How to Raise Money for Real Estate Investment: A Beginner’s Guide

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How to raise money for real estate

Real estate is filled with lucrative opportunities. But, before you can reap the rewards, you need funds…Sometimes, you can do it all on your own. But, to make sizable investments, most people need to raise money.

The good news is, anyone with the right information can do it. My goal is to make fundraising easy to understand for everyone. Whether you’re a pro or just starting out, here, you’ll find the fundamentals you need to raise money for real estate investing.

Here’s what’s in store: 

Now, let’s get it! 

Recommended: This is How to Leverage Business Credit to Transform Your Life 

Real Estate Ventures and Capital

Before we delve into the nitty-gritty of raising capital, it’s crucial to understand the fundamentals. 

You can invest in various types of properties, like single-family homes, towering skyscrapers, apartment buildings, senior living communities, medical facilities, shops, factories, and warehouses. 

The two main types of real estate are: 

  • Residential real estate
  • Commercial real estate

Real estate ventures, whether residential or commercial, require significant investment. This capital is essential for property acquisition, development, maintenance, and generating returns.

Residential Real Estate

How to raise money for real estate investment

Residential real estate refers to properties that are designed and used for housing purposes. These properties are where people live, such as houses, apartments, condominiums, townhouses, and vacation homes. Residential real estate is typically divided into four main categories:

  • Single-family homes are stand-alone houses designed for a single family to live in. They come in various sizes and styles, from small cottages to large estates.
  • Multi-family homes include duplexes, triplexes, and apartment buildings. They provide housing for multiple families within a single structure.
  • Condominiums (condos) are individual units within a larger building or complex. Residents own their individual units and share common areas and amenities.
  • Townhouses are usually multi-story properties with shared walls between units. Each unit has its own entrance, and residents own both the interior and exterior of their unit.

Investors in residential real estate often focus on renting or selling these properties to individuals or families for residential purposes. The residential real estate market can be influenced by factors such as location, demand, economic conditions, and interest rates.

Commercial Real Estate

How to raise capital for commercial real estate

Commercial real estate is what we call the properties that are used for business and commercial purposes – It includes a wide range of property types, catering to various industries and needs. Some common types of commercial real estate include:

  • Office buildings are used for office spaces, ranging from small business offices to large corporate headquarters.
  • Retail spaces are designed for businesses to sell products or services to consumers. They can include shopping centers, malls, standalone stores, and restaurants.
  • Industrial properties include warehouses, manufacturing facilities, distribution centers, and industrial parks. These properties are essential for logistics and production.
  • Hospitality properties are hotels, motels, resorts, and other buildings that provide accommodations and services to travelers and tourists.
  • Special-use properties serve unique purposes – Think healthcare facilities, educational institutions, religious buildings, and entertainment venues.

Investing in commercial real estate often involves leasing properties to businesses or organizations. Commercial property values can be influenced by factors like location, accessibility, lease terms, and economic conditions.

Real Estate Capital

How to raise money for real estate investing

Real estate capital refers to the financial resources needed to invest in real estate properties. Capital is needed to purchase, develop, maintain, and operate real estate assets. 

Various sources of real estate capital include:

  1. Equity capital comes from the property owner’s investment or ownership stake. It includes personal savings, investments, or contributions from partners or investors.
  2. Debt capital involves borrowing money to finance real estate investments. Common sources include mortgages, loans, and lines of credit from banks, financial institutions, or private lenders.
  3. Private capital can come from individual investors, family and friends, or private equity firms interested in real estate investments.
  4. Public capital can be raised by real estate companies through initial public offerings (IPOs) or by issuing real estate investment trusts (REITs) in the public market.
  5. Government capital comes from entities that may provide grants, subsidies, or incentives to support real estate development projects that align with public policy objectives.

Effective capital management is the cornerstone of real estate investing because it impacts the ability to acquire and maintain properties, generate rental income, and achieve desired returns on investment (ROI). 

Real estate capital strategies tend to vary depending on your objectives and the type of real estate you target. Let’s take a look at some strategies you can use. 

Recommended: The BRRRR Method: A Real Estate Portfolio-Building Blueprint 

Ways to Raise Real Estate Capital

Are you ready to dive into the world of real estate capital and explore various methods to kickstart your real estate journey? Let’s break down each strategy, providing a succinct definition, highlighting the benefits, outlining the risks, and guiding you on how to obtain each type of real estate capital.

1. Business Credit

How to raise money for real estate investments

Business credit involves using your company’s credit history and financial strength to secure loans or lines of credit for real estate investments using methods.

Benefits:

  • Separates personal and business finances.
  • Can provide significant capital for real estate endeavors.
  • May offer competitive interest rates and terms.

Risks:

  • Requires a strong business credit profile.
  • Defaulting on loans can harm your business credit.
  • Interest rates and terms may vary based on creditworthiness.

How to get business credit:

  1. Establish and build a solid business credit history.
  2. Maintain a good payment history with net 30 vendors and creditors.
  3. Apply for business credit cards and loans.

Recommended: 

2. Home Equity

How to raise money for commercial real estate

Home equity represents the portion of your home’s value that you own outright, which can be leveraged as capital for real estate investments.

Benefits:

  • Access to a substantial source of capital.
  • Potential for competitive interest rates.
  • Can be used for various real estate projects.

Risks:

  • Tied to your home’s value, subject to market fluctuations.
  • Defaulting on home equity loans risks foreclosure.
  • Reduces your ownership stake in your primary residence.

How to Unlock Home Equity:

  1. Determine your home’s current value.
  2. Calculate your available equity.
  3. Apply for a home equity loan or line of credit.

Recommended: Should You Use a Real Estate Investor Line of Credit? 

3. Peer-to-Peer Loan

Raising private money for real estate investing

Peer-to-peer lending platforms connect real estate investors with individual or institutional lenders, allowing them to borrow funds for their projects.

Benefits:

  • Access to a wide network of potential lenders.
  • Competitive interest rates.
  • Streamlined application process.

Risks:

  • Varying lending criteria among platforms.
  • Potential higher interest rates for riskier borrowers.
  • Limited control over the selection of lenders.

How to access peer-to-peer loans:

  1. Research peer-to-peer lending platforms.
  2. Create a compelling loan request.
  3. Connect with potential lenders on the platform.

Recommended: Alternative Ways for Entrepreneurs to Raise Capital from Online Lenders

4. Private & Hard Money Lenders

How to raise capital to buy real estate with none of your own money

Private and hard money lenders are individuals or organizations that provide real estate loans, often with less stringent requirements than traditional banks.

Benefits:

  • Faster approval and funding compared to traditional lenders.
  • Flexible lending criteria, making them accessible to investors with lower credit scores.
  • May offer loans for various real estate projects.

Risks:

  • Higher interest rates and fees.
  • Shorter repayment terms.
  • Collateral may be required.

How to get private & hard money loans:

  1. Network with local real estate investment groups.
  2. Research and approach private lenders or hard money lending firms.
  3. Prepare a solid business plan and property details to present to lenders.

Recommended: A Review of Alpha Funding Partners – Are Their Solutions Right for You? 

5. Self-Directed Accounts

How to invest $100 000 dollars in real estate

Self-directed accounts, such as self-directed IRAs and 401(k)s, can enable you to invest your retirement savings into real estate assets. 

Benefits:

  • Potential for tax advantages within retirement accounts.
  • Diversification of retirement portfolio.
  • Control over real estate investment decisions.

Risks:

  • Strict IRS rules and regulations to follow.
  • Potential for penalties if not compliant with tax rules.
  • Limited access to funds until retirement age.

How to use self-directed accounts:

  1. Set up a self-directed IRA or 401(k) with a qualified custodian.
  2. Identify suitable real estate investment opportunities.
  3. Ensure compliance with IRS regulations and rules.

6. Wholesaling

How to make money in real estate with $5000

Wholesaling involves finding real estate deals at a discount and assigning the contract to another buyer for a fee, often requiring minimal upfront capital.

Benefits:

  • Low initial investment is required.
  • Quick turnaround for profits.
  • Opportunity to gain valuable experience in real estate.

Risks:

  • Highly competitive market.
  • Requires strong negotiation and deal-finding skills.
  • Success is not guaranteed for every deal.

How to start wholesaling:

  1. Build a network within the real estate industry and research auction options.
  2. Identify distressed properties or motivated sellers.
  3. Negotiate favorable purchase contracts and assign them to buyers.

7. Crowdfunding & Syndication

Raising money for real estate syndication

Crowdfunding platforms allow multiple investors to pool their capital into a real estate project, while syndication involves pooling funds under the leadership of an experienced sponsor.

Benefits:

  • Access to diverse real estate projects.
  • Lower investment thresholds.
  • Limited liability for individual investors.

Risks:

  • Project success depends on the sponsor’s expertise.
  • May require due diligence on crowdfunding platforms.
  • Returns may vary based on project performance.

How to Use Crowdfunding & Syndication:

  1. Research crowdfunding platforms or syndication opportunities.
  2. Evaluate project details, sponsor track record, and investment terms.
  3. Invest in projects that align with your goals.

8. FHA & USDA Mortgages

FHA & USDA Mortgages for real estate fundraising

FHA loans (3.5% down) and USDA loans (0% down) are government-backed mortgages for residential and agricultural (you don’t necessarily have to buy a farm as long as the location is rural) real estate investments. The kicker is that the down payments are low or non-existent and interest rates are lower than conventional loans. You might hear FHA mortgages referred to as “first-time homebuyer loans.” 

Benefits:

  • Low or no down payment requirements.
  • Accessible to first-time investors.
  • Competitive interest rates.

Risks:

  • Limited to owner-occupied properties (can be used for 1-4 unit properties if you occupy one unit).
  • Mortgage insurance is required.
  • Stricter property condition requirements.

How to qualify for FHA investment loans:

  1. Meet credit score and income requirements for local homebuying programs.
  2. Choose an eligible property type.
  3. Complete the FHA loan application process.

Recommended: Can You Pay a Mortgage with a Credit Card? The Answer is… Complicated 

How to legally raise private money

You need to comply with all local, state, and federal laws. Not all statutes are common knowledge. If this is where you’re headed, before we wrap up, I want to point out a couple of SEC regulations that might apply to you when you raise funds for real estate. 

Regulation D Rule 506(b) and Regulation D Rule 506(c) are two exemptions provided by the U.S. Securities and Exchange Commission (SEC) that allow private companies to raise capital from investors without having to register their securities offerings with the SEC. 

Both exemptions are commonly used in the world of real estate investing and apply to anyone who offers securities in exchange for investing in a venture – So, if you will offer investors some sort of return on investment, pay attention. 

Here’s a simplified breakdown of what you need to know about Regulation D Rule 506(b) and Regulation D Rule 506(c), so that you can choose the right one for your situation.

Regulation D Rule 506(b):

  • You can raise money from both wealthy and regular investors (up to 35 regular ones).
  • You can’t openly advertise your investment opportunity to the public. You can only share it with people you already know or have a relationship with.
  • You don’t have to do much to check if an investor is wealthy. They can just tell you, and you trust them.

Regulation D Rule 506(c):

  • You can only raise money from wealthy investors (no regular ones).
  • You can openly advertise your investment opportunity to anyone, even on the internet or social media.
  • You must carefully check if investors are truly wealthy by asking for proof like tax returns or statements from their bank or broker.

Under both rules, you need to fill out some paperwork (Form D) and send it to the government.

In simple terms, Rule 506(b) lets you raise money from a mix of rich and regular people but limits how you can advertise. Rule 506(c) is for raising money only from wealthy folks, but you can tell everyone about it. 

Choose the one that fits your needs and follow the rules to stay out of trouble with the government. Always consider seeking legal advice or consulting experts when navigating these regulations in your real estate investment journey.

(If you use your own business credit to invest in real estate, you don’t have to worry about SEC regulations because you’ll be the one to receive all of the profits.)

Recommended: Low-Risk NAICS Codes +Best SIC Codes for Business Credit in 2023 

Frequently Asked Questions

How do you structure raising money for real estate?

Consider partnerships, LLCs, REITs, syndications, private loans, and crowdfunding to structure real estate investments.

Sole Proprietorship VS LLC: How to Choose Your Entity Wisely 

How to raise money to buy real estate with none of your money?

Explore strategies like wholesaling, seller financing, partnerships, hard money loans, and lease options to minimize upfront capital.

What is the fastest way to build wealth in real estate?

Quick wealth in real estate can come from the BRRRR method, flipping, leveraging mortgages, commercial real estate, real estate development, and short-term rentals.

What part of real estate is most profitable?

Commercial real estate, multifamily properties, real estate development, short-term rentals, and real estate syndication tend to offer high profitability.

How does real estate make the most millionaires?

Real estate creates millionaires through property appreciation, rental income, leverage, tax benefits, and portfolio diversification.

Conclusion

Raising money for real estate investment may seem daunting, but armed with the knowledge and strategies from this guide, you’re well on your way to achieving your financial goals. 

These strategies offer various avenues to raise real estate capital, each catering to different investment preferences and financial situations. Choose the approach that aligns with your goals, and always conduct thorough research and due diligence before making any investments.

Remember, the path to real estate success begins with that first step. So, embrace the possibilities, start raising capital, and turn your real estate dreams into reality. Happy investing!

→ Want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today.

What Are the Best Security Cameras for Businesses? 

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Best Security Cameras for Business

Can we talk about the crazy evolution the security industry has gone through recently? When you upgrade your security cameras, it’s like going from an old bicycle with training wheels to a turbocharged motorcycle that can navigate traffic and take you on epic cross-country adventures.

Today, with a new system, you can monitor your facilities from anywhere using your phone or laptop. 

Whether you’re rocking a small coffee shop or running a mega-corporation, nailing down the right security cameras is like having your own fortress – it shields your assets, your staff, and your space. 

Let’s learn how to pick out the slickest security cams for your business. 

Here’s what’s in store: 

Ready to roll?

Why Do Businesses Need Security Cameras?

Business security is more than just a padlock on the front door. 

Security cameras offer several advantages:

  • Deter crime –  Conspicously-placed cameras and signs deter intruders, thiefs, and vandals from targeting your business.
  • Document incidents – Camera footage is valuable evidence for any investigations, insurance claims, and legal proceedings.
  • Protect staff –  Monitoring the work environment helps ensure employee safety and prompt response to emergencies.
  • Monitor remotely – With remote monitoring, you can keep an eye on your operations from anywhere at any time.

What is the difference between home and commercial security cameras? 

Home security cameras and commercial security cameras are designed for the specific needs of the end-user. 

Home Security Cameras:

  • Are tailored for residences and smaller spaces
  • Emphasize easy installation and operation
  • Include motion detection, night vision, and mobile app access
  • Prioritize aesthetics for seamless integration into homes

Commercial Security Cameras:

  • Are engineered for businesses and larger areas
  • Offer advanced features like customizable motion zones
  • Are designed to withstand harsh environments and weather
  • Are scalable for businesses of all sizes
  • Can integrate with access control and alarm systems

While both types of security systems protect property, they differ in scale, features, durability, and complexity – But, you may be able to use business and consumer systems interchangeably based on need. 

