Business Credit Cards (2024)

Business Credit Cards (1)

sihmud

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‎03-09-202204:34 PM

‎03-09-202204:34 PM

Business Credit Cards

hello all,

I am currently deciding which bank to open my business accounts with ( S- Corporation) I'd like to bank somewhere that will possibly extend me a business credit card in the near future. does anyone know or have a list of banks/credit unions/ or creditors that will give someone a business credit card with a BK on their CR?

thanks in advance.

Labels:

  • Bankrupcy
  • Business Card
  • chapter 7

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Business Credit Cards (2)

pizzadude

Credit Mentor

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‎03-09-202205:05 PM

‎03-09-202205:05 PM

Re: Business Credit Cards

@sihmudwrote:

hello all,

I am currently deciding which bank to open my business accounts with ( S- Corporation) I'd like to bank somewhere that will possibly extend me a business credit card in the near future. does anyone know or have a list of banks/credit unions/ or creditors that will give someone a business credit card with a BK on their CR?

thanks in advance.

How old is the BK? This will likely be a factor in their approval process.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

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Business Credit Cards (3)

sihmud

Regular Contributor

‎03-09-202205:18 PM

‎03-09-202205:18 PM

Re: Business Credit Cards

@pizzadude

filed 10/2021 DC 01/2022

im not planning on getting a business credit card now. But I also don't want to open accounts somewhere and later find out that they have a 5 year minimum post DC rule. I'd like to get one maybe a year down the road

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pizzadude

Credit Mentor

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‎03-09-202205:32 PM

‎03-09-202205:32 PM

Re: Business Credit Cards

I wouldn't necessarily tie business banking in with business credit cards - most Biz CCs require personal guarantees anyway so while your biz banking may help with an approval it's probably not going to override other factors.

What are you looking for in terms of banking and CCs ? Do you need a nearby branch for deposits, or services ? What types of expenses are you going to be running through your cards - Gas / Foodservice / Dining / Office Supplies, etc? There are many biz CC offerings that may offer rewards tailored to what you need to buy for your business.

Some banks / CUs have very primitive / nascent levels of biz customer service ( NFCU I'm looking at you ) but if your business is somewhat low maintenance you can probably live with it.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

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sihmud

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‎03-09-202206:01 PM

‎03-09-202206:01 PM

Re: Business Credit Cards

@pizzadudeI don't care much for business banking. I just assumed if I opened an account somewhere and dumped a good amount of change in there it would help my odds when applying. I am more interested in getting a decent-sized limit business credit card. my business can at times accrue large expenses I would prefer to put that expense on a business CC than a personal CC. i guess my question is which business credit cards are an option for me with a recent BK on report?

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FinStar

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‎03-09-202210:28 PM

‎03-09-202210:28 PM

Re: Business Credit Cards

@sihmudwrote:

@pizzadudeI don't care much for business banking. I just assumed if I opened an account somewhere and dumped a good amount of change in there it would help my odds when applying. I am more interested in getting a decent-sized limit business credit card. my business can at times accrue large expenses I would prefer to put that expense on a business CC than a personal CC. i guess my question is which business credit cards are an option for me with a recent BK on report?

Unfortunately, that's not how most institutions work these days, especially for those where PG is a requirement. In order to obtain a very decent limit with any of the major players that require some form of PG (e.g. Chase, AmEx, FNBO, Bank Of America, US Bank, etc.), the recent BK will pose an issue since they will be accessing personal CRs in connection with your business CC application.

Were any major lenders IIB? Was this a Ch 7 or 13?

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sihmud

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‎03-10-202207:37 AM

‎03-10-202207:37 AM

Re: Business Credit Cards

@FinStar

Thanks for the reply!

IIB was Chase, Discover, WF, and navy federal. I did not burn chase,Amex, US bank, or BofA however, after interacting on this site for a few months I know those lenders have a min of 3-5 years after discharge before giving credit. I was wondering if anyone knew of other business credit card lenders like cap one Etc..

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pizzadude

Credit Mentor

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‎03-10-202209:47 AM

‎03-10-202209:47 AM

Re: Business Credit Cards

@sihmudwrote:

@FinStar

Thanks for the reply!

IIB was Chase, Discover, WF, and navy federal. I did not burn chase,Amex, US bank, or BofA however, after interacting on this site for a few months I know those lenders have a min of 3-5 years after discharge before giving credit. I was wondering if anyone knew of other business credit card lenders like cap one Etc..

Do you have any revolving accounts open right now - as mentioned, almost all biz apps will pull your personal reports and it may be difficult to get approved this soon after BK.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

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sihmud

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‎03-10-202209:56 AM

‎03-10-202209:56 AM

Re: Business Credit Cards

@pizzadude

currently I have the following accountsopen

Capital one 3k

mercury 1.8k

paypal 2.2k

navu federal auto loan 29k <open 13 months>

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FinStar

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‎03-10-202210:17 AM

‎03-10-202210:17 AM

Re: Business Credit Cards

@sihmudwrote:

@FinStar

Thanks for the reply!

