business credit building

What You Need to Know About PayPal LoanBuilder for Business

PayPal LoanBuilder is advertised as a quick, convenient way to get up to $100K in business funding. The company is more than reputable, and their marketing makes it sound like the easiest financing option in the world. But, what are the terms, how much does it cost, and is this really the best loan for your business?

Let’s find out what LoanBuilder is, how it works, and explore exactly what you can expect if you apply.

This is what’s in store:

What is PayPal LoanBuilder?
- How Much Does PayPal LoanBuilder Cost?
How Does PayPal LoanBuilder Loan Work?
Frequently Asked Questions
Final Thoughts

Now, let’s get to it!

What is PayPal LoanBuilder?

PayPal’s LoanBuilder is a service that offers fixed-term small business loans from $5,000 to $100,000 for first-time borrowers and up to $150,000 for repeat borrowers—the financing option is designed to be fast and flexible, with funds potentially available in your business bank account as soon as the next business day after approval.

The loan comes with transparent pricing, where you pay a clear, fixed fee along with a $20 Returned Item Fee if a payment is returned. There are no late fees, early repayment fees, or processing fees. You can choose a repayment term that suits your business needs, and payments are automatically deducted weekly.

To check if your business is eligible for a LoanBuilder Loan, you can complete a quick online questionnaire. This process won’t impact your personal credit score. If eligible and approved, you can customize your loan amount and term, sign the contract electronically, and receive the funds quickly.

To qualify, your business needs to have been operational for at least nine months with an annual revenue of at least $33,300. Keep in mind that LoanBuilder is a service provided by PayPal in partnership with WebBank. The loan application and approval process is designed to be straightforward and streamlined, aimed at helping businesses manage cash flow, finance projects, or tackle other business challenges.

A LoanBuilder loan does require a personal guarantee.

You might also like: Business Credit Cards without Personal Guarantee

How Much Does PayPal LoanBuilder Cost?

The cost of a LoanBuilder loan is determined by a single fixed fee known as the Total Loan Fee, which will be disclosed at the time of loan approval and remains consistent throughout the loan term.

However, since this is a working capital-style loan, you should expect interest rates higher than you would get via, say, your business credit union. Still, they may be lower than other working capital solutions.

The specific amount of the Total Loan Fee varies based on:

The loan amount
Repayment term
Financial risk

LoanBuilder Loans do not have additional fees such as late fees, early repayment fees, or processing fees—The Total Loan Fee is the primary cost associated with borrowing and is included in your repayment schedule.

To see your LoanBuilder cost, you’ll need to complete the loan application process and review the personalized terms.

How Does PayPal LoanBuilder Loan Work?

LoanBuilder from PayPal offers a pretty simple approach to business financing, providing you with a customizable loan experience tailored to your business needs.

With LoanBuilder, you have the freedom to:

Access funds quickly
Repay with clarity
Benefit from straightforward terms

Let’s delve into the key features that will help you decide if LoanBuilder is the best choice for your business funding.

You might also like: A Deep-Dive National Funding Review: Should You Accept an Offer?

1. Apply With No Impact to Your Credit

The PayPal LoanBuilder “application” is pretty straightforward. The questionnaire asks you for contact information, how you plan to use the funds, how you heard about the loan, business location, and business details.

Details to have on-hand about your business include:

Legal business name & DBA (if applicable)
Business address & website address
Entity type & state of incorporation
Annual revenue
Business start date
Number of employees
Industry & sub-industry
Percentage of ownership

The application also asks for your Social Security Number and Employer Identification Number. Luckily, they do a soft inquiry into your personal credit for pre approval, which won’t negatively impact your credit score.

However, you will probably have to approve a hard pull for final approval.

Don’t move forward with that until you’re absolutely sure you want this loan.

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options

2. “Customizable” Funding

LoanBuilder advertises a “customizable” loan—This makes it sound as if you might get to choose your amount, terms, and rate, which would be pretty exciting.

However, that’s not a realistic way to think about lending; lenders need to assess the financial risk before approving any type of financing.

Still, after you’re pre-approved for a loan, you can choose your loan amount and repayment term. Your loan fee percentage will increase as your terms are extended. So, the longer you give yourself to pay off the loan, the higher your Total Loan Fee.

If you do opt for this loan, consider giving yourself some extra time to pay it just in case something unexpected occurs, as you could be charged penalties for failing to pay on-time.

