit history. But especially now, many lenders are tightening their qualification requirements tighter than ever. So it will be important to make sure your profile shows you in the best light possible. Of course, it’s no guarantee you’ll get the financing you want. But it will give your business more options to choose from—as well as put your application on the top of the pile.

Ty Kiisel for Credit Suite

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How Does Your Garden Grow? Best Business Line of Credit in a Recession

The COVID-19 pandemic caught the world by surprise and turned the economy upside down. If you are a business trying to make it during this time, we can help. The Federal government has approved funding through The CARES Act, including the Paycheck Protection Plan. In addition, many states and local organizations are offering their own COVID-19 relief options. Beyond that, we can help you find the best business line of credit in a recession.

A Business Line of Credit is Like Miracle Grow for Your Business

A business line of credit can be an incredible tool for your business, even in a recession. You don’t want just any line of credit however. You want the best one for your business needs.

Not all businesses are the same, and not all lines of credit are best for all businesses. Different limits, rates, and terms work better for some than others. How do you ensure you are getting the best business line of credit in a recession?

What’s a Line of Credit?

It can help to get a quick rundown of exactly what a line of credit is. The most basic definition is that it is a revolving line of credit, similar to a credit card. You have a limit and continuous access to that limit while making payments only on the portion you use each month.

For example, if you have a $10,000 line of credit, you can use however much of those funds you need each month for whatever you want, unless your lender issues some sort of restriction. If you use $2,000, then when you get your statement your payment will be based on $2,000 plus the interest, rather than a payment plus interest on the entire credit line.

If you were to pay $1,000, then spend another $500, you would pay on the $1,500 balance the next month. Your payments change as your balance changes. Just like with a credit card.

Access is most typically granted through checks or a card connected to the line of credit account. Electronic draws and transfers are also popular.

Learn bank rating secrets with our free, sure-fire guide which can even help during a recession.

Line of Credit vs. Credit Cards

The question is always asked what the difference is between a line of credit and a credit card, and why is one better than the other? The truth is that in some cases, a credit card may be the better option. There is a choice to make based on several different factors.

The main difference between the two that most borrowers need to know is that a line of credit typically has a consistently lower interest rate. Also, there are no perks like 0% interest or cash back that you sometimes see with credit cards.

What Signifies the Best Business Line of Credit in a Recession?

The best business line of credit in a recession is going to be the one with the best rates and terms that your business can qualify for. That makes finding it a little more involved. You have to know where you stand and what various lenders offer and require.

It will take some leg work on your part to pull together the information needed for application. You will also need to understand that the best business line of credit in a recession may not come from the same place you would have gotten a business line of credit pre-recession. You might have better luck with online lenders or smaller banks over larger traditional banks during an economic downturn.

A Word of Warning

Before you apply for the best business line of credit in a recession, remember that balance is important. Recession times are by default, hard. A line of credit can ease some of the burden, but be careful not to let the credit line itself become a burden. Know your limits as far as what you can pay.

If you do not make payments on-time, you could end up with more trouble than you already had.

How to Find the Best Business Line of Credit in a Recession?

There are several steps to this process.

1. Why do you need a business line of credit in a recession?

Figuring this out could be the most vital step in finding the best business line of credit for your needs. You have to understand why you need a credit line in the first place. Here are some examples of how a business may use a line of credit.

Take advantage of a sale on inventory, raw materials, or supplies. This can reduce the cost of goods sold and consequently, increase the bottom line.
Purchase or repair minor equipment when needed. This would be like a new printer or laptop. It would not include items like an industrial oven or delivery truck. Larger equipment would best be purchased with an equipment loan.
Bridge temporary cash gaps or continuous, known cash gaps due to timing issues. An example of this would be several bills that are due at the beginning of the month when you know your largest contracts pay at the end of the month. The money is coming, but the bills come due before the money gets there. You can pay the bills with the line of credit, then pay off the line of credit when the contracts pay.

Another example of this is a seasonal line of credit for a business that does the majority of its sales during a certain time of the year. A florist does a large percentage of sales during Valentines day, so a seasonal line of credit can come in handy to bridge the cash gap during other times of the year.

2. Determine your options.

Shop around with various financial institutions to determine which ones offer the best business lines of credit in a recession. You will want to look at factors such as interest rate and credit limit in relation to what you need and can afford.

Check with various types of lenders to get a feel for which ones offer what you need. Check with larger commercial banks, small local institutions and credit unions, and alternative lenders such as those that operate exclusively online.

Pay specific attention to eligibility requirements to avoid wasting your time with those you do not qualify for.

Learn bank rating secrets with our free, sure-fire guide which can even help during a recession.

3. Know where you stand.

Your ability to get approval for the best business line of credit in a recession will be directly related to your business credit. Traditional banks pay more attention to personal credit, but they crack down a lot on lending when there is a recession. Non-traditional lenders may also consider income and cash flow. They may, in addition, rely heavily on your business credit score when making an approval decision about a line of credit.

