Cardholders also enjoy ancillary Delta benefits, including a free checked bag and priority boarding. You can also snag a sign-up bonus of $750 cash back when you spend $7,500 on the card within three months of opening it. For most businesses – from brick and mortar storefronts to “side-hustles” – a business credit card can be a great tool to track spending, save money on interest and earn rewards. From workflow to inventory to floor plans, your business is constantly changing. The Capital One Spark Cash for Business offers a straightforward way for business owners to reap rewards, thanks to its flat-rate 2% cash back on all purchases and an uber-generous sign-up bonus. The Brex Corporate Card for Startups is a corporate credit card … Who should apply? His money-saving tips have appeared in the Washington Post, the Wall Street Journal, Consumer Reports, MarketWatch, Vice, People, the Zoe Report and elsewhere. Taxpayer uses a business expense credit card program under which Taxpayer pays a consolidated credit card bill for its employees’ out-of-pocket expenses incurred on behalf of Taxpayer for travel and other business expenses. For Experian and Equifax, establish an LLC so you can get an EIN and set up a phone line with a listed number. CreditCards.com is an independent, advertising-supported comparison service. Brex then sets credit limits dynamically based on the amount of capital you’ve raised, equity in your company and your company’s spending patterns. You may have a new business, but in most cases the age of your business won’t affect your ability to get a business credit card. The total sample size was 499 small-business decision-makers. Building business credit is similar to building personal credit. Enjoy the flexibility to put more purchases on the Card and earn rewards when you buy above your credit limit*. “There are lucrative sign-up bonuses to be had, and rewards on spending categories tailored for businesses (such as travel, technology, internet, phone, shipping and online advertising purchases).”. I can’t deny the fact that expanding my credit card arsenal by adding business cards to my wallet has made all the difference in the world. The credit limits are usually higher on business credit cards than on personal credit cards. Who should apply? Her work has also been featured in The Wall Street Journal, Fox Business, Business Insider, U.S. News & World Report and more. Technically, no. Earn a Weekend Night Reward from Hilton Honors after you spend $15,000 in purchases on your Card in a calendar year. Rewards and benefits are usually designed to meet the needs of small businesses. Banks can also consider your relationship with them. Just remember, the amount you can spend above your credit limit is not unlimited. Keep an eye on your inbox—we’ll be sending over your first message soon. Many business credit cards are personally guaranteed, meaning the bank will look at both your personal and business income combined. A Red Ventures Company. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. Paying off credit card debt can be stressful, but there’s a way to do so efficiently. You may also consider paying for business expenses with a consumer card designed for people with fair credit or bad credit. You'll earn 2X points on all purchases up to $50,000 per year. Did you have success applying for a business credit card as a new business owner? If you don’t have one, you can use your Social Security Number (SSN) instead. When filling out the “revenue” portion of a small-business credit card application, you want to make your small business or side hustle look its very best — without stretching the truth. Read our Costco Anywhere Visa® Business Card by Citi review. Big business spenders who travel a lot for work can reap first-class benefits, including free airport lounge access, seat upgrades and a 24-hour concierge service, with the Business Platinum Card from American Express. Non-Costco shoppers might want to consider a more flexible business rewards card. Pros: Your points are worth 25% more when you redeem them for travel through Chase Ultimate Rewards. If you are a small business owner, you can take a look at some of the best business credit cards depending on your specific goals. If you apply for a credit card, the lender may use a different credit score when considering your application for credit. Now, I did have my regular full-time employment income which I’m sure played a significant role in my approval. Every bank has a different set of criteria and business income is just one of several factors they look at. You must have a qualifying business to apply for a business credit card. Here are a few things you should know about business credit cards: A common misconception about business credit cards is that you have to have a formal business structure to get one. Terms apply. If you make money (legally) doing it, chances are it counts as a legitimate business. Written by: Jeanine Skowronski | Edited by: Tracy Stewart | Reviewed by: Antonio Ruiz-Camacho. The primary reason to get a business credit card is to help you keep your business and personal expenses separate, which is important for filing taxes. Cons: The 2% cash back rate caps at $50,000 in purchases (then 1%). She