4 Best Small Business Credit Cards for Fair Credit in 2024

If you don’t have excellent credit, you may be worried you can’t get a business credit card. But fair credit doesn’t have to stop you from getting a business credit card that works for your business needs. 

Fortunately, some commercial lenders offer business credit cards tailored specifically to business owners who are working on building or rebuilding their personal and business credit histories. 

Here we’ll share top credit card options for small business credit cards for fair credit.

What Does “Fair” Credit Mean?

Most business credit card issuers will check personal credit scores when qualifying cardholders. Fair credit is defined as having a personal FICO score in the fair range—usually between 580 and 669. (Of course, each issuer can set its own standards for creditworthiness.)

If you have fair credit, you either have some established credit history, but have had some problem with making payments on-time,or perhaps a collection account appears on your report. It’s also possible you have high credit card balances that are bringing down our scores.

Or you may have fair credit simply because you have a limited credit history with few accounts reporting payment information. 

Note that this is different from your business credit scores. Most business credit card issuers check personal credit, not business credit.

The Best Small Business Credit Cards for Fair Credit

Business credit cards can be an excellent way to track business expenses, separate your business and personal finances, improve cash flow and build business credit.  

These cards can be excellent choices for small business owners with fair credit:

1. Capital One Spark Classic for Business

The Capital One Spark Classic for Business is a reward credit card. Earn 1% Cash Back on every purchase and 5% Cash Back on hotels and rental cars booked through Capital One Travel..

The annual fee is $0 and the foreign transaction fee is None, making it a good option for business owners who regularly travel abroad or make international purchases.

2. BILL Divvy Corporate Card BILL Divvy Corporate Card

The BILL Divvy Corporate Card helps build business credit, and it may be a good choice if your fair credit is due to a limited credit history. 

You can also earn rewards: Up to 7% points, based on payment settings..

There’s $0 annual fee for this card. All charges made on this charge card are due and payable when you receive your periodic statement.

3. Bank of America Business Advantage Unlimited Cash Rewards Mastercard Secured credit card

Open this secured business credit card from Bank of America with a minimum deposit of $1000. There is no annual fee, you can earn rewards. You can earn unlimited 1.5% cash back on eligible purchases with no cap. Csh rewards can be redeemed as a credit card statement or as a deposit into your Bank of America checking or savings account. 

There is no annual fee. There is a foreign transaction fee of 3%. 

Bank of America will automatically review your credit history, and customers who pay on time and meet other qualifications may be able to transition to an unsecured card. Bank of America business credit cards report business credit to SBFE.

*All information about the Bank of America Business Advantage Unlimited Cash Rewards Mastercard Secured 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 Nav.

4. FNBO Business Edition® Secured Mastercard® Card

First National Bank offers a business secured card with a credit limit between $2,000 and $100,000, in multiples of $50. You must deposit 110% of the credit limit you want. Your deposit will earn interest. The annual fee is $39. 

You won’t earn rewards points or miles to earn, but the card does offer some perks such as Mastercard Easy Savings (automatic rebates on certain purchases) and discounts on Quickbooks Online or TurboTax.

*All information about the FNBO Business Edition® Secured Visa® 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.

What about interest rates? Most credit card offers list a range of rates. You’ll find out which interest rate you qualify for when you are approved.

What Credit Score Do You Need to Get a Fair Credit Business Credit Card?

Credit card issuers rarely reveal specific minimum credit score requirements for business or personal credit cards. Secured credit cards are usually the most flexible and these cards are often available even if you have bad credit. 

If you have fair or poor credit, you won’t qualify for some of the best business credit cards with generous welcome offers and 0% APRs on purchases or balance transfers. But you can still use these cards to improve cash flow, and some cards offer rewards.

And if your payments are reported on your business credit reports, you can build business credit.

Can You Get A Business Credit Card With No Credit Check?

There are a few business credit cards and charge cards that don’t require a personal guarantee or a personal credit check. But major issuers, like American Express, Chase, Capital Ones often check personal credit and require a personal guarantee.

Ways to Improve Your Fair Credit Score

There are several ways that you can improve your credit scores. The most important one is to make on-time payments and to maintain low balances. 

It’s fine to have multiple credit card accounts, as long as you keep balances in check and pay on time. 

What specifically you need to do to build your credit will depend on what’s bringing down your scores. 

And of course it’s very important to check and monitor your business and personal credit, preferably through multiple credit bureaus, so you can track your progress.

Things to Consider Before You Apply for a Business Credit Card with Fair Credit

Before applying for a business credit card with fair credit, you should make sure that you have a good chance of being approved. Check your credit scores and see if they are in the fair range, which is generally considered to be 580 to 669 on the FICO score range. If your credit is at the bottom of that range or below, you may wish to consider one of the secured cards for businesses, which are available even if you have poor credit or even bad credit.

Find the best business credit cards here.

How to Pick the Best Credit Card for Your Business

No business credit card is perfect, and if you only have fair credit, your options are more limited. As you compare these and other top business credit cards, it’s important to take several factors into consideration, including:

  • Approval requirements: These cards are targeted to business owners with fair credit, but it is possible they may have additional requirements, such as time in business, annual revenue, or liquid assets. Make sure you know a card issuer’s criteria before you apply to avoid an unnecessary denial.
  • Spending habits: A few small business credit cards for fair credit offer rewards programs such as cash back rewards, and some of them include bonus rewards on certain spending categories. If your business has a lot of expenses in one or two categories, it may make sense to get a card that will reward you more for those purchases.
  • Preferences: Ultimately, it’s up to you to determine what you want in a business credit card. Whether you want cash-back or travel rewards, a 0% APR promotion, or other features, pick a card that best suits your needs.

Can You Get a Business Credit Card with Bad Credit?

Yes, it is possible to get a business credit card if you have bad credit. However, your best options may be limited to secured credit cards, which require a security deposit equal to your credit limit. While this can be inconvenient, using the card can help you build your business credit history to give you more options later on when you’re ready to expand your business.

Easiest Business Credit Cards to Get

The easiest credit cards to get are business secured credit cards and some business charge cards. Secured cards require a security deposit, while charge cards require you to pay the balance in full. 

Both of these features—a security deposit or frequent payments—can make it easier to qualify for a credit card. 

If you have a brand new business, that’s fine too. Most issuers will issue cards to startups as long as you meet minimum credit score requirements and have sufficient income from all sources (not just the business).

The Bottom Line

If you have fair credit, you’ll find business credit cards that can help your business track expenses, safely make purchases, and even build your business credit.

Once your personal credit is in the good or excellent range, compare your card with other top business credit cards to make sure you’re still getting the most bang for your buck. If not, you can always apply for a new one that better fits your business.