Are you looking for a credit card for your startup business but have no credit? Is it even possible to get startup business credit cards with no credit? Well, read on to find out.
The truth is starting a business requires capital. And, since startups have no credit, acquiring that capital might be an uphill task. As such, you might find many startup businesses closing their doors in their first year of operations due to a lack of cash flow.
So, where do you get the required capital to propel your startup business forward? Are business credit cards a good option for startups, considering that startups don't even have a credit history?
Luckily, it's possible to get startup business credit cards without credit, and they are a great option when used well. This is because many issuers will not do a credit check to get you approved for the card. And when they do, they are more interested in the credit score of the business owner instead of the business.
As such, it's quite possible for new businesses or companies to get business credit cards and enjoy various perks, such as cashback rewards or even travel perks.
But now, which are the best credit cards for such businesses, that also help you build your credit?
Let's dive right in;
Table of Contents
Best Startup Business Credit Cards with no Credit
Identifying the right business credit card for your startup is essential. That way, you can enjoy all the perks that help your business grow and, at the same time, grow the business' credit.
But, which are these cards that do not require a business credit history?
Here are our best picks. And you can visit the Top Credit Card Finder website to shop for your preferred credit card.
1. The American Express Blue Business Cash™ Card
This card is ideal for businesses that have a lot of expenses. That's because it offers a 0% introductory APR on purchases and balance transfers for the first 12 months. Plus, the American Express Blue card has no annual fee to worry about, as it's $0.
After the introductory APR ends, during the first year, the card's regular APR kicks in. And it's also not as bad. Generally, the card will have a variable APR of between 15.49%-23.49%, which is pretty favorable compared to many other credit cards.
Other features that make this card one of the best startup business credit cards with no credit include:
- The 2% cashback for all purchases (eligible ones) with a max limit of $50,000 annually.
- 1% of the cashback your business earns goes directly to your statement.
- You'll earn up to $250 if you manage to make purchases worth $3,000 during your card's first three months. All this goes to your startup's credit statement.
- It offers an Expandable Buying Power, allowing you to cater to the changes in your business, such as increased inventory or workflow.
- High rewards rate
Therefore, this credit card is a perfect choice if you are looking for a great way to improve your credit statement.
2. Wells Fargo Business Secured Credit Card
This is a secured business credit card, which means that your credit limit will be determined by the amount you deposit. The minimum deposit is $500, and the maximum is $25,000.
The best thing about this card is that it reports to all three major business credit bureaus. Therefore, using this card can help improve or establish your business's credit rating.
Other than that, there's a 0% intro APR for 12 months on purchases and balance transfers. After that, the variable APR of 16.65%-24.99% applies. The annual fee for this card is $0 with a $0 foreign transaction fee.
The only fee charged here is the balance transfer fee, at 4% of every advance, or $10 minimum to $175 maximum, whichever is greater.
When it comes to rewards, this card gives your business a chance to earn up to 1.5% cashback for every dollar worth of purchases charged on the card. Sometimes, the card rewards you with points, allowing you to earn 1 point for every dollar spent. You'll also receive 1000 extra points for $1000 spent during each monthly billing period.
This Wells Fargo business card also allows you to add a maximum of 10 employee cards. The only challenge here is that for every card you add, it will cost you $25 extra annually.
See related: What is the Credit Score Needed for Amazon Card?
3. Capital One Spark Miles for Business
If you've dealt with the famous Capital One Venture Rewards Credit Card, it will be easier to understand the benefits of this card. In fact, the Capital One Spark Miles for business is essentially the business version of the Venture Rewards Credit Card from Capital One.
With this card, you earn 2 miles for every dollar worth of purchase charged on the card. And you can use these miles to book travel or redeem them for cash. Also, there are no blackout dates and no restrictions on how you can redeem your rewards.
Besides that, the card has a 0% intro APR on purchases and balance transfers for the first 12 months after account opening. After that, a variable APR of 15.49%-22.49% applies. The card's annual fee is $0 for the first year, after which it will be $95. However, it has a foreign transaction fee of $0%.
