7 Business Credit Cards That Are Easy to Qualify For
Topics Covered in this Article:
However, if you’re just starting out, have low monthly sales, or have poor credit qualifying for a business credit card can be tough. Some card issuers require two years of financial statements and others are unlikely to approve a business owner with no credit history or poor scores.
Fortunately, there’s hope. You can get approved for a business credit card even if your finances aren’t well established or strong; it’ll just take some research.
To help you with that research, we’ve compiled a list of seven business credit cards that you shouldn’t have any trouble getting approved for, even with a lack of credit history.
Which Business Credit Cards Can You Easily Qualify For?
1. Credit One Bank Platinum Visa
The Credit One Bank Platinum card is a great option for business owners who want to build their credit. You’ll just need a minimum credit score of about 580. The annual fee you pay — which may be as much as $99 — will depend on your credit score.
Assuming you’re approved, you’ll get to enjoy this card’s one percent cash back rewards.
2. Capital One Spark Classic for Business
You can get approved for the Capital One Spark Classic with an average credit score. Like the Credit One Platinum card, you’ll earn one percent cash back on every business purchase. However, you won’t have to pay an annual fee for this card, and you can order free employee cards.
3. Total Visa Credit Card
Even if you’ve recently opened your business, you can get approved for the Total Visa Credit Card. Although this card has lower qualification criteria than the previous two on this list, you’ll pay for it. Expect to pay a program fee of $89 upon opening an account.
In addition,, you’ll pay an annual fee of $75 in the first year, an additional annual fee of $48, plus monthly fees of $6.26 in the second year and beyond.
4. BBVA Secured Visa Business Credit Card
With a minimum $500 security deposit, the BBVA Secured Visa Business card is available to business owners with limited credit history. Since this card is secured, your credit limit will be 90 percent of your account balance.
This card has an annual fee of $40 which is waived for the first year. You should also note that this card is only available in New Mexico, California, Colorado, Arizona, Texas, Florida, and Alabama.
5. Wells Fargo Business Secured Credit Card
The Wells Fargo Business Secured credit card is available to you even if your credit is weak if you make a minimum deposit of $500. Depending on how much you deposit, your credit line will be between $500 and $25,000. The annual fee for this card is $25 and rewards include 1.5 percent cash back for each dollar you spend.
If you’d like to have extra card for your employees, you can add as many as 10 additional cards with a $25 annual fee per card.
6. First Progress Platinum Select Mastercard Secured Credit Card
Having a history of low sales won’t stop you from getting approved for the First Progress Platinum Select card as long as you can make a deposit of at least $200. Your maximum-security deposit for this card is just $2000 but you’ll enjoy a fairly low APR of just 14.74 percent. This card isn’t available in Iowa, Wisconsin, Arkansas, or New York, but for everyone else, it’s a great way to build a strong credit history.
7. OpenSky Secured Visa Credit Card
The OpenSky Secured Visa credit card gives you strong approval odds even if you can’t provide two years of financial documents. The minimum-security deposit is $200, and the annual fee is $35. If you’re approved, your payment activity will be reported to the three credit bureaus which means that you’ll have a good chance to improve your credit score.
Shopping for a business credit card when you have limited or poor credit history can be demoralizing. Even if you can get approved, you generally won’t get the same caliber of rewards that other cards with stringent qualification criteria offer.
However, by applying for one of these cards and using it responsibly, you can build your credit score. Before you know it, you’ll be ready to use your improved score to upgrade to a better card.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.