Getting a good business credit card is a great way to build a business credit history and get some benefits and rewards along the way. But depending on your personal credit history, it can be tough to get the card you want.
Before you apply for any business credit card, it’s a good idea to check your credit score first. Once you know it, then you can apply for a card that you have a good chance of getting approved for.
To help you, we’ve put together a list of some of the best credit cards for each type of credit score on the spectrum.
Best for bad credit: Wells Fargo Business Secured Credit Card
If your credit score is between 300 and 579, or you’ve never used credit before, your best bet may be a secured credit card. Of the handful of business secured credit cards out there, the Wells Fargo Business Secured Credit Card is hands-down the best.
The card allows you to choose between 1.5% cash back on all purchases or 1 point per dollar on all purchases, plus 1,000 bonus points for every month where you spend at least $1,000.
Your credit limit will be equal to your security deposit, which can be between $500 and $25,000. The annual fee is $25 per card, which can get expensive if you add employee cards. But depending on how often you use it, the rewards can make up for the cost.
As you use the card responsibly over time, Wells Fargo will review your account periodically to determine whether to upgrade you to an unsecured account.
*All information about the Wells Fargo Business Secured Credit Card credit card has been collected independently by Nav. This card is not currently available through Nav. To see what business credit cards are available, please visit the Nav Credit Card Marketplace.
Best for excellent credit:
If your credit score is 740 or higher and you value flexibility and great benefits, the is tough to beat.
- Airfare purchased directly from airlines
- U.S. purchases for advertising in select media (online, TV, radio)
- U.S. purchases made directly from select technology providers of computer hardware, software, and cloud solutions
- U.S. purchases at gas stations
- U.S. purchases at restaurants
- U.S. purchases for shipping
There’s no pre-set spending limit on the card, giving you more flexibility with how much you can spend.
When it’s time to redeem your points, you have a lot of options, including getting gift cards or cash back, booking travel, or transferring them to airline and hotel partners. If you redeem them for flights through Amex Travel, though, you’ll get 25% of your points back.
However, The card also provides several business-related benefits, including:
- Up to one year free of G Suite basic for three users
- Up to one year free of Zip Recruiter Standard
- The option to pay certain purchases over time
- Spend Manager, which allows you to add notes and receipts to your transactions
- Direct import into Quickbooks
- Year-end spending summary
- Free employee cards
Keep in mind, though, that the card charges a annual fee. But if you take advantage of the card’s benefits, you could get far more value than that in the first year alone.
Picking the right card for you
Knowing your credit score is an important component of getting the right credit card for your business. But also knowing what you want in a card can help you make the right decision.
Take some time to research these cards and compare them to other top business credit cards in the same credit range. This process can take time, but it’s well worth it if you’re able to get more value in the long run.
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