Best Business Credit Cards For Contractors – Business credit cards offer small business owners access to flexible credit as well as an easy and secure way to pay for business. Many offer cashback, signup bonuses and other bonuses. If your credit score is bad, it may be harder to qualify – but there may still be options available to you. In this article, we will discuss how to find and qualify for a small business credit card for bad credit.
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Best Business Credit Cards For Contractors
Yes. Even if you use a business credit card for business purposes, financial institutions look at your credit score to see if you qualify. This process often requires a so-called hard credit check, which appears on your credit report and can lower your credit score by several points.
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However, you can also find details of business loans. This information represents your business as an independent entity and its ability to pay what it owes. We will discuss how to determine business loans later in this article.
Some business credit card issuers also report business credit card activity to the consumer credit bureaus. So signing up for a business credit card to take advantage of great rewards programs or balance transfer fees can affect your credit score. It’s a good thing to keep in mind when shopping for a business credit card.
If your credit score isn’t where it needs to be to get the best credit card, you still have options.
Bad credit score depends on the scoring system you use, usually FICO Score or VantageScore. Credit card issuers use a number of criteria to determine your eligibility, and you can ask which criteria the lender uses before you apply.
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A FICO credit score of 669 or lower is considered “fair” or poor and may make it more difficult to get a credit card. A Vantage score of 600 or lower is considered “fair” or bad credit. It is often easier to get a credit card if you have a “good” or “excellent” credit score. Below we review your top picks for the best business credit cards for bad credit.
There may be credit card options available to you even if you have bad credit. This is a credit card you should consider if your credit score is not strong.
The Capital One Spark Classic for Business is a popular card for those with less than perfect credit.
Capital One Spark Classic for Business may be ideal for businesses looking to build credit.
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The Divvy Smart Credit Card for Business can work well if you want to avoid paying interest on your credit card and don’t travel a lot for business. You’ll pay more to use your card abroad because of foreign transaction fees.
A secured business credit card is another option for business owners with bad credit. They have more favorable terms than unsecured credit cards. Secured cards require a cash deposit to be held as a security deposit. (You usually get it back when you close the account.) This is a way for credit card companies to reduce their exposure to high-risk borrowers. Secured cards often allow lenders to keep your savings, although some cards will allow you to exceed your credit limit if you manage it responsibly.
Pros: The Responsible Way Credit Card is one of the few secured credit cards aimed at business on the market at the time of writing and can be a great option for your business.
Self: A responsible way to build a credit card can be a good thing for business owners looking for a secure card and trying to build their own credit. The card is reported to the credit bureaus, so making timely payments on the card can increase your credit score.
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The Bank of America Business Advantage Unlimited Cash Rewards Secured Credit Card is a business-secured credit card designed to help you build and expand your business credit card.
The Bank of America Business Advantage Secured Credit Card allows cardholders to obtain at least $1,000 in credit. With this card, your credit is limited to the amount you deposit. There is no annual fee.
* All information about Bank of America Business Advantage Cash Unlimited Guarantee Credit cards are compiled independently. This card is not available. To see what business credit cards are available, visit
Although the focus here is on business credit cards, your credit card can help you build credit when used properly.
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It’s an annual fee credit card that helps you build credit when used responsibly. A security deposit is required (minimum $200). Once approved, your credit limit will equal your security deposit. With Citi’s flexible terms, you can choose an available time at the beginning, middle or end of the month, and manage your account 24 hours a day online, by phone or via mobile device.
The Discover it® Secured Credit Card is a personal rewards card that can also work well for business owners trying to complete and build credit.
The Discover it® secured credit card has no annual fee and a powerful rewards program and referral bonus: You can double your income by the end of your first year.
*All Discover it® credit card information is collected independently. This card is not available. To see what business credit cards are available, visit
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Although you may not need a business credit score to get a small business credit card, having business credit can help your business succeed in many ways. For example, a good business credit score can open business financing opportunities that you wouldn’t be able to access without it. It will also help you find acceptable payment terms with vendors and suppliers, which can make payments less difficult for your business. Also, if your goal is to work with a Fortune 500 company or government agency, these agencies will check your business credit to make sure you are a legitimate business before you sign on the dotted line.
The easiest way to build business credit is to apply. Business Boost comes with an important feature called Trade Line Account. With Business Reports, we send good payment information to the major credit bureaus that monitor businesses, to ensure you pay your bills on time. This can help you build your business credit through different bureaus. And because we understand that life happens, we never send bad news such as late or missed payments.
Some business credit card accounts also have transaction reports for their cardholders, but this feature is not common. Therefore, using a business credit card does not guarantee a business loan. If possible, choose a credit card that is reported to the major credit bureaus.
We have compiled a list of vendors that provide business lines to their customers. You can read the article here.
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If you’ve been turned down for an unsecured business credit card, you still have options. It’s usually a good idea to wait about six months before applying for a new credit card to make sure your credit score isn’t subject to too many hard inquiries. At this time, you can take steps to build your credit score. And when you’re ready to reapply, you can find another credit card that accepts applicants on your credit score. Or you can apply for a secured business credit card that allows you to place a refundable security deposit and a deposit that acts as your credit limit. Secured cards are often easier to find than unsecured credit cards.
Don’t waste time applying for multiple credit cards. Instead, find the best credit card option for your business right away.
A business credit card can ensure you always have emergency cash. Find your best business credit card game for free and apply in minutes!
If you get a business credit card, try using it for business purchases so you can separate your business and finances. This will make it easier to track your business expenses for tax purposes.
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Most standard small business loans (such as bank loans or SBA loans) require good credit, but there are other types of business financing that can be easily adjusted with or without a personal credit check. Lenders who provide business loans for bad credit often focus on other factors such as income or time in business. They have:
For the above financing types, income may be more important than credit history. You may need a business bank account, so be sure
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