4 Fabulous Tips for Getting Small Business Loans

The Key to Getting Small Business Loans is to Be Smart and Prepared

It is inevitable in the life of any small business that the topic of small business loans is going to come up. No one loves debt, but funding is going to be necessary, and loans are the most common way to get that funding. For many business owners however, it can be overwhelming. Our 4 fabulous tips for how to getting small business loans may help.

Getting Small Business Loans By Going Shopping

Who doesn’t love a great deal? If you are shopping for clothing you have several options for where to go. Whether you hit the thrift store, a high-end boutique, or something in-between will depend on a number of factors. What type of clothing are you looking for? Where do you need to wear it? How long does it need to hold up? How much do you have to spend?

The same is true when shopping around for the best business loans. Where you go and what you get will depend on your particular business situation. You have to find the small business loans with the best rates and terms that you actually qualify for. When you start shopping, be sure to check out all of the following.

Large Banks

These typically offer the loans with the best rates and terms, but they are the hardest to qualify for. This is because large banks have very little wiggle room. They want to see strong financials, strong credit scores, and an established business.

Getting Small Business Loans at Community Banks

These are smaller, local institutions. Their terms and interest rates are usually competitive, and they are sometimes more willing to give a little on credit score if other mitigating factors exists.

Credit Unions

The first thing about credit unions is, you have to be a member to get a loan with them. However, they tend to have the best options for rates, if you are a member and meet the requirements.

Online Lenders

If you struggle with finding a small business loan due to credit score or time, online lenders may be your saving grace. They are fast, and though interest rates are typically higher, they are more flexible with credit scores as a general rule. Some of our top picks are included below.

● Fundbox

With Fundbox , you get an online lender that offers an automated process that is super-fast. Originally, they only had invoice financing, but now they offer a line of credit service as well. Repayments are automatic on a weekly basis, so be sure you have enough funds in your account to cover your payment each week.

Loan amounts come as low as $100 and as high as up to $100,000. There are no revenue or time in business requirements, but your accounting or invoice software must be compatible and must be in use for at least 3 months. There is also no specific credit score requirement. You simply have to be an established business with regular monthly revenue.

● OnDeck

Obtaining financing from OnDeck is quick and easy. First, you apply online. You will receive the decision once application processing is complete. If you get approval, your loan funds will go directly to your bank account. The minimum loan amount is $5,000 and the maximum is $500,000.

They do require a personal credit score of 500 or more, and you must be in business for at least one year. Annual revenue must be at or exceed $100,000. In addition, there can be no bankruptcy on file in the past 2 years and no unresolved liens or judgements.

● Kabbage

Kabbage is a well known competitor in the world of online lenders. They offer a small business line of credit that can help accomplish your business goals quickly. The minimum loan amount is $500 and the maximum is $250,000. They require at least one year in business and $50,000 or more in annual revenue, or $4,200 or more in monthly revenue, over the last 3 months.

They are great if you need cash quickly. Also, their non-traditional approach puts less weight on your credit score, so they may work better for borrowers struggling in that area.

Types of Small Business Loans

Remember you will also have choices when it comes to the type of small business loan you choose. As you are shopping around, consider that some lenders work with the Small Business Administration. If you qualify, an SBA program may be just what you need. Find out more about those programs here.

There will also be options for secured and unsecured loans. If you have collateral, a secured loan will usually have better rates and terms.

Nail the Business Plan for Getting Small Business Loans

Any traditional lender is going to need to see a business plan as part of the loan application process. Honestly, it is best to hire a professional business plan writer if possible. A professional business plan writer can work with you to gather all the necessary information and compile it into the traditional, acceptable format.

If you cannot hire a business plan writer however, there are a number of options that can help you. The Small Business Administration offers a template, and your local small business development center can help as well.

For a business plan to be taken seriously by a lender, it needs to include the following:

Opening

An Executive Summary– This is a complete summary of the business idea.

Description– The description goes into further detail than the summary, describing the business. What type of business is it? What product or service will it offer? This is where you work to get others excited about your business. Note that this is important even if your business is already operating, you just need to write in present, rather than future tense.

Strategies-Layout your plan for getting started. Do you have a marketing plan, area in mind for location, or idea of how many employees you will start with? What is your ramp up plan? Again, already operating businesses will state the current operating strategy.

Market Research

Market Analysis– This actually includes two parts. All that market research you did goes here:

o Analysis of audience: What need will or does your business fill, and for who? Are you a child care facility filling a need for affordable child care for working moms? Are you a diner offering a quick lunch option for those working downtown? How will your business fill the need? All of that information goes in this section.

o Competitive Analysis: Is there already a business working to fill this need? Is there room for more? How do you plan to compete with them?

If you are not a new business, this will be a market analysis that supports your need for funding, as well as how you plan to use the funds.