Recommended: How to Use Business Gas Cards to Build Your Business Credit 

How to Choose the Best Security Cameras

When it comes to choosing the best security cameras for your business, you’ll want to look at the following features:

  1. Camera types – Dome cameras, bullet cameras, and PTZ (pan-tilt-zoom) cameras have distinct features and are suited for specific monitoring needs.
  2. Indoor vs. outdoor cameras – Determine whether you need cameras for indoor or outdoor monitoring, or a combination.
  3. Resolution and clarity – Opt for cameras with high-resolution (1080p or higher) for clear and detailed image quality.
  4. Low-light and night vision – If you need to monitor during nighttime hours, look for cameras equipped with good low-light performance and/or infrared night vision.
  5. Wide-angle coverage – Consider cameras with a wide field of view to cover larger areas with fewer devices.
  6. Power options – Choose between wired and wireless cameras based on the availability of power sources and your preferred installation method (I upgraded from Google Nest to Arlo, because it seemed like I had to charge the Nest too often). 
  7. Remote access and alerts – Get a system that offers remote access through mobile apps or web browsers, and customizable alert notifications for real-time updates.

Recommended: Here’s How to [Actually] Get Business Credit With Just an EIN 

Top Picks for Business Security Cameras

In the quest to beef up my security system, I decided to turn to the good folks over at Reddit for some guidance. With approximately 10 cameras to handle and a need for continuous 24/7 recording that’s easily searchable and downloadable, I wanted some practical advice.

Reddit delivered, and three names kept popping up in the conversation: Arlo, Ring, and Nest (now Google Nest). These brands seemed to offer promising solutions, and I’m about to break down why they stood out.

I used to use Nest, but I felt like I had to charge the cams too often. 

Here, I’ll explore why one of these cameras could be just what your business needs. I’ll dig into their cool features, discuss how they fit into a business setup, and give you the lowdown on making the right choice to keep your premises secure. 

So, grab a coffee, and let’s chat about Arlo, Nest, and Ring security cameras!

1. Arlo Pro 4 Security Cameras

Best wireless security camera system for business

Arlo Pro 4 cameras are the go-to for convenience. They’re wireless, run on a rechargeable battery (no need for power outlets), and offer crisp 2K resolution. Wide-angle coverage and enhanced night vision keep an eye on things 24/7. You can monitor remotely with the Arlo app, get motion alerts, and even have two-way chats.

Wireless Wonder – If hassle-free installation is your thing, Arlo Pro 4 cameras are a dream. They go wireless, powered by a rechargeable battery, making them perfect for businesses without nearby power outlets. No need to fuss with wires.

Crystal Clear – These cameras come with 2K resolution, which means sharp and detailed footage. Their wide-angle coverage ensures you won’t miss a thing, and even when the sun goes down, enhanced night vision keeps a watchful eye.

Pros:

  • Hassle-free wireless installation.
  • Crisp 2K resolution.
  • Wide-angle coverage.
  • No constant power required.

Cons:

  • Slightly higher initial cost.

2. Google Nest Cam IQ

Best 4K security camera system for business

Google’s Nest Cam IQ Outdoor is all about premium quality. It rocks a 4K sensor, HDR imaging, and facial recognition tech. Tough enough for the outdoors, it’s got smart motion detection zones. It does need steady power, but the features and reliability make it worth considering.

Top-Tier Video – Google Nest Cam IQ Outdoor is for those who demand the best. It flaunts a 4K sensor and HDR imaging, guaranteeing top-notch video quality. When it comes to recognizing faces, it’s got that covered too.

Built Tough – This camera is designed to take on the great outdoors. Rain or shine, it can handle it. Plus, its advanced motion detection with customizable zones ensures you only get alerts when it matters.

Pros:

  • Stunning 4K video.
  • Facial recognition.
  • Weather-resistant.
  • Smart motion detection.

Cons:

  • Requires a consistent power supply.

3. Ring Outdoor Security Kit

best outdoor security camera system for business

The Ring Outdoor Security Kit is a powerhouse. It includes indoor/outdoor cameras, doorbell cameras, and a base station. You’ll get real-time alerts, two-way chats, and it plays nice with the Ring app. Each component may have different specs, but together, they create a solid security setup.

All-in-One – The Ring Outdoor Security Kit is like a security buffet. It serves up indoor/outdoor cameras, doorbell cameras, and a base station. It’s a comprehensive solution that covers all the bases.

Pros:

  • A complete security kit.
  • Indoor/outdoor and doorbell cameras.
  • Instant alerts and two-way communication.
  • Works smoothly with the Ring app.

Cons:

  • Features may vary depending on the component.

Recommended: 6 Best Business Credit Cards for Entrepreneurs

So, there you have it—three fantastic options, each with its own strengths and quirks. Your choice will depend on what fits your business like a glove. Let’s dive deeper into each option to help you make the right call and keep your business secure around the clock.

Bonus: Secure Camera Installation Tips

When possible, put your cameras on the ceiling. This way, they’re not easy to see, and it’s tough for anyone to mess with them.

If you can’t mount cameras on the ceiling, mount them up high, where people can’t reach them without permission. This keeps them safe from tampering.

Next, hide the wires that connect the cameras. This stops anyone from messing with them or causing problems.

If it makes sense, use protective boxes or enclosures to keep your cameras safe. It’s like putting them in a sturdy, locked box to protect them from any harm.

By following these simple steps, you can make sure your cameras stay safe and do their job without any trouble.

Frequently Asked Questions

What are the best security cameras for a small business?

The best security cameras for small businesses vary based on your specific needs. Options like the Arlo Pro 4, Google Nest Cam IQ Outdoor, and the Ring Outdoor Security Kit offer impressive features, such as wireless installation, high-resolution video, and advanced motion detection. It’s essential to consider factors like indoor/outdoor use, power sources, and remote access before making a decision.

Which security cameras have the best quality?

The Google Nest Cam IQ Outdoor, Arlo Pro 4 are known for their high-quality video and advanced features. Ring is known for its user-friendliness, but offers competitive quality. All of them offer superior image resolution and HDR imaging for awesome video quality.

Which security company has the best outdoor cameras?

Several companies offer top-notch outdoor security cameras. Google Nest, Arlo, and Ring are among the brands known for their quality outdoor camera options, each with its unique features and benefits.

What's the difference between surveillance cameras and security cameras?

The terms “surveillance cameras” and “security cameras” are often used interchangeably, but they can have nuanced differences – Security cameras are designed to monitor specific areas for security purposes, while surveillance cameras can include a broader range of applications, such as traffic monitoring or general observation.

How many security cameras do I need for my business?

The number of security cameras needed depends on the size and layout of your business. Conduct a thorough assessment of your premises, identifying critical areas that require monitoring, such as entrances, exits, and high-traffic zones. Consulting with security professionals can help you determine the optimal camera placement and quantity.

Can you write off security cameras for business?

In most cases, security cameras are considered a legitimate business expense and may be tax-deductible. However, tax regulations vary by location and business specifics. Consult a tax professional or accountant to understand any deductions applicable to your situation.

Recommended: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

Conclusion

In the ever-evolving landscape of business security, selecting the right camera system is akin to finding the perfect puzzle piece to complete your safety strategy. Arlo Pro 4, Google Nest Cam IQ Outdoor, and Ring Security Cameras are just a few of the best options available to safeguard your business.

Whether you’re drawn to Arlo’s wireless convenience, Google Nest’s high-tech intelligence, or Ring’s user-friendly approach, each choice represents a powerful tool in your hands. By considering factors such as camera type, resolution, power options, and integration capabilities, you’re setting the stage for comprehensive protection that aligns seamlessly with your business needs.

With the resources to invest in advanced security solutions such as upgraded camera systems, intrusion alarms, fencing, and barriers, you’ll fortify your business against potential threats.

→ Join Business Credit Workshop today to unlock up to $150K in business credit in as few as 30 days and take a confident step towards a safer, more secure business environment.

6 Best Fintech Credit Cards to Apply for (Consumer & Business)

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best fintech credit card

Are you an individual considering a slick, new way to use credit? Or, a business owner looking to supercharge your finances with the perfect fintech credit card? Look no further! 

Here, we’ll dive into the exciting world of fintech credit cards, introducing you to top contenders like Divvy, CredAI (the illustrious Unicorn Card), Bluevine, Stripe, Ramp, and Brex – essentially free credit cards for everyone. 

Fintech is making credit cards weirder, but also a lot more fun…Whether you’re a student or seasoned entrepreneur, you can navigate the fintech card landscape, making sure you’re armed with the right knowledge to make the best decision for your situation. 

Here’s what’s in store: 

Now, let’s get crackin! 

What is a Fintech Credit Card?

In simple terms, a fintech credit card combines the innovation of financial technology (fintech) with the convenience and power of credit cards. Fintech credit cards often come with unique features, competitive rates, and advanced tools that empower business owners to manage their finances efficiently.

Explore the 6 Best Fintech Credit Cards

Let’s take a closer look at some of the leading fintech credit cards that are revolutionizing the way individuals and business owners manage their finances. 

1. Brex – Your Stealthy Fintech Ally

fintech credit card processing

For: Businesses seeking a free corporate card

The Brex Corporate Card is an enticing choice for businesses seeking a no-personal-guarantee credit card with rewards. The card, issued through Brex’s financial operating system, caters to tech, life sciences, and eCommerce companies. I

t’s characterized by its absence of annual fees, interest charges, and personal credit checks. Instead, creditworthiness is determined based on the company’s likelihood to repay funds. Brex offers various account options, including Cash, Card, and Cash & Card, tailored to different financial needs.

The card boasts rewards such as up to 30K bonus points, points per dollar spent, and partner perks, including discounts with industry giants like AWS, Slack, and Google Ads. With a focus on expense management, the card offers real-time tracking tools, virtual cards, and expense automation. Qualification requires a US-based business with an EIN and a business bank account.

Learn more: Brex Card Review: Is This Corporate Card Offer Too Good to be True? 

2. Divvy – The Power Credit Card

fintech credit builder

For: Business owners

Divvy is not just a business credit card; it’s a comprehensive financial solution tailored for businesses of all sizes. With Divvy’s innovative features, you gain access to budgeting tools, virtual cards, and enticing rewards. 

This high-tech card isn’t just a piece of plastic; it’s a gateway to efficient expense management, AP automation, and seamless spending control. Divvy’s user-friendly platform empowers businesses to allocate budgets, set spending limits, and automate payment approvals. 

The virtual card feature adds an extra layer of security for online and high-risk transactions. Additionally, Divvy offers a tiered rewards system, giving you the opportunity to earn points for your spending habits. These points can be redeemed for travel, gift cards, statement credits, or cash back. 

While Divvy’s customer service receives mixed reviews, the platform’s help center and communication tools aim to provide comprehensive assistance. If you’re a business owner seeking advanced financial tools that streamline your operations and enhance your financial management, the Divvy credit card might just be the power boost your business needs.

Learn more: In-Depth Divvy Credit Card Review: Read This Before You Apply 

3. Bluevine – Fintech Business Checking & Credit 

fintech credit union

For: Small business owners

Bluevine presents a game-changing solution for small business owners with its high-yield free business checking account. With the ability to earn 50X the national average interest on balances up to $100K, this offering stands out in the financial landscape. 

The account comes with no monthly fees or minimum deposits, making it particularly appealing for digitally-focused businesses, freelancers, and service providers. While Bluevine’s single-account holder policy and minimum requirements to collect interest might not suit all businesses, the benefits are noteworthy. 

The platform’s integration of sub-accounts, dedicated account numbers, and unlimited fee-free transactions adds to its appeal. Bluevine’s strategic partnership with MoneyPass ATM network provides widespread access to surcharge-free ATMs. However, cash deposits made at ATMs incur a fee. The option to grant access to your account without sharing login credentials is a unique feature, enhancing collaboration with bookkeepers and accountants.

Moreover, Bluevine’s line of revolving credit up to $250K, coupled with competitive rates, can offer additional financial support for qualifying businesses. Overall, Bluevine’s innovative offerings make it a compelling choice for businesses that prioritize digital transactions and aim to make the most of their account balances.

Learn more: Bluevine Review: Free, High Yield Small Business Checking! Are They Serious? 

4. Stripe Corporate Card – Cashback and More

Stripe credit card

For: Business owners using Stripe Payments

The Stripe Corporate Card offers a compelling credit card option for existing Stripe Payments users. This card comes with unique advantages, including no fees, 0% interest, and an appealing 2% cashback on spending in top two categories. 

Notably, with a spending of $5,000 on the Stripe Corporate Card, users gain access to $50,000 in free transactions on the platform. Furthermore, the card allows users to customize their logo, create branded cards, and even originate credit cards for their customers. 

The card is available as both virtual and physical options, with the latter delivered within days. Stripe’s innovative approach is fueled by its primary revenue source—transaction fees for processing payments, allowing them to offer these enticing features. However, the card is exclusively available to existing Stripe Payments users, requiring those interested to request an invitation. 

In comparison to similar offerings like Brex, the Stripe Corporate Card stands out with its cashback rewards. Stripe’s broader suite of financial services and its reputation as a payment processor further contribute to the appeal of the Corporate Card. This review aims to provide a comprehensive overview for business owners seeking a flexible and rewarding credit card solution.

Learn more: Have You Heard About the Free Stripe Corporate Card Cashback Benefits? 

5. Ramp – Redefining Fintech Credit Cards

fintech debit card

For: Businesses seeking a frde corporate card

The Ramp Corporate Card, provided by Ramp Financial, is a corporate credit card designed to help businesses save money. With an emphasis on cost reduction and rewards, the card offers a range of features that can benefit businesses of various sizes. This review delves into the offerings and highlights of the Ramp Corporate Card.

The card allows businesses to issue unlimited staff cards, each with customizable spending limits. Additionally, Ramp’s algorithm identifies potential savings opportunities by analyzing spending patterns.

The Ramp Corporate Card comes with no foreign transaction fees, late fees, interest fees, or annual fees. It offers a flat 1.5% cashback on all spending, allowing businesses to earn rewards across various expense categories – Ramp has partnered with various service providers, offering potential savings of up to $175K for cardholders who leverage these partnerships. These rewards encompass a range of services, from advertising credits to discounts on software subscriptions.

While specific requirements are not fully transparent, Ramp’s underwriting process seems to consider factors such as business size, average monthly card spending, and the presence of over $250K in the business account.

Learn More: Ramp Credit Card Review: Is This the Corporate Card for Your Business? 

