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Apply for an Awesome Business Credit Card in an Economic Crisis

Apply for a business credit card now – even as our lives are on pause. This is actually an excellent time to get your business credit ducks in a row.

Yes, You Can Apply for a Business Credit Card, Even in an Economic Crisis

Apply for a business credit card today – yes, you can! We researched a considerable number of small business credit cards. We did the research for you. So here are our favorites. Applying for a business credit card is easy. You can do it even in an economic crisis.

Per the SBA, small business credit card limits are a whopping 10 – 100 times that of personal cards! So don’t use personal credit cards for business! Instead, use business only credit cards.

This means you can get a lot more cash with small business credit. And it also means you can have personal charge cards at stores. So you would now have a second card at the same shops for your business.

And you won’t have to have collateral, cash flow, or financials in order to get company credit.

Still asking yourself: what do I need to get a business credit card? And do I need a business credit card?

Recession Period Financing

The number of US banks and also thrifts has been decreasing gradually for a quarter of a century. This is from consolidation in the marketplace in addition to deregulation in the 1990s, lowering barriers to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets focused in ever‐larger financial institutions is troublesome for local business proprietors. Big banks are much less likely to make small loans. Economic recessions suggest financial institutions end up being much more cautious with lending. Thankfully, business credit does not depend on banks.

Get a Business Credit Card in an Economic Crisis: Card Benefits

Benefits vary, so make certain to choose the reward you prefer from this selection of options. It’s a great way to decide on applying for business credit card. This is how to get credit for a business.

We have the best business credit cards for new small business. But it’s beyond the best startup business credit card. And this will even work during an economic crisis.

Get a Business Credit Card in an Economic Crisis: Small Business Credit Cards with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

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

Get double Membership Rewards® points on everyday company purchases like office supplies or client suppers for the initial $50,000 spent each year. Get 1 point per dollar afterwards.

You will need good to excellent credit to qualify.

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

American Express® Blue Business Cash Card

Also take a look at 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. But its rewards are in cash as opposed to points.

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

It has no annual fee. There is a 0% introductory APR for the initial twelve months. After that, the APR is a variable 14.74 – 20.74%.

You will need good to exceptional credit scores to qualify.

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

Get a Business Credit Card in an Economic Crisis: Secure Company Credit Cards for Fair Credit

Capital One® Spark® Classic for Business

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

While this card is within reach if you have average credit, beware of the APR. But if you can pay on time, and completely, then it’s a good deal.

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

 Exceptional Business Credit Cards with No Yearly Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Take a look at the Ink Business Unlimited℠ Credit Card. Past no yearly fee, get an introductory 0% APR for the initial one 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 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more via Chase Ultimate Rewards®. You will need excellent credit to get this card.

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

Get a Business Credit Card in an Economic Crisis: 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 excellent for travel if your costs don’t fall under typical bonus categories. You can get unlimited double miles on all purchases, with no limits. Get 5x miles on rental cars and hotels if you book with Capital One Travel.

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

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

Bonus Travel Categories with a Sign-Up Offer

Ink Business Preferred℠ Credit Card

For an excellent sign-up offer and bonus categories, take a look at the Ink Business Preferred℠ Credit Card.

Pay an annual fee of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.

Get 100,000 bonus points after spending $15,000 in the initial 3 months after account opening. This works out to $1,250 towards travel rewards if you redeem using Chase Ultimate Rewards.

Get three points per dollar of the initial $150,000 you spend with this card. So this is for purchases on travel, shipping, internet, cable, and phone services. Plus it includes advertising purchases made with social media sites and search engines each account anniversary year.

You can get 25% more in travel redemption when you redeem for travel with Chase Ultimate Rewards. You will need a great to superb FICO score to qualify.

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

Economic Crisis Recession Credit Suite

Learn more here and get started toward establishing business credit and qualifying for even better business credit cards, even during a recession.

No Yearly Fee

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

For no yearly fee while still getting travel rewards, have a look at this card from Bank of America. It has no yearly fee and a 0% introductory APR for purchases during the initial 9 billing cycles. Afterwards, 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 each $1 you spend on all purchases, everywhere, every time. And this is regardless of how much you spend.

Also get 3 points per every dollar spent when you book 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 do not expire.

You will need superb credit scores 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/

Hotel Credit Card

Marriott Bonvoy Business™ American Express® Card

Have a look at the Marriott Bonvoy Business™ Card from American Express. It has a yearly fee of $125. There is no introductory APR offer. The regular APR is a variable 17.24 – 26.24%. You will need good to excellent credit scores to get this card.

