Startup Business Credit Cards With No Credit Requirements
Covering startup costs is usually difficult until you start making a profit. As a new business owner, you might not qualify for a loan right away. Instead, you could opt for startup business credit cards with no credit record.
Startup and small business owners can deal with ongoing costs using different types of loans and other funding options. Aside from loans, you can also get business credit cards to help you:
- Make the necessary payments
- Grow your business
- Get rewards and additional perks
While most lenders require a good business credit score, solid revenue growth, and stable business, you could obtain startup business credit cards with no credit history by using your personal credit record.
Here is how:
- Get a business card
- Partner up with someone
- Apply for a secured business credit card
- Report all business payments to credit bureaus
You should not apply for business credit cards if you have not:
- Built a good credit history yet
- Demonstrated you can handle one business credit card first
While it is much easier to get a business credit card once your business has established a credit background, you could apply for a single card if you have been settling business costs and obligations on time.
You could get a business credit card if you partner up with someone that:
- Has good credit history
- Is willing to:
- Apply for a business credit card
- Make you an authorized user
While this option might provide a good way to deal with business expenses, it will also improve your personal credit score.
As an owner of a startup or small business, you can apply for a secured business credit card if you do not have a previous credit history. The issuing bank will:
- Require you to put down a security deposit, i.e., a collateral
- Not use your deposit if you cover monthly bills and any additional financial obligations on time
You should ensure all your business payments are reported to some major credit bureaus, such as:
Recording business payments with business bureaus—e.g., your monthly rent—could help you qualify for a business credit card.
The following table presents some business credit cards suitable for startups and small businesses with a fair credit score:
|Business Credit Card||Advantages||Disadvantages|
|Capital One Spark Classic for Business||
|American Express Blue Business Plus||
|Chase Ink Business Preferred||
||Annual fee of $95|
|Capital One Spark Cash for Business||
||Annual fee of $95 (waived for the first year)|
|Chase Ink Business Unlimited||
||A foreign transaction fee of 3%|
You might need to combine various funding options to cover your day-to-day activities or upcoming project activities. Once you have created a precise budget for your sales, marketing, and all other areas, you could get a loan for your business.
- SBA loans
- Term loans
- Lines of credit
- Equipment loans
- Real estate loans
- Working capital loans
- Merchant cash advances
Once you have decided what loan you would like to apply for, you must prepare and collect all necessary documentation, such as:
- Personal and business credit scores
- All business financial statements, including the:
- Profit and loss statement
- Cash flow statement
- Balance statement
Aside from the required paperwork, you should send a convincing loan request letter to make your application complete. DoNotPay can help you draft a watertight letter that will:
- Address all important aspects
- Use a formal and persuasive style
- Highlight your strengths to make your application noticeable
Our process is straightforward—subscribe to DoNotPay and:
- Navigate to the Business Loan Request Letter feature
- Provide your business information
- Indicate whether you need help with finding potential lenders
- Enter the sum you need to borrow
- Upload the collected documentation
Our AI-powered app can point out the best lenders for your needs and generate a loan request letter in a matter of minutes. Enclose the letter with your loan application to secure the funds you need to grow your business.
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In case you are struggling financially, we can assist you with a business loan application.
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You can also count on our assistance when you need to:
- Fight fake negative reviews online
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