With the current economic climate, many people are starting new businesses. If you’re one of these entrepreneurs and have no credit history yet, it can be difficult to find a good deal on financing options. These cards will help any startup with their business continuity while also providing ample rewards for your hard work.
The “first time credit card no credit history” is a type of credit card that is designed for people who have never had a credit card before. The cards are usually geared towards young adults and students. The cards typically offer low interest rates, high limits, and rewards programs.
Editor’s note: This is a periodic piece containing card information that is updated on a regular basis.
Credit cards and funding are still available to new enterprises with no credit. While some individuals believe that having good business credit qualifies you for a business credit card, most lenders look at your personal credit first. The best cards typically demand a personal credit score of at least 670, but we also provide cards for those with bad credit or no credit.
The following credit cards are the best for new companies with no credit history:
Overall Best Credit Card for New Businesses With No Credit History: Chase Ink Business Unlimited®
Pros & Cons Features Pros & Cons
Credit Card Ink Business Unlimited®
Our editorial team uses industry specialists to generate the scores for Fit Small Business. The kind of credit card (cash back or travel) as well as the card’s rates, fees, rewards, and other benefits like insurance are all taken into account in our grading methodology.
Now is the time to apply.
Chase’s Protected Website
BEST FOR
Getting 1.5 percent cash back on each and every transaction
Intro APR
0% Introductory APR on Purchases
APR on a regular basis
Variable 13.24 percent – 19.24 percent
- After spending $7,500 on purchases in the first three months after creating your account, you’ll get a $750 extra cash back.
- Earn an unlimited amount of 1.5 percent cash back on all purchases made for your company.
- There is no annual fee.
- With Chase Ultimate Rewards®, you may get cash back, gift cards, travel, and more.
- Employee cards allow you to earn rewards quicker and at no extra expense. To get more control over your spending, set specific spending limitations.
- Your card transactions will be monitored for probable signals of fraudulent activity utilizing real-time fraud monitoring with Fraud Protection.
- You won’t be held liable for unauthorized charges made with your card or account information if you have Zero Liability.
- On purchases, there is a 0% introductory APR for the first 12 months.
Pros
- On purchases, there is a 0% introductory APR.
- On all purchases, you’ll get unlimited cash back incentives.
Cons
- Balance transfers are not eligible for the introductory APR period.
- Balance transfer fees are 5%.
- When renting a car for business, the collision damage waiver is primary, meaning it substitutes any personal insurance coverage you may have; it covers compensation up to the real cash value of the vehicle for theft and collision damage for most automobiles in the US and internationally.
- Purchase protection: Protects your new purchases from damage or theft for 120 days, up to $10,000 per claim and $50,000 per account per year.
- On qualified warranties of three years or less, extended warranty protection extends the time duration of the US manufacturer’s guarantee by an extra year.
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Why we like it: Because to its good combination of incentives, introductory financing, and no annual fee, this small business credit card is at the top of our list. From the time you get your card, you’ll be able to earn limitless 1.5 percent cash back. You may also get a sign-up bonus of several hundred dollars if you spend at least $2,500 on your card monthly.
This card also has the advantage of allowing new enterprises to avoid paying interest. You will be able to finance items with no interest for a period of 12 months. This sort of offer might assist you in making critical expenditures to get your firm up and running without having to return them right away. Make sure to pay off your amount before the promotional period ends and the regular annual percentage rate (APR) begins.
Details about the Overview Advantages and Disadvantages
The American Express Blue Business CashTM Card is a credit card issued by American Express.
Our editorial team uses industry specialists to generate the scores for Fit Small Business. The kind of credit card (cash back or travel) as well as the card’s rates, fees, rewards, and other benefits like insurance are all taken into account in our grading methodology.
Apply Now
via the secure website of the American Express Blue Business CashTM Card
BEST FOR
Earn 2% cash back on every swipe and a 0% introductory annual percentage rate (APR) for the first 12 months.
Intro APR
Purchases are tax-free.
APR on a regular basis
Variable 13.24 percent – 19.24 percent
Credit is required.
Good, Excellent
- After you spend $3,000 on your Card in the first three months, you’ll get a $250 statement credit.