A lower business credit score does not necessarily mean you can’t get approval. It could greatly affect your interest rate and credit limit however.

Consider signing up for a credit monitoring service that lets you keep tabs on your business credit and what is affecting it each month. The one offered by CreditSuite.com is easy to use and cost effective.

Once you have a handle on why you need a business line of credit, what is available, and what you may actually be eligible for, you can make a decision as to where you are going to apply and which product you are going to apply for.

Determining which of these lenders has the best business line of credit in a recession for you goes back to knowing what you need, who has it, and who will approve you for it.

When Is a Line of Credit Better than a Credit Card?

If you are going to need to make payments, a line of credit is a better option. The reason is pretty simple. The credit rate is almost always lower. The few exceptions are those cards that offer 0% APR for a short period of time.

If you are going to use a credit card to make regular purchases you intend to pay off immediately, that’s another story. Especially if you qualify for a card with perks such as cash back. In that case, you may find that you can benefit from using a credit card over a line of credit.

An example would be if you wanted to use your business credit card to make your monthly supplies purchase each month and then pay it off in the following month. You could take advantage of the cash back and reduce your overall cost.

To float a cash flow gap or make significant purchases that you will need to pay out over a short amount of time, a line of credit is almost always the best choice.

Where to Find the Best Business Line of Credit in a Recession

Some small businesses will have a hard time getting approval from a traditional lender due to poor credit or a lack of sufficient credit history. We found examples of what alternative lenders are offering currently. Keep in mind these offerings can change, so make sure to visit the lender and verify.

Kabbage

Kabbage offers a credit line of up to $150,000 with no credit score required. The catch is that the interest rate is between 32% and 108%. The business must have been in existence for at least one year and have revenue of at least $50,000.

The interest rate is very high. This is really only an option for those businesses that cannot get financing due to a low or nonexistent credit score and need funding immediately.

StreetShares

There is a credit line available here of up to $100,000. A business must have what they consider to have “reasonable credit.” It also must be in business for at least one year and have more than $25,000 in revenue. Repayment is weekly.

Due to the lower revenue requirement, this is a good option for smaller businesses with okay credit scores but lower annual revenue. Also, the interest rate minimum is lower, with the low end at 9%.

OnDeck

If you have a credit score of at least 600 you can get a credit line of up to $100,000 with OnDeck. There is a $20 per month maintenance fee and weekly repayment. The interest rate is a little higher here than with those that require a higher credit score minimum. It ranges from 13.99% to 39.99%.

Again, due to the higher interest rate, this should only be an option if you cannot meet the higher credit score requirement.

Lending Club

The credit line offered by lending club goes up to a limit of $300,000. It requires a credit score of 600. In addition, at least one year in business and at least $50,000 in revenue are necessary. The repayment term is 25 months, and they require collateral for limits over $100,000.

This is a good option for those that meet the requirement as there is a higher limit available with collateral, and the interest rate can go as low as 6.25%. The repayment terms are much friendlier as well.

Credit Line Hybrid: Another Option

A credit line hybrid is revolving, unsecured financing. It allows you to fund your business without putting up collateral, and you only pay back what you use. It even works for startups.

What are the Qualifications?

How hard is it to qualify? It’s probably easier than you think. You do need good personal credit. That is, your personal credit score should be at least 685. In addition, you can’t have any liens, judgments, bankruptcies or late payments. Also, in the past 6 months, you should have less than 5 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards. It’s also preferred that you have established business credit as well as personal credit.

If you do not meet all of the requirements, all is not lost. You can take on a credit partner that meets each of these requirements. Many business owners work with a friend or relative to fund their business. If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding.

Business Credit in a Recession

When you apply for the best business line of credit in a recession, consider using your business credit rather than personal credit. Some lenders will require you to use both. If you can get a credit line on your business credit only, that is best. If not, strong business credit can help negotiate better terms and rates.

Learn bank rating secrets with our free, sure-fire guide which can even help during a recession.

Not sure what business credit is, if you have it, or how to get it? Here’s a quick rundown. Business credit is similar to your personal FICO, but it is for your business only. It is not attached to your name or social security number, but rather to your business name and EIN.

The most commonly used business credit reporting agency is Dun & Bradstreet, but there are others. With Dun & Bradstreet however, you must have a DUNS number to have a record with them. If you do not have one, you don’t have a D&B business credit report.

You can get a free DUNS number on the D&B website. Before you do, your business must be incorporated. It also must have dedicated, separate contact information that is not your personal contact information. You can find out more about incorporation options and how to get a free EIN on the IRS website.

It is Possible to Find the Best Business Line of Credit in a Recession

A business line of credit is a great financing option. It offers flexibility that isn’t always available with a term loan. Interest rates are often better than those offered by business credit cards. With alternative lenders in the mix, a line of credit is an option for most small businesses even during a recession.

