Business Credit Cards
Business Credit Card Tips and Reviews
Frequently Asked Questions
How do you get a business credit card?
Every lender will have different requirements for business income, credit score, and other factors. However, you can usually expect a credit card issuer to review both your personal and business credit reports before making a lending decision—especially if your business doesn’t have its own credit history yet. To get a business credit card, make sure to check your credit, research your card options, and apply.
How do you qualify for a business credit card?
When you apply for a business credit card, issuers will still look at your consumer credit history. Most business credit cards require good to excellent personal credit scores (670 and up). Issuers will typically consider your business’s financial health, too, including a look at revenue, business credit score, and the repayment capacity of both the business and the owner.
What are the best business credit cards?
The best business credit cards should provide as much value as possible. After all, for small-business owners, maximizing profits is a top priority, so it's a natural to want the same from a business credit card. Current picks for best business credit card include American Express Blue Business Cash Card and Chase Ink Business Preferred.
What's the difference between business and personal credit cards?
Maintaining separate business and personal finances allows you to be more organized at tax time, and is essential for protecting your personal assets. Some of the key factors that differentiate business and personal credit cards include ID number to apply, generally accepted use, credit reporting, benefits and rewards, and consumer protection.
Which business credit cards do not report personal credit?
Wells Fargo's Business Secured Card, for one, does not report payment and usage to the consumer credit bureaus, so it will not help build or rebuild personal credit history. If you’re looking for a higher credit limit and the ability to earn rewards or cash back on your business expenses, this card may be right for you, even with the annual fee.
A credit card is a small plastic or metal card issued by a financial company. It allows you to access a credit limit that's provided by your credit card issuer. Your credit limit is the maximum amount you can borrow.
Credit Card Issuer
A credit card issuer is a bank or credit union that offers credit cards and extends credit limits to cardholders who qualify. When consumers make credit card purchases, the credit card issuer is responsible for sending payments to merchants for purchases made with credit cards from that bank.
Cash back is a bonus paid to credit cardholders who make qualifying credit card purchases. A percentage of each transaction is paid as cash back, which accumulates until the cardholder redeems the reward for a payout.
Rewards Credit Card
Credit card rewards come in different forms, but they all provide a benefit for using your card more. The value of the rewards you earn and the types of purchases that earn rewards can vary by credit card. There are typically three different types of rewards: cash, points, or miles.
Mastercard is one of four major U.S. processing networks, providing technology to facilitate electronic payments between consumers, businesses, and organizations. In addition, Mastercard also offers payment products, like credit and debit cards that financial institutions can offer to consumers and businesses.
"A" Credit Grade
“A” credit is a grade a lender may give you if you have a particularly high credit score as a borrower. The “A” designation makes you less risky to lenders and can lead to a higher chance of approval and lower interest rates.
Travel Points Credit Card
A travel points credit card is a great tool to have in your wallet. Use your credit card enough, and you can stash away enough points to cover the cost of your next trip. Travel credit cards all have different rewards structures, but they have one thing in common—you earn points or miles for making purchases.
Co-Branded Credit Card
Co-branded credit cards are credit cards backed by a credit card network, card issuer, and a consumer brand such as Delta, Target, or Marriott. Co-branded cards tend to be popular because they offer rewards you can redeem with the brand.
Merchant Discount Rate
The merchant discount rate is the fee, generally calculated as a percentage of the transaction amount, charged to merchants by a payment processor on a debit or credit card transaction. Payment processors charge the merchant discount rate to cover costs charged by banks and credit card networks as well as to make a profit.
PayPal Credit gives PayPal users a way to extend the payment period for certain purchases through a line of credit based on their creditworthiness. Synchrony Bank, which is known for partnering with retailers to offer credit cards, manages the program.