The Plan

Plan for Design and Development: How is all of this going to play out, from start to finish? What steps are you going to take? This is more detailed than your strategies section.

Plan for Operation and Management– Who will own or does own the business and who will run or currently runs it from day to day. This could be as simple as stating that you are the sole owner and operator, or as complicated as laying out a complete partnership plan or board or directors’ format. It just depends on how your business works.

Financials

Financial Information– This section includes current financials, projections, and a budget plan for the loan funds you are applying for. Lenders need to see that you know how to handle the funds you get, and that you have a plan for paying them back.

Hunt and Gather

When you apply for small business loans, there is certain information that is pretty much necessary regardless of the type of loan or lender. This information is required in addition to a business plan. For example, you will need:

Insurance documents
Business licenses
Personal income tax returns, usually for the previous 3 years
Other personal financial information not included on the tax returns.

Go ahead and hunt these down, put hands on them, and be prepared with copies to present to lenders if they ask for them. They almost certainly will.

It Takes Two Baby

Large, traditional lenders are going to expect a good personal credit score. This is true despite the fact that you may have business credit. Smaller lenders, and especially online lenders, may be more willing to give a little on the personal credit score if your business credit is solid. They may also be willing to take into consideration things such as annual revenue and length of time in business if credit isn’t as good as they normally like to see.

What this means for you, is that when you go to get small business loans, you need to be sure your personal credit and your business credit are both as strong as possible. It takes two.

What to Do If your Personal Credit isn’t So Great

If your personal credit score isn’t so hot, there are a few things you can do to beef it up. The first, of course, is to make your payments consistently only time. In addition, consider how much of your credit you are using versus what you have available to use. This is your debt-to-credit ratio, and it affects your credit score negatively if it is too high. You can lower it by opening new accounts, but that also lowers your average age of accounts, which will have a negative effect on your score as well. So, you will need to do some research to see if the benefit will outweigh the cost of opening a new account to decrease your debt-to-credit ratio.

It is also important to get a free copy of your personal credit report each year and look for mistakes. If you find something that should not be there, report it to the credit reporting agency in writing. You will need to send in supporting documents also, but be sure to send copies and not originals.

What about Business Credit?

Business credit can help you with getting small business loans if it is strong enough. Many lenders will still want to see your personal credit score, but if it isn’t quite up to par, solid business credit can make all the difference. Some non-traditional lenders will even accept business credit in lieu of personal credit.

How do you get business credit? You have to build it, intentionally. It doesn’t just happen on its own like personal credit does. If you do not intentionally establish and build separate business credit, then all of your business transactions are simply reported on your personal credit report.

You must establish your business as an entity separate from yourself and start from ground zero to build a business credit report. It takes a while, so if you haven’t done so yet, now is the time. The first step is to visit irs.gov and formally incorporate your business. You will also need an EIN, which is like an SSN but for your business. This can be done for free on the IRS website as well. Find out more about how to establish and build business credit here.

Getting Small Business Loans: Be Smart and Be Prepared

The key to finding small business loans is to be smart and be prepared. Don’t just take the first offer you find. Look around and find the best rates and terms possible. Check out different types of lenders and various loan options. Then, get your business plan and other information together so that the process runs as smoothly as possible.

Remember than some lenders and loan programs may have additional requirements. This list of how to get small business loans doesn’t include all the various hoops some lenders may have you jump through. It will, however, give you a great start to finding the funding you need to help your business grow.

The post 4 Fabulous Tips for Getting Small Business Loans appeared first on Credit Suite.

The 4 Best Small Business Loans of 2019

And 5 Practical Tips for Landing the Best Small Business Loans

If you need a small business loan, you shouldn’t settle for just any loan. You want the best. You’re in luck, because we not only have a list of the best small business loans of the year, but we also have in depth reviews and practical tips to help you find not just the best, but the best for your specific business. Let’s take a closer look.

Where Do You Find the Best Small Business Loans?

I know, you are wondering how there can be more than one best. The best is the best, and there is only one best when it comes to most things. Business loans don’t work exactly the same way. The best loan for your business may be different than the best loan for the next business. That’s because your business will likely have different needs and qualifications than the next one.

US News handles this by naming the best small business loans in different categories. This year, these took the prize:

OnDeck: Best Lender for Small Business Loans of Up to $500,000
BlueVine: Best Lender for Fast Funding
Funding Circle: Best Lender for Small Business Loans with a Low APR
StreetShares: Best Lender with Prequalification Available

In addition to this list from US News, we would like to add our own bonus category of “Best Lender for Faster, Easier SBA Loans.” That award, in our opinion, would go to SmartBiz. They have totally streamlined the Small Business Administration loan program application process making it both faster and easier.