3. Fixed-Fee Loan

When you take out a LoanBuilder Loan, you won’t have any upfront fees deducted from the loan amount you receive. Instead, the cost of borrowing—the single fixed fee, known as the “Total Loan Fee”—is spread out and paid gradually over the entire duration (life) of the loan.

Here’s a breakdown of what this means:

When you receive the loan amount, the full sum is deposited into your business bank account without any immediate deductions for fees or charges. This ensures that you have access to the entire loan amount upfront to use for your business needs.
The cost associated with borrowing the money is represented by a single fixed fee—This fee is agreed upon and disclosed at the time of loan approval; it does not change over the course of the loan.
Rather than paying a fee upfront or separately, it is integrated into your loan repayment schedule. Each time you make a repayment towards your loan (typically on a weekly basis), a portion of that payment goes towards covering the Total Loan Fee. This fee is gradually paid down along with the principal amount of the loan.

By structuring the loan this way, you get clarity on the total cost of borrowing from the outset, and you can plan your repayments knowing how much will be allocated towards the loan principal and how much towards the fixed fee.

4. Fast Access to Funds

The LoanBuilder lending process is designed to be fast…

First, when you check your eligibility, it’s done through a quick online questionnaire. This initial eligibility check does not involve a hard inquiry on your personal credit report, which means it won’t affect your consumer credit score—This is helpful because you can explore loan options without worrying about potential negative impacts on your credit rating.

If your LoanBuilder Loan application is approved, the funds are transferred directly to your business bank account, often by the next business day after approval—This rapid transfer ensures that you can access the funds quickly to address business needs or capitalize on opportunities right away.

5. Accessible Business Funding

The eligibility requirements for a LoanBuilder Loan can be considered relatively low compared to some traditional business loans:

At least nine months in business
$33.3K annual revenue

Requiring a minimum of nine months in business is relatively short compared to other types of business loans that might need several years in operation. Newer businesses can access financing sooner in their development stages.

While this amount varies depending on the size and industry of your business, $33,300 annual revenue is a moderate threshold—It’s achievable for many small businesses, including startups and those in their early stages of growth.

These requirements are inclusive and accessible to a wide range of small businesses, including startups and those with modest revenue streams.

You might also like: Y Combinator: Fast Track to Success or Waste of Time?

6. Weekly Repayment Terms Up to 12 Months

The repayment period for LoanBuilder Loans ranges from 17 weeks (approximately 4 months) to 52 weeks (approximately 12 months), depending on your eligibility and the loan amount you qualify for.

During the repayment period, you will make weekly payments towards your loan balance.

The amount of each weekly repayment will be set based on:

The total loan amount
The fixed fee associated with the loan
The chosen repayment term

The weekly repayment amount remains consistent throughout the repayment period, providing predictability in your loan payments.

For example, if you have a loan with a 26-week repayment term, you will make 26 weekly payments until the loan is fully repaid. The amount of each weekly repayment is calculated to cover both the principal loan amount and the fixed fee—this helps you make sure the loan is paid off by the end of the chosen repayment term.

Frequently Asked Questions

Is PayPal legally a bank?

No, PayPal is not a bank. It is a technology company that provides online payment services and financial solutions.

What bank does PayPal use for loans?

LoanBuilder loans are provided by WebBank®, Member FDIC, in partnership with PayPal.

What is the minimum credit score for LoanBuilder?

LoanBuilder does not disclose a specific minimum credit score requirement. Instead, eligibility is determined based on various business factors such as revenue and operational history—but the do require a personal guarantee

Does PayPal LoanBuilder report to credit bureaus?

Yes, PayPal LoanBuilder reports payment activity to business credit bureaus, not personal credit bureaus. This can help businesses establish and build their business credit profile.

Final Thoughts

PayPal is a trustworthy financial company, with LoanBuilder being backed by a reputable bank. The loans they offer are pretty competitive in the working capital realm, but the high rates are a red flag for me. I never recommend my students take out a loan like this unless there is absolutely no better option—even with a flat fee, weekly repayments can eat at your profits.

But, if you need to take out a high-interest loan and you’ve explored all of your options, this might be the way to go. If you have some time, I recommend you put some effort into your business credit so you can get loans and lines of credit with (much) better terms…it’s a game changer.

