If you are planning to start up a business, then you may need to opt for startup business credit cards with no credit. In fact, you also need to go through all sorts of necessary steps to establish the finances of the business. However, it’s also true that as a new business owner, it’s a bit difficult to know where to turn for the funding.
So, this is the exact situation where the use of business credit cards comes to the fore. A business credit card is an option that will not only provide you with financial needs but also benefit the business in a lot of ways.
Moreover, if your business card doesn’t have a credit history then you can still qualify for the business credit card. All you have to do is to rely on your personal credit history. It doesn’t matter if your personal credit is on the low end or high end because you can still qualify for a business card.
So, in this article, we will provide you with a guide and talk about startup business credit cards with no credit. In fact, we will also tell you the five best business credit cards that don’t need to have any credit history. Therefore, it’s time to go through this article and find out everything about the business cards.
Table of Contents
A Brief Overview on Business Credit Cards for Startup Business
Being a startup business owner is never really easy because you need to make sure of a lot of things. For instance, you need to set a source from where you can get the initial cash sources. This is the reason why business credit cards come in real handy. So, before we dive straight into the details of the top five options for the best business credit cards with no credit, it’s time to know some basic details about the business credit cards.
As a lot of you may already know, there’s a subtle difference between business and personal credit cards. For instance, a business credit card will net you specific rewards, protections, features for SMB owners. These are some of the rewards that a normal personal credit card cannot provide.
Moreover, getting a business credit card without any credit history is a huge step forward. Especially it’s true while starting any business. In fact, we can say that it’s a crucial financial step that you need to take. For example, it will let you establish a separate business credit history. In addition, let you access a line of credit that you can use to fund the operations.
Now, it’s also essential to know a few things about business credit cards with no credit. It’s true that even after you have been in business a while, the card issuers will surely look into the personal credit score. They will try to determine whether or not you can qualify for a business credit card for your startup purpose. In other words, they would want to know how trustworthy you are as a borrower. Moreover, they will also determine the creditworthiness on your part based on your personal credit score.
Also read: 8 Easy Ways To Facilitate Build Business Credit For A Small Business
Things to Look for in a Business Credit Card for Startup Business without Credit
Now that you know a few details about the startup business credit cards with no credit, it’s time to discuss some of the features that you would want to see in different cards. In other words, if you are planning to select a business credit card, then you will surely look for these features to have in them.
A different offering from neobank, @archamoney, is set to shake up Australia's business credit card offerings https://t.co/kFUdn8tZdx pic.twitter.com/LNKeB3StRC
— The Fintech Times (@thefintechtimes) October 10, 2021
1. 0% Intro APR Periods
First of all, you will surely want to see the 0% APR period on the startup business credit cards. Why? It’s because this APR period is the period of time after you have opened the business card account in which the credit card balance won’t carry any interest. Therefore, if you can manage to make the monthly payments on time, you will surely be able to carry a balance from one month to another during the intro APR period without accumulating any sort of interest.
Therefore, we can say that this feature is pretty useful for any new business plan. However, it’s also true that the rate will vary according to the market. Therefore, the balance on the card will depend upon this APR.
2. Welcome Bonuses
There’s another feature that you can look out for your new business credit card and its welcome bonus. So, when a card comes with a welcome bonus, you will surely get an amount of cashback or reward points. However, it’s also true that you need to reach a specific spending threshold within a specific amount of time to enjoy such rewards.
That being said, it’s a really great thing for the business because extra cash is always welcome. Moreover, it’s not only a useful perk but also you will spend a lot to meet the bonus spending threshold without any worry.
3. Credit Score Threshold
There’s another thing you need to pay attention to is the credit score threshold. So, as we told you earlier, you need to use the personal credit score as a large determining factor on whether or not to approve the application of the credit card. Moreover, it’s true that most business credit cards have a minimum credit card score that the issuer will expect. Therefore, you need to pay attention to this during your lookout for the right business credit card.
In other words, you need to look for the business credit cards that the issuer will approve. However, it’s also true that even if you don’t have a strong credit score, there are a few credit card options that you can consider. They will also provide you with premium programs and other perks. That being said, it’s true that you need to pay attention to the requirements of the cards.
Top Business Credit Cards for Startup Businesses with No Credit
So, now that we have a sufficient idea about the startup credit cards for business, it’s time to check out some great credit cards that you can apply for. In other words, let’s talk a look at some of the startup business credit cards with no credit history. So, here we will share with you five options that you can definitely consider.
1. The Chase Ink Business Preferred
The first one on the list is this business credit card which is an excellent option. If you feel that a one-off welcome is crucial for your company’s success, then you can look into this card. So, it’s because this business credit card comes with one of the most generous welcome bonuses.
For instance, if you spend 15k bucks on the first 3 months with this card then you will get a welcome bonus of 100,000 reward points. So, if you redeem then, then you will get 1,250 USD worth of travel. Moreover, there are no foreign transaction fees that you need to pay with this card. In addition, there are also employee cards at no cost.
2. American Express Blue Business Card
This is a very fine business card and one of the best startup business credit cards with no credit history. So, it has an earning of 2 percent cash back every time you swipe. In addition, it also has 0 percent APR for the 12months. If you simply wish to receive cash back rewards as a new business owner, then you will prefer this card a lot. As we said earlier, you will get 2% cash back for up to 50,000 USD per calendar year and then 1% thereafter.
3. Capital One Spark Classic for Business
Did you know that Capital One Spark Classic for business is another option that offers you amazing benefits? So, if you are a startup company’s owner with fair or poor credit, then this is the one for you. If you don’t like to keep track of spending categories to earn rewards then you can choose this business card.
Moreover, you also get 1% cashback on all types of business purchases as well. Furthermore, you can also redeem the rewards as a statement credit or even paper checks. In addition, the rewards that you will gain from using this card won’t expire as well and you don’t need to pay for annual fee.
4. OpenSky Credit Card
If you are a business owner with a credit score lower than 580, then you can consider this card. So, it has an annual fee of 35 bucks and you don’t need credit for it. If you need to rebuild your personal credit then you can also use this card. However, there’s only downside is there are no rewards with this card.
But it’s also true that everyone will accept this card because its Visa. Moreover, it also won’t do a credit check for approval as well but it will report to the major credit bureaus. Therefore, you can grow your own credit score as long as you use this card. In other words, if you are looking to rebuild your credit history, then you can do that with this card.
5. Wells Fargo Business Card
Next, let’s talk about the Wells Fargo business card which is a secured credit card with no annual fee and credit. Moreover, in order to open a secured credit card, you need a cash deposit. So, the amount of that cash deposit is the same as the credit limit. In order to apply for the Wells Fargo card, you need a Wells Fargo business checking account.
So, with this card, you can choose between 1.5% cashback or earning 1 point for every 1 dollar spent. If you select points, as a bonus you will even get 1k points each billing cycle when you spend at least a thousand bucks.
Conclusion
If you don’t have any credit history and you are looking for business cards, then these were some of the options. So, in this article, we discussed some of the best startup business credit cards that you can opt for. A lot of them provide opportunities that you will simply love.
Also read: Pitch Deck Formula Every Startup Owner Needs to Try in 2022!