6. Meet the Unicorn Card – CredAI

fintech credit card

For: Consumers

Cred AI is not your average credit card – It’s a fintech sensation offering a premium, mobile, fee-free metal credit card that packs a punch. With innovative technology, Cred AI helps you manage finances, build credit, and guard against fraud. 

You can spend like a debit card while building your credit score, and access your paycheck up to two days early. The virtual Stealth Card™ and High-Security Mode™ provide added protection. Backed by AI, Cred AI learns your spending patterns and safeguards you from overspending. 

The Unicorn Card™ extends credit based on upfront deposits and pays off your monthly balance using those funds. With Cred AI, you’re not just getting a credit card; you’re getting a comprehensive financial tool that combines convenience, security, and credit-building opportunities.

Learn more: Cred AI Review: Are You Really Better Than Your Bank? 

→ You might also want to check out: They Do What?! Is the X1 Card Just a Bunch of Hype…? 

Frequently Asked Questions

What is a Stealth Card?

Operating under the radar with a minimalist design, a stealth card offers enhanced security by concealing sensitive information. Unlike traditional cards that display critical details like card numbers and CVVs, a stealth card keeps these particulars hidden until needed, thwarting potential security breaches and ensuring peace of mind during transactions.

How does fintech make money?

Fintech credit card companies’ revenue-generation strategies can include transaction fees incurred during financial activities and subscription models that offer premium services for a recurring fee. But, the key money-maker is strategic partnerships that cater to the unique financial needs of their clientele. 

What are the Big 4 credit card networks?

The “Big 4” credit card networks refer to the major players that dominate the credit card industry: Visa, MasterCard, American Express, and Discover – Fintech credit cards (as of now), tend to fall outside the realm of these established networks; 

Who is eligible for fintech credit cards?

Fintech credit cards cater to a diverse spectrum of individuals and business owners, spanning from students with no credit to fledgling startups to well-established enterprises. Nearly anyone at any stage of the credit journey can find a fintech card to suit their situation. 

How do you qualify for fintech credit cards?

The criteria for qualifying for fintech credit cards can vary from one offer to another, reflecting each company’s individual assessment strategies. Generally, consumers and businesses that maintain a consistent and reliable income stream stand a strong chance of meeting the eligibility requirements. Lenders typically evaluate the money going into and out of the applicant’s bank account to see if they qualify.

Is Zelle a fintech company?

Absolutely! Zelle falls squarely within the realm of fintech companies (though they have no credit card offer). The pioneering digital payment platform epitomizes the convergence of finance and technology. Zelle’s core mission revolves around facilitating swift and secure monetary transfers between individuals and businesses. 

Recommended: Real-Time Payments: A Business Owner’s Guide to Current Tech 

Conclusion

Congratulations, you’re now equipped with the knowledge to choose the best fintech credit card for your needs! Remember, these cards aren’t just about transactions; they’re about transforming the way you manage your finances. 

So, why wait? Take the next step in boosting your business’s financial prowess by applying for one of these fintech credit cards today! 

And, if you’re hungry for more credit knowledge, don’t forget to check out our Business Credit Workshop, where anyone can learn how to secure up to $100K in business credit within just 30 days…Your journey to financial empowerment starts now!

→ Join Business Credit Workshop today.

The Best Credit Cards for Landlords: A Comprehensive Guide

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best credit card for landlords

As a landlord, managing rental properties and maximizing profits is your top priority. One tool that can significantly aid in achieving this goal is the right credit card. 

In this extensive guide, we’ll explore the best credit cards for landlords. Whether you’re a seasoned property owner or just starting out, these credit cards can provide valuable benefits and rewards tailored to your needs. 

We’ll also address common questions about credit cards for landlords and provide insights into building business credit.

Here’s what’s in store:

Let’s get crackin’!

Why Should Landlords Choose Business Credit Cards?

Running a successful rental property business requires effective financial management. Compared to consumer credit cards, business credit cards tend to come with higher limits, yes. But, that’s not the only advantage.

Business credit cards offer several benefits that can simplify your operations:

First, with business credit cards, you can separate personal and business expenses effortlessly, making tax season a breeze.

Next, you can enjoy flexible credit limits to cover property-related costs and unexpected repairs.

And, you can earn valuable rewards, cash back, and discounts on everyday expenses associated with rental properties.

Finally, you can benefit from purchase protection and extended warranty coverage for appliances and equipment with a business credit card.

Furthermore, when you establish and strengthen your business credit profile, it can lead to better financing options in the future.

How to Grow Your Profits with Business Credit

Building strong business credit can be invaluable for a thriving landlord venture. 

To build your business credit, here’s what you can do:

  1. Lay a Solid Foundation – Choose your name and business category strategically. Establish your business entity and ensure consistency.
  2. Prepare Your Business for Credit – Secure an address, insurance, and licenses. Create an online presence and dedicated business account.
  3. Foster Financial Relationships – Network with local banks and credit unions. Understand financing programs and underwriting processes.
  4. Develop Strong Credit Profiles – Obtain a DUNS number and monitor your credit scores. Use tools like Nav for credit profile strength.
  5. Establish the Right Trade Lines Start with trade lines like store cards, net 30 accounts, and gas cards. Build a stable credit profile so you can continue to grow. 

And, here are some relevant companies that can help you build business credit: 

  1. Home Depot
  2. Floor & Decor
  3. Crown Office Supplies
  4. Shirtsy
  5. AtoB Gas Card

(Learn more about the process in our 7-step Business Credit Workshop.)

Key Factors to Consider When You Choose a Credit Card

To choose the right credit card for your landlord venture needs, here’s what you need to consider: 

  1. Rewards & Cash Back – Look for cards that offer rewards categories relevant to your rental business, such as office supplies or home improvement purchases.
  2. Annual Fees – Choose a card with no annual fee or a fee where rewards redemption will make it worthwhile. 
  3. 0% Intro APR Offers – If you plan to carry a balance, seek out cards with a 0% introductory APR period.
  4. Credit Limit: Make sure the credit limit lines up with your monthly expenses.
  5. Benefits and Perks – Consider additional benefits that align with your business.

The Best Business Credit Cards for Landlords

Here are the best credit cards for landlords, each offering unique advantages tailored to your rental property business – These credit cards cater to landlords by providing rewards, expense management tools, and cash flow flexibility that align with the ongoing nature of property management.

1. Chase Ink Business Preferred Card

credit card for rental property

The Chase Ink Business Preferred Card’s specialized bonus categories and advantageous point value for travel redemptions make it particularly valuable for landlords, addressing a range of expenses and travel requirements.

Plus, landlords usually have ongoing expenses related to property maintenance and management, which makes the card’s rewards on shipping and business categories worthwhile. The elevated redemption value for travel will benefit landlords who travel to manage properties in different locations.

  • Rewards – Earn 3X points on shipping and certain business categories, and 1X on all other purchases.
  • Redemption – Points gain a 25% boost in value when used for travel via Chase Ultimate Rewards.
  • Additional Benefits – Employee cards available, along with 5X points on Lyft rides.

Learn More: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

2. Amex Blue Business® Plus Credit Card

amex blue business for landlords

The Amex Blue Business Plus Credit Card offers straightforward rewards for every purchase, coupled with useful tools for expense management that enhance a landlord’s ability to efficiently oversee their business finances.

The card’s straightforward rewards structure and expense management tools make it useful for keeping track of expenses associated with managing multiple rental properties.

  • Rewards – Gain 2X Membership Rewards® points on the initial $50,000 spent annually, followed by 1X points for subsequent purchases.
  • Cash Flow Flexibility – Experience Expanded Buying Power, with no preset spending limit.
  • Expense Management Tools – Benefit from employee cards, integration with QuickBooks®, Vendor Pay through Bill.com, and more.

3. Amex Business Platinum Card 

best credit card for real estate investors

The Amex Business Platinum Card stands out with one of the most robust rewards programs, many of which are relevant to property management, specifically those with properties in various locations.

Additionally, the card’s rewards on construction materials, hardware suppliers, and shipping providers align with landlords’ purchasing needs.

  • Rewards – Earn 1.5X points on eligible purchases at U.S. construction material & hardware suppliers, electronics, software & cloud providers, and shipping providers, plus on purchases of $5,000 or more elsewhere.
  • Travel Benefits – Take advantage of an array of travel rewards, such as:
    • Get a statement credit for Global Entry or TSA PreCheck® application fees. 
    • Earn 5X Membership Rewards® points for flights and prepaid hotels booked via AmexTravel.com. 
    • Access over 1,400 airport lounges through the Global Lounge Collection. 
    • Gain 35% of points back with Membership Rewards® Pay with Points for eligible flights via American Express Travel. 
    • Enjoy perks and earn 5X points on prepaid hotel and resort stays.
    • Receive up to $200 in statement credits annually for qualifying airline incidental fees.
    • Taka advantage of the Premium Private Jet program, premium car rental perks, Business Platinum travel service, trip delay and cancellation insurance, and more.
  • No Foreign Transaction Fees – Make purchases outside the U.S. without incurring foreign transaction fees.

Recommended: Best Credit Card for House Flippers: The Ultimate Guide

4. Amex Business Gold Card

best credit card for short term rental business

The Amex Business Gold card’s bonus categories encompass a wide spectrum of business expenditures, rendering it a valuable tool for various aspects of managing properties. Ans, the pay over time option provides cashflow flexibility, particularly when rental income is inconsistent.

Similar to the Business Platinum Card, the Business Gold Card’s rewards categories cover a broad range of expenses, including advertising, utilities, and shipping, which are often relevant to landlords. 

  • Rewards – Earn 4X Membership Rewards® points on the top 2 categories where your business spends the most in each billing cycle from a selection of options.
  • Cash Flow Flexibility – Take advantage of the option to pay over time with no preset spending limit.
  • Additional Benefits – Access expense management tools, employee cards, integration with QuickBooks®, Vendor Pay through Bill.com, and more.

5. Chase Ink Business Unlimited Card

best credit card for home improvement

The Chase Ink Business Unlimited Card delivers straightforward cash back on all purchases, which can offset a variety of expenses linked to property management activities, including supplies, renovations, and transportation.

The flat cash back rate on all purchases is beneficial for ongoing maintenance and home improvement expenses. Plus, the introductory 0% APR period can help manage large expenditures without incurring immediate interest.

  • Unlimited Cash Back – Secure 1.5% cash back on every purchase.
  • Intro APR – Enjoy a 0% introductory APR for 12 months on purchases.
  • Additional Benefits – Offer staff cards and earn 5% cash back on Lyft rides.

Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth 

Frequently Asked Questions

Can a landlord get business credit?

Yes, landlords can get a business credit card to build business credit. This helps separate personal and property expenses. Despite having a single property, you can qualify by using your business’s Employer Identification Number (EIN) instead of your Social Security Number (SSN). 

How do I use my EIN number for credit?

Using your Employer Identification Number (EIN) for credit involves applying for business credit cards and loans. Lenders use your EIN to assess your business’s creditworthiness.

Which bank credit card is best with no annual fee?

The Ink Business Unlimited® Credit Card from Chase is an excellent option, offering no annual fee and straightforward cash back rewards.

Which credit card is easy to get?

The Ink Business Cash® Credit Card from Chase is relatively accessible and offers tiered rewards, making it suitable for landlords.

What credit score do most rental companies use?

Most rental companies use a FICO credit score, with a score of around 650 or higher typically being considered a good credit score for rental applications.

Recommended: This is How to Pay Rent with a Credit Card (Home or Business) 

Final Thoughts

Selecting the right credit card for your rental property business can significantly impact your financial success – By considering factors like rewards, annual fees, and purchase protections, you can choose a card that aligns with your unique needs. 

The top business credit cards for landlords, along with their alternatives, provide valuable rewards and benefits that can enhance your rental property operations. 

Ready to take your property management business to the next level? Explore the possibilities with Business Credit Workshop and learn how to secure up to $100K in business credit within as few as 30 days. 

→ Join Business Credit Workshop today.

Best Credit Cards for House Flippers: The Ultimate Guide 2023 

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best credit card for house flippers

House flipping is a popular investment strategy for those looking to make profits in the real estate market. To help house flippers manage their finances effectively and make the most of their investments, choosing the right credit card is crucial. 

In this guide, we’ll explore the best credit cards for house flippers, including those for landlords and rental property owners. Whether you’re a seasoned flipper or just getting started, we’ve got you covered.

Here’s what’s in store: 

Now, let’s roll! 

What to Look for in a Credit Card for House Flippers

Before diving into the best credit cards, you need to know what to look for in a card to meet your needs as a house flipper.

First of all, you should search for the best rewards – Look for cards with rewards or cashback programs tailored to real estate-related expenses.

Next, see what introductory offers are available – Some cards offer attractive sign-up bonuses or introductory APRs, which can be beneficial during the initial stages of a house flip.

Then, make sure you’re getting a card with the lowest fees, or that the rewards offset the fees – Avoid cards with excessive fees that can eat into your profits.

Finally, you’ll want a high credit limit – A higher credit limit can provide more financial flexibility for property renovations and purchases.

Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth 

The Best Credit Cards for House Flippers

Here are the top five credit cards for house flippers and rental property owners, with a focus on their benefits and drawbacks.

Sure, here’s a summary of each of the credit cards you provided and how a house flipper could potentially use them to their advantage:

1. Amex Business Platinum Card

Best credit card for real estate investors

The Amex Business Platinum card offers extensive travel benefits, rewards on purchases relevant to house flipping, and various insurances that can help manage risks associated with travel and business expenses.

  • Travel Benefits: Earn 5X Membership Rewards® points on flights and prepaid hotels when booked through AmexTravel.com. Access to the Global Lounge Collection with over 1,400 airport lounges.
  • Airline Fee Credit: Up to $200 in statement credits per calendar year for incidental fees charged by a selected qualifying airline.
  • CLEAR Membership Credit: Up to $189 in statement credits per year for CLEAR® membership.
  • Airline Bonus: Get 35% of points back when using Membership Rewards® Pay with Points for eligible flights through American Express Travel.
  • Fine Hotels + Resorts Program: Receive perks and earn 5X points on prepaid stays.
  • Global Entry or TSA PreCheck® Fee Credit: Statement credit for Global Entry or TSA PreCheck® application fees.
  • No Foreign Transaction Fees: No foreign transaction fees on purchases made outside the U.S.
  • Rewards: Earn 1.5X points on eligible purchases at U.S. construction material & hardware suppliers, electronics, software & cloud providers, and shipping providers, plus on purchases of $5,000 or more elsewhere.
  • Other Benefits: Premium Private Jet program, premium car rental privileges, Business Platinum travel service, trip delay and cancellation insurance, and more.

Recommended: Amex Business Checking Review: What You Need to Know…Really 

2. Chase Ink Business Unlimited Card

Credit cards for real estate agents

The Chase Ink Business Unlimited card provides straightforward cash back on all purchases, which can help offset various expenses related to house flipping, including supplies, renovations, and transportation.