Also, to encourage new users, this card offers 50,000 bonus miles if you spend at least $4,500 worth of purchases during your card's first three months from account opening. These points are worth up to $500 in free travel when redeemed through the Spark Miles portal.
However, you should note that you require a personal credit score of at least 690 to get this business credit card.
4. Brex Busines Card
If you are looking for a business credit card that won't even focus on your personal credit score, this is the card for you. The Brex Card for startups is a corporate card that requires no personal guarantee.
With Brex Business Card, you'll enjoy some incredible benefits such as cashback on all qualifying purchases, zero annual and foreign transaction fees, and an attractive rewards system. Even better, the card has a mobile app that allows you to manage your account, easily tracking all your expenses.
And to sweeten the deal even further, this card comes with a sign-up bonus. For instance, if you spend $1000 in your first 30 days as a cardholder, you'll receive 10,000 points! You also receive an extra 10,000 points when you hit another $1000 worth of purchases in three months, and lastly, an extra $20,000 points once you link your payroll to the Brex Account.
The credit limits for this card are also amazing. It offers 10-20x more than most traditional credit cards. It also gives you the best chance to earn points for every dollar you spend, with the best multipliers in the industry.
For example, you get 7x points when you spend on Rideshare, 4x points on Brex travel, and 3x points on restaurants. Now, these are awesome deals!
5. OpenSky Secured Visa Credit Card
OpenSky is another secured business credit card that must feature on our exclusive list of best business credit cards. For starters, this card is ideal for startup businesses looking to build their credit.
Like the Brex Card, this one also doesn't require the owner's personal credit score. Subsequently, you can apply for the card even with a poor credit history.
Generally, the OpenSky credit card gives everyone a chance to give it a try in business. But to qualify for this secured business credit card, you must make an initial deposit of $200 which is also your credit limit. And if you want to raise your credit limit, all you need to do is make an additional deposit up to a maximum of $3,000.
Besides that, the OpenSky Secured Visa Credit Card has a $35 annual fee and an 18.14% variable APR. You will also be charged a foreign transaction fee of $0 on all purchases made outside the United States.
The card issuer also reports your activity to all the major credit bureaus, so it will help you improve your credit as you use the card.
See related: How to Earn $100 Free Cash App Money
6. Chase Ink Business Unlimited Card
It's not easy to get good startup business credit cards. But, Chase offers you that chance with their Business Unlimited Card. And the best part is that this card has no annual fee!
This business credit card offers you a lot of opportunities to earn rewards. For every dollar you spend, you'll get an unlimited 1.5% back in rewards. You can then redeem these points for cash, gift cards, travel, and even transfer them to other Chase Ultimate Rewards earning accounts.
To add to that, the sign-up bonus on this card is also pretty incredible. When you spend $7,500 within your first three months as a cardholder, you can earn $750 as a bonus.
There's also 0% APR for the first 12 months on all purchases and balance transfers. After that, a variable APR of 14.74%-20.74% will apply. You will also be charged a foreign transaction fee of $0 on all purchases made outside the United States.
This credit card is suitable for small businesses that wish to build business credit scores instead of focussing too much on rewards. So, if you are looking for the best small business credit cards, check this one out.
7. First Progress Platinum Prestige Mastercard
When looking at the best startup business credit cards with no credit, this Platinum Prestige Mastercard by First Progress appears among the top brands.
Like several other secured business credit cards on this list, First Progress requires no personal credit history or minimum credit score for approval. Your approval depends on the refundable deposit, which makes this one of the best-secured business credit cards in the market.
You can use this card anywhere Mastercard is accepted, and their annual fee is $49. As for the APR, the card charges a variable APR of 12.24% for all your purchases. However, the variable APR on cash advances can go up to 21.24%.
Lastly, you'll be charged a cash advance transaction fee of 3% on every cash advance, or $10, whichever is higher.
To build your credit with this card, make sure you make all your payments on time and keep your balances low relative to your credit limit. The issuer reports to all the major credit bureaus, meaning that the card is perfect for businesses that wish to grow their credit.
