Best Business Credit Cards for New Businesses
As a new business owner, securing a line of credit can be challenging. While you may not qualify for premium business credit cards with attractive perks, you can start with more accessible options and work your way up. CNBC Select analyzed numerous business credit card options to determine the best choices for new businesses.
Best for an Average Credit Score: Capital One Spark 1% Classic
The Capital One Spark 1% Classic is ideal for business owners with fair credit, as it has no annual fee and offers unlimited 1% cash back on all purchases. The card requires a fair credit score, with a regular APR of 29.74% variable.
Best for a Secured Card Offer: Valley Visa® Secured Business Credit Card
The Valley Visa® Secured Business Credit Card is a solid option for new businesses needing to build credit. It offers unlimited 1% cash back on all purchases and a 0% intro APR on purchases and balance transfers for the first six billing cycles.
Best for Cash Back: Ink Business Cash® Credit Card
The Ink Business Cash® Credit Card offers a valuable welcome bonus and competitive cash-back rates. Cardholders can earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year.
Best for Balance Transfers: U.S. Bank Business Platinum Card
The U.S. Bank Business Platinum Card features a generous intro APR offer for purchases and balance transfers. Although it doesn’t offer rewards, it’s a useful option for businesses looking to save on interest charges.
When choosing a business credit card, consider factors such as credit score requirements, annual fees, rewards, and balance transfer fees. By selecting the right card for your business needs, you can establish a strong financial foundation and build credit for future opportunities.
FAQs
Can I use my EIN to get a business credit card?
Many business credit card applications require you to apply with your Employer Identification Number (EIN), so it’s essential to have this before submitting an application.
What is the easiest business credit card to get?
The easiest business credit card to get typically has relatively low credit score requirements and no annual fee. Secured business credit cards are also a viable option for new businesses.
What is the minimum credit score for a business credit card?
Most credit card issuers look for a FICO score of 670 or better, although some may accept fair credit (580–669). A higher credit score increases the likelihood of receiving a lower interest rate on your credit card.
