The Best Credit Cards for Small Business Owners with Fair Credit

As a small business owner, having a credit card to manage your expenses and finances is important. However, having fair credit can make it difficult to qualify for the best rewards or low-interest options in the market. Fortunately, there are credit cards tailored to small business owners with fair credit scores, which can provide you with spending flexibility and rewards. This article will break down the top credit cards available for small business owners with fair credit, including their benefits, drawbacks, and how to choose the best card for your needs.

Best Credit Cards for Small Business Owners with Fair Credit

Small business owners with fair credit often face challenges when looking for a credit card. However, credit cards can help small businesses manage their cash flow, earn rewards, and build their credit score. Here are some of the best credit cards for small business owners with fair credit:

1. Capital One Spark Classic for Business

The Capital One Spark Classic for Business is a great option for small business owners with fair credit. This credit card does not charge an annual fee and it comes with a rewards program. Cardholders earn 1% cashback on all purchases. The interest rate for this credit card is also reasonable compared to other credit cards for fair credit.

2. Discover it Business Credit Card

Discover it Business Credit Card is another credit card that small business owners with fair credit should consider. This credit card does not charge an annual fee and it has a rewards program. Cardholders earn 1.5% cashback on all purchases and Discover matches all rewards earned in the first year. This credit card also offers a 0% introductory APR for the first 12 months on purchases and balance transfers.

3. Wells Fargo Business Secured Credit Card

Small business owners with fair credit can also consider the Wells Fargo Business Secured Credit Card. This credit card requires a security deposit, but it comes with a low APR. Cardholders can earn 1.5% cashback on all purchases, and there is no annual fee for this credit card.

4. Bank of America Business Advantage Cash Rewards Mastercard

Bank of America Business Advantage Cash Rewards Mastercard is a great option for small business owners with fair credit. This credit card does not charge an annual fee and it comes with a rewards program. Cardholders earn 3% cashback on office supply store purchases and gas stations, 2% cashback on restaurant purchases, and 1% cashback on all other purchases.

5. U.S. Bank Business Edge Cash Rewards World Elite Mastercard

Small business owners with fair credit can also consider the U.S. Bank Business Edge Cash Rewards World Elite Mastercard. This credit card offers cashback rewards, and cardholders earn 3% cashback on cellular, gas, and office supply store purchases, and 1% cashback on all other purchases. This credit card also offers a 0% introductory APR for the first 12 months on purchases and balance transfers.

6. CitiBusiness/AAdvantage Platinum Select Mastercard

CitiBusiness/AAdvantage Platinum Select Mastercard is a great option for small business owners who frequently travel. This credit card offers travel rewards, and cardholders earn 2 miles per dollar spent on purchases with American Airlines, telecommunications merchants, cable and satellite providers, car rentals, and gas stations. Cardholders also earn 1 mile per dollar spent on all other purchases.

7. Costco Anywhere Visa Business Card by Citi

Costco Anywhere Visa Business Card by Citi is a great option for small business owners who frequently shop at Costco. This credit card offers cashback rewards, and cardholders earn 4% cashback on gas purchases (up to $7,000 per year), 3% cashback on restaurants and travel purchases, 2% cashback on Costco purchases, and 1% cashback on all other purchases.

8. BBVA Compass Business Secured Visa Card

The BBVA Compass Business Secured Visa Card is a good option for small business owners who are looking to build their credit score. This credit card requires a security deposit, but it reports to major credit bureaus. This credit card also offers cashback rewards, and cardholders earn 3% cashback on office supply store purchases, 2% cashback on gas and restaurant purchases, and 1% cashback on all other purchases.

9. First National Bank of Omaha Business Edition Visa Card

First National Bank of Omaha Business Edition Visa Card is a simple and straightforward credit card that small business owners with fair credit can consider. This credit card offers a low interest rate and no annual fee. It also comes with a rewards program, and cardholders earn 1% cashback on all purchases.

10. TD Business Solutions Credit Card

TD Business Solutions Credit Card is a good option for small business owners who are looking for a credit card with a low interest rate. This credit card offers a low APR and no annual fee. It also comes with a rewards program, and cardholders earn 1% cashback on all purchases.

In conclusion, small business owners with fair credit have options when it comes to credit cards. By selecting the right credit card, small business owners can manage their cash flow, earn rewards, and build their credit score.

Top Credit Card Options for Small Business Owners with Fair Credit:

If you’re a small business owner with fair credit, it can be challenging to obtain a credit card to finance your business’s expenses. Nonetheless, there are several credit card options catering to those with fair credit scores. Here are the top credit cards suitable for small business owners with fair credit:

1. Capital One Spark Classic for Business:

The Capital One Spark Classic card offers small business owners an opportunity to rebuild their credit while earning rewards points. It offers a flat-rate cashback of 1% on all purchases with no annual fee. It is a perfect card for small businesses that require frequent purchases.

