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Get the Best Business Credit Card for Bad Credit

Are you looking for a business credit card for bad credit? Well, look no further – we have great choices for a business credit card for bad credit.

Get an Excellent Business Credit Card for Bad Credit and Check Out Other Options

We looked into every business credit card for bad credit we could find. So, here are our options.

Per the SBA, business credit card limits are a massive 10 – 100 times that of personal credit cards!

This reveals you can get a lot more money with company credit cards. And it also reveals you can have personal credit cards at stores. So, you would now have an additional card at the exact same stores for your business.

And you will not need collateral, cash flow, or financials to get business credit.

Business Credit Card for Bad Credit: Benefits

Benefits can differ. So, make certain to choose the benefit you would prefer from this choice of alternatives.

Dependable Business Credit Card for Bad Credit, Not Requiring a Personal Guarantee

Brex Card for Startups

Have a look at the Brex Card for Startups. It has no annual fee.

You will not need to provide your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN. 

Nevertheless, they do not accept every industry. 

Likewise, there are some industries they will not work with, and others where they want more paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a business’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Also, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have bad credit scores (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/ 

Business Credit Card for Bad Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Get a Business Credit Card for Bad Credit

Capital One® Spark® Classic for Business

Have a look at the Capital One® Spark® Classic for Business. It has no yearly fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your company, without minimum to redeem.

While this card is within reach if you have fair credit, beware of the APR. However if you can pay in a timely manner, and completely, then it’s a good deal.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/ 

Flexible Financing Credit Cards – Have A Look at an Alternative to a Business Credit Card for Bad Credit!

The Plum Card® from American Express

Check out the Plum Card® from American Express. It has an introductory annual fee of $0 for the first year. Afterwards, pay $250 each year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need good to excellent credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/ 

As you improve your credit scores, you may be looking for other alternatives to a business credit card for bad credit. Here are our favorites.

Outstanding Business Credit Cards with No Annual Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Check out the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the initial year. After that, the APR is a variable 14.74 – 20.74%. 

You can earn unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the initial three months from account opening. You can redeem your rewards for cash back, gift cards, travel and more via Chase Ultimate Rewards®. You will need superb credit scores to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited 

Business Credit Card for Bad Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Company Credit Cards with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Have a look at the Blue Business® Plus Credit Card from American Express. It has no annual fee. There is a 0% introductory APR for the initial one year. Afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on day to day company purchases like office supplies or client suppers for the first $50,000 spent annually. Get 1 point per dollar afterwards.

You will need great to excellent credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/ 

American Express® Blue Business Cash Card

Also check out the American Express® Blue Business Cash Card. Keep in mind: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. Yet its rewards are in cash instead of points.

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. Then get 1%.

It has no annual fee. There is a 0% introductory APR for the first year. Afterwards, the APR is a variable 14.74 – 20.74%.

You will need great to exceptional credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/  

Terrific Cards for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business 

Check out the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. After that, this card costs $95 each year. There is no introductory APR deal. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the first 3 months from account opening. Get unlimited 2% cash back. Redeem at any time without any minimums.

You will need great to outstanding credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/ 

Flat-Rate Rewards and No Yearly Fee

Discover it® Business Card

Check out the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for year. After that the regular APR is a variable 14.49 – 22.49%. 

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.

You can download transactions| easily to Quicken, QuickBooks, and Excel. Note: you will need good to superb credit to qualify for this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Check out the Ink Business Cash℠ Credit Card. It has no annual fee. There is a 0% introductory APR for the initial one year. After that, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first 3 months from account opening.

You can get 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year. 

Get 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Get 1% cash back on all other purchases. There is no restriction to the amount you can earn.

You will need superb credit scores to qualify for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF 

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the initial 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no annual fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are filling stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. After that earn 1% after, with no limits.

You will need outstanding credit to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/ 

Unbeatable Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Have a look at the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can get. Also earn a one-time $200 cash bonus as soon as you spend $3,000 on purchases in the first three months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR after that.

You will need good to excellent credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Business Credit Card for Bad Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Company Credit Cards for Luxurious Travel Points

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

Have a look at the Capital One® Spark® Miles for Business. It has an introductory annual fee of $0 for the first year, which then rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.

This card is fantastic for travel if your expenses do not fall into basic bonus categories. You can get unlimited double miles on all purchases, without any limits. Earn 5x miles on rental cars and hotels if you book via Capital One Travel.