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

HD Supply Review: A Closer Look at This Vendor’s Net 30 Program

By Joe Lawrence

One of the easiest ways to build business credit is by acquiring a Net 30 account. With such an account, you can establish your credit profile in 30 days. Since it typically involves tier-1 vendor tradelines, often dealing with large corporations or companies with a strong market presence, you can gain access to an account even with little credit history for your business.

This is where HD Supply comes in. HD Supply is a leading provider of maintenance, repair, and operations (MRO) products and services. With over 40 years of experience, the company has a good reputation for reliability, innovation, and quality, which is why it has become one of the trusted partners of businesses from many industries. There are also 40+ distribution centers in 25 states, making delivering quality, branded, and proprietary products right to your office or business address easy and quick.

You can choose from a diverse range of products at HD Supply, from HVAC to plumbing to janitorial supplies. The online platform is also where you can purchase building materials and tools for your next project. HD Supply caters to the needs of industry professionals, including contractors and facilities managers, providing necessities for the maintenance and upkeep of buildings, infrastructure, and commercial properties, among others.

HD Supply is also a top choice for many small business owners and startups because it offers flexible payment terms through the Net 30 vendor program. With this program, you can access a wide range of essential materials and supplies while deferring payment for up to 30 days. The company is known for giving customers valuable flexibility and cash flow management.

Let’s look at how HD Supply’s Net 30 vendor program works, its benefits, and how it can benefit your business’s procurement processes.

An Overview of HD Supply’s Net 30 Vendor Program
Product Range and Quality
Pricing, Payment Terms, and Conditions to Be Aware Of
FAQs

An Overview of HD Supply’s Net 30 Vendor Program

HD Supply’s Net 30 program is designed for businesses to benefit from the flexibility and convenience of purchasing essential supplies and tools while delaying payment. This gives them the ability to manage their cash flow efficiently.

The program comes with the following key features:

Flexible Payment Terms: You can pay purchases within 30 days of invoicing, letting you access products without providing immediate payment.
Extensive Product Range: There is a comprehensive variety of products in numerous categories, including appliances, cabinets and countertops, linens, HVAC, and plumbing. You can also purchase electronics, furniture and décor, and gas products from the online shop.
Broad Range of Services: HD Supply also provides custom products, from bi-fold doors to bypass doors, as well as rekeying services, bathroom vanities, window screens, and custom paint. Other services include renovations, financing, online solutions like e-procurement, online payment services, and many more.
Simplified Procurement Process: The Net 30 vendor program from HD Supply helps streamline buying and obtaining needed materials for your business. You can then place orders conveniently and receive your invoice, which you can pay within the 30-day timeframe.
Trusted Supplier: HD Supply is well-known for being a reliable supplier of quality MRO (maintenance, repair and operations) products and services that can support your operational requirements.
Convenient and Efficient: The online platform makes it easy to place your order, track shipments, and manage any invoices you may have. You get to save time and effort in keeping up-to-date with your orders, allowing you to focus on more important business activities.
Consolidated Purchasing: When you buy from HD Supply, you source a wide variety of products from a single supplier instead of purchasing from numerous other vendors. This approach simplifies the process, potentially reducing administrative costs for managing multiple vendors.
Credit Building: Net 30 programs like the one from HD Supply encourage you to pay your invoices on time consistently. Doing so can help you build a positive credit history, which can potentially lead to increased credit limits and more financing options for your business in the future.

Having tradelines with a tier-1 vendor like HD Supply is advantageous to your business’s credit profile. That’s because it demonstrates a strong and reliable payment history with this reputable supplier. Many lenders and credit agencies consider these tradelines with tier-1 vendors, such as HD Supply, as favorable, particularly when assessing your business’s creditworthiness. It indicates that you have the ability to manage financial obligations responsibly.

This Net 30 vendor program can contribute positively to your credit profile and get the chance to increase your access to financing and favorable terms in the future. Head here to apply for an account.

The application form is quite comprehensive compared to starter vendors, (such as companies that are listed in this article).

You will need to provide the following information:

Your business name
Business physical and email addresses
Contact numbers, including fax and phone
Your requested credit limit or equivalent to your anticipated monthly spend
Owner and management details
Your name, job title, and other information
Your bank account name, type, and number
Specific purchasing instructions

You also have to upload documents, including tax exemption and credit sheet.

upload items to get hd supply net 30 account

You must specify where to send invoices, whether via fax, email, or another option. Once completed, you can submit your application and wait for the response.

