A business credit card is very important for those people that operate a business. You will a business credit card to run your business. But if you already have bad credit, you do not have too panicky. It is still very much possible to get a business credit card with bad credit. Bad credit cannot stop you from getting a business credit card.
Though it seems impossible, it is true. You should also know that it is not very easy to acquire a business credit card with bad credit. Having bad credit does not mean that you cannot get a business card. To get a business credit card, you will need to spend sometime surveying credit card options to find a good one.
Why you should Get a Business Credit Card with a Bad Credit
Getting a business credit card with bad credit may seem like a bad idea, but it is not. There are some reasons why you will be needing a business card.
- If you want to keep your business and your personal spending separate, you will need a business credit card. You can use your personal card to fund your business, but it can become complicated when you need to subtract your expenses.
- Tax filing can become complicated when you use your personal card to run your business. So, it is advisable you get a business card.
- If you are interested in running rewards on purchases, it is best you get a business card.
- Also, if you are interested in earning cash back, miles or points on things like office supply store runs, dinners out with customers, or business travel, then you should get a business credit card.
So, having two cards, which are a personal credit card, and a business credit card is the best.
Business Credit Cards you can Get with a Bad Credit
There is a diverse business credit card that you can apply for with bad credit. Here are a few of them.
- Capital One Spark Classic for Business.
- Wells Cargo Business Secured.
- Union Bank Business Secured Visa Credit Card.
- OpenSky Scores Visa Credit Card.
- First National Bank of Omaha Business Edition Secured Visa Card.
Here are the business credit cards you can get with bad credit.
Get a Business Credit Card with Bad Credit
To get a business credit card with bad credit, you will need to apply for a credit card. And you are most likely to get a credit card online, except you get a credit card offer in the mail. And when you apply, you will need the following data.
- SSN – Your Social Security Number.
- Employer Identification Number or Taxpayer Identification Number.
Your business information such as
- phone number.
- Legal structure.
- Years in business.
- The number of employees.
- Monthly estimated spending.
If you get rejected after applying for a credit card, you should reach out to the card issuer, he or she might have a reconsideration division that will review your application. This will help check if there are other factors that will help you qualify for a business credit card.
How to Choose a Business Credit Card for a Bad Credit
When trying to get a business card with bad credit, you need to look out for some things. Your choices will be limited because of your bad credit, so you will have to search for a credit card that will permit you to create a payment history. So, when choosing a business credit card;
- You have to choose a card whose deposit you can afford.
- Search for a card with low or no annual fees.
- Ensure that the card’s reward program fits your spending.
- Choose a card that offers the best individual features that fit your business needs.
- You have to be certain that the card reports to the three credit bureaus.
- Check for minimum and maximum deposit amounts with secured cards. You have to ensure that the maximum deposit money will not be a limiting factor in your spending.
When you follow these steps, you will be able to successfully choose a good business credit card.