It can be frustrating shopping for a credit card for a startup or new business. That’s because the business most likely hasn’t built up enough credit to qualify for a business credit card on its own without using your personal credit (or the credit of other founders or investors). Once you understand that, there are plenty of credit cards — including some with generous sign-up offers and perks — that are right for your startup or new business.
We’ve reviewed a number of business credit cards and financing and loan offers from our partners in an effort to give you a variety of different options to choose what’s right for your business.
Credit cards with perks for founders
The Blue Business℠ Plus Credit Card from American Express
American Express offers 2x the points on the first $50,000 in purchases each year (and 1x after). There’s no yearly fee and the card is designed for businesses that need to make fairly large purchases. It comes with Amex’s service and security.
Spark Miles for Business
Capital One offers this card for businesses with excellent credit. It has a generous rewards program that offers unlimited 2x miles on every business purchase. Businesses can also redeem these miles with no blackouts or seat restrictions. $0 annual fee to start (goes up to $59 after that) and offers a 50,000 miles bonus for new customers.
Chase Ink Business Cash Card
One of the highest rated business credit cards, Chase’s Ink Business Cash Card offers $300 cash back after you spend $3000 in the first three months after opening the card. There’s no annual fee and you’ll get 5% cash back on officesupplies and utilities, 2% at gas stations and restaurants, and 1% cash back on all other purchases — with no limits on the cash you can earn back.
The FoundersCard was developed and designed for founders of businesses who desire elite status, preferred pricing, and VIP treatment. FoundersCard isn’t really a credit card — you can’t charge purchases to it. But it comes with many of the same benefits business owners have come to expect from their business cards, but with a twist for today’s business owner. Sure, you get elite status at popular business hotels and generous airline miles, but you also get great deals on things important to founders like computers, Equinox gym membership. The card is pricy — expect to pay $795 per year (and one-time $95 initiation fee). Though, if you get on its mailing list and are patient, the company runs $495 promotions all the time.
Secured business credit cards
Secured business credit cards help businesses with no credit — most startups fall into this category — begin to build credit. They work similar to debit cards in that you have to deposit money in the bank equivalent to your credit line (although you don’t actually draw down this amount). You’ll still have monthly credit card bills to pay if you use a secured business credit card. Over time, your business’ credit will improve and you can expand your credit line and/or get another card.
Wells Fargo Business Secured Credit Card
A secured credit card is a great way for businesses with low or no credit to start building credit. This card has a credit line ranging from $500 to $25,000.
It will require a security deposit but functions like a regular credit card, including a rewards program.
BBVA Secured Visa Credit Card
Another option for a business to build or rebuild its credit. This card waives its yearly fee of $40 for the first year and requires a minimum deposit of $500, which can beincreased in increments of $100. You can get free cards for your employees and participate in a variety of rewards programs.
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