- Earn 2% cash back on all qualifying purchases up to $50,000 per calendar year, after which you’ll get 1%. Earned cash back is immediately added to your account.
- Your company is continuously evolving, from workflow to inventory to floor layouts. As a result, with Expanded Buying Power, you have the ability to spend over your credit limit.
- Always keep in mind that the amount you may spend above your credit limit is restricted. It changes based on your Card use, payment history, credit history, financial resources known to American Express, and other variables.
- For the first 12 months after account creation, you’ll get a 0% intro APR on purchases, followed by a variable rate of 13.24 percent to 19.24 percent, dependent on your creditworthiness and other variables assessed at the time of account opening.
- There is no annual fee.
- Terms and Conditions apply.
Pros
- For the next 12 months, there is no interest.
- On every purchase, get a constant 2% cash back incentive.
Cons
- There is no sign-up incentive in the form of money.
- The 2% cash back category has a limit of $50,000 in yearly expenditure.
- Extended warranty coverage: On warranties of up to 5 years, American Express gives up to an extra year of coverage. Each year, coverage is capped at $10,000 per incident and $50,000 per account.
- Purchase protection: If an item bought with the card is damaged or stolen within 90 days of purchase, the issuer will repair, replace, or refund you. The maximum coverage is $1,000 per event and $50,000 per account per year.
- Baggage insurance: If your baggage is damaged or destroyed while traveling by aircraft, train, ship, or bus, American Express will compensate you for damages not covered by your own personal insurance.
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We like it because: This business credit card for people with bad credit checks a lot of boxes: substantial fixed-rate rewards, spending beyond your credit limit, and a 0% APR on purchases for the first year. While the benefits aren’t as generous as our top selection, you may receive 2% cash back on yearly purchases up to $50,000. This rewards system is suitable for companies that spend across several categories and don’t want to waste time monitoring bonus categories.
Furthermore, this card has a one-of-a-kind function that gives you greater purchasing power. If you need more funds, you will be able to spend more than your credit limit. You’ll even get points for spending more over your limit. The additional credit limit, on the other hand, is not endless and is determined by your credit consumption. The American Express Blue Business CashTM Card is also one of the finest credit cards for small businesses.
Details about the Overview Advantages and Disadvantages
Spark® Classic for Business by Capital One®
Our editorial team uses industry specialists to generate the scores for Fit Small Business. The kind of credit card (cash back or travel) as well as the card’s rates, fees, rewards, and other benefits like insurance are all taken into account in our grading methodology.
Apply Now
visit the secure website of Capital One® Spark® Classic for Business
BEST FOR
Owners of fair credit businesses (580 to 669)
APR on a regular basis
269,9% (Variable)
Credit is required.
Average, Reasonable, and Limited
- Every time you swipe, you’ll get 1% cash back.
- Build your company’s credit by using it responsibly.
- Employee cards may be distributed for free.
Pros
- Possibility of obtaining business credit
- Even with acceptable credit, you may earn fixed-rate incentives.
- Reward points never run out.
Cons
- High APR
- There is no sign-up incentive.
- Personal credit bureau reports
- Purchase protection: If your qualifying products are stolen or damaged during the first 90 days of purchase, Capital One will replace, repair, or refund you.
- Extended warranty protection: On qualifying products bought with your business card, you’ll receive an extra year of warranty protection, up to one year beyond the manufacturer’s guarantee.
- When you hire an eligible automobile with your Capital One® Spark® Classic for Business card, you’re insured for damage resulting from an accident or theft.
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Why we like it: This card is one of the finest business credit cards for those with no credit since it provides access to basic business features to people with bad credit. For example, it offers 1% cash back, purchase protection, and extended warranty protection to cards while charging no annual charge.
With just one card, you can earn benefits while both building your company and personal credit. Until you qualify for a standard business credit card, we suggest using this card to enhance or increase your credit score. A personal credit score of at least 670 is usually required for the finest business cards.
Details about the Overview Advantages and Disadvantages
Secured Credit Card from Wells Fargo
Our editorial team uses industry specialists to generate the scores for Fit Small Business. The kind of credit card (cash back or travel) as well as the card’s rates, fees, rewards, and other benefits like insurance are all taken into account in our grading methodology.
