A business credit card can certainly make your life easier as a business owner. It can allow you to manage your capital in an excellent way. No longer you need to worry about employee salaries and various other expenses.
The problem is that if you have a great credit score, getting business credit cards is easy. However, what if you have a fair credit score?
In that case, there are a few credit cards that can come to your rescue.
We will share with you the 5 Best business credit cards for fair credit. Once you choose from them, getting approval is easy, and after that, you can easily take advantage of these credit cards.
To help you choose between these five options, we will share a guide below to help you with the same.
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The 5 Best Business Credit Cards For Fair Credit
1. Capital One Spark Classic for Business
The advantage of this credit card is that you can qualify for it even if you have an average credit score. Moreover, you need not worry about any fees as well.
Do you want to add additional cards for your employees?
If so, it offers you the same with no extra cost as well.
The card also offers you cashback. It offers unlimited 1% cashback. Due to the same, if you want to use it for your business expenses, you can certainly do so.
There are quite a few other advantages of this credit card as well like:
- Access to accounting services
- Customized spending limits for employees
- Ample business benefits
- 24/7 travel assistance
- And so on
With the help of these advantages, it becomes effortless for you to manage your business and get additional benefits.
In case you want to build your credit score, this card can help you with the same.
The regular APR is 26.99%. It is, however, variable and depends on your usage as well as credit score.
With no foreign transaction fee, if you travel a lot for business, then too this card can certainly help you out.
You can redeem the cashback any time. There is no minimum threshold for the same.
With these features on offer and approval for individuals with your credit, you can certainly go with this card.
- Cashback available
- Easy approval for individuals with fair credit score
- Ability to add employee add on cards
- No foreign transaction fee
- Access to accounting services
- Visa business benefits included
- Not suitable for balance transfer
2. Brex Card and Account for Small Business
The reason why this card is on our list is that it is suitable for every type of small business. It does not run a credit check at all. Due to the same, you can get easy approval.
Also, as a business owner, you need not worry about providing a personal guaranty for this credit card. It means that it is easy for you to get approved.
There is no annual fee for this card. Additionally, there is no foreign transaction fee as well. It means that you have to worry about any unwanted charges.
It offers you quite a few rewards as well. These include 8x on a rideshare, 5X on travel, 3x on software subscriptions, 1x other purchases, and 4x on restaurants. With all these rewards, it is easy for you to use this credit card to your advantage.
You need to keep in mind that this is a charge card. Due to the same, you will have to pay the charges every month.
If you want to add more cards, you can add five cards for free. After that, you will have to shell out $5 for each card.
In case you do not become part of the exclusive program of this car, you will still earn 1 point for every dollar you spend. It means that it offers you plenty of rewards.
You need to keep in mind that there is a requirement to get approved for this card. If you have $100,000 in a corporate bank card, you can undoubtedly go for it. It is perfect for start-ups that are backed by venture capital firms.
If you meet these requirements, this is certainly a business card which you can go with.
- Easy to add employee cards
- Easy approval
- Perfect for start-ups
- Various rewards on offer
- Not suitable for businesses that are not VC backed
3. Wells Fargo Business Secured Credit Card
In case you’re not able to get an unsecured credit card, you will have to go for a secured business credit card. The one that we are speaking about now is such a card.
The advantage is that you get the credit limit equal to the cash deposit which you need.
For example, if you deposit $10,000, your limit will be $10,000. It offers limits of $25,000. Due to the same, it becomes easy for you to use this card for your business expenses.
The large limit ensures that you will be able to transact and deal with your business expenses efficiently.
The USP of this credit card is that it allows you to choose between cash back and reward points. You can get up to 1.5% cashback. You can also get 1 point for every $1 which you spend. Also, you need to keep in mind that this card does not offer you a signup bonus.
One of the primary reasons you can go with this card is that the bank does not report to consumer credit bureaus. It means that it can allow you to build your business credit.
When you look at APR, it offers an APR of 11.9% in addition to the prime rate.
Even if you have a poor credit score, this card can certainly come to your rescue. You need not worry about getting rejected.
The zero liability protection protects you against any fraud as well.
If you have no option but to go with a secured business credit card, you can go with this one.
- The choice between cash back and rewards program
- Zero liability protection
- No credit check
- No annual fee
- Requires cash deposit
4. Capital One Secured Mastercard
The secured card which we are highlighting now is easy to get approval for. It is perfect if you want to build your credit score.
