A credit card for business is essential for a small businessman, a freelancer, or a nascent entrepreneur to balance accounts and build business credit. But if your credit history is not so good or you just have a clean slate, the search begins for the easiest business credit card to get.
In this article, we’ll delve into what makes a card easy to obtain, how the approval process works, and the differences between secured, unsecured, and corporate cards, and suggest some of the easiest business credit cards one can get approved for. The article will also cover the uncertain aspect of increasing your chances even if you have little to poor credit.
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What Makes a Business Credit Card Easy to Get?
When people ask, what is the easiest and the best business credit card to get, they are usually referring to cards which:
- Have low credit score requirements
- Accept newly formed businesses with little or no credit history
- Offer secured cards with deposits that are refundable
- Are open for freelancers and sole proprietors as well, rather than just corporations
How Are Business Credit Cards Approved?
Answers to questions concerning the easiest business credit card to get can be helped if one understands how issuers weigh into the application. Business credit cards and the issuers check the following factors in approving the application:
- Personal Credit Score: Even though the card is for your business, most issuers check your personal credit, especially if your business is new.
- Business Income: Lenders assess your capacity to repay the credit based on your business revenue or projected income for the institution.
- Business Structure: Sole proprietors usually have fewer hurdles, while incorporated businesses may have to provide more documentation.
Secured vs. Unsecured vs. Corporate Credit Cards
Not all commercial cards are created equal. One of the following might fit your profile better, depending on your credit history and the type of business you operate:
Secured Business Credit Cards
These require some type of refundable security deposit. Usually, this deposit sets your credit limit. Since they are considered very low risk by the lenders, they are largely considered the simplest type of business credit card to obtain, especially if one is building or rebuilding credit.
Unsecured Business Credit Cards
These are normal credit cards that do not require a deposit. If your personal credit is decent, you may find unsecured cards are still easy to get, with the trade-off being a higher interest rate.
Corporate Business Credit Cards
These cards are aimed at bigger businesses with higher revenue and established credit. Usually not among the easier business credit cards to get, these cards generally require pretty strong financials, coupled with some oversight of employee spending.
Easiest Business Credit Cards to Get by Credit Type
With good, bad, or average credit, here are some options considered as the easiest business credit card to get:
For Bad or No Credit:
Capital One Spark Classic for Business: Designed for fair credit. Offers 1% cash back and no annual fee.
Secured Business Credit Cards (like Wells Fargo Business Secured):
Requires a deposit but reports to business credit bureaus, which helps you build credit over time.
For Fair Credit:
Brex Card for Startups: Best for those who launched a startup with money in the bank but have less credit history. No personal guarantee required.
Ramp Corporate Card:
Spend tracking is AI-loaded, and no personal credit check is required.
Improving Approval Chances
Despite the question of “so-called easiest business credit card to get granted,” it does help if a few tricks are pulled to improve the chances:
- Check your personal credit score: Most issuers will ask to review your personal credit, so, if possible, try to pay off any debt and rectify any issues beforehand.
- Beginning with secured cards: Secured cards will provide a reliable stepping stone toward unsecured ones if you’re just starting out.
- Registering your business: Even if you are a sole proprietor, it will lend you credibility to register under a business name and get an EIN.
- Show steady income: Show steady income, however small it may be. Some issuers look at expected income figures, mainly if you are a freelancer or have season business.
Some preparation is needed even to get the easiest business credit card, and if you do step these extra miles, you will feel a lot more confident, thus having better chances of approval.
Final Thoughts
By credit history, income, and business longevity, the easiest business credit card to get will go to one or another candidate. Listed herein are cards for getting credit and those that help grow the financial base upon which the business is based, whether you borrow just starting on the road or trying to recover from credit difficulties.
For all intents and purposes, it is surreal to apply for any business credit cards without knowing your credit profile, comparing all offered card options, and setting practical goals in view of your financial objectives. It could be a secured credit card for building business credit or just a simple cash back card for tracking business expenses; there is a good match for every kind.
The easiest business credit card to get should still be put to responsible use so the business does not fall into debt and instead builds long-term financial security.