Best Business Credit Cards For Easy Approval
When it comes to selecting a business credit card with easy access, the additional ability to earn rewards is a big positive.
While most business credit cards require excellent credit to be approved, card issuer Capital One provides access for those with a fair credit score level or better.
Dont let an annual fee keep you from selecting a particular credit card either the increased earnings may far offset the cost of an annual fee.
For example, if your business spends $50,000 a year, your net earnings would be $905 on the Spark® Cash Card .
Spending $50,000 on the Spark® Cash Select Card with no annual fee would result in $750 cash-back.
Hot Tip: When looking for a credit card that is easy to qualify for, youll find Capital One at the top of the list of issuers offering accessible options with reward-earning potential. Plus, Capital One allows you to see if youre pre-qualified for their credit cards.
Place A Credit Freeze
Contact each credit reporting agency to place a freeze on your credit report. Each agency accepts freeze requests online, by phone, or by postal mail.
PO Box 26Pittsburgh, PA 15230-0026
Your credit freeze will go into effect the next business day if you place it online or by phone. If you place the freeze by postal mail, it will be in effect three business days after the credit agency receives your request. A credit freeze does not expire. Unless you lift the credit freeze, it stays in effect.
Best Card For Introductory Financing: Us Bank Business Platinum Card
This offer is not available through Experian. Check issuer’s website for current offer details.You won’t find as many introductory financing offers for small business cards as you will with personal cards, and the offers found with small business cards tend to be shorter. However, the U.S. Bank Business Platinum Card is a big exception. It offers new account holders 20 months of interest-free financing on both new purchases and balance transfers, with a 3% balance transfer fee. This is longer than nearly all introductory financing offers for personal credit cards. It also features 12.24% to 20.24% annual percentage rates , which are lower than most competing small business credit cards. With these great interest rates, you can’t expect to earn rewards for spending or enjoy all sorts of travel perks. Nevertheless, you still get to set controls on employees’ spending by time, place and dollar amount. You can also customize payment due dates and set up account alerts and other interest-saving tools. And there’s no annual fee for this card.
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Best Business Credit Cards
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The best credit cards for small businesses can help owners in three ways: They’re a convenient method of payment, a short-term means of finance, and a way to enjoy rewards and benefits for business purchases.
First, a small business credit card allows business owners to make purchases more securely and conveniently than other forms of payment. Just as with your personal purchases, it’s a lot safer and easier to use a credit card than it is to write a check, use cash or set up an electronic funds transfer. And just like consumer credit cards, small business cards offer a way to finance purchases.
However, small business credit cards tend to have higher interest rates than consumer cards, and much higher rates than small business loans and personal loans. Therefore, you should only consider using a small business credit card for short-term financing needs.
Here are our picks for the top small business credit cards.
Get A Cosigner For A Credit Card Or Loan Or Become An Authorised User
If you cant get a credit builder loan, credit builder card or secured credit card then your next bet to help you improve your credit score will be to get yourself a cosigner on a credit card or loan.
You should really only do this if you are likely to repay your credit cards or loans on time and in full every month.
If you fail to make your credit card repayments on time then this may affect your co signers credit score too. If you make these repayments on time your credit score will rise and the payments will be registered on your credit file for at least 6 years.
Getting a cosigner on a credit card or loan creates a financial relationship between yourselves. This means any negative behaviour from them might affect your credit score negatively and vice versa.
A cosigner essentially allows you to qualify for credit and in some cases cheaper credit. A cosigner will also be legally responsible for any debt owed on the account if you default.
Another way to help improve your credit score is by becoming an authorised user on someone elses credit card.
The difference between authorised users and cosigners isnt that much. Becoming an authorised user on someone elses credit card will help you improve your credit score if the main card holder makes all their repayments in full and on time each month as well as keeping their credit balance low.
some credit card companies might not take you into account and may not collect this data and hence report it on your credit report.
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Best Card For Airline Rewards And Benefits: Delta Skymiles Reserve Business American Express Card
This offer is not available through Experian. Check issuer’s website for current offer details.American Express and Delta pack a lot of features into this card, and it’s a great product to have if you regularly fly on Delta. First, you can earn 80,000 bonus miles and 5,000 Medallion® Qualification Miles after you spend $6,000 on your new card within three months of account opening.
Perks include a free checked bag, priority boarding and a membership in the Delta SkyClub airport lounge network. You also receive a companion certificate good for a free airfare when you purchase a qualifying economy or first-class ticket in the contiguous 48 states. One of the most valuable perks: Cardholders receive upgrade priority ahead of non-cardholders with the same Medallion elite status. So having this card, and elite status, will mean that you have a much higher chance of being upgraded to first class when eligible. There’s a $450 annual fee for this card.
List Of Which Credit Bureau Each Bank Pulls
There are lots of reasons why people may want to submit several credit card applications at the same time . When a credit card issuer sees too many recent credit inquiries on your credit report then they may decline your credit card application due to too many recent inquiries. If youre planning to apply for several credit cards at the same time you need to do it smartly so you dont get declined due to the new credit inquiries.
Years ago, it was possible to apply for multiple credit cards by submitting the applications within the same second using different browsers. This used to help avoid the banks from seeing each others credit inquiries. This trick is now dead. The credit bureaus update files within the microsecond and it is impossible for you to act faster and submit a second application before the first credit inquiry shows up.
Thankfully most credit card issuers only pull one of your three credit reports. So you can apply for multiple credit cards by making sure you split up the credit inquiries between the three credit bureaus by choosing the right banks.
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American Express Gold Card
The card functions well as a travel rewards card too, earning big on airline tickets and at American Express Travel.
Check out our recommendations for the best first-time credit cards for earning rewards and cash-back.
