How do I apply for a business credit card with a bad credit score? Undeniably, knowing your credit score is paramount as this can enable you to know if you’re eligible for loans such as home loans, student loans, business loans, and a lot more.
In addition, your credit score can determine if you’re qualified for a particular credit card or not. Financial institutions, banks, and businesses use your credit score to determine the credibility of your financial health. If you have a bad credit score, your chances of getting a business credit card are slim.
With a good or excellent credit score, you stand a greater chance of getting a credit card for your business. This is because the higher your credit score, the lower your interest rate and vice versa. However, even with a bad credit score, you can still apply for a credit card.
There are several companies that will offer you business credit cards even with bad credit. However, searching through the long list can be difficult. To help you make the right choice, in this article we will be showing you how to get a credit card with bad credit.
How to Get a Business Credit Card With Bad Credit
Firstly, it is important you know what a business credit card is and what a bad credit score is before learning how to get one, even with a bad credit score. Generally, business credit cards are used by business owners or companies for business expenses such as office furniture, purchasing supplies, travel, and more.
Note that these expenses are different or separate from your personal expenses. On the other hand, a bad credit score according to FICO, which stands out as one of the most popular credit score analysis companies,
The term “poor” or “bad credit score” refers to any credit score that falls between the numbers 300 to 579. It also means you are not worthy of getting a loan or applying for certain credit cards. If you aren’t aware of your credit score, you can check your credit score by visiting the official website of FICO to check yours.
Meanwhile, in order to get a credit card with bad credit, you need to search online for companies that offer this service. You also need to check out the features offered by each company and also compare the services with others.
For instance, if you want to get a business card from Wells Fargo, make sure to compare their features with those of Capital One Bank and a lot more. Doing this will enable you to shop for the best offer. Also, most business credit cards offer you the choice of cashback or rewards programs, which you can get access to.
But it is advisable that you build your credit score before applying for business credit cards to stand a great chance of getting approved and accessing more features.
Best Business Credit Card for Bad Credit in 2022
With so many companies online, you can make use of our list to search for the best business credit cards for bad credit scores. Here are some of the best business credit cards for bad credit in 2022.
Wells Fargo Secured Credit Card
According to research, the overall best business credit card for bad credit is the Wells Fargo Business Secured Credit Card. The company offers you a 1.5% cash back reward per dollar spent on purchases. Or you can earn 1 point for every dollar spent if you choose points as a bonus.
You will get an additional 1,000 points on each billing cycle when you spend at least $1,000. In fact, the card comes with the lowest interest rate and there are no annual fees. You can apply for this card by visiting their official website to get started.
Capital One Secured Platinum Credit Card
Another good business credit card for people with bad credit scores is the Capital One Platinum Business Credit Card. This card aims at people with fair credit. And if responsibly used, you can grow your credit if you have fair or limited credit.
But the card doesn’t offer rewards programs like other cards; it has a high APR and requires a minimum deposit. However, there are no annual fees, no foreign transaction fees, and more.
OpenSky Secured Visa Credit Card
The OpenSky Secured Visa Credit Card is a great business credit card for people with bad credit scores. This is because no credit check is required. But you will need to make on-time payments and you must always use your card.
However, their charge includes an annual fee of $85 and they offer no rewards. Unlike other banks, you will need to have a qualifying account to apply for a credit card, but you don’t need one with OpenSky. You only need to order money for the deposit to get your application going.
Bottom Line
Getting a credit card with a bad credit score is easy, especially if you find the right one to make use of. However, before choosing any financial institution to make use of, you need to check out their annual fee and other additional fees.
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