  • Unlimited Cash Back: Earn 1.5% cash back on all purchases.
  • Intro APR: 0% intro APR for 12 months on purchases.
  • Bonus: $750 bonus cash back after spending $6,000 in the first 3 months.
  • Other Benefits: Employee cards at no additional cost, 5% cash back on Lyft rides.

3. Amex Business Gold Card

Credit cards for real estate investors

The Amex Business Gold card’s bonus categories cover a wide range of business expenses, making it useful for various aspects of house flipping. The Pay Over Time option provides flexibility in managing cash flow.

  • Rewards: Earn 4X Membership Rewards® points on the top 2 categories where your business spends the most each billing cycle from a list of options.
  • Cash Flow Flexibility: Pay Over Time option, No Preset Spending Limit.
  • Other Benefits: Expense management tools, Employee cards, Connect to QuickBooks®, Vendor Pay by Bill.com, and more.

4. Chase Ink Business Preferred Card

Best credit card for landlords

Chase Ink Business Preferred’s bonus categories and high point value for travel redemption can be beneficial for a house flipper’s various expenses and travel needs.

  • Rewards: Earn 3X points on shipping and select business categories, 1X on other purchases.
  • Bonus: 100,000 bonus points after spending $8,000 in the first 3 months.
  • Redemption: Points are worth 25% more when redeemed for travel through Chase Ultimate Rewards.
  • Other Benefits: Employee cards, 5X points on Lyft rides.

Learn more: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

5. Amex Blue Business® Plus Credit Card

Best business credit cards for landlords

The Amex Blue Business Plus card offers simple rewards on all purchases, and its expense management tools can help house flippers efficiently manage their business finances.

  • Rewards: Earn 2X Membership Rewards® points on the first $50,000 spent in purchases each year, 1X points thereafter.
  • Cash Flow Flexibility: Expanded Buying Power, No Preset Spending Limit.
  • Expense Management Tools: Employee cards, Connect to QuickBooks®, Vendor Pay by Bill.com, and more.

Note that these offers can change over time – check the official website for each card to see the most accurate information about each offer. 

Consumer Credit Cards for House Flippers

In addition to the top five business credit cards, here are two alternative credit cards worth taking a look at as you start on your house flipping journey – These cards aren’t categorically for business owners, but they provide relevant offers.

1. Chase Freedom Unlimited® Card

Best credit card for short term rental business
  • Cash Back Rewards: Earn unlimited 1.5% cash back on all purchases. Get 3% cash back on dining and drugstore purchases, and 5% cash back on travel booked through Chase.
  • Intro APR: Enjoy a 0% intro APR for 15 months on purchases and balance transfers. After the intro period, a variable APR of 20.49%–29.24% applies.
  • Annual Fee: There is no annual fee for this card.
  • Bonus Offer: Earn a $200 bonus after spending $500 on purchases within the first 3 months of account opening. Additionally, earn 5% cash back on combined gas station and grocery store purchases (excluding Target and Walmart) up to $12,000 spent in the first year.
  • Special Features: Cash back rewards don’t expire as long as your account is open. No minimum redemption requirement.

2. Lowe’s Advantage Card

Flipping houses with credit cards
  • 5% Off: Enjoy a 5% discount on eligible purchases with the Lowe’s Advantage Card.
  • Special Financing: Get 6 months special financing on purchases of $299 or more. Also, avail of 12 months special financing on appliances and installed heating, ventilation, and air conditioning.
  • 84 Fixed Monthly Payments: For purchases of $2,000 or more, take advantage of reduced APR financing with 84 fixed monthly payments.
  • Lease to Own Option: Choose a no-credit-needed purchase option with a 90-day purchase period, early purchase option, or a 12-month standard lease agreement.
  • Additional Offers: Receive 20% off your purchase when opening and using a new account, and various other special financing options for different purchases.
  • Advantages Explained: The Lowe’s Advantage Card offers 5% off eligible purchases, special financing for larger purchases, and fixed monthly payments at a reduced APR for even bigger investments.
  • Online Account Management: Conveniently manage your Lowe’s Advantage Credit Card through an online portal, with options for AutoPay and customer service support.
  • Progressive Leasing: Lease-to-own service provided by Progressive Leasing, offering options for select items at participating locations.

Recommended: Is a Floor & Decor Business Credit Card Still Worth It? 

Elevate Your House Flipping Venture With Business Credit

Establishing solid business credit is an invaluable asset for a thriving house flipping venture. Let’s look at key steps to build business credit fast so you can open doors to enhanced funding opportunities and favorable insurance rates.

  • Step 1: Set a Strong Foundation – Select a business name and category that allow diverse funding options, maintaining consistency over time. Decide on your preferred method of business entity establishment, considering legal services, online platforms, or local government channels.

Learn more: Low-Risk NAICS Codes +Best SIC Codes for Business Credit

  • Step 2: Ready Your Business for Credit – Secure a physical address, acquire essential business insurance, and obtain required licenses. Create a professional online presence, list your business in relevant directories, and establish a local landline number and business checking account.

Learn more: What is a Virtual Address for Business? (+Do You Need One?) 

  • Step 3: Forge Financial Relationships – Attend local Chamber of Commerce events or network online to connect with potential financial partners. Identify local banks and credit unions, researching their financing programs and underwriting processes to gain insights into securing business credit.

Learn more: How to Network with Local Banks to Get Business Credit

  • Step 4: Set up Strong Business Credit Profiles – Obtain a DUNS number from Dun & Bradstreet and monitor Equifax and Experian business credit scores. Utilize Nav for free business credit monitoring, ensuring a robust credit profile to access favorable financing options.

Learn more: Everything You Need to Know About a DUNS Number

  • Step 5: Establish Effective Trade Lines – Utilize trade lines of credit, like gas and store cards, to embellish your business credit profile. Begin with tradelines before exploring revolving lines of credit, fostering stability and growth in your house flipping journey.

Learn more: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

By following these steps, you’ll be equipped with essential business credit to propel your house flipping endeavor to new heights, securing funding and resources for a successful venture.

→ We teach the full, 7-step process in Business Credit Workshop. 

Frequently Asked Questions

Which home improvement credit card is easiest to get?

The Home Depot Consumer Credit Card is often considered one of the easiest home improvement credit cards to get due to its lenient approval requirements. Lowes has some great offers too. 

What is the average income of a home flipper?

The average income of a home flipper can vary widely depending on location and market conditions. However, successful flippers typically earn at least six-figure incomes.

Can you use business credit to flip houses?

Yes, you can use business credit cards to finance house flips by converting your credit into cash. Many business credit cards offer rewards and benefits tailored to real estate expenses. I recommend the BRRRR method, as its what I used to start my portfolio. 

How successful are house flippers on average?

House flipping success rates vary, but according to industry data, successful flips can generate profits that range from 20% to 50% of the property’s purchase price.

What is the easiest credit card to get approved for?

The Capital One Spark Cash for Business card is often regarded as one of the easiest business credit cards to get approved for, especially if you have good personal credit.

Conclusion

Choosing the right credit card can significantly impact your success as a house flipper. By understanding the best credit cards for house flippers and considering factors like rewards, fees, and credit requirements, you can make informed decisions that boost your profitability. 

Amex and Chase tend to have the best offer, in my opinion – but don’t forget to see what Lowe’s and Floor & Decor have to offer. 

Remember to build and maintain good credit habits to ensure a bright future in the real estate market. Happy flipping!Are you interested in learning how to obtain up to $150K in business credit in as few as 30 days? Join Business Credit Workshop today!

The Best Credit Cards for Truckers: Save Big on the Road!

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best credit cards for truckers

Hey there, truckers! Ready to hit the road and save some serious cash? In the fast-paced world of trucking, managing your finances is key to success. 

And guess what? 

The secret weapon to cut down expenses, earn rewards, and stay on top of your game is none other than the right credit card! Buckle up, ’cause in this guide, I’ll walk you through the best credit card options for truckers, spilling all the benefits and rewards. 

Plus, we’ll answer those burning questions you’ve got about credit cards, making sure you’re all set to make smart choices.

Here’s what’s in store: 

Now, let’s make tracks!

Fuel Cards & Business Credit: Gas Up to Save Big!

Fuel cards can be like gold for truckers. Not only do they give you discounts on fuel, but they also work wonders in slashing maintenance and truck-related expenses.

But, here’s the thing: not all fuel cards are created equal (some might not even report your credit history). So, to build that strong credit score, you might to consider business credit cards that do report to credit agencies. 

Recommended: This is How to Leverage Business Credit to Transform Your Life 

Fortunately, there are quite a few fuel cards tailor-made for truckers with no credit checks or options for those with not-so-perfect credit. Score!

Now, let’s talk savings! With fuel cards in hand, you can kiss a lot of sky-high fuel costs goodbye. Get ready to save big on gas and keep those hard-earned dollars where they belong – in your pocket! 

Some fuel cards give you massive discounts and rewards, but that’s not all. Combine it with fuel-efficient driving and comparing prices at different fuel stations – boom, more savings! 

And, you don’t have to worry if your credit history isn’t spotless. Some fuel cards for truckers are more forgiving, giving you a shot at the good stuff.

Recommended: Credit Secrets Book Review: Can You Erase Bad Credit History? 

The Benefits of Fuel Cards for Long-Haul Drivers 

Before we dive into the credit card options, let’s learn why fuel cards are the real deal.

Expense Reduction and Rewards

Picture this: you’re getting cash back and rewards on your fuel, maintenance, and truck-related expenses. Sounds like a dream, right? 

Well, dream no more! 

Finding the right card is all about getting you those juicy rewards, which means cutting down expenses and boosting your bottom line. Hello, more money in your pocket!

Improved Cash Flow

Life on the road can be unpredictable – I get it. But, worry not! Credit cards can be your financial cushion when payments are delayed or surprise expenses pop up. 

With that flexible plastic in your wallet, you can keep on truckin’ without any hiccups.

Expense Tracking and Simplified Bookkeeping

Nobody likes a mountain of receipts and confusing spreadsheets. Real-time spend tracking and analytics to the rescue! 

Many cards give you all the nitty-gritty details of your transactions on the same day spending takes place, making bookkeeping a breeze. 

You might also like: How to Use Business Gas Cards to Build Your Business Credit

The Top Credit Cards for Truckers: Your Highway to Savings!

Now, let’s hit the gas and check out the best credit cards just for truckers.

1. WEX Fleet Card

fuel cards for truckers with no credit check

The WEX Fleet Card is an ideal choice for growing businesses seeking real savings and efficient fuel expense management. Accepted at 95% of U.S. fuel stations, the card offers automatic fuel expense tracking, employee spending controls, purchase alerts, and exclusive discounts in the WEX EDGE savings network. 

The card’s fuel anywhere feature eliminates the need to plan routes around specific fuel stations, making it convenient for truckers. Advanced spending controls allow businesses to customize purchase restrictions, and detailed, custom reports aid in smart decision-making. 

This card also offers a mobile app for easy account access and provides excellent customer service.

Best for: Growing businesses with mixed fleets looking for comprehensive fuel expense management, robust controls, and access to exclusive discounts.

2. Shell Fleet Navigator Card

truckers preferred credit card

The Shell Fleet Navigator Card provides truckers with a wide acceptance at over 13,000 Shell stations and 95% of all U.S. fueling stations. With robust control features, businesses can set limits and track fueling activity easily. 

The card offers rebates of up to 5 cents per gallon, helping truckers save on fuel expenses. Plus, the card’s security features – like driver IDs and purchase controls – minimize the risk of fraud and misuse. 

Best for: Trucking businesses seeking a fuel card with a strong network, significant rebates, and efficient control options.

3. Exxon Mobil FleetPro Card

Credit cards for drivers

The ExxonMobil Fleet Pro Card is a single-card solution for mixed fleets and heavy-duty fleets. It offers universal card acceptance and competitive pricing on fuel within the Exxon and Mobil unified commercial and retail network. 

The card comes with the option for Exxon Mobil Rewards+ program, allowing drivers to earn points for discounts on fuel and other purchases. Synergy Diesel Efficient™ fuel is designed to offer cleaner engines and better fuel efficiency for fleets.

Best for: Mixed fleets and heavy-duty fleets looking for a single-card solution with fuel savings and additional rewards.

4. Fuelman

Best fuel card for owner operators 2023

Fuelman offers a range of fuel cards with flexible controls, tracking options, and rebates on gas purchases. The card allows businesses to set custom fuel controls, monitor spending, and track fuel expenses, which helps prevent fraud and misuse. 

It also provides additional benefits like the Maintenance Manager feature and various offers tailored for different fleet types.

Best for: Businesses seeking a fuel card with customizable controls and tracking options to effectively manage fuel expenses.

5. Shell Small Business Card

Top fuel cards

The Shell Small Business Card offers similar benefits as the Shell Fleet Navigator Card, making it suitable for businesses with smaller fleets. It provides fuel rebates, control features, and an extensive acceptance network. 

Businesses can easily track expenses and control fuel usage, making it an efficient option for small fleet operators.

Best for: Small businesses with fleets looking for fuel rebates and control features.

6. Discover It Secured Card

fuel cards for truckers with bad credit

While not specifically designed for truckers, the Discover It Secured Card can be beneficial for those looking to build or rebuild their credit history. The card requires a refundable security deposit, and responsible use can help improve credit scores. 

With cashback rewards on various categories, it can provide some value to truckers, especially if they use the card for everyday purchases.

Best for: Truckers looking to build or rebuild credit while earning cashback rewards.

Note: rather than use a secured card, I typically recommend credit repair, followed by business credit building for much higher spending limits.

7. Hilton Amex Surpass Card

Best business credit cards for owner operators

The Hilton Amex Surpass Card is a travel rewards credit card with excellent benefits for those frequently staying at Hilton hotels and resorts. The card offers generous points on hotel stays, dining, groceries, and gas purchases. 

Cardholders enjoy Hilton Honors Gold Status, a Free Night Reward, and Priority Pass™ Select membership for airport lounges.

Best for: Truckers who often stay at Hilton hotels and resorts and want to earn travel rewards and enjoy travel-related perks.

You might also want to check out → AtoB Business Gas Card Review: Is it Really a Superior Fleet Card? 

Frequently Asked Questions

Do truckers get fuel discounts?

Yes, truckers usually get fuel discounts. These discounts are either offered through company agreements and partnerships, specialized fuel card programs, or business credit cards with discounts and rewards on fuel spending. These discounts help drivers and business owners save on operating costs.

What is the best credit card for truckers?

Everyone is as different as the available credit cards! The best credit card for truckers depends on what you need and what you want to achieve. Cards like the WEX FlexCard Fleet Card Rewards and the RTS Fuel Card are trucker faves for their awesome fuel discounts and savings, but they both need to be paid in full each month.

What is a truck fuel card?