Points

You can get 75,000 Marriott Bonvoy points after using your card to make purchases of $3,000 in the initial 3 months. Get 6x the points for qualified purchases at participating Marriott Bonvoy hotels. You can get 4x the points at US restaurants and filling stations. And you can get 4x the points on wireless telephone services bought straight from US providers and on US purchases for shipping.

Get double points on all other eligible purchases.

Rewards

Also, you get a free night every year after your card anniversary. And you can earn an additional free night after you spend $60,000 on your card in a calendar year.

You get Marriott Bonvoy Silver Elite status with your Card. Also, spend $35,000 on qualified purchases in a calendar year and get an upgrade to Marriott Bonvoy Gold Elite status through the end of the following calendar year.

Plus, each calendar year you can get credit for 15 nights towards the next level of Marriott Bonvoy Elite status.

Find it here: https://creditcard.americanexpress.com/d/bonvoy-business/

Economic Crisis Recession Credit Suite

Learn more here and get started toward establishing business credit and qualifying for even better business credit cards, even during a recession.

Get a Business Credit Card in an Economic Crisis: Flexible Financing Credit Cards – Take A Look at Your Options!

The Plum Card® from American Express

Take a look at the Plum Card® from American Express. It has an introductory yearly fee of $0 for the first year. After that, pay $250 per 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 great to excellent credit to qualify.

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

Get a Business Credit Card in an Economic Crisis: Reliable Credit Cards for Fair to Poor Credit, Not Requiring a Personal Guarantee

Brex Card for Startups

Look into the Brex Card for Startups. It has no yearly 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.

Additionally, there are some industries they will not work with, and others where they want added documentation. 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. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

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

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

Get a Business Credit Card in an Economic Crisis: Terrific Business Credit Cards for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Have a look at the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the initial year. Afterwards, 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 any time without any minimums.

You will need good to excellent credit to qualify.

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

Flat-Rate Rewards and No Yearly Cost

Discover it® Business Card

Take a look at the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for 12 months. 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. Keep in mind: you will need great to superb credit to get this card.

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

Bonus Categories

Ink Business Cash℠ Credit Card

Take a look at the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the first 12 months. Afterwards, 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 three 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 filling stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases. There is no restriction to the amount you can earn.

You will need outstanding credit scores to get 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

Check out the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 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. Earn 2% cash back on dining. So this is for the first $50,000 in combined choice category/dining purchases each calendar year. After that get 1% after, with no limits.

You will need excellent credit to qualify.

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

Economic Crisis Recession Credit Suite

Learn more here and get started toward establishing business credit and qualifying for even better business credit cards, even during a recession.

Get a Business Credit Card in an Economic Crisis: Unbeatable Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Take a look at the Capital One® Spark® Cash Select for Business. It has no annual fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. And earn a one-time $200 cash bonus when 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 afterwards.

You will need good to outstanding credit to qualify.

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

Get a Business Credit Card in an Economic Crisis: The Perfect Business Credit Cards for You

Your optimal company credit cards hinge upon your credit history and scores.

Just you can decide which advantages you want and need. So be sure to do your homework. What is excellent for you could be disastrous for someone else when you apply for business credit card.

And, as always, make sure to build credit in the recommended order for the greatest, fastest benefits. Apply for a business card and succeed in business. And while you’re at it – get business credit! The COVID-19 situation will not last forever.

The post Apply for an Awesome Business Credit Card in an Economic Crisis appeared first on Credit Suite.

Ferrari: We proved our power unit was legal

After a series of FIA checks, rule clarifications and accusations from rival teams, Ferrari is confident it has proved its power unit was legal in 2019.

The post Ferrari: We proved our power unit was legal appeared first on Buy It At A Bargain – Deals And Reviews.

How Long Does It Take to Establish Corporate Credit? Not as Long as You May Think

Finally! The Answer to “How Long Does It Take to Establish Corporate Credit?”

How long does it take to establish corporate credit?

The quick and dirty answer is, not long.  In fact, in just a few steps you can have a business credit profile ready to receive all your business account information and grow your business credit score.

However, often what people really mean when they ask the question “How long does it take to establish corporate credit?”is “How long does it take to build corporate credit?”  The answer to that question is quite different.  The process for establishing corporate credit initially is multi-step, but it doesn’t take all that long.  In contrast, the process for building corporate credit doesn’t have as many steps, but it can take substantially longer.  That is why it is important to start as soon as possible.

