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Credit & Capital 101: The Easiest Credit Cards to Get Approved for Business & Personal Expenses

Credit & Capital 101: The Easiest Credit Cards to Get Approved for Business & Personal Expenses

The First Step: Understand the Credit Requirements

Credit cards can be easy to acquire for business (and personal use). Potential borrowers must meet lenders credit score requirements. You typically need to have a fair to excellent credit history to get approved for any type of business or personal credit card. Depending on the lender, your credit history and business industry, you may get an instant approval.

Personal credit card approval requirements can be more flexible than business credit cards. As a a rule of thumb, you should apply for personal credit cards to build your credit history. At least 2 years of personal credit card history is usually necessary to qualify for business credit cards. Keep in mind that if you’ve never had personal credit cards in your name, you won’t qualify for business credit cards.

You can start building your personal credit history by becoming an authorized user on someone else’s credit card account. (I only suggest this if they have a perfect payment history). I implemented the authorized user strategy and it worked very well. My dad added me as an authorized user on a Capital One credit card that he never used. I am the only person who used the card and made sure I made the minimum monthly payments on time. I did this for 2 years and eventually I was able to obtain business credit cards in my company name. Alternatively, you can go for a business credit partner.

The internet and FINtech companies like LenCred makes it easy to apply for business and personal credit cards online.

The Advantages of Obtaining Business Credits Cards

There are numerous advantages of holding a business credit card. First, it is very easy to get approval, especially for unsecured business credit cards compared to the bank lines that were used earlier. Cards also present flexibility as one gets several payment options in each billing cycle. Business owners view the cards as a financial back up in case they run out of cash. This is another advantage. Additionally, they allow one to easily make purchases online as well as clear invoices. Due to the fact that most companies provide financial statements when need arises, the credit cards can be used as a record keeper.

Business Credit Cards: Secured .vs. Unsecured

Basically, there are two types of business credit cards: the secured and unsecured. A secured business credit card has definite approval, making it the easiest business credit card to get approved. This is because, as you apply for one, you are promising collateral to guarantee the line in the form of a security. An unsecured business credit card is determined by the strength of the guarantor and the credit ratings of the company. To be considered for this, your credit score should be in the 680+ range. Another crucial determiner is the length of financial history, inquiries, new credit and the credit utilization rate. The debt-to-income ratio should be 50 percent or below. Before applying for a business credit card, you can apply for personal credit. In this blog, I outline several cards that work well for entrepreneurs who want to start building credit to qualify for easy approval business credit cards.

When you’re ready to start applying, it will be helpful to reference this list of easiest credit card to get for your business. The best one depends on your credit rating and business needs. Until you start properly establishing business credit, lender base financing approval on your personal credit history. Observe the features of each card and decide which works for your business.

Capital One® Spark® Cash for Business

If you have good credit, meaning a score of at least 700, you could qualify for the Spark Cash for Business. This card gives you more in the beginning and a lifetime higher percentage of rewards. There’s no stipulations on what purchases earn cash back. You have to compare the benefits to determine if you’re truly rewarded for your good credit history.

Pros

  1. $500 cash bonus for spending your first $4,500 in 3 months
  2. No purchase stipulations
  3. 2% cash back on purchases
  4. Additional employee cards for free
  5. Cash back rewards for employee purchases

Cons

  1. $95 annual fee after the first year
  2. Variable 18.24% APR
  3. No introductory APR for purchases or balance transfers

Capital One® Spark® Cash Select for Business

Here’s another option for business owners who have maintained good personal credit. The cash bonus isn’t as large, but this card comes with more long term benefits. For starters, they’ve ditched the annual fee.

Pros

  1. $0 annual fee
  2. No balance transfer fee
  3. $200 cash bonus after spending $3,000 in the first 3 months
  4. No stipulations on purchases
  5. Free employee cards
  6. 1.5% cash back on purchases
  7. Cash back rewards for employee purchases
  8. 0% APR for the first 9 months

Cons

  1. Variable APR between 14.24 and 22.24%
  2. No introductory balance transfer APR

Capital One® Spark® Miles for Business

Business travelers with excellent credit may find the Spark Miles for Business to be a good fit. Cardholders earn 2 miles for each dollar they spend. They also get perks like damage protection with eligible rental companies. You can also have peace of mind with 24 hour travel and emergency assistance.