Product Range and Quality

HD Supply offers diverse products tailored to meet your needs, regardless of your business type and industry. There is a comprehensive selection of maintenance, repair, and operations (MRO) products, supplies, and materials, including:

Appliances such as dishwashers, microwaves, trash compactors, and ovens
Cabinets and countertops
Cleaning and janitorial items, including trash cans and bags, dispensers, and floor equipment
Doors and molding
Electrical equipment, tools, and accessories, as well as conduit, raceway, and fittings
Electronics like speakers, two-way radios, and TVs
Food service supplies like cookware, dinnerware, and kitchen kits

More products are available, along with services, such as the following:

Custom products like order forms, custom paint, signs, and custom-cut acrylic
RenovationsPlus for renovation and building consultation services with dedicated expert and project manager
Business services, including bin labels, customized reports, and strategic account management
Order services to make tracking more straightforward, including package tracking, special orders, and appliance delivery
Small business solutions, such as delivering nationwide the next day for free and flexible financing
Professional training, including live classes and certifications
Online solutions like electronic invoicing and online payment services

With all these offers, it is easy to see why HD Supply is often viewed as a one-stop shop for many businesses needing various supplies and equipment.

When it comes to quality, trusted companies like HD Supply always prioritize product quality to ensure their customers are happy. The company sources its items from reputable suppliers and manufacturers known for their durability and craftsmanship. Plus, HD Supply implements quality control measures on most of its products to assess and maintain product quality throughout the supply chain – that is, from procurement to delivery.

Pricing, Payment Terms, and Conditions to Be Aware Of

HD Supply provides competitive pricing on its products and services. The structure varies based on various factors, such as the type of product, quantity ordered, and other agreements. Be on the lookout for ongoing promotions and discounts to save more when buying supplies from HD Supply.

When it comes to building business credit, it can be an expensive strategy to use vendor tradelines. Some companies will ask for an application fee upon signing up for an account. Others will charge you a recurring membership fee so that you can continue to get access. But HD Supply is different. It is one of the few vendors that does not require any membership or application fees. All it needs is for you to pay the cost of the goods you buy, meaning there are no costs associated with this tradeline. Another great feature is that there is no minimum order requirement.

Now, on to the cautionary points:

While there is no minimum order, this benefit only applies to your very first order.
You will incur late fees if you do not pay off your balance on time.
A minimum of $2 or 1.5% (equivalent to 18% per year) will be charged for all your past-due invoices.
Not only will paying late cost you money, but it will also hurt your credit.
You need good credit standing for your business; otherwise, your application will get rejected, particularly if you do not have existing credit.
You can only pay toward your Net 30 account through a limited number of options: check, money order, ACH, and cash. This means you cannot use your credit card or any other payment method, which will incur a fee.

We hope you’ll consider our review about HD Supply’s Net 30 vendor program before you sign up. Having a Net 30 account with this company is an excellent choice, especially if you are a startup with a positive credit history or an established business. As it reports to Dun & Bradstreet, HD Supply is a great way to build your credit with this famous business credit bureau.

FAQs

What is HD Supply?

HD Supply is a leading maintenance, repair, and operations product distributor. You can also purchase construction supplies for use in a wide range of industries, such as hospitality, healthcare, government, and facilities maintenance.

How much does a Net 30 account from HD Supply cost?

Your HD Supply Net 30 account is absolutely free. However, you must be careful about the payment schedule to avoid late fees.

What are the benefits of applying for an HD Supply Net 30 account?

HD Supply reports to Dun & Bradstreet. You can also create an account even if you are a new business with no membership and application fees.

What can I buy from HD Supply?

HD Supply is where you can purchase industrial tools, equipment, supplies, and services to benefit your business.

What Does HD Supply Stand For?

It does not stand for anything specific as the company has been bought and sold and re-bought by Home Depot. But the company started in 1974 with the name of Maintenance Warehouse. In 2004, the name was changed to HD Supply.

Using NET 30 Vendors to Boost Your Business Credit

You may be looking to not only build a long term relationship with a vendor like HD supply but also enjoy the benefit of boosting your business credit score as well. We have a free report that can show you how to quickly build up your business credit score in just 30 days, click here to grab your copy.