It’s your secret weapon to save money on fuel! A truck fuel card is like a supercharged credit card, specially made for truckers and fleet owners. You get discounts, rewards, and simplified expense tracking – it’s fueling made easy!

Which gas card saves you the most?

Ready to fill up your savings tank? Gas cards like the WEX FlexCard Fleet Card Rewards and the Fuelman Deep Saver Fleet Card dish out the best rebates and rewards, making sure you keep more green in your wallet. But, there are some business credit cards thar offer even more rewards and savings on fuel – the best offer depends greatly on your situation.

Do fuel cards build credit?

Fuel cards that report on-time payments to credit bureaus help build business credit, yes. But, not all gas card companies report on-time payments, which means these offers will have no impact on your personal or business credit. 

Final Thoughts

So there you have it! With this ultimate guide, you’re all set to make those smart financial moves. Armed with the right card, you can slash expenses, earn rewards, and conquer the road like never before. 

Time to hit the highways and steer your way to success in the competitive world of trucking! Keep those wheels rollin.’ Saving big could be just one application away…
Are you interested in learning how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

What is the Best Credit Card for Ad Spend? Expert Insights

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Best credit card for ad spend

Are you looking to optimize your advertising campaigns with the right credit card? Look no further! In this blog post, we’ll explore the best credit cards for ad spend, specifically focusing on Facebook, Google, and Amazon. 

We’ll also cover budgeting, authorized user benefits, and answer some frequently asked questions. 

Here’s what’s in store: 

Let’s dive in and find the perfect credit card for your advertising needs!

Commercial Card vs Business Credit Card

While credit cards and commercial credit cards are both tailored to the unique needs of businesses and can be used to boost cash flow and track expenses, there are important distinctions between the two.

Some notable characteristics of commercial cards include:

  • Must be paid in full each billing cycle
  • Does not typically accrue interest
  • Credit limit based on business revenue/cash flow
  • Enhanced expense management tools
  • High-tier rewards

On the other hand, business credit cards cater to the needs of both small and large businesses and offer a range of benefits, including:

  • May carry a balance at the end of each billing cycle
  • Will accrue interest if a balance is carried
  • Credit limit based on a blend of personal credit, business credit, and cashflow
  • Basic expense tracking and/or simplified bookkeeping
  • Basic rewards and cashback programs

Recommended: What are the Best Unsecured Business Credit Cards for Startups? 

While commercial credit cards cater specifically to larger businesses and offer advanced expense management tools, higher credit limits, and customizable reporting capabilities, business credit cards are versatile financial tools suitable for businesses of all sizes – They offer rewards programs, simplified expense tracking, and financial flexibility to support the unique needs of small and medium-sized enterprises.

Best Overall Credit Cards for Ad Spend

The next two cards offer the best rewards I know of on ad spend: Amex Business Platinum and Gold. The only downside would be that you may not be in a position to spend enough each year to make it worth paying the high-dollar annual fees. 

But, I want to tell you about them anyway. 

Amex Business Platinum Card

Best luxury business credit cards
  • Issuer: American Express
  • APR: 19.24% – 27.24% variable APR
  • Annual Fee: $695
  • Rewards:
    • Earn 120,000 Membership Rewards Points after spending $15,000 in the first 3 months.
    • Earn 5X Points on Flights & Prepaid Hotels booked on AmexTravel.com.
    • Earn 1.5X Points on Eligible Purchases in key business categories and on eligible purchases of $5K or more everywhere else.
  • Features & Benefits:
    • Statement credits for Dell Technologies, Indeed, Adobe Creative Solutions, and U.S. wireless telephone service providers.
    • Travel benefits like Global Lounge Collection access, Airline Fee Credit, CLEAR® Plus Credit, and more.
    • Fee Credit for Global Entry or TSA PreCheck®.
    • Premium status for select car rental programs.
    • Additional services like Cell Phone Protection, Extended Warranty, and Purchase Protection.
    • No foreign transaction fees.

The Amex Business Platinum Card provides premium rewards, extensive travel benefits, and various services to elevate your Amazon advertising efforts and business travel. However, the $695 annual fee may be justified by its comprehensive features and rewards.

Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth 

Amex Business Gold Card

Credit card advertisement Examples
  • Issuer: American Express
  • APR: 19.24% – 27.24% variable APR
  • Annual Fee: $295
  • Rewards:
    • Earn 4X Membership Rewards points on the top 2 business categories each billing cycle, including U.S. advertising in select media.
    • Earn 1X Membership Rewards points on other eligible purchases.
  • Features & Benefits:
    • Pay Over Time Option for eligible purchases with interest.
    • No preset spending limit for added flexibility.
    • Employee cards at no annual fee with spending limits and alerts.
    • Expense management tools like QuickBooks integration.
    • Various travel benefits and coverage.

The Amex Business Gold Card offers strong rewards on U.S. advertising and other business categories, along with expense management tools and travel benefits, making it a top choice for businesses focusing on ad spend.

The Best Card for Facebook & Instagram Ads

The best card for Facebook and Instagram is an easy pick, because Chase Ink Business Preferred offers 3X points on the first $150K of social media advertising. Pretty straightforward. 

Recommended: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

Chase Ink Business Preferred Card

best credit card for facebook ads
  • Issuer: Chase
  • APR: 20.99%–25.99% variable APR
  • Annual Fee: $95
  • Rewards:
    • Earn 100,000 bonus points after spending $8K in the first 3 months.
    • 3X points on the first $150K spent on shipping and advertising via social media and search engines.
    • Earn unlimited 1 point per $1 spent on all other purchases.
  • Features & Benefits:
    • Redeem points for cash back, travel rewards, and more through Chase Ultimate Rewards.
    • Get 25% more value in travel redemption with Chase Ultimate Rewards.
    • Earn 5X points on Lyft rides through March 2025.
    • No foreign transaction fees.
    • 1:1 point transfer to participating airline and hotel loyalty programs.
    • Travel and purchase coverage for added protection.
    • Employee cards available at no extra cost with spending control and rewards earning.

The Chase Ink Business Preferred Card offers generous rewards, a valuable sign-up bonus, plus perks like travel redemption bonuses and Lyft ride rewards – It’s a solid choice for businesses looking to optimize ad spend on Facebook and Instagram.

The Best Card for Google Ads

I like the Stripe Corporate card for Google Ads because you will get a dollar-for-dollar ad credit for the first $500 in Google Ads spending. Plus, it’s free! Keep in mind, this one is invite-only, so you will need a Stripe account with some money coming through it to be eligible. 

Recommended: Could a Stripe Capital Loan Get Your Business Through a Rough Patch? 

Stripe Corporate Card

best credit card for google ads
  • Issuer: Stripe
  • APR: Not specified (additional details may be available through Stripe’s terms and conditions)
  • Annual Fee: None
  • Rewards:
    • Earn $500 in Google Ad credit after spending $500 on advertising.
    • Earn 1.5% cash back on all business purchases.
  • Features & Benefits:
    • Fast and easy expense management with instant card provision and real-time spending control.
    • No annual fees, foreign transaction fees, or late fees.
    • Custom spend controls to prevent fraud and manage expenses effectively.
    • Real-time expense reporting with automated receipt matching.
    • Seamless integrations with finance software like Expensify and QuickBooks.
    • Additional partner benefits with companies like AWS, Slack, Google Ads, and more.

The Stripe Corporate Card is designed for fast-growing businesses, offering cash back on all purchases and streamlined expense management, making it a smart choice for businesses using Google Ads.

The Best Cards for Amazon Ads

Now, the clear winner for Amazon Ads has to be the card that they’re backing – the Amazon Business Prime card. It comes with no annual fee, and a ton of rewards at Amazon and Whole Foods, specifically. Though you can still earn cash back on all spending. 

Recommended: Amazon Corporate Credit Line – The Ultimate Guide 

Amazon Business Prime Card

best credit card for amazon advertising
  • Issuer: American Express
  • APR: 19.24% – 27.24% variable APR
  • Annual Fee: $0
  • Rewards:
    • Get a $125 Amazon.com Gift Card upon approval.
    • Earn 5% back or 90-Day Terms on U.S. purchases at Amazon Business, AWS, Amazon.com, and Whole Foods Market.
    • Earn 2% back on U.S. purchases at restaurants, gas stations, and wireless phone services.
    • Earn 1% back on all other eligible purchases.
  • Features & Benefits:
    • Enhanced data views for simplified expense reconciliation.
    • Shop with Points on Amazon.com and Amazon Business (U.S.).
    • Employee Cards at no annual fee with spending limits and alerts.
    • QuickBooks integration for auto-expense categorization.
    • Year-End Summary for expense tracking.
    • No foreign transaction fees.

The Amazon Business Prime Card is perfect for Amazon sellers, offering attractive rewards on Amazon purchases with no annual fee and useful expense management features.

Bonus: Budgeting for Digital Ads

Determining the right budget for your Googe and Facebook ads can be a bit of a puzzle! I have a nifty approach that’ll help you navigate the ad spend game with confidence. 

Check it out:

  1. Start small, dream big – Begin with a modest budget of around $5-$10 per day for your Facebook ads. It’s like dipping your toes into the advertising pool without diving headfirst – This allows you to test the waters and see how your campaigns perform without breaking the bank.
  2. Play the monitoring game – Once your ads are up and running, it’s time to put on your detective hat and monitor their performance. Keep a close eye on those key metrics like impressions, clicks, and engagement. You’re on a mission to uncover the secret sauce that makes your ads shine.
  3. Look at ROI (The real MVP) – Now, here comes the exciting part: evaluating the return on investment (ROI) of your Facebook ads. Measure the actual results you’re getting against the money you’re investing. Are your ads generating leads, driving sales, or boosting brand awareness? Crunch those numbers and let the ROI tell you the tale of success.
  4. Adjust and double-down – Armed with the knowledge of your campaign’s performance and ROI, it’s time to make some magic happen. Certain ads will bring in the bacon and increase your revenue – those are the ads you want to pour your investment into. 
  5. Always adjust and optimize – Remember, you’re in this for the long haul. Keep the optimization engine running smoothly. Experiment with different targeting options, ad creatives, and messaging…Keep your budget low on experiments until you run a successful ad, then increase your budget on that one only. 

With this approach, you’ll confidently navigate the world of Facebook ad budgets. Starting small and smart, you’ll gradually unlock more potential, making your ad spend work harder and smarter. 

Frequently Asked Questions

Why is my card being declined on Facebook Ads?

Card declines on Facebook ads can occur due to various reasons, such as insufficient funds, an expired card, or temporary issues with your card provider. Ensure your card details are accurate and contact your credit card company for help.

Facebook Ads or Google Ads: Which is better?

The choice between Facebook ads and Google ads depends on your target audience, business goals, and advertising strategy. Facebook ads excel in audience targeting and engagement, while Google ads are effective for capturing intent-driven searches. Consider your objectives and conduct A/B testing to determine the best platform for you.

Can I use a Visa gift card for Facebook Ads?

Using a Visa gift card for Facebook ads can be tricky, since Facebook requires additional verification and rejects certain types of prepaid cards. It’s best to consult Facebook support for specific guidelines regarding the use of gift cards, if you’re having trouble.

Which cards are accepted in Facebook Payments?

Facebook accepts major credit and debit cards, including Visa, Mastercard, American Express, and Discover. Additionally, they offer alternative payment methods such as PayPal and Facebook ad coupons. Check Facebook Ads Manager for the complete list of accepted payment methods in your region.

Conclusion

Selecting the right credit card for ad spend can significantly impact the success of your advertising campaigns. Consider the rewards, benefits, and compatibility with platforms like Facebook, Google, and Amazon when making your decision. Remember to evaluate your specific needs and explore the features offered by different credit cards to find the one that aligns with your goals. 

With the best credit card by your side, you can make the most of your ad spend and drive your advertising efforts to new heights.Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Uncover the Best Credit Card for Your Agriculture Business

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best credit card for agriculture business

If you’re an agriculture business owner, you know that there are a lot of expenses involved in running your operation. From buying supplies to hiring employees, it can be tough to keep up with the costs. That’s where a business credit card can come in handy.

A business credit card can help you earn rewards on your purchases, which can be used to offset your business expenses. Plus, many business credit cards offer other benefits, such as travel insurance and purchase protection.

Here, we’ll explore the best credit cards for agriculture businesses, including popular options such as Capital One Spark Business, American Express, Tractor Supply Credit Card, John Deere Credit Card, and Affirm. 

2% cash back on all purchasesNo annual fee and 2X points on eligible purchasesSpecial financing options and rewards on purchasesFlexible financing for John Deere productsFlexible financing with clear repayment plans
→ Learn More→ Learn More→ Learn More→ Learn More→ Learn More

We’ll also address common questions and concerns related to business credit cards for agriculture businesses.

Here’s what’s in store: 

Now, let’s get goin! 

What to Look for in a Business Credit Card

When it comes to choosing the right business credit card for your agriculture business, there are a few important factors to consider. 

  1. Rewards – Find a card that offers relevant rewards, like cash back on fuel and farm supply store purchases. Earn rewards on these expenses to save money in the long run.
  2. Interest Rate – Carefully consider the card’s interest rate, especially if you plan to carry a balance. High rates can eat into your profits, so choose a card with an affordable rate or look for lower-rate options.
  3. Annual Fee – Some business credit cards charge an annual fee. Consider whether the benefits and rewards justify the cost. If you don’t expect to use the card extensively or the benefits don’t outweigh the fee, opt for a card with no annual fee.
  4. Features and Benefits – Look for additional features like travel insurance, purchase protection, or expense tracking tools. Choose a card that offers the features most important to your agriculture business, such as travel insurance for agricultural conferences.

By considering these factors, you can find a business credit card that aligns with your agriculture business’s needs and helps you save money while managing your finances effectively.

→ Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth 

Let’s Choose the Right Business Credit Card for Your Agriculture Business

No matter what your business needs, there’s a business credit card out there that can help you save money and grow your business. Do some research to find the best card for you, and start taking advantage of the rewards and benefits today.

Here are some top credit card options to consider from major banks. Keep in mind that you may have better luck with a small local community bank or credit union. 

Spark 2% Cash Plus Business

capital one spark business

Issuer: Capital One 

Rewards: Earn unlimited 2% cash back on every purchase for your agriculture business. Additionally, you can earn unlimited 5% cash back on hotel and rental car bookings made through Capital One Travel.

Interest Rate: Variable purchase rate: 20.99% APR. The APR may vary with the market based on the Prime Rate.

Annual Fee: The Spark 2% Cash Plus credit card has an annual fee of $150.

Features and Benefits: This credit card offers several features and benefits that can be highly advantageous for an agriculture business. It has no preset spending limit, adapting to your business’s needs based on spending behavior, payment history, and credit profile. 

If you spend at least $150,000 per year, you can receive an annual fee refund of $150. The card provides business-grade capabilities, including free employee and virtual cards, enabling your team to make purchases while earning rewards. 