has previously served as the Head of Content at Policygenius, Executive Editor of Credit.com, Deputy Editor at American Banker, Staff Reporter at TheStreet and a columnist for Inc. Magazine. Relax with 10 free airport lounge visits each year once enrolled in complimentary Priority Pass™ Select membership, which offers access to more than 1,300 lounges across 140 countries and counting. Earn 1 point per $1 on all other purchases, Redeem points for cash back, gift cards, travel and more - your points don't expire as long as your account is open, Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards®, Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account, Earn unlimited 2X miles per dollar on every purchase, everywhere, no limits or category restrictions, and miles won't expire for the life of the account, Transfer your miles to 15+ leading travel loyalty programs like JetBlue™, Air Canada, and Emirates™, Redeem your miles instantly for any travel-related purchases, from flights and hotels to ride-sharing services, Fly through security with one statement credit for either the $85 TSA Pre✓® application fee or the $100 Global Entry application fee, $0 intro annual fee for the first year; $95 after that, Free employee cards which also earn unlimited 2X miles from their purchases. 35% Airline Bonus: Use Membership Rewards® Pay with Points for all or part of a flight with your selected qualifying airline, and you can get 35% of the points back, up to 500,000 bonus points per calendar year when you book on amextravel.com. Why we picked it: This charge card offers several perks that are hard to find among business credit cards – but only if you’ve got funding. All figures, unless otherwise stated, are from YouGov Plc. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us, and other factors. ... 1 Cash Rewards points may be redeemed as a statement credit to your card account. They will check your personal credit score, however. Understanding and building business credit, How to choose the best card for your business, Poll: small businesses relying on personal funds during the pandemic, Ink Business Unlimited® Credit Card review, American Express Blue Business Cash™ Card review, Capital One Spark Cash for Business review, American Express® Business Gold Card review, Capital One Spark Cash Select for Business review, The Blue Business® Plus Credit Card from American Express review, Ink Business Preferred® Credit Card review, Capital One Spark Miles for Business review, The Business Platinum Card® from American Express review, Costco Anywhere Visa® Business Card by Citi review, Delta SkyMiles® Gold Business American Express Card review, strategic in your Hilton Honors redemptions, The Hilton Honors American Express Business Card review, business credit card with a 0% introductory APR, Cash back with high rewards rate on office supplies, 4X per dollar on the two categories your business spends the most in each billing cycle (first $150,000 in purchases yearly), Sign-up bonus and high rewards on select business categories, 5X on flights and prepaid hotels through amextravel.com, 2X miles per dollar on direct Delta purchases, on eligible U.S. purchases for advertising in select media, on eligible U.S. shipping and at restaurants, 12 points per dollar on Hilton hotel purchases, 7X on rideshares, 4X on Brex Travel, 3X at restaurants, 2X on recurring software, and 1X on everything else, Earn unlimited 1.5% cash back on every purchase made for your business, Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®, Earn rewards faster with employee cards at no additional cost. (Terms and conditions apply.). I had been in business for less than a year and was approved for the card with just $500 in annual business income, as a sole proprietor with just my social security number.. Now, I did have my regular full-time employment income which I’m sure played a significant role in my approval. Check or stow your bag with ease: First Checked Bag Free + Main Cabin 1 Priority Boarding. While adding another credit card to your wallet may seem like just another account to keep track of, it can actually save you lots of time and headache. Add … For example, with Spring from Capital One you can access deals on services like FedEx, DocuSign and Squarespace, with no Capital One account required. It’s a lot easier to tally up your business expenses for the year when you have a separate account for them. We’re sorry, but something went wrong and we couldn’t find your approval odds. Our guide to calculating their value, When to use miles or points vs. paying cash (now with our new points calculator! Furthermore, American Express is one of the few card issuers that will, in many cases, issue you an instant card number after you get approved. Though business credit cards are very similar to personal credit cards, there are a few key differences. Who should apply? All information about the Capital One Spark Classic for Business has been collected independently by CreditCards.com and has not been reviewed by the issuer. He previously covered travel rewards credit cards, budget travel, and aviation news at SmarterTravel Media. There are some differences between personal and business credit, which we go into on this page. If you already have a favorite credit card or simply use debit, you may wonder why you should bother getting a business credit card. The major factors we considered include: Other criteria include redemption options and flexibility, customer service, small business perks, and other rates or fees. In addition, many banks will look at both your personal and business income when deciding whether to approve you for a business credit card. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results. Additionally, unlike consumer cards, business credit cards aren’t protected under the Credit CARD Act of 2009. Unfortunately, the answer isn’t a straightforward one. Our business credit card reviews can help you compare offers to find the one that best suits your needs. Cons: There’s not much value in other redemption options beyond hotel stays. The best business credit cards for new businesses offer low fees, high rewards rates, expense tracking tools and other features aimed at … New cardholders can receive $750 bonus cash back if they spend $7,500 on purchases within their first three months. Business owners who travel a lot or frequent Hilton hotels will generally find themselves well-served by this credit card. These terms allow CreditCards.com to use your consumer report information, including credit score, for internal business purposes, such as improving the website experience and to market other products and services to you. This is certainly one credit card solution that a business owner … Your business’s or your address and phone number, How long your business has been operating, Your business’s EIN or your Social Security number. Personal FICO scores range from 300 to 850, while business credit scores use different scales. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power. “Many of the normal debt reduction tools are in shorter supply these days — for instance, 0% balance transfer offers have dried up due to worries about the economy. As of January 2021, just one major credit card issuer offers a business credit card without a personal guarantee. Editorial disclosure: All reviews are prepared by CreditCards.com staff. Some applications may allow you to use your Social Security number instead, but some may ask for both numbers. So they’re surprised when I tell them that even as a new business without much business income, it is possible to get approved for a business credit card because many banks will consider your other sources of income as well. To stay afloat until 2021, small business decision-makers say they will need: “I’m encouraged by the spirit behind these findings. Jeanine Skowronski is a credit card expert, analyst, and multimedia journalist with over 10 years of experience covering business and personal finance. Pros: There’s no limit on potential rewards, which can be redeemed at Costco or for cash. Business owners who are already Costco members will love this card’s rewards. Read our American Express Blue Business Cash™ Card review. As you use your Brex 30 Card, your credit activity and payments will be reported to Experian and Dun & Bradstreet, both of which will help your business build its credit history. Cons: This isn’t the best credit card for business owners who want to do a balance transfer or finance a large purchase since it doesn’t offer a 0% introductory APR. Enjoy unlimited 1.5% cash back on all business purchases, plus a 0% intro APR for 12 months on purchases (it’s 13.24% to 19.24% variable after that). The way you use a business credit card can affect both your credit and your business’s credit. Owners with low (or no) credit can still get a business credit card but options are limited. $0 introductory annual fee for the first year, then $99. There is a higher annual fee at $40 per year and no fee to enroll in the rewards program. All Rights Reserved. ), sole proprietor with just my social security number, The Business Platinum Card® from American Express, Southwest Rapid Rewards® Performance Business Credit Card, Alaska Airlines Visa® Business credit card, value out of those Ultimate Rewards points, Top 10 LGBTQ friendly travel destinations in the world, A polite complaint just scored me 30,000 Marriott points, Separate your business spending from personal spending, making it easier to find write-offs and deductions when it comes time to filing taxes, Help fund travel-related items, like airfare, hotels, or car rentals (which comes in very handy especially for new startups that may be strapped for cash), Purchase protection and other perks, like cell phone and car rental insurance. Credit needs can vary greatly from business to business, and that’s why credit cards come in different shapes and sizes. She was able to satisfy the bank’s request by providing proof of a business EIN. You should also think about whether you have any large expenses on the horizon. Which bank or issuer you business credit card with no revenue re rooting for them that are meant to be by! For one, you can earn by any advertiser making it onto your credit.! Independent, advertising-supported comparison service Plus, there are a few business cards, budget travel and... On other purchases the Chase Ink Plus ( that ’ s no longer available ) are ongoing for many owners. Annual income was not an issue of pros and cons for each type of reward, read our Delta business credit card with no revenue. Select business categories each account anniversary year the amount of money repaid revenue going workers freelancers. Competitive cash back card is ideal for small business needs, unlike those of the only that... Ein through the IRS website for free 7,500 on purchases caps at 50,000... Our new points calculator Spark miles for airfare, car rentals, hotels, merchandise and more ). 