Well that’s all great of course, but to make a true informed decision, you need details. What makes these the best?

OnDeck

OnDeck offers lines of credit and term loans with fixed interest rates. You can’t get up to $500,000 with a term loan. They also have an A rating with the Better Business Bureau. The minimum FICO they require is 600. In addition, you must have $100,000 minimum annual revenue and be in business for at least one year. Find out more about OnDeck in our review.

BlueVine

BlueVine offers a number of financing options including term loans, invoice financing, equipment financing, lines of credit, and merchant cash advances. They require you to be in business for at least 6 months. If you need a term loan or a line of credit, then they require a minimum annual revenue of $100,000. If you are trying to get invoice factoring, the minimum credit score is just 530! For a line of credit or term loan, you will need a minimum credit score of 600. They have an A+ rating with the BBB. Find out more about BlueVine in this review.

Funding Circle

If you’re looking for a low APR, then Funding Circle is your go-to. They have fixed rate term loans and require a credit score of 620 or above. There is no minimum revenue requirement, but they do require you to be in business for at least 2 years. They have an A+ BBB rating. Find out more in our Funding Circle review.

StreetShares

This is considered by US News to be the best lender with prequalification available. They offer invoice financing, term loans, and lines of credit. The number of years in business requirement is one. They require less minimum annual revenue than the others at only $25,000. The minimum credit score is 600, and they also have an A+ rating with the Better Business Bureau. You guessed it. You can find out more about StreetShares in our review, here.

SmartBiz

SBA loans typically take a lot of time and paperwork. SmartBiz found a way to speed things up, making it easier than ever. The requirements are a little more strict however. Your credit score has to be 650, and you have to be in business for 2 years or more. In addition, annual revenue has to be $50,000 at least, and there can be no outstanding liens, bankruptcies, or foreclosures in the past 3 years.

Tips for Landing One of the Best Business Loans

1. Appear Fundable

What is fundable? A business that appears fundable to a lender is an established business separate from its owner. It is complete, organized, and either has solid revenue or a solid plan if a startup.

To appear fundable, a business needs:

To be formally incorporated as an S-corp, LLC, or a corporation.
An EIN from the IRS. This is an identifying number for your business that function similar to the way your SSN does for you personally.
A dedicated business bank account.
Contact information that is different from the owner’s. A separate telephone number on a toll-free exchange and a dedicated physical address are imperative.
A professional website and an email address that has the same URL. Free web hosting and email services won’t do the job in this case.

2. Have a Killer Business Plan

Lenders are also going to want to see a professional business plan. Even if you are not a startup a plan is necessary. Startups have to show what they are planning and that they have done the research to make it work. Established businesses need to show how they plan to use the funds, and that they have research to show the market supports that plan.

At a minimum, a business plan should have the following sections.

An Executive Summary– This is a complete summary of the business idea.
Description– The description goes into further detail than the summary, describing the business. What type of business is it? What product or service will it offer?
Strategies-Layout your plan for getting started. Do you have a marketing plan, area in mind for location, or idea of how many employees you will start with?
Market Analysis– All that market research you did goes here and should include not only a market analysis but an analysis of the competition as well.
Plan for Design and Development: How is all of this going to play out, from start to finish. What steps are you going to take? This is more detailed than your strategies section.
Plan for Operation and Management– Who will own or does own the business and who will run or currently runs it from day to day.
Financial Information– This section includes current financials, projections, and a budget plan for the loan funds you are applying for.

3. Be Prepared

It is almost impossible to over prepare when applying for a loan. Anticipate any questions they may ask. Pull together any forms or documentation they might ask for. Items such as past tax returns, financials, and licenses are common. The more you have ready to go before you start, the faster and easier the process will be.

4. Have Solid Personal Credit

You need a solid personal credit score to land the best small business loans. There is just no way around it. As you can see above, a score of at least 600 is required almost across the board with the exception of some invoice factoring options. If you do not have this score however, all is not lost.

It is possible to improve your personal credit score. The first step is to get a copy of your credit report. You can get a free copy each year. Look for what may be impacting your score negatively. If there are mistakes, contact the credit agency in writing to have them removed. If late payments are a problem, start paying on time. Knowing what you need to work on is the first step.

5. Have Solid Business Credit

Of course, when it comes to the best small business loans, you cannot ignore business credit. While it isn’t listed as a primary requirement for most lenders, it can only help you to have strong business credit.

If a lender sees a personal score that isn’t exactly what they need, it is possible they will take business credit into consideration when making their decision. In addition, if you qualify and have stellar business credit, you may be able to get a lower interest rate.

More Benefits of Business Credit

Since business credit is the one topic out of these 5 that people seem to question the most often, let’s talk about why it’s important. There are a number of reasons. The first one is, if you have business credit, your business transactions will not affect your personal credit report.

