Establishing a new company is both thrilling and difficult, particularly in terms of funding and cost control. To control those costs, a company credit card is one option.
It can be difficult for business owners with little to no credit history to get standard funding choices. Startup business credit cards, on the other hand, offer a workable option for people without established credit.
An invaluable tool for aspiring business owners, this article examines the features, advantages, and factors to take into account when using these credit cards.
And we will also provide to you some of the best business credit cards with no credit history for any startup. Keep reading as you swipe below.
10+ Best Business Credit Cards for Startups With No Credit History
Understanding Startup Business Credit Cards
Designed for new business owners who do not have a strong credit history, startup business credit cards are accessible to people who are just starting out because they frequently feature favorable terms. Some of the key features of these cards include:
- No Credit History Required: Many startup credit cards do not require a credit score, making them accessible to entrepreneurs just beginning their financial journeys.
- Building Credit: Using a business credit card responsibly can help establish and improve credit history, which is crucial for future financing needs.
- Cash Flow Management: These cards can help manage cash flow by providing a line of credit that can be used for essential business expenses.
- Rewards and Benefits: Some cards offer rewards programs, cash back, or discounts on business-related purchases, which can be beneficial in managing costs.
Best Business Credit Cards For Startups List
- Stripe Corporate Card
- Brex Card
- Ramp Card
- Ink Business Preferred Credit Card
- BILL Divvy Corporate Card
- Capital One Spark Miles for Business
- Ink Business Unlimited Credit Card
- Discover it Secured Credit Card
- Emburse Cards
- The American Express Blue Business Cash Card
- The Blue Business Plus Credit Card from American Express
- Capital on Tap Business Credit Card
Benefits of Startup Business Credit Cards
1. Accessibility
Without a solid credit history, it can be challenging for many new business owners to get standard loans and credit choices.
Startup business credit cards make it simpler to get credit, freeing small business owners to concentrate on expanding their companies rather than worrying about money problems.
2. Credit Building
Long-term success depends on building business credit. A business's credit score can be considerably raised by making purchases with a startup credit card and making timely payments on the balance. Future funding possibilities, such as loans with improved terms, become available as a result.
3. Financial Flexibility
Startup credit cards offer the flexibility to manage expenses effectively. Entrepreneurs can use these cards for various business-related purchases, such as inventory, supplies, and marketing, without straining their cash flow.
4. Rewards Programs
Many startup business credit cards come with rewards programs that allow users to earn points, cash back, or discounts on purchases. This can translate into significant savings over time, helping businesses reinvest in their growth.
Things to consider before applying for a business credit card
Not all cards are created equally. After seeing the above list, the next things you should know are the things to consider when evaluating credit cards for startups. They are:
- Interest rates
- Fees
- Rewards programs
- Exclusive partner discounts
- No personal guarantee
- Higher credit limits as you grow
- Terms and Conditions
Do I need an Employer Identification Number (EIN) to qualify?
While some card issuers demand an EIN in order to grant a small business credit card, the majority do not.
However, requesting a free EIN from the IRS and using it when you apply for a company credit card can be beneficial. Additionally, it can be useful when applying for small business loans and/or opening a business bank account.
Final Thoughts on Startup Business Credit Cards No Credit
Recognize that you will have fewer possibilities than someone with excellent credit if you haven't built up good personal credit. However, while you are building credit, there are cards that can offer many of the best features of business credit cards.
Although the majority of business credit cards need a personal guarantee, they usually don't affect your personal credit ratings as long as you pay back the money you charge.
You'll probably start with a lower spending cap if your company is young and you don't have any credit. You'll probably notice that it grows over time if you make your payments on schedule. To build a good payment history with a small initial line of credit, you could wish to utilize your card for necessities and settle the balance as soon as possible.
Once you’ve paid your card on time for at least six months, you may want to ask the issuer whether you qualify for a credit limit increase.
A business credit card can be a great way to get your business off to the right start and provides numerous benefits. Manage it well, and you’ll continue to grow your credit as your business grows.