How Long Does It Take to Establish Corporate Credit from the Beginning?

If you start from square one, as your business it getting up and going, it will not take as long to establish corporate credit.  That’s because there won’t be anything to undo. The goal is to make your business appear fundable to lenders as an entity separate from yourself. It can be done at any point.  However, it is much easier and faster if you just start the process in the beginning. What’s the process?

How to Establish Corporate Credit

Establishing small business credit is a process. It is something that has to happen intentionally.  It does not happen passively in the same way personal credit does.  Once you have your business set up the right way however, the whole thing can happen pretty quickly.

You absolutely have to complete the steps in the right order.  Not doing so will result in repeated denials.  No one wants that.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

How Long Does it Take to Establish Corporate Credit: Set Up Separate Contact Information for Your Business

Your business address, telephone number, fax number, and email address should all be separate from your personal ones.  Ensure your number is from a toll-free exchange and that it has a 411 listing.  You can take care of that here: http://www.listyourself.net.

Take note that your email address should not be through a free service such as Yahoo or Gmail.  Rather, it should have the same URL as your company website.  Can you guess the next point?  You need a professional website with paid hosting through a service such as GoDaddy. These days, if you don’t have a website you may as well not exist.  If you have a bad website, it’s even worse.  Just get it done right from the beginning.

In truth, when it comes to “How long does it take to establish corporate credit?”, the answer is however long it takes to get your website built professionally. The rest of the steps can be completed while that is going on.  Then, when your website is operational, you should have an established file and be ready to start building your business credit score.

How Long Does It Take to Establish Corporate Credit: Incorporate Your Business

The first thing you have to do after you have separate contact information is formally incorporate your business. The reason you need the contact information first is so that you can use it during the incorporation process.

Why incorporate?  If you are organized as a sole proprietorship or partnership, all business transactions are just going to hit your personal credit.  That is because there is no legal separation between you and your business. You are personally liable for all business debts.

You need to organize as a corporation, S-corp, or LLC.  Which one you choose will depend on the level of liability protection you need and how much you want to spend.  Any of them will serve the purpose of separating your business from you for the purpose of establishing business credit.

build biz credit Credit Suite2

How Long Does it Take to Establish Corporate Credit: Get the Digits

Next, there are two important identifying numbers you need to apply for.  The first is an EIN.  This is a number for your business similar to you personal SSN.  You can get one for free through the IRS website.

Next, you will need a D-U-N-S number.  This is also free, and you get it on the Dun & Bradstreet website.  You cannot have a credit file at Dun & Bradstreet without a D-U-N-S number.  Since they are the largest and most commonly used corporate credit reporting agency, you definitely need a D-U-N-S number.

How Long Does it Take to Establish Corporate Credit: Dedicated Bank Account

You also need a dedicated corporate bank account that you use only for business transactions.  This helps separate your business from yourself.  Not only that, it will also help keep business and personal expenses separate for tax purposes.

All of these steps can happen pretty fast.  Incorporation takes a little time, as does building a website. However, if you do it all on the front end you can speed the process along.  If you are taking these steps after your business is already up and running, it could slow things down a bit.

How Long Does It Take to Establish Corporate Credit, or How Long Does It Take to Build Corporate Credit?

The next steps in the process are geared toward building your corporate credit after your credit file is open.  The thing is, you have to get corporate accounts reporting to the corporate credit reporting agencies for your credit score to start building.  This can be tricky, as most lenders consider no credit to be equal to bad credit.  In the beginning of course, you have no credit.

If you do have credit already, but it’s bad, these steps can help improve it.  However, it will take longer. It is always faster to build from zero rather than from a negative number.

How Long Does It Take to Build Corporate Credit? Not as Long as It Would Without the Vendor Credit Tier

First you need to build trade lines that will report payments. This is also referred to as the vendor credit tier. These vendors will extend net 30 terms on invoices without a credit check.  Then they report your payments to the credit reporting agencies. This is how you get initial accounts reporting positive payment history.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Not all vendors are in the vendor credit tier.  Of those that are, there are a select few that are easier to get started with.  They can be used as stepping stones to gain more trade lines and thus, build your credit faster.  Here are a few of those easiest to get started with.

Uline

Uline is online at www.uline.com. They sell shipping, packing, and industrial supplies.  They report to D&B.

You have to have a D-U-N-S number. They ask for 2 references and a bank reference. The initial few orders may have to be prepaid to initially get approval for Net 30 terms.

