Having good credit provides many benefits, such as qualifying for lower interest rates on financing and getting approved for a new apartment lease.
Sadly, having bad credit can be detrimental to some endeavors. This can prevent your business from growing, buying new equipment, or hiring new staff.
If your credit is not in the best shape, there are a few options to get a business credit card with bad credit. Many companies offer rewards cards geared towards the self-employed or small businesses, providing them some financial relief.
Not finding what you are looking for? Check out our list of business credit cards for bad credit below!
Capital One Spark Classic For Business
This business credit card is a great option for business owners with a low credit scores. The card offers 1% cash back on every purchase and has no annual fee. The credit limit is low, but the issuer offers the opportunity to increase the credit limit after making the first five payments on time.
Wells Fargo Business Secured Credit Card
Wells Fargo is an excellent choice for businesses with bad credit. Designed with small businesses in mind, this card offers a variety of features to help build positive business credit. Cardholders can also benefit from free fraud protection and other Wells Fargo business resources and support.
Applicants are granted up to a $25,000 credit line, depending on their security deposit. This card helps build credit with a minimum monthly payment required and has a low annual fee. With no penalty APR and no balance transfer fees, the Wells Fargo Business Secured Credit Card is one of the best business cards for bad credit.
U.S. Bank Secured Business Credit Card
This secured credit card offers rewards and benefits such as cash back, travel rewards, and a rewards program. The credit limit is based on the amount of the security deposit, and the card has an annual fee of $0 for the first year and $95 thereafter. The issuer reports to the three major credit bureaus, which help build your credit score over time.
Using a business credit card responsibly is an excellent way to improve your business credit score. Paying your bill on time, keeping your credit utilization low, and avoiding unnecessary purchases can all help improve your credit score. If you’re a small business owner looking to secure financing, visit https://www.nav.com/small-business-loans/ to explore your options and find the right loan for your business.
Getting Business Credit Cards For Bad Credit Success
Having business credit cards for bad credit doesn’t mean you can’t get a card. Secured credit cards are an excellent option for individuals with bad credit. Capital One Spark Classic for Business, Wells Fargo Business Secured Credit Card, and U.S. Bank Secured Business Credit Card are all great options to consider.
By using a business credit card responsibly and paying your bill on time, you can improve your credit score over time. Remember, getting approved for a credit card may take some time, so be patient and keep working on building your credit.
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