Generally, small company credit cards provide access to a flexible line of credit as well as a quick and secure means to pay for business costs. Many provide cash back returns and other benefits. However, if your credit score is low, you may have a more difficult time qualifying. Therefore, we conducted this review to help you choose the business credit cards even you have a bad credit.
Brex Card: Best for companies with good financials
Card type: Small business
Annual fee: $0
Regular APR: N/A
Credit score: Poor-Excellent
Why We Selected It
The Brex Card is available in two varieties, one that must be paid off every day and one that can be paid off once a month. Nevertheless, you will be able to select one of these alternatives when you apply for a Brex Card, subject to Brex’s approval.
In addition, Brex assesses an applicant’s creditworthiness by looking at the company’s cash position, spending habits, and investors rather than the business owner’s personal credit score. Because of this screening approach, the Brex Card may be an excellent solution for entrepreneurs with little to no credit history such as fresh grads or founders new to the United States. Moreover, Brex is also distinct among business cards in its class in that it does not ask applicants to personally guarantee the loan.
However, the Brex Card is not suitable for every business owner. Companies interested in participating must be organized and registered in the United States, as well as willing to give Brex access to their bank information. To qualify for monthly repayments, you must also be well-funded and comfortable paying your bill in full when it is due. Nonetheless, Brex only provides charge cards, so you cannot revolve a balance. While the Brex Card does offer rewards, you must go through some obstacles to get the best rates.
- Brex does not require a personal credit check or a security deposit throughout the application process.
- Consolidation is made easier with built-in connections with QuickBooks, Xero, NetSuite, and other accounting software.
- Apple Pay, Google Pay, and Samsung Pay are all contactless support payments.
- Brex makes employee expenses consistent. It includes text, email, mobile app receipt capturing, and expense matching and reconciliation. Moreover, adding new users and establishing spending limitations are instantly done.
- Brex collaborates with Dun and Bradstreet and Experian to report on-time payments.
- There is a 30-day charge card that operates on the Mastercard network. Customers can take advantage of global acceptance with no foreign transaction fees.
- There is a miles transfer program for seven airlines and their reward programs, including Singapore Airlines, Qantas, Air France, and others. Thus, it allows Brex customers to book travel across all major global airline alliances, Star Alliance, Oneworld, and SkyTeam.
- Customers will earn three times the number of Brex rewards points on all eligible Apple purchases using the link or your Brex dashboard.
- Customers will earn points for every dollar spent with industry-leading multipliers: 7x for ridesharing, 4x for Brex Travel, 3x for restaurants, 2x for software subscriptions, and 1x for all other transactions.
- Exclusive signup offers of up to $150,000 from the top goods and tools for your business, for example, AWS, Google Ads, WeWork, and Salesforce.
- To enroll for Brex, professional investors may need to have a minimum bank balance of $50,000.
- Credit limits on these cards are 10-20x larger than on regular small business corporate cards.
- Customers that spend $3,000 on a Brex Card within the first three months will earn 10,000 points.
OpenSky® Secured Visa® Credit Card: Best for business owners looking for weak credit personal cards
Card type: Secured
Annual fee: $35
Regular APR: 18.89% Variable APR
Credit score: Poor-Average
Why We Selected It
The OpenSky® Secured Visa® Credit Card is one of the few secured credit cards that do not require a bank account or a credit check. Thus, it is a viable alternative for a certain kind of consumer. It is especially good for someone who wants to develop or improve credit using a secured card. However, it is unable to qualify for one due to a lack of a bank account or low credit.
Aside from being quite easy to obtain, the card is unremarkable. The card, unlike most secured cards from major issuers, has an annual fee. It also does not allow you to upgrade to an unsecured card after several months of responsible use. Therefore, you will have to delete the account to receive your security deposit back.
- There is no credit check required to apply, and you learn out instantly if you are approved.
- It allows you to choose any available due date that fits your payment schedule with flexible payment due dates.
- Its application is simple to use; apply in under 5 minutes directly from your mobile device.
- Your refundable deposit, which might be as little as $200, becomes your OpenSky Visa credit limit.
- In the first three months, over half of OpenSky cardholders who make on-time payments boost their FICO score by 30 points or more.
- Unlike a prepaid or debit card, it sends monthly reports to all three main credit bureaus.
- After as little as six months, you could be qualified for the OpenSky Gold Unsecured Card.