IIB was Chase, Discover, WF, and navy federal. I did not burn chase,Amex, US bank, or BofA however, after interacting on this site for a few months I know those lenders have a min of 3-5 years after discharge before giving credit. I was wondering if anyone knew of other business credit card lenders like cap one Etc..

Can you clarify the bolded piece? Was Chase IIB? Your next statement says you didn't burn them 🤔 Either way, Chase is typically out of reach until BK drops off.

Capital One may be flexible, but you're still looking at least a while given the BK and DC are less than 6 months old.

You might look into some lenders who may offer net30 accounts, but a variety of them require some sort of established business credit before loosening up their purse strings.

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Business Credit Cards (2024)

FAQs

Can I use my EIN to get a credit card? ›

It's entirely possible to sign up for a business credit card using only your EIN, but it will have to be a corporate one. Corporate cards are the only type of business credit cards that only require an EIN. They're intended for established companies and usually come with high revenue and cash-on-hand requirements.

Can an LLC have a business credit card? ›

Yes, a newly formed LLC can get a credit card, though approval often depends on the business owner's personal credit score, as many business cards require a personal guarantee.

Which credit card is best for business? ›

Best credit cards for small businesses
  • Ink Business Premier® Credit Card. ...
  • Marriott Bonvoy Business® American Express® Card. ...
  • U.S. Bank Business Triple Cash Rewards World Elite Mastercard® ...
  • U.S. Bank Business Altitude™ Connect World Elite Mastercard® ...
  • United℠ Business Card. ...
  • Wells Fargo Signify Business Cash℠ Card.

Is it hard to get a business credit card? ›

Since business card approval usually hinges on your personal credit history, getting a business credit with a less-than-stellar personal credit report can be challenging. Your options will likely be limited to secured business credit cards requiring a security deposit.

Does my EIN have a credit score? ›

While your personal credit score is tied to your Social Security number, your business credit score is tied to an Employer Identification Number — or EIN. This helps you keep your personal financial information private while you build and maintain your business credit score.

How do I build credit on EIN? ›

  1. Register your business and get an EIN. ...
  2. Apply for business credit with Dun & Bradstreet. ...
  3. Check your personal credit score. ...
  4. Open a business credit card. ...
  5. Pay creditors on time — and early if possible. ...
  6. Establish trade lines with your suppliers. ...
  7. Choose lenders that report to business credit bureaus. ...
  8. Avoid judgments and liens.
Feb 26, 2024

What is a 5 24 rule? ›

What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

Can normal people get business credit cards? ›

In most cases, the answer is yes. To be approved for a business credit card, you just need to be earning some money independently. Here's what you need to know about applying for a business credit card when you don't have a traditional business.

Do business credit cards check personal credit? ›

In most cases, a card issuer will check your personal credit report and score when you apply for a new business credit card. This is known as a hard credit inquiry, and it can have a small but temporary negative impact on your credit score. Hard inquiries may impact your FICO® Score for up to 12 months.

Which bank is easiest to get a business credit card? ›

Easiest business cards to get
  • Capital One Spark Cash Plus.
  • Bank of America Business Advantage Unlimited Cash Rewards Secured Card.
  • Chase Ink Business Unlimited Credit Card.
  • American Express Blue Business Cash Card.
  • Capital on Tap Business Credit Card.
  • American Express Blue Business Plus.
  • Capital One Spark Classic for Business.
Aug 16, 2024

Can you get a business credit card immediately? ›

It can take anywhere from a few minutes to a few weeks to get a business credit card. Once approved and account set up is complete, the Capital on Tap Business Credit Card physical card should arrive in just 4 business days and virtual cards are available for convenient spending.

What credit score is needed for a business credit card? ›

Most business credit card issuers do a hard credit check when you apply, and you'll typically need good to excellent personal credit (generally a FICO score of 690 or above) to qualify. This is especially true for startups, which can't lean on years of business success to bolster their application.

Can I use my EIN instead of SSN when applying for credit? ›

For that reason, banks typically require an applicant to supply a SSN. However, there are a few business credit cards that don't require a personal guarantee. You may be able to use an EIN rather than a SSN when applying for these cards, but all applications are different, and it's up to the individual institution.

Can I use my EIN instead of SSN? ›

Use your EIN on all of the items that you send to the IRS and the Social Security Administration (SSA). Caution: An EIN is for use in connection with your business activities only. Do not use your EIN in place of your social security number (SSN).

Can I use my EIN number to buy a car? ›

Thank you for your feedback.

Yes, it is possible to buy a car with an EIN number, you just need to be sure to clarify with the sales team that this is your intention.

How do I get a loan with my EIN number? ›

Can you apply for a SBA loan with just an EIN online? You can apply for a business loan with only an EIN, but you will need to provide other information as well, such as a social security number or tax ID number and a written out business plan.

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