If you have bad credit, it may be challenging to get approved for a business credit card. However, there are still some options that you could consider applying for:
- Secured business credit cards: Similar to secured personal credit cards, secured business credit cards require a security deposit, which serves as collateral. Your credit limit is typically equal to the amount of the deposit. Secured business credit cards can help you build credit over time, as long as you use them responsibly.
- Small business credit cards for fair credit: Some small business credit cards may be available to applicants with fair credit. These cards typically require a credit score of at least 580, but approval is not guaranteed. Make sure to compare the fees and interest rates of different cards before applying.
- Business credit cards with a cosigner: If you have a friend or family member with good credit who is willing to cosign for you, you may be able to get approved for a business credit card. However, keep in mind that if you fail to make payments, your cosigner will be responsible for the debt.
- Business charge cards: Some business charge cards do not have a preset spending limit, which means that your credit history may be less of a factor in the approval process. However, keep in mind that you will be required to pay off your balance in full each month.
It’s important to note that even if you’re approved for a business credit card with bad credit, you’ll still need to use it responsibly in order to improve your credit score. Make sure to pay your bills on time and keep your balances low to avoid accruing interest and fees. Additionally, consider working with a credit counselor or financial advisor to develop a plan for improving your credit over time.
Stripe Corporate Card, Brex, Divvy, Ramp, and Mercury are all business credit cards designed for companies of various sizes and stages. While they may have different features and requirements, all of these cards offer solutions to help businesses manage their finances and expenses more efficiently. Here’s a brief overview of each card:
- Stripe Corporate Card: The Stripe Corporate Card is designed for small to medium-sized businesses and startups. This card offers cashback rewards, no annual fee, and a simplified expense management system that integrates with other Stripe products. It’s important to note that the Stripe Corporate Card is currently only available to businesses in the United States.
- Brex: Brex offers credit cards specifically designed for startups, with features like no personal guarantee, no annual fee, and high credit limits. Brex also offers a rewards program tailored to startup spending, including rewards for software and travel expenses.
- Divvy: Divvy is a business credit card and expense management platform that offers features like real-time budget tracking, automated expense reports, and spend controls. Divvy is designed for small to mid-sized businesses and offers a free version with limited features, as well as a paid version with more advanced features.
- Ramp: Ramp offers a corporate credit card and expense management platform with features like spend tracking, budgeting, and automated expense reports. Ramp is designed for mid-sized businesses and offers no annual fee, cashback rewards, and no foreign transaction fees.
- Mercury: Mercury is a business bank account that offers a debit card and expense management tools. Mercury is designed for small to mid-sized businesses and offers no monthly fees, no transaction fees, and unlimited transactions. However, Mercury currently does not offer credit cards.
It’s important to note that while these business credit cards may be available to applicants with bad credit, approval is not guaranteed. Additionally, these cards may come with higher fees and interest rates for those with poor credit. Before applying for any of these cards, be sure to compare their features and fees to find the best option for your business.