- After six months, you will be evaluated for a credit line increase with no additional deposit necessary.
- With an 85% average acceptance rate over the last five years, OpenSky gives everyone a chance to improve their credit.
Capital One Platinum Secured Credit Card: Best for business owners looking for weak credit personal cards
Card type: Secured
Annual fee: $0
Regular APR: 26.99% Variable APR
Credit score: Poor
Why We Selected It
The Capital One Platinum Secured Credit Card makes deposits less intimidating, which is one of the reasons it is one of our best cards. Moreover, the Capital One Platinum Secured Credit Card is a strong alternative for credit building, with no annual fee and a few characteristics of particular appeal to consumers striving to improve their credit score.
- There are no annual or hidden costs. The procedure of checking your credit is accepted in seconds.
- You can access your account 24 hours a day, seven days a week, with online banking or from your PC or smartphone with Capital One’s mobile app.
- Capital One’s CreditWise service allows you to keep track of your credit score. Everyone can use it for free.
- You will not be held liable for illegal charges with $0 Fraud Liability.
- In as little as six months, you could be automatically assessed for a greater credit limit with no additional deposit required.
- When you use your card responsibly, such as making on-time payments, you may be able to earn back your security deposit as a statement credit.
- You can put down a $49 refundable security deposit to get a $200 initial credit line.
Wells Fargo Business Secured Credit Card: Best for Overall
Card type: Secured
Annual fee: $0
Regular APR: 16.65% variable
Credit score: Bad-Poor
Why We Selected It
Wells Fargo’s Business Secured card provides incentives that many secured cards do not. Despite being competitive with secured cards, its 1.5% cashback reward rate is lower than the earnings rate of many unsecured cards. The card also allows you to earn one point for every dollar spent. However, this option is only suitable for a certain group of cardholders. For those who are new to incentives, the decision between cash back and rewards may be complicated. Moreover, cashback is the more straightforward alternative.
This card may be a good choice for international businesses because it does not charge foreign transaction fees. With no annual charge and a slew of convenient features like autopay, online account management, fraud monitoring, overdraft protection, and $0 fraud liability, the card offers the kind of services that should be expected from larger banks. Additionally, it also includes the fine print costs and facts that many people have grown to expect from larger institutions.
- Employee cards are provided at no additional cost.
- You can earn 1 point for every dollar spent and receive 1,000 bonus points if your company spends $1,000 or more in any monthly billing period.
- As an option for cash back, you can earn 1.5% cash back on every $1 purchased.
- There is zero liability protection.
- There is a $500 to $25,000 credit line.
- There is chip technology.
- As of July 15th, 2022, Wells Fargo Business Secured Credit Card may no longer be available to new applicants.
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card: Best for business travel benefits.
Card type: Secured
Annual fee: $0
Regular APR: 24.49% variable APR
Credit score: Bad-Poor
Why We Selected It
Because it needs a substantial $1,000 minimum deposit, the Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* may not be appealing to smaller businesses looking to build business credit. However, its convenient features include automatic payments and the option to download transactions directly into Quickbooks. As a result, it makes Bank of America ideal for small business owners searching for financial management solutions. This is especially true for business owners who already have a bank account with Bank of America since you may enroll in overdraft protection by linking your business checking account.
Although the Business Advantage Unlimited Cash Rewards Secured Card includes $100,000 in travel accident insurance, its benefits do not compete with those of unsecured travel cards. However, when you consider that the card also provides purchase and extended warranty protections, as well as a $0 fraud liability, it is simple to understand how it outperforms most other business-secured cards. Nevertheless, this card, like all secured cards, requires a deposit with a minimum opening deposit of $1,000.
- If you open your account with a $1,000 security deposit, your credit line will be equal to your deposit account once approved.
- You can earn an unlimited 1.5% cash back on all purchases, anywhere and at any time. There is no annual cap, and monetary rewards do not expire.
Conclusion
When picking which card to acquire, keep in mind that not all of them work the same way. If you use a secured card, you should have funds available at all times because the payment is made from the account to which the card is attached. If you choose a charge card, make sure you pay off the entire sum each month. Responsible use of your business card can help you establish credit and eventually qualify for a standard company credit card. Nevertheless, when you are ready to apply for a broader range of business credit cards, our list of the best business credit cards contains the best options.