Bad credit seems to put an end to all borrowing options. It feels as though all routes to credit are closed. However, there is some good news for those businessmen suffering from bad credit, and still needing some revenue to generate business.
Small business credit cards have become quite popular among those who do not qualify for any business loans and cannot arrange for funds through family or friends. As an owner of a small business, it is a good idea to spend on office expenses or supplies using your business credit card.
However, if you do not meet the bank’s requirements you might not stand a chance to qualify for a new card. Let us look at some other financing options who would trust your business and offer you credit cards for the same.
Small Business Credit Cards for Bad Credit
- Ink Business Preferred℠ Credit Card–This card offers exciting rewards on select purchases. It also offers 80,000 points as bonus, if you spend $5,000 in the first three months. It does not charge any foreign transaction fee, but has an annual fee of $95. If your expenses are heavy, you are sure to benefit from this card.
- BBVA Compass Business Secured Credit Card – This bank charges an APR of 16.99% along with a minimum deposit of $500. Also, there is an annual fee of $40 that is charged from second year onwards.
- Capital One® Spark® Cash for Business – This credit card is ideal for those who want flexibility in their balance and also earn maximum reward points. It offers 2% cash back on all purchases and charges $59 towards annual fee, which is waived for the first year of use.
- Credit One Bank® Unsecured Platinum Visa® – The bank does not charge any deposit on the card, but helps you earn reward points for even gas purchases. If you swipe your card and make several transactions, they offer an increase in your credit line.
- Applied Bank Secured Visa Gold Preferred Credit Card – There is absolutely no credit check or any minimum credit required to apply for this card. It has a fixed APR of 9.99% and a minimum deposit of $1000. You can increase your credit limit up to $5000 by adding additional deposits.
- Open Sky Secured Visa Credit Card – This card can be obtained without any credit checks within five minutes. The security deposit charged by this bank is refundable, but needs to be paid before the card can be issued. It also gives you an extra credit and allows you to increase your credit line up to $5000.
- Primor Secured Visa Classic Card – This card offers low interest rates without any penalty charges. It does not charge any processing or application fees and assures a guaranteed approval if your monthly income exceeds your monthly expenses by $100.
- Milestone® Gold MasterCard® – You can get yourself prequalified for this credit card without impacting your credit score. It offers cards even to those who have had any bankruptcy previously, provided you assure to use your credit card responsibly.
- Indigo® Platinum MasterCard® – This credit card can be obtained without stating your previous credit score. With free online account access and protection from fraud, it suits all those who need money but do not know whether they qualify for any credit.
If you have an adverse credit but are in a hurry to acquire extra cash for your business, remember you must work on your situation. You might not qualify overnight, but small things like paying off your other debts or cutting down on other expenses might help.
Your main goal should be rebuilding your lost credit and establishing a good credit history. Choose a card that suits your business requirements and make sure you pay off all your bills on a timely basis.