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Typically, youll earn a large welcome bonus after completing a minimum spending amount within several months, or several billing cycles within account opening. Youll be able to track business spending more easily, making tax time, as well as maintaining a company budget, much less of a headache. Can you get a business credit card as a startup? It does, however, offer a 10% discount on reward redemptions, so youll earn free nights faster. Keep in mind what your business needs are when selecting which credit card is right for your startup. With some issuers, it could be OK to include sales projections here, too. Credit card issuers may ask for hard proof that shows the applicant earned what they claimed. Both business and credit cards fundamentally operate in the same way: Each offers its user a revolving line of credit and a grace period within which no interest is charged. Who can apply for a business credit card. To help improve your business credit report, you can ask the vendors or suppliers you do business with to report your payment history to all three credit bureaus. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Save more thanks to the general cash back rewards for fuel purchases: 4% cash back on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter. Pre-qualified offers are not binding. Redeem points for cash back, gift cards, travel and more your points dont expire as long as your account is open, Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards. After the intro APR offer ends, a Variable APR thats currently 18.24% to 28.24% will apply. A balance transfer fee of 4% of the amount of each transaction applies. 8 Best Business Credit Cards for Startups (June 2023) Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable andRead More. Business credit cards offer small and medium-sized businesses an opportunity to use regular revolving lines of credit to simplify and make business operations more convenient. Best Business Credit Cards for Startups for 2023 - The Motley Fool At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. For startups, an appealing benefit is that you get the choice of extra time to pay when cash flow is tight, or a high cash back rate when you pay quickly on specific purchases. Without a credit card, you may not have the funds to purchase the items your business needs in its beginning stages. If you have income from other sources that could help you qualify. A balance transfer fee of 4% of the amount of each transaction applies. Business credit cards offer superior fraud protection compared to business debit cards, checks or cash. Unfortunately there are very few business secured cards. Commissions do not affect our editors' opinions or evaluations. Her work has been featured by Forbes, USA Today and The Associated Press. Here we share some of the best business credit cards for startups. Its important to stick to the facts when reporting your business gross annual revenue, but dont sell yourself short. Limitless Opportunities. Lenders make a hard inquiry on your credit, which will negatively impact your credit score. Make sure to not subtract expenses or taxes from the annual revenue (theres no need to share profits or net revenue). If its a generous welcome offer youre looking for, the Delta SkyMiles Gold Business American Express Card can be very rewarding. No annual fee and no international transaction fees. Startup small business credit cards provide you with the capital you need to head in the right direction. You're going to be personally liable for your business credit card and liable for any employee transactions that may be fraudulent. Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account. With a Wyndham at almost every highway exit you'll never lack for options to spend your points. If the card reports to the business credit bureaus (not all of them do), a good payment history will help you demonstrate the ability to make timely paymentsone of the first steps to building a good business credit profile (even if your credit is less-than-perfect right now). To change your choice category for future purchases, you must go to the Mobile Banking app or Business Advantage 360, our small business online banking. Cell phone protection is also included and the card includes both no-extra-charge employee cards and fraud protection. See rates & fees) offers a unique and tailored approach for businesses to earn points automatically on eligible expense categories that they spend the most during each billing cycle. Still, the convenience and protections of a business credit card can be helpful to startups and though the barrier to entry may be higher, its not always out of reach. All images and trademarks are the property of their respective owners. The card also has a lower annual fee compared to competitor business credit cards. The type of startup small business credit card you choose will depend on what you believe your business needs. If your business will be regularly shopping on Amazon, AWS or Whole Foods check out the Amazon Business Prime American Express Card. For example, if only 75% . As the founder of a budding new company, there are plenty of good reasons for you to consider using a business credit card. NerdWallet surveyed major small-business credit card issuers American Express, Bank of America, Capital One, Chase, Citi and Discover about what, exactly, should be reported as revenue on a small-business credit card application, and the