Get an initial bonus of 50,000 miles. That’s the same as $500 in travel. Yet you just get it if you spend $4,500 in the first 3 months from account opening. There is no foreign transaction fee. You will need a great to outstanding FICO rating to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/  

No Annual Fee

Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no yearly fee while still getting travel rewards, check out this card from Bank of America. It has no yearly fee and a 0% introductory APR for purchases during the first nine billing cycles. After that, its regular APR is 13.74 – 23.74% variable.

You can get 30,000 bonus points when you make a minimum of $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Get unlimited 1.5 points for every $1 you spend on all purchases, everywhere, every time. And this is despite how much you spend.

Also earn 3 points per every dollar spent when you reserve your travel (car, hotel, airline) through the Bank of America® Travel Center. There is no limit to the number of points you can earn and points don’t expire.

You will need superb credit to get this one (as in, 700s or better).

Find it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/ 

The Very Best Business Credit Card for Bad Credit for You

Your outright best small business credit card for bad credit for you will depend upon your credit history and scores.

Only you can pick which features you want and need. So, to do your research. What is exceptional for you could be devastating for another person.

And, as always, ensure to develop credit in the advised order for the best, fastest benefits. Because once your business credit scores are good, you won’t need a business credit card for bad credit.

The post Get the Best Business Credit Card for Bad Credit appeared first on Credit Suite.

Rapid Finance Review

Are you looking for funding from Rapid Advance? They’ve changed their name – so welcome to our Rapid Finance review.

Rapid Advance is one of several lending companies online. They offer short term loans (MCA, also known as merchant cash advances) and more. We look at the specifics and drill down into the details.

Note: due to the COVID-19 health crisis, Rapid Finance is not offering loans at this time. But this lender does not appear to be going out of business.

Rapid Finance Review: Background

Rapid Finance is located online here: https://www.rapidfinance.com/. Their physical address is:

4500 East West Highway
6th Floor
Bethesda, MD 20814.

You can call them at: (800) 664-0173. Their contact page is here: https://www.rapidfinance.com/contact-us/. They have been in business since 2005.

Small Business Term Loans

$5,000 – $1 million is available in funding. The terms are 3 to 60 months. Your business needs to be generating revenue.

You will need to supply a government-issued ID (like a driver’s license), a void check from your business banking account, and the last three statements from your business bank account.

Merchant Cash Advances 

A range of $5,000 – $500,000 is available in funding. 

You will need to supply a government-issued ID (like a driver’s license), a void check from your business banking account, your last three credit card processing statements, and the last three statements from your business bank account.

Bad credit is no problem. 

SBA Loans

$30,000 – $250,000 is available in funding. The terms are 1 to 10 years. 

You will need to supply a government-issued ID (like a driver’s license), a void check from your business banking account, the last three statements from your business bank account, two years of business tax returns, and your schedule of debts.

Rapid Finance also offers bridge loans, lines of credit, asset-based financing, and invoice factoring.

Rapid Finance Review: Advantages

Advantages are a few choices for loan types. The maximum amounts available are high. Rapid Finance has also been in the online lending space for longer than most of the players in this industry.

Rapid Finance Review: Disadvantages

Disadvantages are that the documentation requirements can be a bit extensive. 

An Alternative to Rapid Finance

Why, it’s business credit, of course! Business credit is an asset which can help your small business for years to come.

The Process

Building corporate credit is a process, and it does not happen without effort. A corporation will need to actively work to build business credit. Nevertheless, it can be done easily and quickly, and it is much swifter than establishing consumer credit scores. Merchants are a big part of this process.

Doing the steps out of sequence will cause repetitive denials. Nobody can start at the top with business credit. For example, you can’t start with store or cash credit from your bank. If you do, you’ll get a rejection 100% of the time.

Company Credibility

A small business has to be reliable to loan providers and merchants. As a result, a small business will need a professional-looking web site and email address, with site hosting bought from a vendor like GoDaddy. In addition business phone and fax numbers ought to have a listing on ListYourself.net.

Also the company phone number should be toll-free (800 exchange or the equivalent).

A company will also need a bank account devoted purely to it, and it has to have all of the licenses essential for operation. These licenses all have to be in the correct, appropriate name of the company, with the same company address and telephone numbers. Keep in mind that this means not just state licenses, but potentially also city licenses.

Rapid Finance

Find out why so many companies use our proven methods to get business loans.

Working with the IRS

Visit the Internal Revenue Service website and obtain an EIN for the company. They’re totally free. Choose a business entity such as corporation, LLC, etc. A business can get started as a sole proprietor but will more than likely wish to switch to a type of corporation or partnership to decrease risk and optimize tax benefits.

A business entity will matter when it concerns tax obligations and liability in the event of litigation. A sole proprietorship means the entrepreneur is it when it comes to liability and taxes. No one else is responsible.