You may be thinking that it doesn’t matter, because you pay all your bills anyway. You would be wrong however. It absolutely matters. Here’s the thing. Personal credit cards often have lower limits than business credit cards. Conversely, business expenses are typically much higher than personal expenses. This means, if you are using personal cards for business expenses, you are likely to keep balances at or near your limits.

Consistent balances near your limits has a negative impact on your credit score even if you are making regular payments. If you have business credit cards, your limits will be higher and better able to accommodate the high expense of running a business.

How do You Get Business Credit?

The steps to looking fundable are also the first steps toward business credit. Your business has to be separate from yourself before business credit can be established. In addition, you will need a D-U-N-S number.

This is a number from Dun & Bradstreet that they use to enter you into their system and issue a business credit score. If you do not have a D-U-N-S number you will not have a credit file with them. Since they are the largest and most commonly used business credit reporting agency, you need to have a business credit profile with them. Get a D-U-N-S number for free on their website.

How Do You Get Business Credit if You Do Not Already Have It?

If you do not yet have business credit, you will need to open accounts in the vendor credit tier after you finish these steps. We all know that it is almost impossible to get credit if you do not already have credit. However, the vendor credit tier consists of vendors that will offer net 30 terms without a credit check, and then report your payments to the credit reporting agencies. After you have enough of these types of accounts reporting, you will have a credit score and be able to apply for accounts from different types of companies to grow it even more. Find out more about the vendor credit tier and building credit here.

Keep an Eye on Your Credit Reports

Both credit scores are so vital to being able to get the best business loans, it is important to talk about monitoring them. With personal credit scores, this is easy. You can get a free copy of your personal credit report every year. In addition, there are numerous websites that allow you to monitor your credit on a monthly basis for free.

Business credit monitoring isn’t as easy, and it definitely isn’t free. The credit agencies charge from $50 to over $100 for just one report. You can monitor your business credit at a fraction of the price at https://www.creditsuite.com/monitoring.

Don’t Forget Traditional Lenders

These business loans are from non-traditional lenders. This is because non-traditional lenders are generally more friendly toward small businesses than the traditional banks. Do not neglect to check into what your local traditional lenders may have available however. If your personal credit score is above 650, they may very well offer even better rates and terms than those listed above.

While big banks are not typically friendly toward small businesses, local community banks can be favorable if your credit is strong. Credit Unions are another option if you have a good credit score and are a member. Do your research before making a final decision.

The Best Small Business Loans Can be Yours

How do you land the best small business loans of the year? In short, you prepare. Do a fast check to ensure your business will appear fundable to lenders. Do some research to determine which loan options best fit your needs and qualification abilities. Don’t forget to see what traditional lenders have to offer as well. Get all the necessary paperwork, including your business plan, together before you begin the process. Then, take note of both your personal and business credit scores and determine if you need to make some adjustments to improve them. With these items checked off your list, the best small business loans really can be yours.

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Human Interest, a 401(k) Provider, Is Hiring Engineers to Help Small Business

Article URL: https://humaninterest.com/careers

Comments URL: https://news.ycombinator.com/item?id=21134545

Points: 1

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Human Interest, a 401(k) Provider, Is Hiring Engineers to Help Small Business

Article URL: https://humaninterest.com/careers Comments URL: https://news.ycombinator.com/item?id=21134545 Points: 1 # Comments: 0 The post Human Interest, a 401(k) Provider, Is Hiring Engineers to Help Small Business appeared first on Buy It At A Bargain – Deals And Reviews.

Human Interest, a 401(k) Provider, Is Hiring Engineers to Help Small Business

Article URL: https://humaninterest.com/careers Comments URL: https://news.ycombinator.com/item?id=21134545 Points: 1 # Comments: 0

The Treasure Hunt for Low Rate Small Business Loans

How to Hunt down and Capture Low Rate Small Business Loans

When Indiana Jones was on the hunt for a rare artifact, he always knew everything he possibly could about it before he got started. His treasures were always surrounded by mystery, but he was able to find them based on the information he learned. The same is true of low rate small business loans. By learning as much as you can about them, you empower yourself to not only find them, but to bring them home.

Everyone wants low rate loans, but not everyone can get them. It takes a special type of lender and borrower. We can tell you how to be the right borrower and how to find the right lender. Let’s start with the basics.

What is the Interest Rate?

Lenders don’t let you borrow money out of the kindness of their hearts. Unless they are specifically designed as a non-profit entity, lenders are in it for the money. The main way they make money is by lending you money, and requiring you pay back what you borrowed, plus some. The amount of the plus some is dependent on the interest rate. It is a percentage of the amount you borrowed that you must pay the lender in return for allowing you to borrow the money. In short, it is the cost of the loan.