Pros

  1. Rewards miles per $1 spent
  2. 50,000 bonus miles after spending $4,500 in the first 3 months
  3. No blackout dates
  4. Free employee cards
  5. Earn rewards on employee business purchases
  6. $0 fraud liability
  7. No foreign transaction fees
  8. Detailed spending reports throughout the year

Cons

  1. No transfer APR
  2. No intro APR
  3. Variable 18.24% APR
  4. $95 annual fee after year one

Capital One® Spark® Classic for Business

Business owners with less than stellar credit can get approved for this card. In fact, it’s the easiest credit card to get of the choices listed.Capital One only requires limited (less than three years) or fair credit, which is a rare find. It’s also perfect for a growing business with employees. The credit card gives entrepreneurs a chance to cover expenses and establish business credit.

Pros

  1. No annual fee
  2. No balance transfer fee
  3. No foreign transaction fee
  4. 1% cash back rewards
  5. Year-end summaries
  6. Complimentary employee cards
  7. No extensive credit history required
  8. Build business credit
  9. Fraud protection for lost or stolen cards

Cons

  1. Variable APR of 24.24 %
  2. No introductory APR or Introductory transfer APR

Chase Ink Business Cash℠ Credit Card

This card has a better introductory APR deal that extends through the first year. Cash back rewards are kind of tricky, but still a lot higher than most card offers. You earn 5% on office supplies and communication services, 2% on gas and dining, and 1% on all other purchases. This card is one of the best deals if you meet the excellent credit requirements.

Pros

  1. 0% introductory APR for the first year
  2. 0% Balance transfer for the first year
  3. No annual fee
  4. $300 Reward Bonus if you spend $3,000 within the first 3 months
  5. 1-5% Cash back on purchases
  6. Zero Fraud Liability
  7. Purchase Protection
  8. Extended Warranty Protection
  9. Travel and Emergency Assistance
  10. Auto Rental Damage Waiver
  11. Free employee cards
  12. Rewards on employee purchases

Cons

  1. Variable 14.49%-20.49% APR

Chase Ink Business Preferred℠ Credit Card

This is another card tailored for travelers with excellent credit and a growing business. The perks include multiple ways cardholders can earn travel reward points. In addition to travel, customers can redeem points for cash back or gift cards. The points remain for as long as the card is active.

Pros

  1. 1-3 travel points for each dollar spent
  2. 30,000 bonus reward points if you spend $5,000 in the first 3 months
  3. Free employee cards
  4. No foreign transaction fees

Cons

  1. $95 Annual Fee
  2. No introductory APR
  3. No introductory balance transfer APR
  4. Variable 17.24%-22.24% APR

SimplyCash® Plus Business Credit Card from American Express

A credit score of at least 700 can get you this AMEX card. The best part about this card are the multiple ways you can earn rewards. Cash back program are in increments over time, but some require heavy spending. For instance, for the $500 bonus you must spend $5,000 in the first six month and an addition $10,000 in the first year.

Pros

  1. No Annual Fee
  2. 0% Introductory APR for the 9 nine months
  3. 1-5% cash back rewards
  4. $500 reward bonus

Cons

  1. No balance transfers
  2. Variable 13.49%-20.49% APR

The Blue Business℠ Plus Credit Card from American Express

Those looking to stretch the 0% APR to the limit will love this card. It throws in an additional 3 months past the more common 12 months. The same conditions apply for balance transfers, though there’s a 3% fee. This card doesn’t offer a reward bonus, but you do get points on purchases. You need a score of 700 or better to get your hands on the Blue Business℠ Plus.

Pros

  1. No annual fee
  2. 1-2 reward points for every $1 in purchases
  3. 0% APR for the first 15 months
  4. 0% balance transfer APR for the first 15 months

Cons

  1. Variable 12.49%-20.49% APR

The Business Gold Rewards Card from American Express OPEN

If you’ve mastered the art of paying off your balance each month, this card could come in handy. You can consider it one of the easiest credit card to get, though it’s not a true credit card. It’s a business charge card, so the rules are a little different. The card doesn’t come with a pre-approved credit limit, making your purchasing power flexible.

AMEX bases purchase approval on your credit history and how you’ve handled previous card purchases. You must have good credit to qualify for the Business Gold Rewards Card.

Pros

  • 50,000 bonus reward points
  • 1-3 points earned with each dollar spent
  • Tools to track spending
  • No foreign transaction fees

Cons

  • $175 annual fee after the first year
  • Must payoff balance each month

SimplyCash® Plus Business Credit Card from American Express

The AMEX SimplyCash® Plus Business Credit Card is all about rewards. If you have good credit, you can reap all the benefits. Cardholders have several ways to earn, including the initial cash bonus. The greatest way to earn over time is through wireless service and office supply purchases. This gets you 5% cash back.

