Tag: Credit

4 Best Business Credit Cards with Rewards [November 2023]

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Ink Business Cash® Credit Card

 
The best business rewards credit card overall is the Ink Business Cash® Credit Card.
 

Why We Like It: Ink Cash has an initial bonus of $900 for new cardholders who spend $6,000 in the first 3 months. It also gives 1 – 5% cash back on purchases normally. The Ink Cash card has a $0 annual fee, too.

 

What We Don’t Like: Applicants need good or excellent credit for approval, and this card is not a good choice for carrying a balance from month to month.

 

Who Should Get It: Apply for the Ink Business Cash® Credit Card if you have good credit or better personally and its rewards match up well with the transactions you plan to make.

 

Alternatives to Consider: The Capital One Spark Cash Plus is another good option for cash back, and the Ink Business Preferred® Credit Card has great travel rewards.
 

Ink Business Preferred® Credit Card

 

The Ink Business Preferred® Credit Card is the best business credit card for bonus rewards.

 

Why We Like It: Chase Ink Preferred offers a bonus of 100,000 points, worth $1,250 in travel booked through Chase, for spending $8,000 in the first 3 months. Cardholders also earn 1 – 3 points per $1 spent on purchases normally.

 

What We Don’t Like: There is an annual fee of $95 and a high APR.

 

Who Should Get It: Apply for the Ink Business Preferred® Credit Card if you have good or better personally and travel a lot for business.

 

Alternatives to Consider: The Ink Business Cash® Credit Card and the Capital One Spark Miles for Business both offer a lot of rewards value.
 

Capital One Spark Miles for Business

 

The Capital One Spark Miles for Business (see Rates &

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4 Best No Credit Business Credit Cards [November 2023]

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Best Business Credit Cards For No CreditCapital One Spark Classic for Business

The best business credit card for no credit is the Capital One Spark Classic for Business. It is available to small business owners with limited or no credit history and has a $0 annual fee. Capital One Spark Classic also rewards cardholders with 1% cash back. That’s roughly what the average cash back credit card provides. Good rewards, low fees and high approval odds are really all you can hope for when shopping for a business credit card with no credit.
 

Brex Corporate Card for Startups

The best business credit card with rewards points for applicants with no credit is the Brex Corporate Card for Startups because it gives 1 – 7 points per $1 spent on purchases normally, plus an initial bonus of 30,000 points for spending $3,500 or 50,000 points for spending $9,000 in 30 days. The Brex Credit Card also has a $0 annual fee.

This is a charge card, though, which means you’ll need to pay the bill in full every month and look elsewhere for financing help.
 

OpenSky® Secured Visa® Credit Card

The OpenSky® Secured Visa® Credit Card is the best credit card that you can get with no hard inquiry into your credit history when you apply. This makes it much easier to get approved if you have damaged credit or simply no credit experience. The OpenSky has a $35 annual fee and requires you to put down a security deposit of $149.

It’s also important to point out that using a general-consumer credit card for business will not increase your personal liability. Even small business credit cards require a personal guarantee from applicants. 
 

Business Advantage Unlimited Cash Rewards Secured credit card

The Business Advantage Unlimited Cash Rewards Secured credit card is one of the best business credit

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Step-by-Step Instructions for Accepting Credit Cards

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Most consumers expect all businesses to accept credit and debit cards — a standard you are all too familiar with if you must repeatedly explain to customers that your business accepts cash only. Luckily, accepting credit and debit cards is as easy as partnering with a credit card processing company.

This guide will walk you through the ins and outs of the credit card processing industry and highlight the factors you must consider when choosing a processor.

How to start accepting credit card payments for your small business

Accepting credit and debit cards begins with selecting a processor. Here are the steps you should follow:

1. Determine the type of processor you need.

When choosing a credit card processor, you must evaluate your business’s unique needs. For example, our PayPal review and Square review show how these processors work well for new businesses with low transaction volumes because they don’t charge many of the fees you’d incur with other processors. However, their credit card processing rates are higher than many competitors’, so they’re not always a cost-effective choice for high-volume businesses.

Editor’s note: Looking for the right credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

When you evaluate payment processors, determine if their rates, service and technology meet your business’s requirements.

  • Competitive rates: Don’t always look for the lowest rate possible. Some advertised rates are deceptively low because they apply only to specific transactions. Many processors also charge various monthly and annual fees that you must consider when comparing costs.
  • Knowledgeable and available customer service: What will you do if your payment technology stops working during peak business hours? What’s the backup plan for processing cards? How will it get fixed, and how can you reach your
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How to Get a Business Credit Card With an EIN Only

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⏰ Estimated read time: 5 minutes

Most card issuers require you to provide your Social Security number when applying for a business credit card. Corporate cards are the exception. You can typically get these cards using just your business’s employer identification number, or EIN. 