It’s important to remember that there are often other costs associated with loans in the form of various fees. The interest rate however, is how the bread is buttered.

What’s Qualifies as a Low Rate?

The next logical question that comes to mind when thinking about low rate small business loans may be, what qualifies as a low rate? I mean, you have to know exactly what it is you are looking for. When talking about business loans, an interest rate lower than 10% is low. There are not a ton of these out there, and they are hard to get, but they do exist. That’s what makes them a treasure worth hunting.

Who Gets Low Rate Small Business Loans?

Not only are low rate small business loans rare, but the borrowers that can obtain them are even more rare. The thing is, it takes a borrower with a good credit score, solid revenue, and an established business to get this kind of treasure.

Why is this? Well, higher interest rates are a way to balance out perceived risk. If a lender sees you as a potential risk, they want to ensure they get as much of their money as they can. They raise the interest rate so that they get more profit with each payment you make. If they think that you are a low risk borrower, they will be willing to lend more money at a lower rate. That’s because they are not as concerned that you will default on the loan.

Which Types of Lenders Offer the Lowest Rates?

The other thing that makes low rate small business loans a rare treasure is that you can’t get them from just any lender. As a general rule, the lowest rates come from traditional lenders. These are the big banks, community banks, and credit unions.

These lenders all lend directly, but some also partner with the Small Business Administration to offer lower rates to those that would otherwise not qualify for them. Find out more about the Small Business Administration here.

Small Business Administration Low Rate Small Business Loans

The SBA offers a number of loan programs through partners lenders. They vary in uses and eligibility requirements. Some of the most popular include:

7(a) Loans

This is the Small Business Administration’s main loan program. It offers federally funded term loans up to $5 million. Funds are allowed to be used for expansion, purchasing equipment, working capital and more.

The minimum credit score to qualify is 680, and there is also a required down payment of at least 10% for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years. They’ll accept experience equal to two years in the case of startups.

504 Loans

These loans are also available up to $5 million and can buy a number of things includings land, facilities, and even machinery. Terms range from 10 to 20 years, and funding can take from 30 to 90 days. They require a minimum credit score of 680. They consider the asset that the funds are used for to be collateral. There is also a down payment requirement of 10%, which can increase to 15% for a new business. You must be in business for two years or have equivalent management experience if you are a startup.

Microloans

Microloans are available in amounts up to $50,000. They are are good for starting a business, purchasing equipment, buying inventory, or for working capital. Community based nonprofits handle microloan programs as intermediaries. Financing comes directly from the Small Business Administration.

Interest rates run 7.75% to 8% above the lender’s cost to fund, and the terms go up to 6 years. Funding may take up to 90 days, and the minimum credit score is 640. Collateral and down payment requirements vary by lender.

SBA disaster loans

Available in amounts up to $2 million, these are actually processed directly through the SBA. They are available to small-business owners that have been affected by natural disasters. Terms go up to 30 years, and the maximum interest rate is 4%.

The minimum credit score for disaster loans is 660. Collateral is necessary if the loan goes over a certain amount, usually $25,000, if it is available or when it becomes available. For a military economic injury disaster that amount is $50,000. There is no down payment requirement regardless.

SBA Express loans

These loans max out at $350,000 and have a maximum interest rate of 11.50%. Terms range from 5 to 25 years, and the SBA guarantee is less than with their other loan programs at 50%. To qualify, your credit score must be above 680, and you must have a debt to service ratio of 1.1 or higher. If the loan is greater than $25,000, collateral may be necessary depending on the lender.

The turnaround for express loans is much faster, with the SBA taking up to 36 hours to give a decision. Necessary paperwork for application is less also, making express loans a great option for working capital as well as other things.

Low Rate Small Business Loans from Alternative Lenders

There is no way around the fact that alternative lenders have higher interest rates. They cater to those that do not qualify for loans from traditional lenders. Consequently, they are catering to borrowers that are innately higher risk. They do the same as any lender, and increase interest rates to balance out the risk.

Far and away SBA loans are the best bet for most when it comes to low rate small business loans. If your business is strong but you don’t quite hit the mark for a standard loan, they are a great option. The application process is much longer and way more involved that others however.

There are a couple of alternative lenders than have streamlined the process.

SmartBiz

This lender offers loans backed by the SBA that borrowers can use for a variety of purposes. Examples of acceptable uses include working capital, inventory, expansion and debt consolidation. If you want $150,000 or less, they require a credit score of at least 600, $50,000 annual revenue, and a minimum of 2 years in business. For amounts higher than $150,000, the requirements are the same except the credit score minimum increase to 650.