Quill

Quill is another starter vendor. You can find them online at www.quill.com. They sell office, packaging, and cleaning supplies.  They also report to D&B as well as Experian.

Because Quill reports to two separate credit reporting agencies, you get two credit experiences with them. Place an initial order first unless the D&B score is already established.

Typically, they put you on a 90-day prepayment schedule. If you order items each month for 3 months, they commonly approve you for a Net 30 Account.

Grainger Industrial Supply

Grainger Industrial Supply is online at www.grainger.com. They sell safety equipment, plumbing supplies, and more.  They report to D&B. You must have a business license, EIN, and a D-U-N-S number.

For under a $1000 credit limit they approve almost anybody with a business license.

How Long Does it Take to Establish Corporate Credit: A Tip for Going Even Faster

One way to speed up the process is to ask vendors that you already work with if they will extend credit and report your payments.  This could even include utilities, rent payments, and telephone companies.  Internet providers are another option.  Since you are already making payments, you could instantly have several accounts reporting positive payment history without taking on any new debt.

Remember they are not required to report payments, but some will if asked.

After you have enough accounts reporting, its time to move on to the next credit tier.

Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then you can apply for accounts in the retail credit tier. These are service providers which include Office Depot and Staples.

Fleet Credit Tier

Once there are enough accounts reporting from the retail credit tier you can begin to apply for accounts in the fleet credit tier. These are companies such as BP and Conoco. Use this credit to buy fuel, as well as to repair and maintain vehicles.

Cash Credit Tier

The next tier, the cash credit tier, is the goal.  One you have enough accounts reporting from the fleet credit tier, you can move on up to the cash credit tier. These are businesses such as Visa and MasterCard.

When applying for cards in any tier, only use your SSN and date of birth for verification purposes. For credit checks and guarantees, use your EIN instead.

How Long Does It Take to Establish Corporate Credit? Credit Monitoring

Know what is happening with your credit. Make certain it is being reported and take care of any errors as soon as possible. Get in the practice of taking a look at credit reports regularly.

We can help you monitor business credit at Experian and D&B for only $24/month. See: www.creditsuite.com/monitoring.

At D&B you can monitor at: www.dandb.com/credit-builder. At Experian, you can monitor your account at: www.smartbusinessreports.com/Landing/1217/. And at Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business. Experian and Equifax cost about $19.99; D&B ranges from $49.99 to $99.99.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Update Your Information

Update your business contact information if you need to so that they have your correct, separate business phone number and address.  Incorrect information will only slow down your business credit efforts. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp.  Equifax updating can be found here: www.equifax.com/business/small-business.

Fix Your Business Credit

Mistakes on your credit report will also slow down the process. You can dispute any inaccuracies in your records. Mistakes in your credit report(s) can be corrected,but the CRAs often want you to dispute in a particular way.

Get your business’s PAYDEX report at: www.dnb.com/about-us/our-data.html. Get your company’s Experian report at: www.businesscreditfacts.com/pdp.aspx?pg=SearchForm. And get your Equifax business credit report at: www.equifax.com/business/credit-information.

How Do You Dispute

Disputing credit report mistakes usually means you mail a paper letter with duplicates of any evidence of payment with it. These are documents like receipts and cancelled checks. Never mail the original copies. Always send copies and retain the originals.

Fixing credit report inaccuracies also means you offer support for any charges you contest. Make your dispute letter as clear as possible. Be specific about the concerns with your report. Use certified mail to have proof that you mailed everything.

Dispute your or your company’s Equifax report by following the instructions here: www.equifax.com/small-business-faqs/#Dispute-FAQs.

You can dispute inaccuracies on your or your company’s Experian report by following the directions here: www.experian.com/small-business/business-credit-information.jsp.

And D&B’s PAYDEX Customer Service telephone number is here: www.dandb.com/glossary/paydex.

So How Long Does It Take to Establish Corporate Credit?

It’s hard to say.  If you are starting from scratch it won’t take as long.  You can get things headed the right way, right away.  You won’t be fighting an already bad score or trying to back track with incorporation and contact information.  Also, you will not be trying to correct mistakes on your report. If you are already up and running, it can take longer, but it still can be a relatively fast process.

Building your corporate credit will take substantially longer than getting the file established.  However, if you work the process the right way and handle the credit you get responsibly as it comes, it will not take as long as you may imagine.  It builds like a snowball and grows bigger, stronger, and faster as time goes on.

 

The post How Long Does It Take to Establish Corporate Credit? Not as Long as You May Think appeared first on Credit Suite.

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