Learn more about who qualifies for these cards and how to get a business card with only an EIN.

Looking for a business credit card?

See our overall favorites, or choose your business type to find the best options for you.

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EIN-only business credit cards

Corporate cards are among the only business credit cards available with an EIN only. These cards are only available to incorporated businesses and often have lofty revenue and cash-on-hand requirements.

You can apply for the following corporate cards with just an EIN:

Best for: EIN-only card for smaller businesses

Ramp earns unlimited

1.5%

cash back on all purchases and includes perks like spending controls, forecasting tools and automatic receipt matching. You must have at least $75,000 in a business bank account to qualify, and you must link that account to your Ramp Card when you apply. Read full review.

Best for: Startup business card with an EIN only

Brex is geared toward professionally funded startups and requires a bank balance of $50,000 to qualify ($1 million if you’re self-funded). This card carries a decent welcome bonus and the opportunity for big rewards:

Earn points on every dollar spent with industry-leading multipliers: 7x on rideshare, 4x on Brex Travel, 3x on restaurants, 2x on software subscriptions and 1x on all other transactions. Earn 3x Brex Rewards points on all eligible Apple purchases through the link or your Brex dashboard.

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The Best Mobile Credit Card Processor Reviews of 2023- business.com

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As a small business owner, you may wonder what the difference is between a mobile credit card processor and a full-service one, and which one is the better fit for your business. Both types of processors can set you up to accept payments using a mobile device, but there are some key differences that can affect your costs, commitment length and overall satisfaction with your account.

The biggest difference between the two is that a full-service processor sets you up with your own merchant account, while a mobile processor sets you up as a submerchant under its master merchant account.

A submerchant account is faster to set up and has minimal application requirements. There’s usually not a contract, many don’t charge any monthly or annual fees, and the processor takes care of PCI compliance – which are all good things. The downside is that mobile processors have less risk tolerance . If there’s something abnormal about your account, such as a sudden spike in your monthly processing volume, or a transaction that’s much larger than average or otherwise looks suspicious, the processor may freeze your funds or suspend your account. There are also some industries that mobile processors consider high-risk and don’t work with, so you’ll want to read the user agreement before signing up to make sure your business type is supported.

Another difference is that some mobile credit card processors, such as PayPal and Square, allow individuals to sign up for accounts, which may be useful for solopreneurs, freelancers, and very new businesses that are still getting set up and may not yet qualify for an account with a full-service processor.

Generally, mobile processing is the most cost-effective payment processing solution for businesses that process less than $3,000 per month because, in most cases, you pay as you

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How To Get A Business Credit Card With Bad Personal Credit

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Key takeaways

  • The best business credit cards on the market today typically require good to excellent credit, or a FICO score of 670 to 850
  • Business owners with bad personal credit might only be able to qualify for a secured business credit card, which requires putting down a security deposit
  • To qualify for an unsecured business credit card, business owners with bad credit will likely need to work on improving their credit first

Although an impressive credit history and a high credit score aren’t requirements to start a business, they are tools in your arsenal that can definitely help launch your success. After all, you may eventually want to borrow money from a financial institution to pay for the costs of a launch, manage ongoing operations and more. With a high credit score and a lengthy credit history in your profile, most lenders will like what they see.

To appeal to a lender, however, your past business credit history will be relevant. If your business has yet to start, you won’t have a business credit profile that can help you qualify for credit products. And lenders may assess your personal creditworthiness to determine qualifications and set terms. This is also where you’ll run into issues if you have bad personal credit due to mistakes you’ve made in the past.

Fortunately, you can overcome the problems associated with bad credit to qualify for a business credit card — and a business loan, since that might be necessary, too.

What credit score is required for a business credit card?

As you begin looking for ways to build business credit, you’ll notice that many business credit cards rely on your personal credit and require a personal guarantee. A personal guarantee ensures that, if your business doesn’t succeed, you are still legally responsible for

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How to Qualify for a Business Credit Card

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After you establish your business, you may need to purchase supplies or inventory on credit. While you can use your personal credit card, having a credit card in your business’s name has distinct advantages. A business credit card can simplify accounting and give your business a more professional appearance. In the long run, it can help establish business credit, which you’ll need for financing your company’s future growth. 

Several factors go into choosing and applying for a business credit card. We’ll outline what qualifications you need to apply for a business credit card and how to obtain one. 

According to a Hello Alice survey, only 20 percent of small business owners have a business credit card. Many use their cards to replace or repair business assets or to grow their business.

How to apply for a business credit card

Several types of business credit cards are available. Some are reserved for large corporations with dozens or even hundreds of cardholders, employee expense reimbursement policies, and complex security needs. Others are geared toward small businesses with five or fewer employees.