Live Oak Bank

This is another option for a faster SBA loan process if your business is part of one of 17 specific industries. These industries include:

accounting and tax firms
Agriculture/poultry
Automotive
Educational services
Family entertainment
Funeral service
Government contracting
Healthcare and dental
Hotel
Insurance
Investment advisory
Pharmacy
Renewable energy
Self-storage
Senior care
Veterinary
Wine/craft beverage

The minimum credit score for these loans is 650, but the other requirements are pretty lose. For income, they only require that cash flow can support the debt. There is no minimum time in business requirement.

How to Turn the Tide of Low Rate Small Business Loans in Your Favor

Once you understand how things work, you can get a handle on why these loans seem to stay just out of your reach. The thing is, there is no way around the fact that a higher credit score translates to lower interest rates. The thing to do then, would be to increase your credit score. It won’t seal the deal, but it will take you almost all the way.

When you are a business however, you have two scores to worry about. You need to ensure your personal credit score stays up to par for a number of reasons, but you also need to be concerned with your business credit.

Here’s the thing. In general, you need your business credit to be completely separate from your personal credit. All of your business financing should ideally be based on your business credit. Practically however, it doesn’t work this way. Most traditional lenders, the ones with those low rate small business loans, look at your personal credit score.

In addition, a couple of the business credit reporting agencies use your personal credit score in your business score calculation. That means that even though you definitely need the scores to be separate, you cannot forget about your personal score, even when it comes to business financing.

How Do You Improve your Personal Credit Score?

The first thing you do is get a free copy of your credit report. You can get one each year. Take a look at it and review what it on it. If you see mistakes, dispute them with the credit agencies in writing. Then, look at what may be negatively affecting your score. Are you making late payments? Stop that. Paying on time is non-negotiable for improving credit.

Look at your balances in relation to your limits. Are you close to your limits? Pay those balances down as soon as possible. That has a definite negative affect on your score. Another issue is the average age of accounts. If all of your accounts are relatively new, that is going to bring your score down. There isn’t a lot you can do about that other than just wait, but be aware that each time you add a new account, the average age of your accounts decreases.

Build and Improve Business Credit

Business credit is credit in a business’s name. It doesn’t attach to a business owner’s individual credit. When you have business credit, business transactions do not affect your personal credit at all. Consequently, an entrepreneur’s business and individual credit scores can be very different.

How to Get Business Credit

Establishing small business credit does not happen automatically. A business must work intentionally to make it happen. The first step is to appear fundable to lenders and vendors. This begins with how you organize your business. Sole proprietorship may be the easiest option, but it is also the most sure-fire way to ensure your business accounts end up on your personal credit report.

You need to choose to operate as either an LLC, S-corp, or a corporation. For business credit purposes it doesn’t matter which one. Choose the option that best fits your tax needs. You’ll also need an EIN. It is an identifying number for your business similar to how an SSN is a personal identifying number. Get an EIN and start the incorporation process at IRS.gov.

A professional-looking website and email address are also important. Web hosting should be bought from a merchant like GoDaddy, not from a free service. A free email account will not work either. It needs to have the same URL as your website.

A dedicated business telephone number and address that are not the same as yours are necessary as well. Be sure there is a business listing on 411. You can do that here.

In addition, you need a business bank account. Be sure it is in the business name and that only business transactions run through it.

Once you have all this in place, go ahead and apply for a D-U-Ns number. Just go to the D&B website. A D-U-N-S number is how D&B gets a business in their system. Therefore, if you do not have one, you do not have a business credit score with Dun & Bradstreet. Since they are the largest and most commonly used business credit reporting agency, you need a D-U-Ns number to have business credit.

What Next? Building and Improving Business Credit

After all of this is set, you have to get accounts reporting. If you already have business credit but need to improve it, you will follow this same process.

Start with establishing trade lines that report. Do this with vendors that are in the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score. With an established business credit profile and score you can begin to acquire credit in the retail and cash credit tiers.

The vendor credit tier including those vendors that will extend net 30 terms without checking your credit, and then they will report your payments to the business credit reporting agencies. Find out more about the business credit building process here.

Monitor Your Business Credit

You can’t stop there. You will not know what kind of credit you have or if you can move on in the tiers without monitoring your credit. Go to www.creditsuite.com/monitoring to do so at a fraction of what it costs with the credit agencies directly. There is no option for a free business credit report like there is with personal credit reports.

Low Rate Small Business Loans Exists and Your Business Credit Can Help You Get Them

Now the big question. Low rate small business loans generally come from traditional lenders. Traditional lenders look at your personal credit score. How can business credit help you get low rate loans?

If your personal business score isn’t quite up to par, but you have an established business with a strong business credit score that meets the other requirements, they may be willing to give a little. There is no guarantee, but it does happen. Either way, a strong business credit score means you can access the business funding your need through another channel, even if the traditional ones don’t pan out. It’s a virtual guarantee you can get the funding your need to grow your business.