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On the Safe Website of Wells Fargo
BEST FOR
Owners of businesses with bad credit
APR on a regular basis
On purchases, Prime members get an extra 11.90 percent off.
- Option 1: Earn 1.5 percent cash back on every dollar spent.
- Option for Reward Points: Earn 1 point for every $1 spent, plus 1,000 additional points if your firm spends $1,000 or more in a monthly billing period.
- There is no yearly cost for the rewards program.
- A credit line of $500 to $25,000 is available.
- There is no risk of responsibility.
Pros
- With a credit score of less than 580, approval is possible.
- Fixed-rate cash back or points rewards are your options.
Cons
- A security deposit of at least $500 is required.
- Has a yearly charge
- Purchase Assurance: If an item is damaged or stolen within 90 days of purchase, Wells Fargo will fix, replace, or refund you.
- Design Studio: On your credit card, include a personal picture or a company design.
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Why we like it: This business credit card for no credit may enable you obtain credit limits ranging from $500 to $25,000 if you have a limited or no credit history. This is a secured credit card, which means your credit limit is determined by the amount of money you deposit when you apply. If you deposit $1,000, for example, your credit limit will remain the same.
You’ll also be able to pick between receiving cash back or receiving points-based incentives. It offers 1% cash back or 1.5 points for every $1 spend. When your organization spends $1,000 or more in any monthly billing period, you may earn 1,000 additional points if you select points-based incentives.
Only business credit is built with the Wells Fargo Business Secured Credit Card. However, Wells Fargo will assess your credit card activity on a regular basis to see whether you qualify for an unsecured Wells Fargo business card.
Details about the Overview Advantages and Disadvantages
Visa® Secured OpenSky® Credit Card
Apply Now
visit the secure website of the OpenSky® Secured Visa® Credit Card
BEST FOR
Owners of businesses having a credit score of less than 580
APR on a regular basis
Variable 18.49 percent
Credit is required.
There is no credit check.
- We don’t pull your credit when you apply, so your credit score won’t be affected.
- Your credit limit is determined by the amount of your refundable deposit, which may range from $200 to $3000. You are the one who makes the decision on what is best for you.
- Use your credit card to pay for things like petrol or groceries, as well as regular payments like your phone, without affecting your overall monthly budget.
- Every month, Equifax®, Experian®, and TransUnion® provide you credit reports, which is critical for improving your credit score rapidly.
- You may set up email notifications to inform you of important dates, such as when your payment is due or when a credit or refund has posted.
- It offers one of the most affordable yearly fees available.
- This isn’t a “starting card” in any way. All of the advantages of a Visa credit card are available with the OpenSky® Secured Visa®.
Pros
- Aids in the restoration of personal credit
- For a secured card, the APR is lower than typical.
Cons
- A deposit of $200 or more is required.
- There is a yearly cost for this service.
- Receive insurance for a damaged or stolen rental car up to the vehicle’s value with an auto rental collision waiver.
Why we like it: This personal secured credit card is a good option if you want to bypass a credit check. The issuer will not draw your credit when you apply for the OpenSky® Secured Visa® Credit Card, therefore there will be no influence on your credit score. You may get credit limits ranging from $200 to $3,000 with this card, subject to approval. The money you put down for your credit line is refunded.
While this card has a unique characteristic in that it does not need a credit check, it lacks capabilities seen on other business credit cards that do not require a credit check. It, for example, does not provide any initial or continuing incentives. Plus, since it doesn’t report to the major business credit agencies, you won’t be able to develop your company credit.
How We Assessed Business Credit Cards for People With Bad Credit
We emphasized qualifying standards while considering credit cards for new enterprises with no credit history. We also looked at the APRs, annual fees, and total rewards systems of each card. The finest business credit cards for no credit give incentives of up to 2% of the purchase price, inexpensive financing, and the opportunity to develop credit.
Conclusion
When comparing various business credit cards, the first thing to consider is which card would be the most helpful to your company. The ideal credit card for you can be the one with the greatest rewards, the cheapest initial financing, or the simplest qualifying conditions.
The “easiest business credit card to get” is a credit card that has no annual fee and offers no interest on purchases. This card can be used by people with no credit history.
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