If you are a sole proprietor at the very least be sure to file for a DBA. If you do not, then your personal name is the same as the corporate name. Therefore, you can end up being directly accountable for all business financial obligations.

Plus, according to the Internal Revenue Service, using this structure there is a 1 in 7 chance of an IRS audit. There is a 1 in 50 chance for corporations! Avoid confusion and significantly reduce the odds of an IRS audit simultaneously.

But you should see any DBA filing as a steppingstone to incorporating, which is best for business credit building. 

Starting the Business Credit Reporting Process

Start at the D&B website and obtain a cost-free DUNS number. A DUNS number is how D&B gets a small business into their system, to generate a PAYDEX score. If there is no DUNS number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s websites for the business. You can do this at https://www.creditsuite.com/reports/. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process. This way, Experian and Equifax will have activity to report on.

Trade Lines

First you ought to establish trade lines that report. This is also referred to as vendor accounts. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can start obtaining revolving store and cash credit.

These sorts of accounts often tend to be for the things bought all the time, like shipping boxes, outdoor work wear, ink and toner, and office furniture.

But to start with, what is trade credit? These trade lines are credit issuers who will give you initial credit when you have none now. Terms are normally Net 30, versus revolving.

Hence if you get an approval for $1,000 in vendor credit and use all of it, you will need to pay that money back in a set term, such as within 30 days on a Net 30 account.

Details

Net 30 accounts have to be paid in full within 30 days. 60 accounts must be paid fully within 60 days. Unlike with revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you made use of.

To launch your business credit profile the proper way, you ought to get approval for vendor accounts that report to the business credit reporting bureaus. As soon as that’s done, you can then use the credit.

Then repay what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Not every vendor can help like true starter credit can. These are vendors that will grant an approval with hardly any effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

Revolving Store Credit

Once there are 3 or more vendor trade accounts reporting to at least one of the CRAs, progress to revolving store credit. These are companies such as Office Depot and Staples. These companies are likelier to have products you need.

Use the business’s EIN on these credit applications.

Rapid Finance

Find out why so many companies use our proven methods to get business loans.

Fleet Credit

Are there more accounts reporting? Then progress to fleet credit. These are businesses like BP and Conoco. Use this credit to buy fuel, and to repair and maintain vehicles. Make certain to apply using the corporation’s EIN.

Cash Credit

Have you been responsibly managing the credit you’ve gotten up to this point? Then move onto more universal cash credit. These are service providers such as Visa and MasterCard. Keep your SSN off these applications; use your EIN instead.

These are usually MasterCard credit cards. If you have more trade accounts reporting, then these are attainable.

Rapid Finance

Find out why so many companies use our proven methods to get business loans.

Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and fix any mistakes ASAP. Get in the practice of checking credit reports. Dig into the specifics, not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less. Update the details if there are mistakes or the info is incomplete.

Disputing Inaccuracies

So, what’s all this monitoring for? It’s to dispute any mistakes in your records. Mistakes in your credit report(s) can be taken care of. But the CRAs often want you to dispute in a particular way.

Disputing credit report inaccuracies typically means you send a paper letter with copies of any proof of payment with it. These are documents like receipts and cancelled checks. Never send the originals. Always mail copies and retain the originals.

Disputing credit report errors also means you specifically itemize any charges you dispute. Make your dispute letter as crystal clear as possible. Be specific about the problems with your report. Use certified mail so that you will have proof that you mailed in your dispute.

A Word about Business Credit Building

Always use credit sensibly! Don’t borrow beyond what you can pay off. Keep an eye on balances and deadlines for repayments. Paying in a timely manner and fully will do more to raise business credit scores than pretty much anything else.

Establishing company credit pays. Good business credit scores help a small business get loans. Your credit issuer knows the small business can pay its debts. They understand the small business is authentic. The small business’s EIN links to high scores, and lenders won’t feel the need to demand a personal guarantee.

Rapid Finance Review: Takeaways

The companies which will do the best with Rapid Finance will tend to have entrepreneurs with decent personal credit scores and a considerable time in business. These companies will also have fairly high annual revenues.

The businesses which might not do so well will have been in business for too short an amount of time, or not have sufficient annual revenues. Companies not needing a lot in funding would probably do better going elsewhere.

And finally, as with every other lending program, whether online or offline, remember to read the fine print and do the math.

Go over the details carefully. And decide whether Rapid Finance will be good for you and your company. In addition, consider alternative financing options that go beyond lending, including building business credit, in order to best decide how to get the money you need to help your business grow.

The post Rapid Finance Review appeared first on Credit Suite.

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