The post The Treasure Hunt for Low Rate Small Business Loans appeared first on Credit Suite.

Get Gas Cards for Small Business Now

The Very Best Gas Cards for Small Business

We took a look at a number of gas cards for small business, and did the research for you. So here are our preferences.

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

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

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

Gas Cards for Small Business: the Benefits

Benefits can vary. So, make sure to select the benefit you like from this choice of options.

Gas Cards for Small Business: Cards to Purchase Gasoline

Costco Anywhere Visa® Business Card by Citi

Check out the Costco Anywhere Visa® Business Card by Citi.

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

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

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

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

Discover it® Cash Back

Check out 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 earn 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. In addition, automatically get unlimited 1% cash back on all other purchases.

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

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

Discover it® Student Cash Back

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

One 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 annually for up to five years.

Details

Use this card to build personal credit. While this is a personal credit card versus a business card, for new credit users, their FICO scores will be vital. And this credit card offers an excellent way to raise FICO while also getting rewards.

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

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

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

IHG ® Rewards Club Premier Credit Card

Take a look at the IHG ® Rewards Club Premier Credit Card. it gets hotel rewards worldwide. For every dollar spent at participating IHG hotels, earn 10 points. Get two points per dollar spent at gas stations, grocery stores and restaurants.

Plus all other purchases earn one point. New cardholders can earn 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 annually. Plus there is a wide array of benefits like travel and purchase coverage and an upgrade to Platinum Elite status with the IHG Rewards Club. The club offers complimentary room upgrades when available and guaranteed room availability.

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

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

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 initial 15 months an account is open.

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

Details

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

Also, get 5% cash back at US office supply stores and on wireless phone services. So, these must be bought from American service providers. But this applies to the initial $50,000 of yearly 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 yearly spending. Then, you earn 1% cash back.

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

Note: you cannot use this card for balance transfers. There is a foreign transaction fee of 2.7%. The 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

Starwood Preferred Guest® Business Credit Card from American Express

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

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

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

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

Details

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

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

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

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

We also found cards which offered auto rental waivers, because you might not be driving your own car when on business.

Gas Cards for Small Business: Also Check Out Cards Offering Auto Rental Waivers

Capital One® Quicksilver® Card

Take a look at 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 which 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 then they have a 14.74 – 24.74% (variable) APR after that.

A cash bonus of $150 is available for those who make at the very least $500 in purchases within 3 months of account opening.

Details

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

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

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

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

Capital One® Spark® Classic for Business

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

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

But REMEMBER: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus.

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

Capital One® Spark® Miles for Business

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

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

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

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

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

Chase Sapphire Preferred® Card

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

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

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

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

Details

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

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

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

Hilton Honors American Express Ascend Card

Have a look at the Hilton Honors American Express Ascend Card, which earns hotel rewards points. Earn up to 12 points per dollar of eligible purchases at participating Hilton hotels or resorts.

Automatically get Hilton Honors Gold status. And this includes room upgrades when available, a 5th night free when you book a rewards stay of 5 nights or more.

And get free internet access and late checkout. It also includes a 25% bonus on base points earned with Hilton Honors.

This credit card has a variable purchase APR of 17.74 – 26.74%. There is an annual fee of $95.

Details

Cardholders can earn a 125,000-point welcome offer after making $2,000 in eligible purchases in 3 months from account opening. Earn a free weekend night award after making $15,000 in eligible purchases on your card in a calendar year.

Benefits include purchase protection. And there is extended warranty coverage. They also include car rental loss and damage insurance and travel accident insurance.

If you spend $40,000 on eligible purchases with the card in a calendar year, you can earn Hilton Honors Diamond status through the end of the next calendar year. This status includes all of the benefits of Gold status.

It also includes a 50% bonus on base points earned with Hilton Honors and exclusive floor lounge access at select properties. But that is terribly high spending required for elite status. Only you can decide if that’s worth it.

Get it here: https://www.americanexpress.com/us/credit-cards/card/hilton-honors-ascend/

Ink Business Preferred ℠ Credit Card

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

This is a Visa card.

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

Details

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

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

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

United MileagePlus Explorer Business Card

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

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

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

Details

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

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

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

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

Gas Cards for Small Businesses: Check Out This Card Offering Perks for Buying Gas and Car Rental Waivers

Ink Business Cash℠ Credit Card

Take a look at the Ink Business Cash ℠ Credit Card. Small businesses can earn cash back with every purchase. Spend $3,000 in the first three months from account opening. And you’ll earn a $500 bonus cash back.

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

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

Details

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

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

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

We also found a great ride-sharing service card, for those times when someone will be doing the driving.

Gas Cards for Small Business: Also Check Out this Business Credit Card for Ride-Sharing

Uber Visa Card

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

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

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

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

Details

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

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

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

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

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

The Best Gas Cards for Small Business for You

Your outright best gas cards for small business will hinge on your credit history and scores.