Pros

  1. No annual fee
  2. 0% introductory APR for the first 9 months
  3. Up to $500 Bonus Cash Back
  4. 1-5% cash back

Cons

  1. No balance transfers
  2. Variable 13.49-20.49% APR
  3. 2.7% Foreign transaction fee

What makes these the easiest credit card to get for business expenses?

Easiest or most difficult access to business funds really depends on where you stand with your credit history. The best actions you can take to easily get a credit card are to pay bills on time, only make business purchases, and try not to carry a balance. Remember the 30% rule. Don’t just splurge on items that won’t make you money. Make investments with a quick turnaround.

 

Aspiring Entrepreneurs: Here are the Easiest Personal Credit Cards to Get Approved for Credit Building

The Capital One QuicksilverOne Cash Reward Credit Card

This credit card has risen to the spotlight following its numerous features and benefits. Holders of the credit card receive unlimited rewards of 1.5% from every purchase they make. This is without any limitation on how much one can earn. Holders of the credit card are allowed to redeem their money for any amount. The rewards collected, however, do not expire for the life of the client’s account. The QuicksilverOne gives access to a higher credit line. This transpires with credit steps after the customer has made his or her first five monthly payments on time.

With what is the easiest business credit card to get approved, you enjoy tools that help you monitor your credit profile easily. Obviously, most clients will want to have maximum security. With QuicksilverOne, you get account alerts delivered either through email or text messages. These are helpful in that they allow you to stay on top of your account’s security. The company also permits you to choose your own payment method and monthly due date. The cards come with $0 fraud coverage in case your card is lost or stolen. Another benefit of the credit cards is that you can set them to automatically make payments at the end of every month. Additionally, you can transfer your balances of higher-rates into the cards.

Capital One has integrated state of the art technology and innovation in creating these cards. There exist mobile phone apps that work together with the credit cards. The Capital One Mobile App allows you to have access to your account without geographic or time limitation. You can use it to pay your bills, carry out any transaction and view your account’s balance. The Capital One Wallet is an app that helps you keep track of your credit card spending. This happens in real time. The other advantage of the business credit card is that you can add an authorized user to your account. Customer care is always ready to assist you in case of any query.

The benefits of using the QuicksilverOne are boosted by its extended warranty. Clients receive additional warranty protection at no extra cost for goods purchased using their credit cards. If you rent a vehicle with your credit card, you will be covered for any damage on the car in case of collision or theft. If you have a travel accident and it happens you had used your credit card to get your fare, you will get insurance cover if you lose your limb or life. Again, the company will compensate you if you had bought an item using your credit card should you get a cheaper one within 60 days. The annual percentage rate (APR) for purchases is 24.99%, but there are no interest rates for balance transfers and purchases. To hold the card, an annual fee of $39 is required. Contact us to acquire the easiest business credit card to get approved.

Credit One Bank Platinum Visa for Building Credit

For a person with bad credit, it is almost impossible to find a credit card that will not cost you much. With the Credit One Platinum Visa, you can check whether you qualify to get the card without messing your credit score. The card is unsecured and does not necessitate any deposit. It is one of the easiest business credit card to get approved as well as increase your credit score. This is because all your activity is reported to all three major credit bureaus every month.

The Credit One Unsecured Platinum Visa Card does not have any rewards. For the APR, customers get a variable rate of between 15.65 percent and 24.15 percent. For cash advances, the APR is 17.9 percent to 25.15 percent. The existing transaction fee can be either 3 percent or 8 percent. Once you get the card, the annual fee for the first year ranges between $0 and $75, but for the years that follow it is between $0 and $99. The annual fee is divided into 12 portions so the money is sent monthly. Additionally, there exists a $19 authorized user participation fee annually. The foreign transaction fees are within normal, 3 percent, but is not listed among the other fees.

For sure, the Credit One Bank Cash Bank Credit Card can be useful to clients who have fair credit and want to build healthy credit. The company offers credit lines from as low as $300. The card additionally has one percent cash back on eligible purchases. For this, terms and conditions apply. Most applicants with fair fico scores end up qualifying.

Journey Student Rewards from Capital One

With responsible use, the student rewards credit card can help students build their credit. The card is made for people with average credit. These persons can easily get approval for the credit card from which they earn one percent cash back from all purchases. If you pay funds on time, it is an advantage because it increases your cashback to a sum of about 1.25 percent. The Journey Student has the CreditWise tool that grants you the chance to access your account from anywhere and at any time. Additionally, the tool allows you to monitor your credit profile. This tool is available to anyone at no extra cost, proving that it is the easiest business credit card to get approved.