No Issuer Pulls Exclusively From Experian
When you apply for a new credit card, the issuer will likely check your credit profile to determine whether to approve your credit application and, if so, what type of credit line and APR to offer. Basically, everything about your new card hinges on whats in the specific credit report that the issuer evaluates.
Since each report can show different things, being able to pick and choose which report an issuer uses would be ideal but, unfortunately, its effectively impossible.
To start, while some issuers will only request a report from a single bureau, others may request two or even all three bureau reports. Moreover, credit card issuers are notoriously unpredictable when it comes to which bureau they query for a particular application, and no single issuer exclusively uses any particular bureau, including Experian.
Some data suggests that your state of residence may be a factor in which bureau is used, but even that can vary by issuer and even by the specific card. And though some consumers have found success freezing a particular credit report to prevent it from being queried, some issuers may reject you out of hand if they cant get the report they want.
Utilizing Your Cleanest Credit Report
- Some banks will not approve you if you have negative marks like late payments or collections on your credit report. So by knowing which banks pull which credit bureau, you can avoid those banks at least until more time passes and your negative marks dont mean as much.
It is not uncommon for derogatory remarks or certain types of negative reports on your credit to only be reported to one or two bureaus. Some banks will deny you even if those negative marks are very old. So if you have one report clean from any negative marks and you can rely on that one report for a credit card application, that can help you get approved.
Ensuring An Accurate Credit Report
Your credit reports are the official place to confirm your credit score and complete history of credit activity, but even then, errors may abound both when youre requesting your reports, and afterward.
Double check your personal information. A misspelled word or an inverted number in your address or Social Security number could prevent you from accessing your report. Make sure all your personal information is correct before sending out your application.
Manage trick questions. There may be some deliberate trick questions during the verification process used by AnnualCreditReport to verify that you are actually you. They may ask if youve lived at any of the three listed addresses or had a car or student loan through a list of lenders. If none apply, remember to click none of the above. If youre unsure, its best to go back and confirm your own personal history, like where youve lived, if youve rented/owned, where youve worked, and whom youve had credit with, especially if the information is several years old and hard to remember.
Dont worry if you cant get copies of all three credit reports just yet. But if youre looking for credit through a certain bank, request the credit report from the reporting agency they tend to use most often.
Heres what to look for:
Follow these links to each credit bureaus credit report dispute/investigation process:
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Whats Good For Your Credit Score
While there isnât just one score, there are some general rules about what could affect your score positively, negatively, or not at all.
If you have a history of managing money responsibly then you’re likely to have a good credit score. Lenders often like to see a proven track record of timely payments and sensible borrowing.
Best Card For Travel Perks And Benefits: The Business Platinum Card From American Express
This offer is not available through Experian. Check issuer’s website for current offer details.This card comes with so many perks and cardholder benefits, we can’t list them all here. Highlights include airport business lounge membership with the Delta SkyClub, Priority Pass Select and American Express Centurion lounges a $200 annual airline fee credit up to $200 in annual credits toward Dell purchases and a $100 credit toward Global Entry or $85 credit toward TSA PreCheck application fees. Then there’s a year of Platinum Global Access from WeWork, which includes access to more than 300 locations in 75 cities. You’ll also get elite status with Marriott and Hilton hotels as well as with Hertz and National car rentals. There’s a $595 annual fee for this card.
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How To Unfreeze Your Credit
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If you placed a , you may want to reopen your credit files at some point to apply for a new car loan or credit card.
And if you live in a state that allows insurers to use information in your credit reports to set premiums, you might need to unfreeze to compare rates or to keep your current rate from going up due to your insurer being unable to check your credit records. It’s worth asking.
You have to unfreeze your credit with each credit bureau individually, unless you know which credit bureau a creditor is using and choose to lift your credit freeze at just that one.
You will need your personal identification number to unfreeze your Experian credit report. The other two bureaus, TransUnion and Equifax, now require that you set up accounts to freeze or unfreeze online.
Here’s how to unfreeze your credit with Equifax, Experian and TransUnion.
Which Credit Bureaus Banks Check
When you apply for a credit card, the issuer contacts a credit bureau to purchase a copy of your credit report. Included in your report are the five categories mentioned above.
Youll notice one credit-report category, which counts for 10% of your score, is called new credit. If you have too many credit applications opened within a short period of time, it may affect your credit score negatively.
Imagine the following scenario: Youve filled out several applications for new credit in the last 12 months. These applications show up on your credit reports as hard inquiries and could potentially damage your credit scores.
You then decide to apply for another new credit card. In addition to your score potentially taking a hit, you might experience another dilemma. The bank processing your application might be concerned about why youre applying for so much new credit in a short period of time. As a result, theres a chance you could be turned down for a credit card even if your credit score is in good shape.
Knowing which credit reporting agency card issuers use to pull reports might help you avoid this problem. By understanding this concept, you can time your applications in such a way that you improve your approval odds for the credit cards you want.
Unfortunately, credit card companies dont openly reveal which credit bureau they favor. However, there are online resources that gather customer feedback to gauge which issuer uses which credit bureau.
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Best Card For Big Box Stores: Target Redcard Credit Card
The Target REDcard Credit Card is a closed-loop credit card, meaning you can only use the card at Target and Target.com. If you’re a fan of the big box store, the perks are certainly enticing, especially since the card doesn’t have an annual fee or any paid membership requirements. You’ll get:
- A 5% discount on eligible Target purchases
- Early access offers for special products and promotions
- Free standard shipping on most purchases at Target.com
- An extra 30 days for returns
- A 10% off coupon every year
Another plus: You receive the 5% discount when you’re checking out, so you won’t need to track or redeem rewards.