answers were similar. It does not indicate the availability of any Citi product or service. With both an introductory APR offer and solid earnings, the Business Advantage Travel Rewards World Mastercard credit card is a viable choice for growing small businesses. U.S. Bank Business Triple Cash Rewards World Elite Mastercard, The Blue Business Plus Credit Card from American Express, Bank of America Business Advantage Travel Rewards World Mastercard credit card, Bank of America Business Advantage Customized Cash Rewards Mastercard credit card, Bank of America Business Advantage Unlimited Cash Rewards Secured credit card. Applicants should begin an application once gathering the necessary information: Business Tax Identification Number, if applicable; This is often the business EIN or Employer Identification Number. You're given access to a revolving line of credit with a set limit based on your credit history. This article currently has 80 ratings with an average of 4.5 stars. Most business credit cards will rely on your personal credit history as well as your business revenue to determine your creditworthiness. Paying your entire credit card balance by the payment due date each month is the best way to make the most of your business credit card. A balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, applies. Im just starting a business and I dont have any income coming in for it yet. 1% Back on other purchases. Depending on the issuer and how you apply, you may be able to augment your application with a business plan or other evidence of expected or future revenue. Chauncey grew up on a farm in rural northern California. Yes, you can apply for a credit card for your LLC. We've specifically created a business credit card for startups and currently work with over 4,000 customers in 25+ countries. Either way, startups can use their projected revenue and expenses when filling out the application, which will rely on your personal credit history and personal guarantee. Monitor spend with digital tools like purchase alerts, set spending limits, reporting, and more. For example, if the applicant has a full-time job at a fast food restaurant and the application is for a business credit card for their graphic design side hustle, fast food wages should not be included as business revenue. Terms, Conditions and Limitations Apply. A credit score of 700 or higher will help ensure you are approved for a business credit card. That means you could earn up to 5.25% cash back in your selected choice category and up to 3.5% cash back on dining purchases on the first $50,000 in those combined purchases each calendar year, and up to an unlimited 1.75% cash back on all other purchases. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Some transactions may earn more rewards than others, like office supplies. Earn 5 points per $1 spent onRead More. Talking to a representative over the phone or in person at a bank branch may help you understand your specific issuers process and considerations more thoroughly. A credit card specifically designed for business expenses can quickly become a vital part of any business owners wallet. The greater the business revenue, the more likely the applicant business will be approvedand the larger the limit. The list of travel coverage and protections are extensive and the cards travel rewards are excellent. And just like personal credit, it's imperative to pay your business credit card bills on time to prove that your business is reliable and will pay back the loan on time and in full. Here's why Jeeves is one of the best credit cards for international startups: Get approved and set up in under 24 hours It can also help build a business credit score and earn specific rewards for common purchases. The standard APR of 20.74%, 24.74% or 29.74% variable applies to purchases and balance transfers. Pre-qualified offers are not binding. Youll want to choose one that best fits the needs of your new business. This card is not currently available through Nav. The credit card issuer will use this information to determine whether the application will be approved and to set the size of the credit line. Heres how Amex describes it: From workflow to inventory to floor plans, your business is constantly changing. Rewards: Earn 8 points per $1 spent on Hotels By Wyndham and gas purchases, 5 points per $1 spent on marketing, advertising and utilities and 1 point per $1 spent on all other purchases. Whenever possible, use a business credit card for business expenses and your personal cards only for personal purchases. Best Business Credit Cards for Startups We've picked seven great business credit cards for startups and categorized them to help you pick the best credit card for your business. The foreign transaction fee means it's best to keep this card at home when traveling overseas. Other Benefits and Drawbacks: The Capital One Spark Classic for Business* doesnt charge a foreign transaction fee and it provides employee cards at no extra cost. Many business cards offer bonus rewards on office supplies, internet and phone service or reward other categories many small businesses will more often use. You can change it once each calendar month, or make no change and it stays the same. If youre a sole proprietor or are not set up with an EIN, you can apply for a business card using your Social Security number. Best of all, its completely free. Information is collected in accordance with our, Copyright 2023 Nav Technologies, Inc. All Rights Reserved, California loans arranged pursuant to Department of Financial Protection & Innovation Lenders In that case, a business charge card can be the best business credit card option for some new businesses. Other Benefits and Drawbacks: The Bank of America Business Advantage Travel Rewards World Mastercard credit card offers travel accident insurance to the tune of $1 million, lost luggage insurance, trip cancellation coverage and trip delay reimbursement. The card also offers $0 fraud liability protection and charges no foreign transaction fees. When filling out the revenue portion of a. Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening. The Blue Business Plus card is a rare example of a no-annual-fee way to game your rewards earnings. Non-operating revenue: $2,000 12 = $24,000. This issuer declined to . No matter what stage your business is in, Citi has a business credit card that will meet your needs. Editorial Note: We earn a commission from partner links on Forbes Advisor. With secondary car rental loss and damage insurance and extended warranty and purchase protections, your purchases and rental cars are covered. The Bank of America Business Advantage Travel Rewards World Mastercard credit card has you coveredand it means it. Otherwise, credit cards for fair to good credit will be the most flexible in terms of credit requirements. Keep in mind that the terms of card offers here may change, and as always, terms and conditions apply. So what counts as an honest, just-the-facts answer? Claire Tsosie is an assigning editor for NerdWallet. Terms, Conditions and Limitations Apply. You can do a few things to get the most value from your business credit card as a startup. This includes any money brought in from sales or services, sales of stock or anything else that brings money into the business. Employee cards are often offered for no extra cost as a convenience feature on many small business credit cards. For example, if you've had a personal checking account with your bank for over ten years and decided to apply for a business credit card, you would be more likely to get approved. Finally, you should continue to monitor your business credit reports to ensure the information there is accurate and up to date. A startup would use the same type of business credit card that any small business would use. Work with our lending specialists to get smart answers to all your small business questions. Rewards: Earn 4 Membership Rewards points per dollar on the 2 select categories where a business spends the most each month. It offers Visa Spend Clarity to help track your spending and manage your expenses, and theres no annual fee for this card. By getting a card in the name of your business youll start to establish a. It's available for many businesses, including startups, freelancers, and sole proprietors. Entering personal income can help boost the chances for approval, especially if a new business owner doesnt have any revenue to report yet. Membership Rewards points are valuable for offering exceptional value when booking travel by transferring to Amexs airline and hotel travel partners. Comment * document.getElementById("comment").setAttribute( "id", "aed6b1fe88262950ca6ac29facfe1d01" );document.getElementById("h09971f2bf").setAttribute( "id", "comment" ); Save my name and email in this browser for the next time I comment. Welcome Bonus: Earn $300 online statement credit after spending $3,000 in the first 90 days of account opening. It offers a $0 fraud liability guarantee, but the cards rewards wont compete with the best on this list by a long shot. Typically a credit card issuer requires gross annual revenue from the previous year on a business card application. Report gross annual revenue (before taxes and expenses) from the previous year on the application. The card also offers no-extra-charge employee cards and unlocks Amex Offers. Best Business Credit Cards For Startups and New Businesses Of - Forbes We do not recommend relying on a credit card to finance your business startup. No annual cap and cash rewards dont expire. Thanks. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Delta SkyMiles Gold Business American Express Card. If your business is brand-new, then the issuer will generally rely on your personal credit score. This compensation comes from two main sources. This means that you can get a business credit card even if your business doesn't have any revenue. Frequent business travelers who spend generously within the bonus categories will find extreme value in this card. $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening. Utilities and cell phone plans are also unique reward categories, but the card likely only makes sense for those who often need a place to sleep: Wyndham Rewards are best redeemed toward hotel stays and hotel-related perks. Rewards: Earn 1.5% cash back on all purchases. Some are more flexible and will issue to cardholders with scores in the mid-600s. Rewards: Earn 3 points per dollar on the first $150,000 spent on travel and select business categories each account anniversary year and 1 point per dollar on all other purchases. Start by researching your options and. To view rates and fees for American Express Business Gold Card please visit this page. The overall themes: Applicants should report gross annual revenue. This is just one scoring method and a credit card issuer may use another method when considering your application. Upon approval your credit line will be equal to your deposit account. Just be aware that if you