Whether you’re launching a new business or looking for financing for your established company, acquiring capital can be a real challenge when you have no business credit history.
If your business is strapped for cash, obtaining a business credit card might be your best option. Even without any credit history to your business’s name, it’s still possible to find creditors willing to offer you a card based on your personal credit history.
Check out our list of the best business credit cards without any business credit history needed.
|Card||APR||Annual Fees||Minimum Credit Score||Perks|
|Capital One Spark 1% Classic for Business||26.99% (V)||None||Fair (580+)||1% cashback rewards|
|OpenSky Secured Visa||17.39% (V)||$35||No credit check required for approval||No one-time fees|
|First Progress Platinum Select Mastercard||9.99% (V)||$49||No required minimum score||No one-time fees; deposits can be refunded anytime|
|Blue Business Plus Credit Card from American Express||13.24%- 19.24% (V)||None||Good to Excellent (690+)||
|CreditOne Bank Platinum Visa||23.99% (V)||$79 first year, $99 each year after||Bad credit OK||
More Details About 5 of the Best Business Credit Cards for No Credit History
Fortunately, there are plenty of options of credit cards for new businesses with no credit history or even established businesses with no credit background.
Let’s break down some of the most popular business credit cards for new business owners.
1. Capital One Spark 1% Classic for Business
The Capital One Spark 1% Classic for Business is a reliable business credit card with a long history of providing fair and accessible credit for small businesses. With a $0 annual fee and up to 1% cashback on all purchases, the Spark Classic provides the perfect platform for building or rebuilding business and personal credit.
Capital One’s Spark Classic for Business is accessible to applicants with a fair credit score, which is 580 or higher. For these reasons, the Spark Classic stands out as an ideal credit card for a new business with no credit history.
- $0 annual fee
- Fair credit (580+)
- 1% cashback rewards rate
- No welcome offer
- 26.99% regular APR (V)
2. OpenSky Secured Visa
There are few options better suited for those in search of a credit card for small businesses with no credit history than the OpenSky Secured Visa card, as it doesn’t require candidates to undergo a credit check.
OpenSky reports to all 3 credit bureaus, though, which is good news for startups or creditless businesses that need to quickly build histories. However, all cards issued by OpenSky need to be secured by a deposit, which can be as low as $200.
- No one-time fees
- $35 annual fees
- 17.39% APR (V)
- No credit check
3. First Progress Platinum Select Mastercard
The First Progress Platinum Select Mastercard is one of the premier credit card programs for a small business with no credit history. Featuring no one-time fees and low annual fees, the Platinum Select Mastercard ranks among the best-secured credit cards for first-time cardholders.
Unfortunately, the Platinum Select Mastercard is unavailable in some states, including New York, Arkansas and Wisconsin. However, for those who can get their hands on it, like OpenSky Visa, First Progress Mastercard reports monthly to all 3 credit bureaus, making it a good choice for building a reputable credit score.
- No one-time fees
- $49 annual fees
- 9.99% APR (V)
- Online application
- Receive deposit back anytime
4. Blue Business Plus Credit Card from American Express
The American Express Blue Business Plus is an excellent credit card for a new business with no credit history but good personal credit standing. It offers a limited-time 0% APR on all purchases and transfers within 12 months, after which the rate rises to a variable rate starting at 13.24%-19.24%.
Although there are no annual or monthly fees associated with this card, getting approved for the American Express Blue Business Plus card requires a personal credit score of good to excellent. Plus, the card offers double the rewards points on the first $50,000 spent every year.
- 12-month 0% introductory APR
- 2x reward points for first $50,000 spent per year
- No annual or monthly fee
- Good to excellent personal credit score
5. CreditOne Bank’s Platinum Visa
CreditOne’s Platinum Visa is designed for those looking to rebuild their credit. As such, it could be a good credit card for a business with no credit history. Since it’s unsecured, it’s also an option if you need a business credit card for bad credit and no deposit.
There is an annual fee of $75 the first year and $99 annually thereafter. The interest rate is 23.99% (variable). CreditOne reports to all 3 credit bureaus.
- 1% cashback rewards on everyday purchases
- Credit line increase opportunities
- Ability to choose your payment due date
- No deposit
Small Business Tip:
While opening a business card is a great way to establish credit history, other financing avenues are open to businesses with limited credit histories. Alternative lenders look at the overall health of your business and may extend financing even if conventional lenders have turned you down.
See your financing options, including credit lines.
Why Your Business Needs a Credit Card
Business credit cards for a new business, even one with no credit history, offer several advantages over other forms of financing. If used responsibly, they can be instrumental in jump-starting your business’s financial track record. Welcome bonuses are often extended to cardholders in search of startup business credit cards with no credit.
When applying for a credit card for the first time, you might find multiple card issuers with terms that look good to you. Typically, lenders will try to entice your business by offering extra rewards points or cashback benefits for those that spend over a threshold point.
Another great reason to apply for small business credit cards with no credit history is to take advantage of the limited-time 0% annual percentage rate (APR) offer if you qualify. Loans and credit cards with low or no APR have much lower fees and monthly payments, which can lead to serious savings over time. A 0% intro APR grace period allows you to borrow money at virtually no cost.
Once approved, your business can look forward to taking advantage of several great perks and benefits that only credit-card holders have. Keep in mind, the best small business credit cards can offer benefits such as the following:
- Cashback rewards of up to 2% on all purchases
- Air travel benefits and hotel discounts
- Up to $1,000 in cash travel bonuses
- Loyalty reward program points
- No annual fees
Qualifying for a Business Credit Card
Even though we’ve listed a few options, if you want credit cards for new businesses with no credit history, be ready for a bit of a challenge. Every small business owner needs to be prepared to be turned down by a few potential lenders before finding one willing to offer them a card.
Don’t give up hope, though. Startup business owners are still eligible to apply for some credit cards, even with no credit history. To apply for a business credit card without an established history, an impressive personal credit score might be required. Personal credit scores are rated on the following scale:
- Very Poor: 300-579
- Fair: 580-669
- Good: 670-739
- Very Good: 740-799
- Exceptional: 800-850
You could be asked to secure the credit card by making a deposit. The amount put down in the deposit account will affect the total amount of credit issued to the cardholder.
Regardless of whether the credit card is secured, the cardholder must regularly make repayments on the borrowed amount as they would with a regular card. If you obtain business credit cards with no credit history, you’ll likely borrow at higher interest rates. However, if you build a positive credit history over time, the interest rate and annual fee can eventually decrease.