With this credit card from Capital One, you can have a higher credit line. This is through the Credit Steps, which works after you make the first five monthly payments in good time. For owners traveling or studying abroad, they are not charged any transaction fee when buying items. The purchase rate is at 24.99 percent APR. Its APR varies with the market depending on the Prime Rate. The card has no annual fee. Journey Student does not charge interest on purchases if you have paid your previous balance in full. This should be by the due date of every month. The due date is at least 25 days following the close of the billing cycle.

Like any other Capital One card, the card comes with fraud coverage in case of theft or loss of the card. Card owners also receive email or text messages that keep them updated over their accounts. Additionally, Capital One’s Financial Education site avails tools, resources and tips that help you understand your account as well as manage your credit. The card manufacturers are also working in conjunction with Apple Pay. This allows card owners to use their credit cards to buy goods on the go.

How to Get the Best Credit Card Interest Rates for Your New Business

It is spot on that unsecured lines of credit are the most rampant type of business financing. This saves many of the entrepreneurs who find financing completely impossible to obtain. The ease of unsecured credit is that it can be obtained by almost every business owner. For the past 10 years, LenCred has been helping small business owners get unsecured credit. To qualify, however, the business owner or the guarantor must have good credit. This is how you get the best interest rates. In addition, LenCred knows which lenders offer the lowest interest rates and focus on approaching those lenders to help you get credit card funding.

It does not take much to get approval for unsecured business lines of credit. Indeed, it is the easiest business credit card to get approved. One needs to understand what the unsecured types are and the different forms that they exist in. You also need to understand what financial institutions to look out for while looking at your credit profile. This is because the lenders will not give any intro offers of 0% interest to just anyone. Once you know this, you increase your chances of getting financing for your businesses.

How to Get Approved for Unsecured Business Lines of Credit

Even if it is the easiest business credit card to get approved, it is important to have a personal credit card running in your name before you apply for an unsecured business line of credit. More to that, it should display a stable personal credit history. Your personal credit history should date back to at least five years. The card that runs under your name should have been in use for at least one year. This will be helpful in showing the lenders that you can manage a credit card debt over the years. This way, your chances of getting approval will be boosted.

One needs to use his/her own credit because it assures the lender that the customer has integrity and the ability to make timely payments for the credit account. For sure, unsecured business financing in a risky business to run. For new business owners, the only way that a creditor can determine your credit worthiness is by looking at your credit history.

Keep an Eye on Your Credit Utilization

If your personal credit card is over 30 percent utilized, you can be sure that you will be denied unsecured credit. Credit card owners are advised to keep their usage under 30 percent of the available credit limit. Anything above that will give your credit provider the impression that you have used your credit cards to the maximum. However, you can cure this problem by paying the balance to get the easiest business credit card to get approved .

Pay Your Bills in Time

If you are determined to obtain unsecured credit, you cannot have any delinquent accounts reporting on your credit profile. Some of the things that can cause your line of credit to be denied include bankruptcies, late monthly payments, repossessions, collections and unpaid tax liens. You are also required to have a clean six months off hard inquiries. Hard inquiries occur when a lender pulls out your credit report in the process of deciding whether they are going to extend you new credit.

Yes, You Can Get Unsecured Business Line of Credit for a Startup

Unlike many other forms of small business financing, you can get unsecured credit for a new business. This is the easiest business credit card to get approved. As long as the business owner can meet the credit approval requirement, then the rest of the process is quite easy. In fact, for this, you do not require to have a proven track record for your business, the revenue for the previous year and the sales.

The credit obtained can be used to pay for any business expense. Additionally, depending on the lender, you can get cash rewards when you use your unsecured business line of credit to make some specific purchases. Some of the common uses of the unsecured business line of credit are such as purchasing fuel, airline tickets, paying contractors and employees, paying for marketing as well as advertisement.

For a person who has met the minimum required credit criteria, LenCred can be of help in getting unsecured business line of credit; you can get as much as $50,000 or more in about 30 days or less. Additionally, the LenCred team can help you obtain an unsecured business loan. Contact LenCred today for guidelines and assistance.


About Brittni Abiolu

Brittni AbioluBrittni has been an entrepreneur and investor for 10+ years. She writes about her experiences as a business owner and uses data and information from reliable sources to back up what she writes about. Through her writing she aims to educate other entrepreneurs on how to obtain capital and build successful businesses doing what they love.


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