It also offers benefits such as: 

  • Account management tools
  • Employee access
  • Travel perks
  • Fraud liability protection
  • The ability to download purchase records in multiple formats for easy record-keeping.

Summary: The Spark 2% Cash Plus credit card is a valuable choice for agriculture businesses. With unlimited 2% cash back on all purchases, it allows businesses to earn rewards on their everyday expenses. The card’s business-specific features, such as free employee and virtual cards, empower team members to make purchases while earning rewards. 

Additionally, the annual fee refund of $150 incentivizes higher spending. The card’s benefits, including account management tools, travel perks, fraud protection, and easy record-keeping, provide further convenience and protection for agriculture businesses. 

Overall, the Spark 2% Cash Plus credit card can help agriculture businesses maximize their rewards, streamline purchasing processes, and enhance financial management.

American Express Blue Business Plus

small business credit cards

Issuer: American Express

Rewards: Earn 2X Membership Rewards® points on eligible business purchases up to $50,000 per calendar year. After reaching the spending cap, you earn 1X points on other eligible purchases.

Interest Rate: The introductory APR on purchases is 0% for the first 12 months from account opening. After that, the APR becomes a variable rate ranging from 18.24% to 26.24%.

Annual Fee: The Blue Business® Plus Credit Card has no annual fee, making it a cost-effective choice for agriculture businesses.

Features and Benefits: The Blue Business® Plus Credit Card offers various features and benefits that can be beneficial for agriculture businesses. It provides cash flow flexibility through Expanded Buying Power, allowing you to make purchases above your credit limit based on your payment history, credit record, and other factors. 

The card earns Membership Rewards® points, which can be accumulated quickly, offering potential rewards for your business expenses. Employee cards come with no annual fee, and you can earn points on their eligible purchases. 

The card also offers expense management tools such as: 

  • QuickBooks® integration
  • Online statements
  • Account alerts
  • A year-end summary for efficient budgeting and expense tracking
  • Vendor Pay by Bill.com 
  • The American Express® App
  • Dedicated customer service via Relationship Care®
  • Insurance coverage, including Car Rental Loss and Damage Insurance, Extended Warranty, and Purchase Protection 

Amex Blue Business provides added peace of mind for business transactions.

Summary: The Blue Business® Plus credit card is an excellent choice for agriculture businesses. With its rewards program, agriculture businesses can earn 2X Membership Rewards® points on eligible purchases. The introductory 0% APR for 12 months and no annual fee offer cost-saving advantages. 

The card’s expense management tools, such as employee cards, QuickBooks® integration, online statements, and account alerts, help streamline financial management. The Vendor Pay feature simplifies bill payments, and the Year-End Summary aids in budgeting and tax preparation. The card also provides insurance coverage and access to the American Express® App for convenient account management. 

With its valuable features and benefits, the Blue Business® Plus Credit Card can enhance cash flow, reward business spending, and provide essential financial tools for efficient operations in the agriculture industry.

Tractor Supply Co. Business Credit Card

agriculture credit cards

Issuer: Tractor Supply Company (TSC)/ Citibank

Rewards: New cardholders receive a $20 reward with their first qualifying purchase of $20 or more. Earn 5% in rewards storewide on eligible Tractor Supply Co. purchases.

Interest Rate: Variable purchase rate: 30.99% APR (as of May 9, 2023). The APR may vary with the market based on the Prime Rate.

Annual Fee: The TSC card has no annual fee. 

Features and Benefits: Deferred interest promotional offers:

  • No Interest if Paid in Full in 6 Months
  • No Interest if Paid in Full in 12 Months
  • No Interest if Paid in Full in 18 Months
  • No Interest if Paid in Full in 24 Months

Summary: The TSC Visa credit card provides attractive benefits for new cardholders, including a $20 reward with their first qualifying purchase and 5% in rewards storewide on eligible Tractor Supply Co. purchases. These rewards can be utilized to offset future expenses or used towards purchasing agricultural supplies and equipment. 

Additionally, the card offers deferred interest promotional offers, allowing cardholders to make purchases and pay no interest if the balance is paid in full within specific periods of 6, 12, 18, or 24 months. However, if the balance is not paid in full by the end of the promotional period, interest charges will be imposed at the variable purchase rate of 30.99% APR. 

Agriculture businesses can take advantage of these promotional offers to manage their cash flow effectively and make necessary purchases while avoiding interest charges if paid within the specified timeframes.

John Deere® Credit Card 

john deere credit card

Issuer: John Deere

Rewards: The John Deere Credit Revolving Plan Account does not explicitly mention a rewards program.

Interest Rate: The periodic rate is 0.06370% per day, which corresponds to an annual percentage rate (APR) of 23.25%. The periodic rate is 0.07192% per day, which corresponds to an APR of 26.25%

Annual Fee: The John Deere revolving credit account has no annual fee. 

Features and Benefits: The account is accepted at John Deere dealers and SiteOne Landscape Supply locations, providing flexibility in purchasing parts, attachments, batteries, equipment service, and more. Consolidate all purchases into one easy-to-read statement, making it convenient to track expenses.

This card offers options for minimum monthly payments or full payment, providing flexibility in managing cash flow. And, account holders may receive special offers on equipment, parts, and service, providing potential cost savings.

Summary: The John Deere Credit revolving account offers a flexible line of credit for financing purchases related to John Deere products. The account provides convenient payment options with minimum monthly payments or the choice to pay in full. Account holders may benefit from special offers on equipment, parts, and service. However, it is important to note that the account has relatively high-interest rates, with a regular purchase rate of 23.25% APR and a default rate of 26.25% APR. 

Despite the interest rates, the account can still be beneficial for an agriculture business as it offers convenience, consolidated statements, and access to necessary equipment and services from John Deere dealers and SiteOne Landscape Supply locations. 

It allows businesses to manage their cash flow and make essential purchases to keep their operations running smoothly.

→ Recommended: Is a Floor & Decor Business Credit Card Still Worth It? 

Affirm Virtual Card

affirm credit card

Issuer: Affirm Loans

Rewards: Affirm loans do not offer traditional rewards or cashback programs.

Interest Rate: The interest rates for Affirm loans can range from 0% to 36% APR, depending on the customer’s creditworthiness and the specific loan offer.

Annual Fee: Affirm loans do not charge an annual fee.

Features and Benefits: Affirm loans provide flexible financing options for customers, allowing them to make purchases and pay over time with fixed monthly payments. The loan terms and interest rates are clearly disclosed upfront, ensuring transparency and enabling customers to make informed financial decisions. 

Affirm loans also offer a user-friendly platform and a seamless application process, making it convenient for customers to access financing for their online purchases.

Summary: Affirm virtual cards provide a convenient and flexible financing option for customers, allowing them to make purchases and pay over time with fixed monthly payments. While Affirm loans do not offer traditional rewards or benefits, they enable customers to access financing with transparent terms and clear repayment plans. 

Remember, the virtual card expires 24 hours after it’s issued. If you don’t use it, you won’t owe anything. You can cancel the card anytime before it expires without any obligations. It works with Apple Pay and Google pay. If you don’t use the full amount on your card, that’s okay. You’ll only owe the amount you spend, plus any accrued interest. 

After the merchant processes your purchase, Affirm will provide a payment schedule for the full card amount. After 21 days (or longer, depending on the transaction), any unused funds will be returned, and the payment schedule will be updated accordingly. This means you may have a smaller final payment, fewer upcoming payments, or both.

Keep in mind that you can’t use your virtual card at merchants that violate Affirm’s Terms of Service, such as those selling firearms and alcohol.

While not a traditional business credit account, Affirm can help you with larger agriculture business expenses by giving you the ability to pay over time. 

★ Note: This can also be beneficial for agriculture businesses as it expands the purchasing power of customers, making your products or services more affordable and accessible. By partnering with Affirm, you can attract more customers, increase sales, and enhance customer satisfaction by offering a convenient and transparent financing solution.

Frequently Asked Questions

What is credit card farming?

Credit card farming refers to the practice of obtaining multiple credit cards to take advantage of sign-up bonuses and rewards. However, it’s important to use credit responsibly and avoid accumulating excessive debt.

Can I use a business credit card for multiple businesses?

Generally, business credit cards are intended for use by a specific business entity. Using a single credit card for multiple businesses can complicate your financial records and accounting. It’s recommended to have separate credit cards for each business.

Do you need a DBA to open a business credit card?

While a Doing Business As (DBA) name can help you establish a separate business identity, it’s not always a requirement for opening a business credit card. Each credit card issuer may have its own criteria and guidelines. I usually recommend an LLC registered with a low-risk NAICS code. 

Do I need a business bank account to apply for business credit?

Having a dedicated business bank account can demonstrate financial stability, but it’s not always mandatory for applying for a business credit card. Check with the credit card issuer to understand their specific requirements. I typically recommend businesses bank with a local community bank or credit union. 

Can you have a business credit card with bad credit?

It may be challenging to obtain a business credit card with bad credit. However, some credit card providers offer secured credit cards or cards specifically designed for businesses with less-than-perfect credit – The best thing to do is fix your personal credit before you apply for business credit.

Can a nonprofit get a credit card?

Yes, nonprofit organizations can apply for business credit cards tailored to their specific needs. Many credit card companies offer cards designed for nonprofits, which may include features such as donation rewards or special nonprofit discounts.

Wrapping Up

Choosing the best credit card for your agriculture business requires careful consideration of your specific needs, rewards programs, fees, and flexibility. Explore options from trusted providers such as Capital One Spark Business, American Express, Tractor Supply, John Deere, and Affirm to find a card that aligns with your agricultural operations. 

Remember to use credit responsibly, keep your personal and business expenses separate, and always pay your bills on time to build a positive credit history.

Wanna know a secret? 

You can get much larger lines of business credit when you establish your entity properly, work with local small banks and credit unions, and follow a proven process. 

Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth

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best business credit cards for entrepreneurs

As an entrepreneur, managing your finances is crucial. And guess what? A business credit card can be a game-changer. In this article, we explore the world of credit cards designed specifically for entrepreneurs. We’ll reveal the leading contenders, highlight their impressive features, and address the burning questions you have about credit cards for contractors, independent contractors, and self-employed individuals.

But first, let’s give you a sneak peek of the cards—because that’s what you’re here for!

Presenting the most practical (and rewarding) business credit cards for entrepreneurs:

Chase Ink Business Preferred
Generous rewards program and travel benefits

→ Learn more
BoA Mastercard Business Platinum
Comprehensive travel insurance coverage

→ Learn more
American Express Business Gold
Flexible rewards and bonus categories for common expenses

→ Learn more
Capital One Spark 2% Business Cash 
Unlimited 2% cash back on all purchases

→ Learn more
CitiBusiness/AAdvantage Platinum Select
Travel benefits and rewards for American Airlines 

→ Learn more
Divvy Corporate Card
Simplified expense management and budget controls

→ Learn more

These credit cards from major banks are quite popular, but here’s a little secret: If you have a solid relationship with a small community bank or credit union, you might be able to secure even higher credit limits. In fact, we specialize in teaching entrepreneurs like you how to build those relationships and access credit lines worth hundreds of thousands of dollars at Business Credit Workshop. So, don’t overlook the potential benefits of working with local financial institutions!

Now, let’s take a closer look at each of the cards mentioned above and uncover valuable information and advice to help you maximize your business credit profile. Get ready to elevate your financial strategy and unlock new opportunities for your business!

Here’s what’s in store: 

Now, let’s get crackin’!

Explore the Best Credit Cards for Entrepreneurs

Chase Ink Business PreferredCompetitive APR, employee cards, Mastercard Easy Saving® ProgramCash flow management tools, online & mobile access, travel and emergency services, free access to business credit scores
BoA Platinum Plus® Business Mastercard® Competitive APR, employee cardsCash flow management tools, online & mobile access, travel and emergency services, free access to business credit scores
Amex Business Gold4X points on top 2 business categories, 1X points on other purchasesCash flow flexibility, expense management tools, travel benefits, additional services
Spark 2% Cash Plus BusinessUnlimited 2% cash back on every purchase, 5% cash back on hotels and rental cars booked through Capital One TravelFlexible underwriting, cards for every employee, seamless software integration
AAdvantage Platinum Select Travel benefits, mileage benefits, additional benefitsFirst checked bag free, preferred boarding, savings on inflight purchases
Divvy Corporate CardFlexible rewards programControl over rewards earnings, effortless management, various redemption options

When it comes to choosing the perfect credit card for your small entrepreneurial venture, it’s smart to consider some of the major cards specifically tailored to meet the needs of small business owners like yourself. Before we delve into the world of business credit and its intricacies, let’s take a closer look at the unique features and benefits offered by each of these top credit cards.

Recommended: What’s the Best Credit Card for a Small Construction Business? +TIPS 

1. Chase Ink Business Preferred

Startup business credit cards ein only

Credit Card: Ink Business Preferred® Credit Card

Issuer: Chase

APR: 20.99%–25.99% variable APR

Annual Fee: $95

Rewards Program:

  • Earn 3X points on shipping and other select business categories
  • Earn unlimited 1 point per $1 spent on all other purchases. Points do not expire as long as the account is open
  • Redeem points for cash back, gift cards, travel experiences, and more through Chase Ultimate Rewards
  • Get 25% more value when redeeming points for travel through Chase Ultimate Rewards
  • Earn 5X points on Lyft rides through March 2025

Benefits:

  • Employee cards at no additional cost, with individual spending limits
  • No foreign transaction fees
  • 1:1 point transfer
  • Travel and purchase coverage
  • Stay on top of your business with expense tracking tools
  • Referral program: Earn up to 200,000 points per year by referring other business owners to any Chase Ink® Credit Card

The Ink Business Preferred® Credit Card from Chase is a top choice for entrepreneurs looking for flexible and rich rewards. With a generous sign-up bonus, accelerated points earning in select business categories, and various redemption options, it provides value for business expenses. The card also offers additional benefits like no foreign transaction fees, point transfers, and purchase coverage. Positive customer reviews highlight its effectiveness for earning rewards and the overall satisfaction of cardholders.

Recommended: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

2. BoA Mastercard Business Platinum

How much money do you need to make for your business to get credit line?