want your highest earning category to change for the month, youll have to log in and change it in advance of the purchase, its not retroactive. To see what business credit cards are available, please visit the Nav Credit Card Marketplace. A top pick is the Costco Anywhere Visa Business Card by Citi. 2023 Forbes Media LLC. Please visit americanexpress.com/benefitsguide for more details. Our opinions are our own. So long as your credit is healthy and you have the income to prove youll be able to pay your bills, applying for a business credit card during the infancy of your business may not be particularly difficult. You might be using an unsupported or outdated browser. Earn $1,000 bonus cash back after you spend $10,000 on purchases in the first 3 months from account opening. You can earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. Intro APR: 0% promotional APR for 6 billing cycles from the transaction date on all Qualifying Wyndham Timeshare Purchases. Your deduction depends on the percentage of business expenses among the charges on the card. Rewards: Earn 5% cash back on prepaid hotels and car rentals booked directly in the Rewards Center, 3% cash back on eligible purchases at gas stations and EV charging stations, office supply stores, cell phone service providers and restaurants and 1% cash back on all other eligible net purchases. Performance information may have changed since the time of publication. Earn unlimited 2.5% total cash back on purchases of $5,000 or more and unlimited 2% cash back on all other business purchases. Our partners compensate us. Depending on the issuer, some applicants can enter sales projections from new businesses as revenue. We'd love to hear from you, please enter your comments. Your email address will not be published. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. 1 point per dollar is earned for other purchases. If you are looking for financing for your startup, a 0% APR credit card may be an excellent option. Benefits of getting a business card: More welcome bonus opportunities An easy way to earn more miles and points Keeping your business spending and expenses separate Likewise, the best card for earning cash back rewards will also offer a valuable welcome bonus and rewards for spending. You can find her speaking at many venues about family travel, credit cards and travel loyalty programs or using travel rewards to travel at least 100 days a year with her own family. Here are a few tips on how to get a business credit card with no revenue: 1. All Rights Reserved. Revenue is simply the money your business brings in. Compare how much the annual percentage rates are for the cards you're interested in and any other fees that may be associated with it, like late fees, and foreign transaction fees. Business cards with 0% APR promotional financing offers can be available, but they arent often as generous as those from personal cards. I have two vendor accounts that are not reported on my business report. Balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies. Business credit cards can help you when your business needs access to cash right away. Small business credit cards are one of the few business loans available to startups without at least a year in business or strong business revenues. Most small business credit card applications will allow you to include income from all sources, not just the business. Charge cards must be paid in full each month, making it a good alternative to business credit cards for startups which allow you to carry a balance from month to month. This card shines for this use, but overall the star ratings may differ when compared to other cards. Please help us keep our site clean and protect yourself. How to Fill Out and Get Approved for a Business Credit Card Application Past performance is not indicative of future results. Earn 3% cash back in the category of your choice: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining purchases and 1% cash back on all other purchases. The cards annual fee is relatively high compared to other business credit cards and the capped bonus categories could be considered a drawback for some businesses. Even among specific issuers (such as Bank of America, Chase or CapitalOne), youll find they offer several different business credit card programs. How to get a business credit card for Startups or New businesses? Here are three significant advantages to using a business credit card for business purchases: Some entrepreneurs may be hesitant to use credit because they are afraid they will be tempted to run up debt. Mixing your business expenses is generally considered to be a bad idea for several reasons. Understand, though, that major card issuers will require you to provide personal information when you apply, and will likely require a personal guarantee. Thank you. Earn 4X points in the 2 select categories where you spend the most each month (4X points applies to theRead More. And for those who qualify for Bank of Americas Preferred Rewards program, the rewards rate is even richer. Welcome Bonus: Earn 50,000 bonus points after spending $3,000 in the first 90 days and earn 25,000 bonus points after spending $10,000 within the first 12 months. Cash rewards dont expire. Many business credit cards offer rewards and perks in the same way consumer cards do, but with business credit cards, rewards and benefits are often tailored to the needs of small businesses. NerdWallet Compare, Inc. 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