How Long Does It Take to Build Business Credit? Fast Guide

By Joe Lawrence

Building business credit is essential. After all, it directly influences a business’s ability to borrow money or obtain products or services on credit. Regardless of the business size, companies must actively build and maintain good business credit to gain access to financing. Additionally, it aids in achieving favorable terms with suppliers, thereby establishing creditworthiness in the market or industry where they operate.

The question is: How long does it take to build business credit? Some say it takes about a year, while others may tell you it is quicker than that. Although the answers vary depending on who you ask, one thing is for sure: You must start building business credit as early as possible.

Why Build Business Credit
Rapid Business Credit Boost Technique (as little as 30 days)
Using NET 30 Vendors
NAV Prime Card
FAQ

Why Build Business Credit

A survey in 2022 found that approval rates for business financing were extremely low during the pandemic. Even before that, almost 40% of businesses applying for financing did not get approved in 2020, according to the Federal Reserve statistics. Unfortunately, things did not get better, as it has become even more challenging for small businesses to access venture capital funding beginning in 2023. That’s why it is more important than ever to build strong business credit.

Strong business credit is achievable. Start with sufficient credit history; otherwise, poor or lacking history can become a major roadblock once you seek financing—even if it’s not a huge amount. With good business credit, your chances of getting approved for financing increase. That’s because it tells the lender that you have the ability and discipline to pay the amount you owe on time.

In general, many lenders look for a credit score of at least 500 for a business loan. However, this requirement increases depending on the institution you wish to work with. For instance, if you are applying for a business loan through a bank, you may need a credit score of about 700.

Here are the top motivating reasons to build your business credit today:

Capital Access: Potential investors like angel investors and venture capitalists are more likely to invest in your company if they see it has good credit. A good rating also opens your business to other financing options, including loans from traditional banks, alternative online lenders, and lines of credit.
Separation of Personal and Business Finances: This benefit is crucial for protecting personal assets if your business encounters legal issues or financial challenges. That’s why one of the very first steps you should take is to structure your business as a separate legal entity, like an LLC. That way, creditors cannot go after your personal assets, as they are not a part of your business.
Business Growth Opportunities: Because you have access to better credit terms and financing when you need it, you have the chance to seize options and openings for your business. Having a solid business credit profile allows financial flexibility, which is valuable in capitalizing on growth and expansion opportunities.
Cash Flow Management: Another benefit of good credit rating is that it improves cash flow, allowing you to have a fallback during economic downturns, for instance. You can get an influx of cash when needed to meet growing or continuous customer demand.
Negotiation Power: Gain leverage in contract and pricing negotiations with a good business credit standing. It’s helpful in industries such as professional services, where contracts are generally negotiated on an ongoing basis.

With the list above, you are probably ready to build your business credit. But how long will it take? And more importantly, how long does it take to build good business credit?

So, here’s our short answer to the question: It takes as few as 30 days to build business credit. However, building a solid profile with a positive and reliable credit history that reflects your business’s creditworthiness is a different kind of ballgame.

In order to have a solid profile, you must demonstrate responsible financial behavior, which includes making timely payments on loans and lines of credit. You must also never overspend, making sure to maintain a reasonable credit utilization level or the ratio of your business credit balances to your credit limits. In general, you should keep the credit utilization level below 30%.

Additionally, as a business, you most likely have several credit accounts. How you manage your various accounts can impact your business credit. Therefore, you should establish these credit accounts and use credit responsibly, which often involves monitoring the business credit report regularly. If there are any issues, they should be addressed immediately to maintain a solid credit profile over time.

Rapid Business Credit Boost in As Little As 30 Days

If you go to Google and search for “how long it takes to build business credit,” you will find a variety of answers, along with tips and how-to guides. Steps include formalizing your business and its structure, getting business insurance (if needed), licenses, and an Employer Identification Number (EIN), which you can use to apply for credit. You also need to open credit accounts that regularly report to business credit bureaus:

Dun & Bradstreet (D&B)
Experian Business
Equifax Business
Bureau Credit Reports, Inc. (BCR)

Perhaps the most important one is a Dun & Bradstreet number, commonly referred to as the DUNs number. This unique nine-digit number is generally used to identify a business. Typically, creditors ask for your DUNS number and EIN before agreeing to issue any business credit.