2. Wells Fargo Business Secured Credit Card:

The Wells Fargo Business Secured Credit Card is another excellent option for small business owners with fair credit scores. It has a minimum security deposit of $500 and allows cardholders to earn cashback rewards on purchases. It has a $25 annual fee, which might be worth it for those seeking to maximize their rewards.

3. CitiBusiness AAdvantage Platinum Select World Mastercard:

The CitiBusiness AAdvantage Platinum Select World Mastercard is an ideal choice for small business owners who frequently travel or purchase business travel expenses. It comes with a welcome bonus of 70,000 American Airlines AAdvantage miles after spending $4,000 on purchases in the first four months. Additionally, it provides a 25% discount on in-flight food and beverage purchases.

4. U.S. Bank Business Edge Platinum Card:

The U.S. Bank Business Edge Platinum Card is an excellent option for small business owners who prefer simplicity and low maintenance. It has no annual fee, and it offers a 0% introductory APR on purchases and balance transfers for the first twelve billing cycles.

5. Bank of America Business Advantage Travel Rewards World Mastercard:

The Bank of America Business Advantage Travel Rewards World Mastercard is perfect for small business owners who wish to earn travel rewards while maintaining a fair credit score. It provides an intro offer of 30,000 bonus points once you make $3,000 in purchases within the first 90 days of account opening. It has no annual fee and no foreign transaction fees, making it a great option for business travelers.

6. Discover Credit Card for Small Businesses:

The Discover Credit Card for Small Businesses offers cashback rewards on every purchase category. It has no annual fee and offers a 0% introductory APR for the first nine months on purchases. Additionally, it provides free FICO Credit Scorecards, which comes in handy for monitoring progress in building credit.

7. BBVA Visa Business Rewards Credit Card:

The BBVA Visa Business Rewards Credit Card provides rewards on every purchase category. It offers an intro bonus of $300 statement credit after making $3,000 in purchases within the first 90 days of account opening. Other benefits include no annual fee for the first year and no foreign transaction fees.

8. Brex Credit Card for Startups:

The Brex Credit Card for Startups is an excellent option for startups or small businesses with limited credit histories. It requires no personal guarantees or security deposits, making it a great option for those who do not want to provide collateral. Its unique rewards program includes credits for software, rideshare services, and travel expenses.

9. American Express Blue Business Cash Card:

The American Express Blue Business Cash Card has no annual fee and provides cashback rewards on every purchase category. It offers a 0% introductory APR for the first twelve months on purchases and balance transfers. It also provides account management tools, which help control expenses and track transactions.

10. Chase Ink Business Cash Credit Card:

The Chase Ink Business Cash Credit Card provides cashback rewards on specific purchase categories, including office supplies, gas, and dining. It offers an intro bonus of $750 after spending $7,500 in the first three months of account opening. Additionally, it has no annual fee and offers an introductory 0% APR on purchases and balance transfers for the first twelve months.

In conclusion, small business owners with fair credit scores can obtain credit cards that offer rewards points, cash back, and introductory APRs. These credit cards can help them finance their businesses and improve their credit scores. Before choosing a credit card, ensure that it suits your business’s needs and the terms and conditions are favorable.

Credit Cards for Small Business Owners with Fair Credit

As a small business owner, managing your finances is crucial to your success. Having access to a credit card can be a lifesaver, particularly when you need to finance those sudden expenses or make purchases to grow your business. However, finding a credit card that caters to small business owners with fair credit can be a daunting task. In this section, we discuss the best credit cards for small business owners with fair credit.

1. Capital One Spark Classic for Business

Capital One Spark Classic for Business is among the best credit cards available for small business owners with fair credit. It comes with no annual fee and a 1% cashback on all purchases. You can also earn a $200 bonus when you spend $3,000 on purchases within three months from account opening.

2. Chase Ink Business Cash

The Chase Ink Business Cash credit card is ideal for small business owners with fair credit. It offers a $750 bonus cashback when you spend $7,500 on purchases within three months of account opening. The card also provides 5% cashback on the first $25,000 spent annually at office supply stores and on internet, cable, and phone services.

3. Wells Fargo Business Secured Credit Card

The Wells Fargo Business Secured Credit Card is an ideal option for small business owners with fair credit who cannot qualify for an unsecured credit card. There is no annual fee for the first year, and you can earn a 1.5% cashback on every $1 spent. You can also earn up to $1,000 cashback when you spend $25,000 in the first six months.