Credit Card: Platinum Plus® Mastercard® Business card

Issuer: Bank of America

APR: 0% introductory APR for the first 7 billing cycles, then a variable APR of 16.24% to 27.24%

Annual Fee: $0 

Benefits:

  • Employee cards at no additional cost: Get employee cards with credit limits set by you
  • Mastercard Easy Saving® Program: Automatic rebates when using the card at tens of thousands of locations across the U.S.
  • Cash flow management tools: Suite of online services for managing your business finances
  • Online and mobile access: Secure access to manage your account online 24/7
  • Travel and emergency services: Includes travel accident insurance, auto rental insurance, emergency ticket replacement, lost-luggage assistance, and more
  • Free access to business credit scores: View Dun & Bradstreet business credit scores within Business Advantage 360, Bank of America’s Small Business Online Banking platform
  • Security features: Zero liability protection, fraud monitoring, paperless statement option, and more
  • Balance Connect® for overdraft protection: Link your credit card to a Bank of America business checking account for overdraft protection

The Platinum Plus® Mastercard® Business card from Bank of America offers competitive features, including a 0% introductory APR, no annual fee, and a $300 online statement credit offer. It also provides benefits such as employee cards, access to the Mastercard Easy Saving® Program, cash flow management tools, travel and emergency services, free access to business credit scores, and various security features. This card can be a suitable choice for businesses looking for a straightforward credit card option with cost-saving benefits.

Recommended: Bank of America Corporate Cards: A Complete, Uncut Review 

3. Amex Business Gold

Best business credit cards for new business (Amex)

Credit Card: Amex Business Gold Card

Issuer: American Express

Annual Fee: $295

Rewards:

  • Earn 4X Membership Rewards points on the top 2 business categories where your business spends the most each billing cycle.
    • Airfare purchased directly from airlines
    • U.S. purchases for advertising in select media
    • U.S. purchases made directly from select technology providers
    • U.S. purchases at gas stations
    • U.S. purchases at restaurants (including takeout and delivery)
    • U.S. purchases for shipping
  • Earn 1X points on other select purchases made using the Business Gold Card.

Benefits:

  • Pay Over Time APR: APR on purchases will be a variable rate of 19.24% – 27.24%, based on creditworthiness and other factors at the time of account opening
  • Acceptance: American Express can be used at 99% of places in the US that accept credit cards
  • Expense management tools for better cash flow management
  • Travel benefits and additional services

The American Express Business Gold Card offers a competitive rewards program with the opportunity to earn 4X Membership Rewards points on the top 2 business spending categories each billing cycle. It also provides 1X points on other select purchases. With a special welcome offer of 100,000 Membership Rewards Points and various expense management tools, this card aims to provide flexibility and benefits for business owners. The card has a variable APR for purchases and is widely accepted across the US.

Recommended: Amex Business Checking Review: What You Need to Know…Really

4. Capital One Spark 2% Cash for Business

How much of a business loan can I get with a 700 credit score?

Credit Card: Spark 2% Cash Plus

Issuer: Capital One

Annual Fee: $0

Rewards Program:

  • Unlimited 2% cash back on every purchase, everywhere, with no limits or category restrictions
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel

Benefits:

  • Pay-in-Full Charge Card: The balance must always be paid off in full every month
  • No Preset Spend Limit: Adapts to your needs based on spending behavior, payment history, and credit profile
  • Annual Fee Refund: Get your $150 annual fee refunded every year you spend at least $150,000
  • Business-Grade Capabilities: Empower your team with free employee and virtual cards, and easily pay vendors
  • Additional benefits include account management tools, employee access, travel benefits, service and protection features such as automatic payments, $0 fraud liability, year-end summaries, account managers, purchase records, and virtual card numbers

The Spark 2% Cash Plus card from Capital One offers excellent cash back rewards with unlimited 2% cash back on all purchases and 5% cash back on select travel bookings. With a one-time cash bonus of $1,200 and the option to earn an annual fee refund, this card provides significant value for business owners. It also includes various business-grade capabilities, such as employee cards, vendor payments, and a range of benefits and features to manage accounts and protect against fraud.

Recommended: What are the Best Unsecured Business Credit Cards for Startups? 

5. AAdvantage Platinum Select 

Can I get a start-up business loan with 500 credit score?

Credit Card: AAdvantage® Platinum Select® World Elite Mastercard®

Issuer: Citibank

Annual Fee: $0 intro annual fee for the first year, then $99

Rewards:

  • AAdvantage® Miles: Earn miles from purchases
  • Loyalty Points: Earn 1 Loyalty Point for every 1 eligible mile earned from purchases

Benefits:

  •  First checked bag free on domestic American Airlines itineraries for you and up to 4 travel companions on the same reservation (savings of up to $300 per round trip)
  • Preferred boarding on American Airlines flights
  • 25% savings on inflight food and beverage purchases on American Airlines flights when you use your card
  • Variable APR for purchases and balance transfers: 20.99% – 29.99% based on creditworthiness.
  • No foreign transaction fees

The Citi® AAdvantage® Platinum Select® World Elite Mastercard® offers travel benefits, including a free checked bag, preferred boarding, and savings on inflight purchases. You can earn AAdvantage® miles and loyalty points for eligible purchases. The card has a variable APR for purchases and balance transfers, and there are no foreign transaction fees. The annual fee is $0 for the first year, then $99*.

Recommended: Should You Open a Citibank Commercial Card Account?… It Depends! 

6. Divvy Corporate Card 

Best business credit cards for startups with bad credit

Credit Card: Divvy Corporate Card

Issuer: Divvy

Annual Fee: $0

Rewards: 

  • Earn up to 7x points by paying off your balance more frequently
    • Weekly: 7x points on restaurants
    • Semi-Monthly: 5x points on hotels
    • Monthly: 2x points on recurring software subscriptions
    • 1.5x points on everything else
  • Unlimited Earnings: Earn rewards points daily with no cap and no expiration.
  • Effortless management: Track and redeem points easily through the rewards dashboard.
  • Boost your ad spend: Earn up to 2.25% cash back on advertising spend through Divvy, with no limit on earnings.
  • Flexible rewards redemption options: Cash back, gift cards, statement credit, and Divvy Travel partnership for double the point value and industry-leading rates.

Benefits: 

  • Free, fast, and flexible business credit with credit lines up to $15M
  • Credit line scales with your business, with the ability to apply for credit line increases
  • Flexible underwriting options based on your business’s unique needs
  • Cards for every employee with proactive spend controls
  • Seamless software integration with desktop software and highly-rated mobile app
  • Advanced fraud protection for secure transactions

The Divvy Corporate Card is a free business credit card that offers fast and flexible funding options for businesses of all sizes. With its simple online application process, businesses can access credit lines up to $15M. The card scales with your business and offers flexible underwriting options to fit your needs. Divvy provides cards for every employee, seamless software integration, and advanced fraud protection. Additionally, businesses can earn rewards based on payment frequency. The Divvy Corporate Card is a valuable tool for managing business expenses and streamlining financial operations.

Recommended: In-Depth Divvy Credit Card Review: Read This Before You Apply  

How to Build Credit for a New LLC or Business with No Credit History

Startup business credit cards no personal guarantee

If you’re eager to build your business credit fast, I’ve got some great insights for you! Building solid business credit can open up funding options beyond your personal credit limits and even help you secure lower insurance rates.

But before we dive in, let’s address some commonly asked questions about business credit. Can you use your EIN (Employer Identification Number) to apply for credit? Absolutely! 

As long as you have an EIN assigned by the IRS, you can use it for business credit applications. Getting a business credit card isn’t as hard as you might think. With a high business credit score, you’ll have no trouble securing one. While some business credit cards may do a soft or hard pull on your personal credit, there are others that don’t. 

And yes, an LLC can have a credit score! With an EIN and a DUNS number from Dun & Bradstreet, your LLC can have a credit score separate from your personal credit score.

Now, let’s jump into the steps to build business credit quickly. Remember, just like with personal credit, paying your debts on time is crucial for maintaining a good score. 

Here’s a breakdown of the steps:

  1. Form your business — Just like laying a strong foundation for a building, you need to properly form your business. Choose a neutral business name that allows for flexibility in funding options. Once you settle on a name, try to stick with it to show stability. Decide how you want to establish your business entity, whether it’s through an attorney, an online service, or manually with your local Secretary of State
  2. Get your company “business credit ready” — Think of this step as adding a rough frame to your business. Establish a physical address (avoid using P.O. boxes), get the necessary business insurance if required, obtain any required business licenses, and create a strong online presence with a website and domain. Listing your business in relevant directories adds credibility and trustworthiness.
  3. Network with local banks — Networking is vital, whether in buildings or business credit. Attend local Chamber of Commerce events if possible, or network online with local professionals to build connections. Research local banks and credit unions to understand their financing programs and underwriting processes.
  4. Setup business credit profiles — This step involves setting up insulation for your business. Establish a business credit profile with Dun & Bradstreet (D&B) to obtain your PAYDEX score, which is a crucial business credit score. Monitor your Equifax and Experian business credit scores for free, fixing any inaccuracies you come across. Utilize business credit monitoring services like Nav to stay on top of your credit profile.
  5. Build small trade lines of credit — Here’s where we add the finishing touches to make your building habitable. Establish small tradelines of credit, which are credit accounts with vendors or suppliers. These tradelines play a significant role in solidifying your business credit. Secure credit with suppliers and make timely payments to build trust and a positive credit history.

By following these steps, you can accelerate the process of building your business credit. We teach the full, 7-step process to build business credit in Business Credit Workshop. 

Now, find out what you can do if your credit needs some work. 

What if You Have Bad Credit? 

Can I start a business with 700 credit score?

If you’re wondering if personal credit affects business, it does. So, before you apply for large lines of business credit, it’s important that you clean up your personal credit score. 

Here’s my best advice to clean up bad personal credit. 

  • First, educate yourself. Gain knowledge about credit repair strategies and consumer protection laws that can work in your favor. Understanding the credit reporting system will help you navigate the process more effectively.
  • Next, identify errors. Carefully review your credit reports for any inaccuracies, incomplete information, or unfair items. These errors are common and can have a negative impact on your credit score. Disputing and resolving these issues is crucial.
  • And, take action! — This is key and may include sending dispute letters to creditors and credit bureaus, requesting the removal or update of erroneous information. Follow step-by-step tutorials and utilize letter templates provided in credit repair resources.
  • Furthermore, take advantage of legal loopholes. Learn about the consumer protection laws that safeguard your rights. This knowledge can empower you to file small claims lawsuits against creditors, credit bureaus, or collection agencies if they have violated these laws. Seek legal advice when necessary to understand the best course of action.
  • Then, as you make changes, maintain good financial habits. Focus on making on-time payments, reducing debt, and managing your credit responsibly. Avoid common credit mistakes, such as late payments, high credit utilization, opening multiple accounts simultaneously, relying too heavily on one type of credit, and neglecting to review your credit report for inaccuracies.
  • Finally, seek professional help if needed. While credit repair resources like books and online communities can provide valuable insights, it’s always wise to consult with professionals, such as credit counselors or attorneys, for specific legal advice or guidance tailored to your situation.

Remember, cleaning up your personal credit takes time and effort. Stay committed and patient as you work toward improving your financial health and credit scores.

Recommended: Credit Secrets Book Review: Can You Erase Bad Credit History? 

What if Your Business Has Bad Credit? 

Secured business credit card

So, let’s talk about fixing your not-so-great business credit in a way that’ll make you feel optimistic about the future. There could be a few reasons why your business credit isn’t where you’d like it to be. Maybe you had some hiccups in the past, like late payments, debts piling up, or even unfortunate situations like liens or bankruptcy.

 But hey, don’t fret! You have the power to turn things around.

Now, when it comes to your credit score, one important thing to consider is the Paydex score from Dun & Bradstreet (the main business credit bureau). It’s like a report card that ranges from 0 to 100 — The higher your score, the better your creditworthiness. If your business credit isn’t so hot right now, your Paydex score might be on the lower side. But fear not, my friend, because there’s a way to fix it so that you don’t have to rely on those high-interest business credit cards for bad credit. 

So, how do you get started on the road to credit recovery? 

Let’s break it down in a way that’s easy to understand:

  1. Become a champion of timely payments — One of the biggest factors in improving your credit is paying your bills on time. It’s like scoring a winning goal in the game of credit. Make it a priority to pay your suppliers, vendors, and lenders right on schedule, or even earlier if you can. Timely payments are key to boosting your creditworthiness.
  2. Tackle those overdue accounts — If you have any lingering debts or accounts that are past due, it’s time to face them head-on. Develop a plan to pay off those outstanding balances as soon as possible. Don’t be afraid to negotiate payment arrangements or settlements with your creditors. You’ll feel a weight lifted off your shoulders once those accounts are squared away.
  3. Say bye-bye to high debt levels — Picture this: your debt levels dropping like confetti at a celebration. It’s a beautiful sight, isn’t it? High levels of debt can drag down your credit score, so it’s important to reduce those balances. Make consistent payments and resist the temptation to take on unnecessary new debt. Gradually, you’ll see that credit score start to rise.
  4. Build friendships with credit-worthy partners — Relationships matter in business and credit building is no exception. Seek out vendors and suppliers who are willing to report your stellar payment history to credit bureaus. It’s like having cheerleaders in your corner, rooting for your credit success. These positive credit relationships can work wonders in improving your creditworthiness. You might consider working with a credit broker (proceed with caution), but I am more inclined to recommend a business credit consultant or coach. 
  5. Embrace the power of a fresh start — In some cases, if your current business has deep-rooted credit issues, starting anew might be the way to go. It’s like hitting the reset button and getting a chance to build a shiny new credit profile. Just remember, starting a new business comes with its own considerations, so consult with the experts to figure out the best approach for your situation.

Remember, improving your credit takes time and dedication. But don’t be discouraged! — With each positive step you take, you’re moving closer to a brighter credit future. So roll up those sleeves, put on your optimistic mindset, and let’s get to work on fixing that business credit of yours. 

The future is looking mighty bright!

Recommended: This is How to Leverage Business Credit to Transform Your Life 

Frequently Asked Questions

What is good credit for small business owners?

A Paydex score between 70-80 is a strong score that can be considered “creditworthy” by business lenders. 

How can I get a 100 business credit score?

By having several positive reporting tradelines, you can get a perfect (100) Paydex score. But, this isn’t a common or believable score for a business to have. 

How good does my credit need to be to get a business loan?

Nearly any business with income can get a business loan. Even with a low business credit score, most companies can qualify for merchant cash advances, factoring, and other alternative loans. The higher your credit score, the more likely you are to qualify for business loans with lower rates and more favorable features and rewards. 

What credit score does a business start with?

The minimum credit score (Paydex) for a business is zero — Scores are calculated on a scale of 0-100. If you have no reporting tradelines, you will not have a credit score. You can use net 30 accounts and gas cards to establish your business credit score. 

Final Takeaway

Business credit is a tool that can help you improve your cash flow to grow your company in invest in your future The cards listed here are some of the most popular business credit cards for entrepreneurs — Each has its own set of pros and cons. 

  • The Chase Ink Business Preferred offers a generous rewards program and travel benefits, making it an attractive choice. 
  • If comprehensive travel insurance coverage is a priority, the Mastercard Business Platinum is a great option to explore. 
  • For those seeking flexible rewards and bonus categories tailored to common expenses, the American Express Business Gold is worth considering. 
  • The Capital One Spark Cash for Business provides unlimited 2% cash back on all purchases, offering simplicity and value. 
  • If you’re a frequent flyer with American Airlines, the CitiBusiness/AA Advantage Platinum Select offers travel benefits and rewards specifically designed for American Airlines customers. 
  • Lastly, the Divvy Business Card streamlines expense management and budget controls, making it an efficient choice for businesses. 