The post How Does Your Garden Grow? Best Business Line of Credit in a Recession appeared first on Credit Suite.

Get the Best First Credit Card to Build Credit

Are you looking for a first credit card to build credit for your business? Your business credit does not come about by accident. You will have to build it – and business credit cards can be a huge help in getting you where you want to be.

Fortunately, there are choices out there. But keep in mind, a lot of them will hinge upon your personal credit scores. Good FICO scores will help you get a good first credit card to build credit for any company. But don’t worry – we also have some choices for when your personal credit is less than stellar.

The Very Best First Credit Card to Build Credit for a Business

We investigated a lot of company credit cards for you. So, here are our selections for the best first credit card to build credit for a business.

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

This reveals you can get a lot more funding with corporate credit cards. And it likewise shows you can have personal credit cards at stores. So, you would now have an additional card at the very same stores for your small business.

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

Benefits

Benefits can and do differ. So, make sure to pick the benefit you would like from this choice of alternatives. There are a lot of ways to start building credit with business credit cards. So, open your mind and consider the myriad of possibilities.

First Credit Card to Build Credit for Fair to Poor Credit, Not Calling for a Personal Guarantee

Brex Card for Startups

Take a look at the Brex Card for Startups. It has no yearly fee.

You will not need to provide your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN.

But keep in mind, they do not accept every industry.

Also, there are some industries they will not work with, as well as others where they will want added paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex will check a business’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. And get 4x on Brex Travel. Also, you can get triple points on restaurants. And you can get double points on recurring software payments. Get 1x points on everything else.

So, you can have bad credit scores (even a 300 FICO) to qualify. Amazing!

Find it here: https://brex.com/lp/startups-higher-limits/

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

First Credit Card to Build Credit for Fair Credit

Capital One® Spark® Classic for Business

Have a look at the Capital One® Spark® Classic for Business. It has no yearly fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your business, without any minimum to redeem.

While this card is within reach if you have fair credit, beware of the APR. Yet if you can pay on schedule, and in full, then it can be a good deal.

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

First Credit Card to Build Credit with No Annual Fee

No Annual Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Have a look at the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the first 12 months. But after that, the APR is a variable 14.74 – 20.74%.

You can earn unlimited 1.5% Cash Back rewards on every purchase made for your company. And get $500 bonus cash back after spending $3,000 in the first three months from account opening. You can redeem your rewards for cash back, gift cards, travel and more via Chase Ultimate Rewards®. You will need exceptional credit to qualify for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

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

First Credit Card to Build Credit with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Check out the Blue Business® Plus Credit Card from American Express. It has no annual fee. There is a 0% introductory APR for the initial one year. But afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on everyday business purchases like office supplies or client suppers for the initial $50,000 spent per year. Then get 1 point per dollar afterwards.

So, you will need good to excellent credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Also check out the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. However its rewards are in cash as opposed to points.

Get 2% cash back on all eligible purchases on up to $50,000 per calendar year. But after that get 1%.

It has no yearly fee. There is a 0% introductory APR for the first twelve months. But after that, the APR is a variable 14.74 – 20.74%.

So, you will need good to excellent credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

First Credit Card to Build Credit for Cash Back

Flat-Rate Rewards and No Yearly Cost

Discover it® Business Card

Take a look at the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for one year. But then the regular APR is a variable 14.49 – 22.49%.

You can get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimum spend requirement.

You can download transactions| quickly to Quicken, QuickBooks, and Excel. Keep in mind: you will need great to excellent credit scores to get approval for this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Take a look at the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the initial 12 months. Afterwards, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first three months from account opening.

You can earn 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on web, cable, and phone services each account anniversary year.

Get 2% cash back on the initial $25,000 spent in combined purchases at gasoline stations and restaurants each account anniversary year. Get 1% cash back on all other purchases. There is no limitation to the amount you can earn.

So, you will need superb credit to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

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

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. Afterwards, the APR is 13.74% – 23.74% variable. There is no annual fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. After that get 1% after, with no limits.

So, you will need superb credit to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/

First Credit Card to Build Credit with Flexible Financing

The Plum Card® from American Express

Have a look at the Plum Card® from American Express. It has an initial yearly fee of $0 for the first year. After that, pay $250 each year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

So, you will need good to superb credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

Business Credit Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Take a look at the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. And earn a one-time $200 cash bonus once you spend $3,000 on purchases in the first three months. Your rewards will never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

So, you will need good to exceptional credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

The Very Best First Credit Card to Build Credit for Your Business

Your outright ideal first credit card to build credit for your business will depend upon your credit history and scores.

Only you can pick which features you want and need. So, always make sure to do your research. Because what is outstanding for you could be devastating for another person.

And, as always, make sure to establish credit in the advised order for the best, quickest benefits.

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