8. Ink Business Preferred Credit Card
When you want more sign-up rewards, this small business credit card from Chase beats them all. Also, its rewards system is as attractive.
For example, you receive 100k points as a bonus once you've made $15,000 worth of purchases on the card within your first three months. This translates to around $1,000 cashback rewards or $1,250 worth of travel rewards when you redeem via Chase Ultimate Rewards.
Additionally, for every dollar you spend on the card for travel and several other common expenses, you receive 3x points. As for other spending categories, you get one point for every dollar spent.
This business credit card charges an annual fee of $95. And while it doesn't have an introductory APR, it has a low variable APR ranging between 17.49% and 22.49%. The foreign transaction fees are also $0.
The best thing about this card is that it gives you flexibility. For instance, you can transfer your points to multiple airline and hotel reward programs. Some of the available partners for this option include:
- Emirates Skywards
- Aer Lingus AerClub
- British Airways Executive Club
- Air France/KLM Flying Blue
- Marriott Bonvoy
- IHG Rewards Club
All these features make this one of the best business credit cards for startups.
See related: I need 100 Dollars Now: Easy Ways to Get It
For the most secure online payments, this is your card. However, if you have bad or no credit, this business credit card is not for you. This is because it requires you to have a credit score of at least 630, which is for people with a fair credit score.
As for the introductory APR, it has none. As such, it charges a regular variable APR of 26.99%, which is also not among the lowest in the market.
The only good thing about this card is that it helps you earn an unlimited 1% cash back for your business in every purchase. Also, it has no annual fee or balance transfer fee, and the foreign transaction fee is 0%.
This card is among the best picks for business owners with fair credit.
10. Chime Credit Builder Visa Credit Card
Last but not least on this list of startup business credit cards with no credit is the Credit Builder Visa card by Chime. Just like the name suggests, this card is meant to help you build your credit.
And it does so by reporting your business activities to the three major credit bureaus, including TransUnion, Experian, and Equifax. Also, if you make timely payments for a period of 12 months, you could get an increased credit limit and a lower APR.
The best thing about this card is that there's no compulsory minimum deposit. Also, the applicant doesn't need an excellent credit score to qualify. In fact, it's among the best startup business cards for people with poor or bad credit score.
The card allows applicants to set aside money for the deposit, which also acts as their credit limit. This is done by depositing money to the Credit Builder secured account from your normal Chime Spending Account. In other words, the first step here is to open a Chime Spending Account.
The main benefits of using this business credit card for your startup include:
- Zero annual fees
- Low credit score requirement (300-669)
- Adjustable credit limit
- No APR
With Chime Credit Builder Visa Credit Card, you won't have to worry anymore about the lack of operating capital for your business.
How to Identify the best Startup Business Credit Cards with no Credit
With all these options laid down there for you, how do you choose the best card for your startup? Well, when it comes to business credit cards for startups, the best option is usually the one with the lowest APR and no annual fee. However, if you have a bad or no credit score, your options will be limited to a few cards with high APRs.
So, to identify the best startup business card with no credit, you need to consider the following:
- The type of business
- Your average monthly spending
- Amount of cashback or rewards you want
- Annual fee and other charges
You also need to take into account your current financial situation and future plans for your business. For instance, if you don't plan on using the card overseas anytime soon, the zero foreign transaction fees feature may not be of any consequence to your business.
The same goes for cards that offer rewards and cash back. If you don't think you'll use them, then it's probably not worth paying an annual fee for them.
What are startup business credit cards with no credit?
These are business credit cards designed to cater to business owners with no credit history or good credit score. So, the business credit card issuers will, in most cases, not do a credit check on the business or the owner.
Do all startup business credit cards have an annual fee?
No, there are some startup business credit cards with no annual fee. However, these usually have higher APRs.
Is it worth getting a startup business credit card with no credit?
Yes, if you have bad or no credit, getting a startup business card can help you build your credit score. Just make sure to choose one with low fees and charges to avoid putting too much pressure on your business.
- Reliable Ways to Get Legit Walmart Cashback (Up to 15%)
- What is the Credit Score Needed for Amazon Card?
- Credit Score Needed for Apple Card