Business Credit Cards for Bad Credit: Top Picks for Entrepreneurs
- Choosing the right business credit cards for bad credit is one of the best ways for business owners to repair their credit.
- There are several key factors to consider when selecting a business credit card, including approval odds, fees and interest rates, credit building capabilities, spending limits and increases, additional benefits and rewards, customer support and financial education resources, flexibility in payments and terms, and security features.
Small business owners with bad credit can choose from a variety of business credit cards to help them rebuild their credit. Here are the top picks for business credit cards for bad credit in 2023:
- First National Bank Business Edition Secured VISA: Offers a 0% APR for the first year and a 23.99% APR after that. Has a $39 annual fee and offers 1.5% cash back.
- Stripe: Requires a Stripe account and offers 1.5% cash back. No credit check is required.
- Chime: Offers a secured VISA card with no credit check. Requires automatic direct deposit to a Chime account.
- Discover IT: Offers a 10.99% APR on balance transfers for six months and a 27% APR after that. Offers 5% cash back on gas purchases.
- My Premier Bankcard Mastercard: Offers an unsecured credit card with an APR range of 19-36%. Credit limit increases with timely payments.
- Progress Credit VISA/Mastercard: Offers an unsecured VISA card and a secured Mastercard. Both cards report to credit bureaus.
Business owners should consider getting a secured credit card with bad credit as it can help them stick to a credit limit and build their credit score. Using an EIN to apply for a credit card is also an option for business owners. To get a business card with bad credit, a credit score of 579 or lower is needed. Business owners should choose a credit card that suits their specific needs and financial situation. Some factors to consider include whether the card is secured or unsecured, whether a credit check is required, fees and interest rates, rewards and benefits, and credit-building capabilities.