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

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

The post Get Gas Cards for Small Business Now appeared first on Credit Suite.

Check Out Small Business Credit Cards for New Businesses

Get the Best Small Business Credit Cards for New Businesses

We took a look at a ton of small business credit cards for new businesses, and did the research for you. So here are our picks.

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

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

And you will not need collateral, cash flow, or financial data in order to get company credit.

Small Business Credit Cards for New Businesses: Benefits

Benefits vary. So, make sure to choose the perk you would prefer from this choice of alternatives.

Small Business Credit Cards for New Businesses: Credit Builder Company Credit Cards

Discover it® Student Cash Back

Be sure to check out the Discover it® Student Cash Back card. It has no yearly 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 provides an incentive for students to maintain good grades with a $20 statement credit. If scholars earn a GPA of 3.0 or higher each school year, the card will award the $20 statement credit each year for up to five years.

Details

Use this credit card to build personal credit. While this is a personal credit card versus a company 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.

You can earn 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 initial year, all cash back rewards are matched 100%.

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

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

Reliable Low APR/Balance Transfers Business Credit Cards

Discover it® Cash Back

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

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

Details

You can earn 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. Also, automatically get unlimited 1% cash back on all other purchases.

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

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

Small Business Credit Cards for New Businesses with 0% APR – Pay Nothing!

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

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

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

Details

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

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

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

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

JetBlue Plus Card

Take a look at the JetBlue Plus Card for another offer of a 0% introductory APR

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

Details

Spend $1,000 in the first 90 days and pay the annual fee, and earn 40,000 bonus points. New cardholders receive a 12 month, 0% introductory APR on balance transfers made in 45 days of account opening.

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

There is a $99 annual fee for this card.

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

Secure Business Credit Cards for Average Credit

Capital One® Spark® Classic for Business

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

But BEAR IN MIND: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus.

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

Ironclad Secured Credit Cards

Wells Fargo Business Secured Credit Card

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

Select this credit card if you wish to earn 1.5% per dollar in purchases without any limits or get one point for every dollar in purchases. You also earn 1,000 bonus points for every month your company makes $1,000 in purchases on the card.

Details

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

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

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

Small Business Credit Cards for New Businesses: Remarkable Business Credit Cards with No Annual Fee

Uber Visa Card

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

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

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

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

Details

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

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

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

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

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

Costco Anywhere Visa® Business Card by Citi

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

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

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

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

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

Ink Business Cash℠ Credit Card

Have a look at the Ink Business Cash ℠ Credit Card. Small businesses can get cash back with every single purchase. Spend $3,000 in the first three months from account opening. And you’ll earn a $500 bonus cash back.

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

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

Details

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

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

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

United MileagePlus Explorer Business Card

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

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

Details

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

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

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

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

Starwood Preferred Guest® Business Credit Card from American Express

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

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

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

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

Details

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

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

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

Unbeatable Small Business Credit Cards for New Businesses: Get Jackpot Rewards

Chase Sapphire Preferred® Card

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

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

Details

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

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

Ink Business Preferred ℠ Credit Card

This is a Visa credit card.

Details

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

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

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

Terrific Cards for Cash Back

SimplyCash Plus Business Credit Card from American Express

Take a look at the SimplyCash Plus Business Credit Card from American Express. There is a $0 annual 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 expires, 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, earn 5% cash back at US office supply stores and on wireless phone services. So, these must be purchased from United States service providers. But this applies to the initial $50,000 of yearly spending. Then, you get 1% cash back.

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

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

Capital One® Quicksilver® Card

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

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

A cash bonus of $150 is available 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 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/

Small Business Credit Cards for Luxurious Travel Points

Capital One® Spark® Miles for Business

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

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

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

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

IHG ® Rewards Club Premier Credit Card

Have a look at the IHG ® Rewards Club Premier Credit Card. it earns hotel rewards worldwide. For every dollar spent at participating IHG hotels, get 10 points. Earn two points per dollar spent at gas stations, grocery stores and restaurants.

And all other purchases earn one point. New cardholders can earn 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 wide array 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 offer 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 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 earn two free night awards (each valued up to 35,000 points).

Cardholders get access to perks including a free one-night stay annually 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. And also there are concierge service and automatic Silver Elite status, which includes a 20% bonus on points.

Spend $35,000 each account year, and be upgraded 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

The Best Small Business Credit Cards for New Businesses and You

Your absolute best small business credit cards for new businesses will hinge on your credit history and scores.

Only you can choose which features you want and need. So be 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, quickest benefits.

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Why Owners Opt for Small Business Credit Cards

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Why Owners Opt for Small Business Credit Cards