With these options in mind, you can choose the business credit card that aligns with your specific needs and preferences.

If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

What’s the Best Credit Card for a Small Construction Business? +TIPS

By

Best credit card for small construction business

Taking control of your finances is vital for small construction businesses. And, guess what? A business credit card can be a game-changer. Here, we’re diving into the world of credit cards tailored specifically for small construction businesses. We’ll uncover the top contenders, highlight their awesome features, and even tackle those burning questions you have about credit cards for contractors, independent contractors, and self-employed folks. 

But first, let me give you a sneak peek of the cards…since that’s what you came here for! 

Introducing the best business credit cards for small construction businesses:

Amex Business PlatinumCapital One Spark Cash SelectBrex Corporate Card Chase Ink Business Unlimited
Key Benefits:Robust rewards program and expense managementFlexible rewards and business management toolsTailored for startups with no personal guaranteeWide range of card options and rewards

Note, that these are the most popular credit cards available from big banks. And, while I don’t have anything against them, you can sometimes obtain a lot more credit (hundreds of thousands of dollars) when you have a relationship with a small community bank or credit union — which is precisely what we teach at Business Credit Workshop. 

Recommended: This is How to Leverage Business Credit to Transform Your Life 

Let’s dive in a bit deeper to learn more about each card above, then explore some information and advice that can help you get even more from your business credit profile. Get ready to level up your financial game!

Here’s what’s in store: 

Now, let’s dive in. 

Best Credit Cards for Small Construction Businesses

When it comes to selecting the best credit card for your small construction business, it’s a good idea to explore major cards that are designed to cater to small business owners with operations like yours. Before we get into the tricks of the trade (business credit), see what each of these top cards has to offer. 

1. American Express Business Platinum

Best small business credit card for construction

The Business Platinum Card from American Express is a credit card designed for businesses. It has an annual fee of $695. By spending $15,000 on eligible purchases within the first 3 months, you can earn 130,000 Membership Rewards Points. This offer is subject to availability and may not be available if you leave the webpage and return later.

With the Business Platinum Card, you can earn points on your purchases. You’ll earn 5X points on flights and prepaid hotels booked on AmexTravel.com, 1.5X points on eligible purchases in key business categories and on eligible purchases of $5,000 or more everywhere else, and 1X points on other eligible purchases.

The card also offers various benefits. You can get statement credits for select purchases, such as $200 back semi-annually for U.S. purchases with Dell Technologies, $90 back per quarter for purchases with Indeed, $150 back per year for select business subscription purchases with Adobe, and $10 back monthly for select purchases with U.S. wireless phone service providers.

Additionally, the card provides access to the Global Lounge Collection, offering access to more than 1,400 airport lounges across 140 countries. You can receive up to $200 in airline fee credits per year, enjoy benefits like Clear membership, and get 35% points back when using points for eligible flights booked through Amex Travel.

Other perks include hotel benefits, premium car rental privileges, and various travel insurances. The card also offers cash flow flexibility with a Pay Over Time option and has no preset spending limit. Expense management features include employee cards, QuickBooks integration, online statements, account alerts, and a year-end summary.

Recommended: Amex Business Checking Review: What You Need to Know…Really 

2. Capital One Spark Cash Select

Best credit card for construction business

The Spark 1.5% Cash Select card is an excellent business credit card offered by Capital One. With this card, you can earn unlimited 1.5% cash back on every purchase for your business, without any limits or category restrictions. It’s a great way to maximize your rewards and get some extra cashback.

The best part? There’s no annual fee for this card, so you can enjoy the big rewards and cash bonus without any additional costs. Capital One also offers additional cash-back rewards of 5% on hotels and rental cars booked through Capital One Travel, adding even more value to the card.

Redeeming your cash-back rewards is easy too. You can cash them in for any amount at any time, and they don’t expire for the life of the account. It’s a flexible and convenient way to enjoy the benefits of your hard-earned rewards.

In terms of the interest rate, the variable APR for purchases ranges from 18.24% to 24.24%, depending on your creditworthiness. As always, it’s important to manage your credit responsibly and pay off your balances in full to avoid any interest charges.

The Spark 1.5% Cash Select card also comes with a range of benefits to make managing your business easier. You can conveniently manage your accounts online, provide employee access, enjoy travel services, set up automatic payments, and benefit from $0 fraud liability in case your card is lost or stolen. Additionally, you’ll receive year-end summaries for simplified budgeting and tax time, and the option to assign an account manager to handle purchases and payments.

When it comes to applying for this card, the process is quick and straightforward. It only takes about 10 minutes to complete the application, and you’ll receive a decision within seconds. Just make sure to have the necessary information on hand, such as the legal names, addresses, and Social Security Numbers of all business owners, as well as your business’s legal name, address, and tax ID number.

The Spark 1.5% Cash Select card has received positive reviews from customers, with an overall rating of 4.4 out of 5 stars based on 946 reviews. The majority of reviewers highly recommend this card, which speaks to its value and benefits.

Recommended: What are the Best Unsecured Business Credit Cards for Startups? 

3. Brex Business Corporate Card

Best credit card for independent contractors

Accepted worldwide, the Brex Corporate Card provides both physical and virtual cards on the reliable Mastercard network. And with the highly rated 5-star app available on iOS and Android, you can manage your card effortlessly from your phone. Features like Apple Pay integration, card cancellation, and spend monitoring are all conveniently accessible in one place.

What sets the Brex Corporate Card apart is its rewarding nature. Earn up to 7x back on your spending and redeem your rewards for cash back, credits, or even billboards. This enables you to maximize your benefits and get more value from your expenses.

With credit limits tailored to your business, you can enjoy a card limit that suits your needs based on financial factors such as revenue or funding raised. This flexibility ensures that your card aligns with your business’s financial capabilities.

The Brex Corporate Card is not just a single-purpose card; it caters to various business needs. Enable spend for travel, procurement, and more with worldwide card acceptance. Additionally, Brex offers specialized cards for travel and entertainment expenses, vendor expenses, purchase cards, benefits cards, and more. The flexibility to customize spend limits for specific purposes ensures that your policies are enforced with every card swipe.

Expense management is simplified with the Brex Corporate Card. It automatically collects itemized receipts compliant with IRS or local tax laws, generates memos, and categorizes expenses to the right general ledger and/or project. Real-time expense tracking allows you to monitor card limits and expenses in real-time, increasing accountability. It’s an all-in-one solution that streamlines your expense reporting process.

Best credit card for handyman

Brex offers local cards in over 20 currencies, allowing you to conduct operations locally wherever you do business. The comprehensive global features enable you to manage your company’s credit limit, subsidiary-specific limits, expenses, and billing in one console, reducing risk and increasing control. By issuing cards in employees’ local currencies and enabling subsidiaries to pay statements from their local bank, you can avoid intercompany transactions and foreign exchange fees.

Recommended: Brex Card Review: Is This Corporate Card Offer Too Good to be True? 

4. Chase Ink Business Preferred

Chase ink business preferred credit card for construction

Chase’s Ink Business Unlimited® Credit Card might be the perfect credit card solution for your business. With the Ink Business Unlimited card, you can enjoy a range of benefits designed to maximize your rewards and simplify your financial management.

With the Ink Business Unlimited card, you’ll earn unlimited 1.5% cash back on every purchase made for your business. Whether it’s office supplies, equipment, or other business expenses, you can earn cash back on all of your transactions. Plus, there’s no annual fee, ensuring that you can enjoy the benefits without any additional costs.

To give you even more value, the Ink Business Unlimited card offers a 0% introductory APR for 12 months on purchases. This allows you to make business purchases and pay them off over time without accruing interest. After the introductory period, the variable APR will be between 18.24% and 24.24%, based on your creditworthiness.

Redeeming your rewards is a breeze with the Ink Business Unlimited card. You can choose to redeem your cash back rewards for cash, gift cards, travel, and more through Chase Ultimate Rewards®. This flexibility allows you to use your rewards in a way that suits your business needs.

Another great feature of the Ink Business Unlimited card is the option to add employee cards at no additional cost. These employee cards not only help you manage your expenses but also enable you to set individual spending limits for each employee. This allows you to keep track of spending while giving your employees the ability to earn rewards on their purchases

Finally, for those who frequently use Lyft, the Ink Business Unlimited card offers an exciting benefit. Earn a total of 5% cash back on Lyft rides through March 2025. This includes an additional 3.5% cash back on top of the 1.5% you already earn on travel purchases, making it a valuable perk for business travelers.

Recommended: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

Most Useful Credit Card Features for Small Construction Businesses

Can you use credit card for contractors?

As I said before, the cards above are just some of the offers that are great for small construction businesses like yours. And, there are virtually hundreds of credit cards you might apply for, based on your stage in business, credit profile, and your financial health. 

I always recommend you do your due diligence (which you’re doing now — good job!) to find the right card for your situation. Still, there are some super valuable credit card features that you should be looking for.  

When it comes to credit for your construction business, you can get the most from a card with the following features: 

  1. Robust expense tracking — Construction businesses deal with many expenses that require effective management. When choosing a credit card, prioritize those with handy expense-tracking features. Look for cards that provide detailed transaction descriptions, spending categories, and downloadable reports. These tools will simplify the task of monitoring and analyzing your expenses, making your bookkeeping process a breeze.
  2. Flexible credit limits — Construction projects come in all shapes and sizes, each with its unique scale and cost. To meet the ever-changing financial requirements, it’s crucial to have a business credit card with a flexible credit limit. This flexibility ensures that you have the necessary purchasing power to cover expenses like materials, equipment, and other project-related costs. Having a credit card with a flexible credit limit allows you to adapt to the varying financial demands of your construction projects effectively.
  3. Rewards on construction-related spending — When searching for a credit card for your construction business, keep an eye out for rewards or cash-back programs specifically tailored to construction-related spending. Some cards offer enhanced rewards for purchases made at hardware stores, home improvement retailers, or building material suppliers. By maximizing these rewards, you can offset costs and enjoy additional benefits. It’s a smart way to make the most out of your business expenses while you get more value from your card.
  4. Introductory offers — You’ll find that many business credit cards come with enticing introductory offers that can be quite valuable for your construction business. These offers may include bonus rewards points, statement credits, or even waived annual fees for the first year. Taking advantage of these introductory perks can provide you with significant value, especially when you’re starting or expanding your construction business. It’s a great way to give your business a financial boost and maximize the benefits of your credit card.
  5. Expense management tools — Managing expenses effectively is of utmost importance for construction businesses. When choosing a credit card, it’s essential to look for one that offers comprehensive expense management tools. These tools can include handy features like mobile apps, receipt capture capabilities, and integration with accounting software. By utilizing these tools, you can streamline the process of tracking expenses, monitor your finances in real time, and seamlessly manage your financial operations. It’s a smart way to stay on top of your expenses and ensure efficient financial management for your construction business.
  6. Business-specific benefits — Certain credit cards provide extra perks specifically designed for construction businesses. These benefits can be quite advantageous and may include discounted rates on equipment rentals, exclusive access to construction industry events or trade shows, or special partnerships with suppliers offering favorable rates or exclusive deals. These tailored perks are aimed at supporting and enhancing the operations of construction businesses, providing valuable advantages that can contribute to their success.

Remember, the best business credit card features for your construction business may vary depending on your specific needs and preferences. Evaluate your business’s spending patterns and requirements to choose a credit card that offers the most relevant and valuable features for your construction operations.

How to Build Business Credit to Access More Funding

Did you know that you can actually build business credit in as little as 30 to 90 days? And, with a perfect business credit score, you can access higher amounts of funding? Business credit is a great channel to grow and scale your business, invest, and pay for emergencies. 

In brief, here’s how to build business credit fast: 

First, you need to form your business. Establish a proper business entity, choose a neutral business name and category, and decide on the best method to establish your business entity.

Next, it’s important to get your company “business credit ready.” Set up a physical address, obtain necessary business insurance and licenses, establish an online presence, list your business in relevant directories, and open a business bank account.

Then, you’ll want to network with local banks. Attend local Chamber of Commerce events or network online to build relationships with bankers and financial professionals. Research financing programs offered by local banks and credit unions.

Recommended: ​​3 Best Credit Unions for Small Business Banking in 2023 

After that, set up business credit Profiles: Establish business credit profiles, such as a PAYDEX score from Dun & Bradstreet (D&B), by obtaining a DUNS number. Monitor your Equifax and Experian business credit scores for accuracy using services like Nav.

Finally, you have to develop small tradelines of credit and net 30 accounts that report your on-time payments to business credit bureaus. Consider using gas cards and store cards, ensuring that payments will be reported.

By following these steps, you can lay the foundation for a strong business credit profile and access better funding options for your business.

Recommended: 41+ Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

Frequently Asked Questions

Can I get a business credit card with a 1099?

Yes, you can get a business credit card with a 1099. Many credit card issuers consider 1099 income as eligible for credit card applications. However, specific requirements may vary among different credit card providers. A 1099 is not like an EIN and will not qualify you for business credit on its own. It’s always best to check each lender’s individual policies.

Is being an independent contractor the same as owning a business?

In short, no, but only because most independent contractors operate as an individual. However, independent contractors and self-employed individuals can obtain business credit if they create a business entity and structure their businesses properly. 

Do business credit cards verify income?

Yes. Most business credit lenders verify income. There are a few outliers, but your income and/or assets will almost always play into a credit decision. Some lenders look at cash flow and revenue while others might look at collateral (cash on hand) during the underwriting process. 

What is the 5/24 rule?

The 5-24 rule is a guideline used by Chase and some other credit card issuers. It states that if you’ve opened five or more credit card accounts within the past 24 months, you may be ineligible for certain Chase credit cards.

Conclusion

Picking the perfect credit card for your small construction business can work wonders for your financial management and score you some awesome perks. We’ve got your back with options like American Express, Capital One, Brex, and Chase, all geared toward meeting your unique business needs.

But hold up, there’s more to the credit card game! We’re here to demystify credit cards for contractors, independent contractors, and self-employed folks. We’ll answer your burning questions and equip you with the knowledge you need to make savvy financial decisions for your growing business.

But hey, getting a credit card is just the first step. If you’re serious about leveling up your small construction business and snagging up to $100,000 in business credit fast, we’ve got a killer recommendation. Join Business Credit Workshop and tap into our expertise. We’ll teach you insider strategies and techniques to skyrocket your business credit journey. Get ready to take charge of your finances and make some serious waves in the construction industry!

Want to learn how to obtain up to $100K in business credit for your small construction business in as few as 30 days? Join Business Credit Workshop today.

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