With so many business credit cards available, there’s one for just about any type of business. However, you may encounter the following qualification restrictions from card issuers: 

  • Organization restrictions: Some card issuers will not issue business credit cards to nonprofits or unincorporated businesses like sole proprietorships.
  • Industry: Some institutions will not extend credit to businesses that operate in specific industries, such as multilevel marketers and cannabis- or firearm-related businesses.
  • Applicant qualifications: Every issuer has unique minimum qualifying criteria for card applicants, including income, time in business and credit score.

Unless you’re prohibited from getting a card due to these restrictions, getting a business credit card is often as easy as getting a personal card. Even if one issuer doesn’t give

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Best Credit Card for Restaurant Owners

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Can you get a business credit card for your restaurant?

Yes, restaurant owners qualify for business credit cards. Restaurants are businesses. This applies to takeout joints as much as five-star sit-down affairs.

Any size of restaurant can qualify as a business. Have a small food truck you operate yourself? Even sole proprietors are eligible for business credit cards. You can get a business credit card as any of the follow business types:

  • Sole proprietor
  • Independent contractor
  • Partnership
  • LLC
  • LLP
  • S-corporation
  • C-corporation
  • B-corporation
  • Nonprofit

You don’t need to qualify for an EIN (Employer Identification Number), either. If you don’t have employees, you can simply use your Social Security number (SSN) as your tax identification number when applying for a business credit card.

Small business credit cards vs. corporate credit cards

Another option some restaurant owners may want to consider is a corporate credit card. While the rewards won’t necessarily be any better suited to restaurant expenses than a small business card, it might be better for your credit.

Most small business credit cards require a personal credit check when you apply. This is because of the personal guarantee. Essentially, you agree to share liability for your business credit card with your business. If your business is unable to repay the balance on your card, you’ll be required to do it yourself.

LEARN MORE: Do Business Credit Cards Affect My Credit Score?

All this means that if you default on a business credit card, it can hurt your personal credit. Corporate credit cards, on the other hand, have nothing to do with your personal credit.

Should restaurant owners get a business credit card?

Many restaurant owners are more reliant on vendor accounts than credit card accounts. For example, most restaurants get their food through specialist vendors that offer larger quantities and greater

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How to Apply for and Get a Business Credit Card in 3 Steps

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⏰ Estimated read time: 6 minutes

Getting a business credit card can provide small-business owners with a great asset. You can earn rewards, net big-time sign-up bonuses and even finance large purchases interest free by opening the right business credit card.

Applying for a business credit card may seem overwhelming, especially as a new business owner. But you can get a card in three steps with just a little preparation. Here’s how.

1. Assess your eligibility

Approval for small-business cards is based largely on your personal credit score, so getting a business credit card as a startup or new businesses isn’t tougher than if your company is more established. Most cards require good or excellent credit, typically a personal FICO score of 690 or higher, though there are secured business cards for entrepreneurs with bad credit.
Have bad personal credit but strong revenue or venture funding? Consider a corporate card like Brex or Ramp, which base approval on your business’s finances, not your personal credit score.

2. Compare different types of business credit cards

Narrow your options to the type of small-business card that best fits your business needs. Then, compare features, perks, rates, fees and reward options to find the best card for your small business.

If you need to finance a large purchase or consolidate existing debt: Consider a business card with a 0% introductory APR on new purchases and balance transfers. A card that offers ongoing rewards along with an intro APR period is a better long-term bet than one with just a 0% offer.
The Blue Business® Plus Credit Card from American Express
American Express

The Blue Business® Plus Credit Card from American Express

Rates and Fees

If you want a simple, versatile card: Cash back business credit cards are among the most versatile because your rewards can typically be redeemed as a statement credit
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How Does A Business Credit Card Affect My Personal Credit Score

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Key takeaways

  • Business cards can have an effect on both personal and business credit scores, though not always.
  • Some issuers factor your business card use into your personal utilization rate, payment history or new credit inquiries.
  • Most business card providers require you to sign a personal guarantee if you’re a small business, which means you — and your personal credit score — are on the hook.

The intersection of personal and business credit is a curious one — particularly for small business owners who are just getting off the ground. Before opening up a business credit card, many business owners may wonder, “Does a business credit card affect my personal credit?” The fact is, total separation between your business and personal credit score is wishful thinking.

The specific ways your business credit cards interact with your personal credit vary depending on such factors as your card issuers and financial habits. Here’s how your business credit card use can affect your personal credit score.

How do business credit cards affect your personal credit?

From the moment you open a business credit card, you can start building your business credit — a separate score unique to your business accounts. Much like your personal score, your business credit score rises and falls according to your length of credit history, credit utilization, payment history and other factors determined by the business credit rating agencies. Unlike personal scores, however, business scores are public. And they are graded on a 1-to-100 scale, unlike personal scores, which fall between 300 and 850.

But how does business credit affect personal credit? Activity from some business cards can have an effect on both personal and business credit scores, while others will influence your business score alone. Comb through the details of every business card agreement so you know

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