4. Bank of America Business Advantage Cash Rewards Credit Card

The Bank of America Business Advantage Cash Rewards Credit Card is an excellent option for small business owners with fair credit. It comes with a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening. The card also offers 3% cashback on your choice of one of the following six categories: gas stations, office supply stores, travel, TV/telecom & wireless, computer services, or business consulting services. You’ll also get 2% cashback at restaurants and 1% cashback on all other purchases.

5. Blue Business Plus Credit Card from American Express

The Blue Business Plus Credit Card from American Express is an excellent credit card for small business owners with fair credit. You’re eligible for a 0% introductory APR for your first 12 months, which is an excellent opportunity to settle your purchases. You’ll also earn 2X membership rewards points on the first $50,000 spent annually, with 1X points earned on a balance over $50,000.

Conclusion

Small business owners can benefit significantly from all of the above credit cards, irrespective of their fair credit position. These cards’ features provide benefits such as cashback rewards, 0% APR, and no annual fees, making it a good point of contact for small business owners. When selecting the right credit card for your business, it’s helpful to evaluate the card’s annual fees, APR, and rewards to help you make a more informed decision.

Credit Card Reward Program APR Annual Fees
Capital One Spark Classic for Business 1% cashback on all purchases 24.9% None
Chase Ink Business Cash 5% cashback on the first $25,000 spent annually at office supply stores and on internet, cable, and phone services 13.24%-19.24% None
Wells Fargo Business Secured Credit Card 1.5% cashback on every $1 spent 17.40% $25 (waived for the first year)
Bank of America Business Advantage Cash Rewards Credit Card 3% cashback on your choice of one of the following six categories-Gas stations, office supply stores, travel, TV/telecom & wireless, computer services or business consulting services 12.24%-22.24% None
Blue Business Plus Credit Card from American Express 2X points on the first $50,000 spent annually 13.24%-19.24% $0

Overall, these credit cards offer small business owners the opportunity to finance their needs and grow their businesses despite having fair credit.

Sorry, as an AI language model, I am not provided with a JSON list to source internal links. Can you please provide me with the list so I can generate the relevant internal link?

Pros and Cons of Credit Cards for Small Business Owners with Fair Credit

As a small business owner with fair credit, you may be wondering if applying for a credit card is a good idea. While credit cards can provide a lot of benefits, there are also potential drawbacks that you should consider. In this article, we’ll explore the pros and cons of credit cards for small business owners with fair credit.

Pros of Credit Cards for Small Business Owners with Fair Credit

1. Easier Access to Capital: One of the biggest advantages of credit cards is that they provide small business owners with easy access to immediate capital. As a small business owner, you may not have access to traditional forms of financing, such as loans or lines of credit.

2. Rewards and Cashback: Many business credit cards offer rewards or cashback programs on purchases. This can be a great way to earn money or other rewards for your business while making necessary purchases.

3. Separation of Personal and Business Expenses: By using a business credit card, you can separate your personal and business expenses. This can make bookkeeping and accounting much easier and less confusing.

4. Building Credit History: Using a business credit card responsibly can help you establish and build your credit history. This can be helpful in securing future financing for your business.

5. Flexible Spending: Credit cards offer flexible spending options, which can be especially beneficial for small business owners with unpredictable cash flow.

Cons of Credit Cards for Small Business Owners with Fair Credit

1. High-Interest Rates: Credit cards generally come with high-interest rates, which can quickly add up if you carry a balance.

2. Fees and Charges: Credit cards may also come with annual fees, late payment fees, and other charges, which can increase your overall debt.

3. Temptation to Overspend: Credit cards can be tempting to overspend on, especially when rewards and cash back are involved.

4. Negative Impact on Credit Score: If you don’t make payments on time or carry a high balance, your credit score can be negatively impacted.

5. Fraud and Security Risks: Credit card fraud and security risks are real concerns for small business owners. It’s important to be vigilant and take steps to protect yourself and your business.

As a small business owner with fair credit, it’s important to carefully consider the pros and cons of using a credit card for your business. While there are benefits to using credit cards, there are also risks to be aware of. Ultimately, the decision to use a credit card for your business should be based on your individual needs and financial circumstances.

Thanks for Reading! Come Back Soon for More Tips

We hope this article has given you useful insights into credit cards designed for small business owners with fair credit. Remember that responsible use of credit can help you grow your business and achieve financial success. Before you sign up for a credit card, be sure to research your options and read the terms and conditions carefully. Good luck, and happy money management! Make sure to come back to our website for more helpful articles and tips.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like