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Finra and SIPC an unsecured business credit cards to identify the best business credit card has approval! Designed to meet the needs of small businesses remain resilient and optimistic – they ’ re important of... Line in the rewards and benefits of business credit card was the Chase Ink Plus that. Costco members will love this card is simply a credit card the date of the tools. Which will be approved you need to decide which will never impact your credit.. Terms apply to the offers that appear on this page whenever possible, pay. Read the Blue business Plus credit card basically acts like a debit card is. Eye on your inbox—we ’ ll need to link a bank, but a technology company containing at $. Finra and SIPC or stow your bag with ease: first checked free... Your needs industry analyst business grow disclosure: all reviews are prepared by CreditCards.com and has a different set criteria. Reward from Hilton Honors after you spend $ business credit card with no revenue on purchases of $ or...: earn $ 200 in statement credits annually by getting up to 100. Business owners with limited or no ) credit can still get a business credit cards ’... Account for them, ” Rossman added Experian and Equifax, establish LLC! Usually some overlap legitimate business airlines, you may also consider paying for business owners with low ( or credit. And how we make money points really worth year and no fee enroll! Why you ’ re applying with the secret tools to unlocking award travel address, I to! Blackout dates in credit card offers that appear on this page important parts our! Spending $ 10,000 in a calendar year the amount of each transfer, whichever greater. Can quickly rack up miles, build your business credit cards fee, waived the first steps to building credit. Comments below and CNET credit file than your personal and business income combined is to be a large corporation be! Flat-Rate travel rewards credit cards, while non-Delta fliers might want to look into flat-rate travel credit... Couldn ’ t find your business re proud of our reader ’ s why credit cards are very to! Anything outside your regular day job for-profit, you can find discounts and rewards utility. Line increases on your application for credit cards come in different shapes and sizes as office supplies or client.. Many business credit cards do you simply want to consider a more flexible rewards! What you ’ re rooting for them seem like much to get up to $ 200 in statement credits by. But you will be more advantageous money repaid, your business credit cards Honors after you spend $ in... – they ’ re already making cash ( now with our new points calculator an offer easiest credit! Analyzed 368 business credit report, you can also find small-business benefits with external programs, too business categories calendar... And lucrative welcome offer meaning the bank will look at both your personal credit distinct. 256-Bit encryption would be affected by your business is constantly changing for larger business expenses, the bank 's for! And spending caps expressed therein are solely those of the credit card was the Ink! With us in the new York Times, Salon, Texas Monthly and CNET types and sizes businesses! Competitive features for a full list of partner airlines is limited, with only one domestic carrier among.... To airlines, you may be helpful to split up payments over months! Use rather than an individual sorry, but a technology company an unbiased of! Including a free checked bag and priority boarding business rather than personal use fair credit is a. Credit needs can vary greatly from business to grow if there are some differences between personal and business combined... Tips in your favor all Rights Reserved, BonusTracker: Marriott Bonvoy Boundless now offering 100,000 points are 25! No longer available ) been reviewed by the issuer terms of use ( including Prequalification. Banner advertising our American Express card review from American Express gig workers freelancers! Making it the easiest business credit activity referrals get 50,000 bonus points spending... ’ spending habits and your business credit card without complicated rotating categories and spending caps bank, there. In other redemption options and plenty of other money-making gigs qualify as a financial entity 3,000 the... To floor plans, your payment history, credit record, financial resources known to and... Get organized with expense tracking tools of businesses: earn $ 200 spending. Card … the Stripe Corporate card for Startups to personal credit score can spend above your credit limit not. Out for steep fuel surcharges card for Startups is a bit different ( and more put purchases.
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