The no annual fee ensures you will not have to worry about any additional charges.
The card reports the financial transactions to the credit bureaus. That is why you will have to pay the amount on a timely basis.
It provides you with a credit line of up to $200. The card requires a deposit of either $49, $99, or $200. The exact amount can be negotiated with the issuer.
After making the five monthly payments, it will become easier for you to get a higher credit limit. That is when you can use it for business transactions.
The 24/7 online support access by phone or mobile app ensures that using your credit card is easy.
With acceptance at millions of locations worldwide, you can use it almost anywhere.
The APR of 26.99% means that you will have to pay it on a timely basis. Additionally, it is variable. That is why you can negotiate a better interest rate.
The card allows you to pick your payment date. It means that if you want to customize the payment schedule, you can certainly do so. This feature will enable you to maintain liquidity.
The refundable deposit means that you might be able to get your deposit back in terms of a statement credit. That is why the initial deposit which you are making is temporary security.
You can use this card to do a balance transfer. You will get a lower interest rate on the same.
The card allows you to add authorized users to your card. By doing so, fraudulent transactions will no longer be an issue.
The autopay mechanism ensures that you won’t have to worry about manually paying for the card.
The security alerts on every transaction through phone, email, and text ensure that you are always up to date regarding the transactions you are making.
For online transactions, you can set up a virtual card as well. Virtual cards can provide additional safety for online transactions.
With the help of a mobile app, you can easily lock and unlock your card.
You certainly won’t go wrong with this card.
- Excellent security mechanism
- Refundable deposit
- 24/7 support access
- No annual fee
- No reward program
5. BBVA Compass Visa Business Rewards
In case you live in states like California, Colorado, Florida, New Mexico, Texas, Alabama, Arizona, this card is certainly suitable for you. It is on the 5th spot on our list because it is not available nationwide. Also, it is only available to business owners in these States.
It is popularly known as the sunbelt card. Additionally, the card offers you a rewards program. When you spend $1, you will get 1.5 points. It means that you can easily use this card to conduct your business expenses.
The APR can vary from 9.24% to 23.24%. During the application process, you have to enquire about the exact APR.
The card is suitable for business owners with average to excellent credit. That is why getting approval is not going to be a problem.
The card doesn’t have an annual fee. Along with that, you can add employee cards at no extra cost. It will allow you to manage your entire business expenses.
Additionally, it offers affordable introductory rates. Introductory rates can help you with the balance transfer.
When you’re opting for a car rental using this card, you will get car rental insurance without any extra cost. The SavingsEdge feature means that you can earn up to 15% if you make transactions with specific merchants.
The features make this card a great choice if you live in the states mentioned above.
- Various perks on offer
- Free employee add-on cards
- Reward programs on offer
- Introductory APR available
- Available in limited States
Now that you are aware of the five best business credit cards for fair credit, these are the five options that you can go with.
Unable to decide between these five cards?
If so, we will share a few tips to help you choose between these five credit cards.
How To Pick Between The 5 Best Business Credit Cards For Fair Credit?
There are a few things that you should consider while comparing the best business credit cards for fair credit. These include:
Choosing the type of card you need is a must. You have to decide whether you want to go with a secured card or an unsecured card. Of course, unsecured is a priority. If you do not qualify for the same, you will have no other option but to go with the secured one. That is why you have to determine the type 1st and after that, take a call.
2. Approval Process
You have to look at the credit score which you have. If it is in the fair range, you can pick any from these 5. Additionally, if you’re going with the secured one, you have to look at the amount of money you deposit.
Once you take into account the approval process and after that, you can choose the card easily.
3. Employee Cards
When you’re opting for a business credit card, it is a good idea to choose one to add free employee add-on cards. You have to look at the limit of employee add-on cards. Only when the limit is higher than the number of employees you have can you go ahead and choose that card.
You have to look at the APR rate as well. It should ideally be variable. In that case, you can negotiate a better rate.
If it offers an introductory rate, that is another advantage.
Comparing the five best business credit cards for fair credit on these few parameters will help you choose between the five cards easily.
Just because you have a fair credit score does not mean that you can’t get a business credit card. Using the list above, you can quickly get a business credit card which can make your life convenient despite having a fair credit score.