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Finding the perfect program.

How to Open Credit Cards For Your Brand New Business

Applying for a credit card is one of the major unsung milestones for new small businesses. During the early days of your business, it can be a real challenge to secure financing. Without it, your fledgling business may be forced to shutter operations before it even has a chance to get off the ground.

This is why finding business credit cards when you have no credit is so important. Even without any credit history to your business’s name, it is still possible to find creditors willing to offer you a card based on your personal credit history.

If your business is strapped for startup capital and needs quick, reliable financing, obtaining a business credit card might be your best option. To help you find one without any business credit history, we put together this quick how-to guide for getting approved for a credit card as a new small business.

Business Credit Cards 101

If you want to find credit cards for new businesses with no credit history, be ready for a bit of a challenge. Although getting a business credit card without any credit standing to its name, it’s certainly no walk in the park. 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.

Once approved, your business can look forward to taking advantage of several great perks and benefits that only credit card holders have. For instance, the best business credit cards can offer benefits such as:

  • Cash back 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

Business credit cards such as the United MileagePlus, Capital One Spark Cash for Business, Chase Ink Business Cash Credit Card, and the American Express Business Gold Card are some of the most sought-after credit cards for businesses. However, these cards are exclusive for those with well-established personal and business credit histories.

What Are Business Credit Cards?

Like regular credit cards, business credit cards enable cardholders to pay for goods and services on the promise of the holder to repay the card issuer for the amount charged. Usually offered by banks, credit cards allow users to borrow money for payments at a predetermined fee. Repayments after a grace period accrue interest at a floating or predetermined rate.

Business credit cards are issued in the business’s name, rather than the owner’s name. These cards can only be used to issue payments for business expenses. Today, over two-thirds of businesses use business credit cards to pay for regular expenses.

Qualifying For A Business Credit Card

Although the deck might be stacked against you are a new business owner, entry-level business credit cards are still eligible for you to apply for. To apply for business credit card no personal guarantee requires an impressive personal credit score to your name. Personal FICO 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

Sometimes, cardholders will be asked to secure the card by making a deposit owned by the cardholder. The amount put down in the deposit account will affect the total amount of credit issued to the cardholder, with higher collateral bolstering one’s chances of getting approved for a higher credit limit.

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. Business credit cards no credit afford cardholders the ability to borrow at higher interest rates. However, over time, positive credit history can be built that can bring down the interest rate and annual fee.

Why Your Business Needs a Credit Card

Business credit cards for new business with no credit offer several advantages over other forms of credit. If used responsibly, they can be instrumental in jump-starting your business’s financial track record.

Welcome bonuses are often extended to startup business credit cards with no credit. When applying for a credit card for the first time, it isn’t uncommon to find that multiple card issuers are competing to win over your interest. Typically, lenders will try to entice your business by offering extra rewards points or cash back benefits for those that spend past a threshold point.

Another great reason to apply for small business credit cards no credit is to take advantage of the limited-time 0% Annual Percentage Rate (APR) offers. 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.

Picking the Best Credit Card For Your Business

Fortunately, there are plenty of options for business credit cards for no credit holders.

Let’s break down some of the most popular business credit cards for new business owners.

Capital One Spark Classic for Business

The Capital One Spark Classic for Business is a reliable business credit card that has a long history of providing fair and accessible credit for small businesses. With a $0 annual fee and up to one percent cash back on all purchases, the Spark Classic provides the perfect platform for rebuilding business and personal credit.

Capital One’s Spark Classic for Business is the ideal credit card for new business with no credit because it is accessible to applicants with a credit score of 550 or higher. For these reasons, the Spark Classic stands out as one of the premier business credit cards.

Features:

  • $0 Annual Fee
  • 550+ Minimum Credit
  • 1% Cash Back Rewards Rate
  • No Welcome Offer
  • 25.24% Regular APR (V)

OpenSky Secured Visa

There are few cards better suited for the first-time credit card applicant than the OpenSky Secured Visa card. This card is innovative in that it doesn’t require candidates to undergo a credit check. Instead, their corporate philosophy believes that everyone should be given a chance to access credit.

OpenSky reports to all three credit bureaus, which is good news for creditless businesses that need to build credit quickly. However, all cards issued by OpenSky need to be secured by a deposit, which can be as low as $200.

Features:

  • No One-Time Fees
  • Low $35 Annual Fees
  • 19.39% Regular APR (V)
  • No Credit Check Required
  • Thriving Online User Community

First Progress Platinum Select Mastercard

The First Progress Platinum Select Mastercard is one of the premier credit cards for 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 with limited personal credit history.

Unfortunately, the Platinum Select Mastercard is unavailable in some states, such as New York. However, for those who can get their hands on it, the Platinum Select is a great choice for building a reputable credit score within 5 or 6 months.

Features:

  • No One-Time Fees
  • Low $39 Annual Fees
  • 14.49% Regular APR (V)
  • Fast, Quick-Approved Online Application
  • Receive Deposit Back Anytime

Blue Business Plus Credit Card from American Express

The American Express Blue Business Plus is an excellent credit card for new business with no credit history but good personal credit standing. With an extended limited-time 0% APR on all purchases and transfers within 15 months, after which it rises to a minimum rate of 13.49%.

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 700 or higher. Plus, the card offers double the rewards points on the first $50 thousand spent every year. However, the real kicker is the super generous 15-month 0% APR grace period.

Features:

  • 15-Month 0% APR Intro
  • 2x Reward Points For First $50,000 Spent/Year
  • No Annual or Monthly Fee
  • 700 Minimum Personal Credit Score

Ready for Your First Business Credit Card?

Knowing how to get a business credit card with no credit is half the battle. Beyond that, you need to have a clear plan regarding what you intend to do with it. For many first-time applicants, getting a business credit card should be considered a means to an end. Once you’ve gotten approved, you should focus on building credit to qualify for other low-interest sources of credit.

Business cards no credit can be easy to acquire if you have an extended personal credit history that’s in good standing. With the many advantages, perks, and benefits that business credit cards offer startups and new businesses, there are plenty of reasons for you to apply for one today—no matter what your business credit history is.


Barb Weidner

Barb Weidner

Barb Weidner is the co-founder and CEO of Fast Capital 360, a leading online business loan marketplace. Prior to entering the Fintech space, Barb was the Chief Credit Officer for a mid-sized mortgage bank based in NY. Barb is passionate about simplifying the lives of small business owners and empowering them with the resources they need to thrive.

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