A checking account is also essential to building your credit profile. It’s important to maintain an adequate balance with no overdrafts and bounced checks to show creditors you are financially responsible. You should also network with banks and other professionals in the finance industry. This article provides a more detailed guide on how to build your credit.

Now, onto the more exciting part: building your business credit quickly. Here, I present two ways to fast-track building a solid foundation for your business credit.

First, register for relevant Net 30 accounts. These accounts let you purchase goods on credit, which you must pay back within 30 days. Suppliers demand that you have a separate Net 30 account. That’s why businesses usually only register with suppliers they use often. The significant requirement to bear in mind is to be consistent in paying off your Net 30 accounts on time. With this simple strategy, you don’t just accelerate your business credit building but also create a strong start for it.

Here’s how 30-day net vendors help with business credit building:

When you work with vendors who offer Net 30 terms, you establish trade references. These vendors typically report your payment history to Dun & Bradstreet, which helps you build a positive credit history for your company.

Let’s say you have business credit cards, loans, or other credit accounts on top of the trade references mentioned above. This means you have diversified your credit profile, which many creditors and lenders view more favorably. As a result, your business credit score has a bigger chance of seeing improvement within 30 days.

As discussed in this article, you need to make timely payments with vendors, particularly those with Net 30 terms. Doing so demonstrates your company’s ability and reliability when it comes to managing credit. Pay invoices without delays consistently to strengthen your creditworthiness, and you will see a positive impact on your credit score in no time.

The next step is to expand your credit access by ensuring you have positive trade references with Net 30 vendors. This simple activity allows you to enhance your business’ creditworthiness, further increasing your access to credit and financing options over time.

Lastly, you need to build good relationships with vendors, starting with responsibly paying invoices on time and in full. That way, you get favorable terms and discounts that could benefit your business in the future, including contributing to your overall creditworthiness.

Utilizing 30-day net vendors is an effective strategy that could lead to a more solid business credit profile and establish a strong foundation for your company’s financial health and future.

Apart from 30-day net vendors, you can gain a quicker and bigger advantage when you have business credit cards. You have plenty of options here, but a top recommendation is a Nav Prime card. If you have doubts about whether this credit card is right for your business, this article can help you decide.

So, what exactly is the Nav Prime Card? It’s a charge card that costs $49.99 monthly. Although expensive, this card lets you manage your business credit, giving you access to reports each month. Unlike other credit cards, Nav Prime does not require an annual fee, personal guarantee, or security deposit. You can even link it to your business checking account, where you can add multiple cards and accounts with no extra charge.

With a Nav Prime card, you can build your business credit through the following:

Nav Prime issuers will generally report payment activity to business credit bureaus. That’s why it is significant that you make timely payments on the card, which is the key to establishing a positive payment history for your company. Paying on time and in full can benefit your business credit over time.

You are free to use your Prime card as needed. However, since the goal is to gain a positive impact on your credit history, it is advisable to keep your balances low. Consider your credit limit when determining the credit utilization ratio, which tells lenders, investors, and financial institutions that you can manage your credit. It also helps improve your credit score in the long run. Maintain a good credit utilization ratio for 30 to 90 days to build a strong profile.

The Nav Prime card aids in diversifying your business credit profile, which creditors and lenders always consider before approving financing. Having a diverse credit mix, which includes your Nav Prime card, other credit cards, trade lines, and loans, can help build your business credit within 30 days.

The next step is to aim for a credit limit increase. You need to demonstrate that you use your credit responsibly to get approved for an increase. As it improves your creditworthiness as a business, you may then become eligible for a card credit limit increase. The higher your credit limit, the better your credit utilization ratio. It then gives you more purchasing power, which is certainly beneficial for your business.

Nav Prime cards come with expense trackers, allowing you to monitor and manage your business spending. Use these tools for budgeting, controlling business finances, and financial planning.

Using the Nav Card, you can manage your business’ credit profile correctly and responsibly. Additionally, it enables access to business credit reports while gaining new trade-ins, which are vital to building positive business credit.

Building business credit is vital for every entrepreneur, operator, and owner. It establishes your business’ financial stability while allowing you access to financing and opening doors for long-term growth. With the tips above, you can build your business credit within 30 days.

Let us help you accelerate your business credit efficiently when you sign up for free business credit training today.

FAQ:

How long does it take to build business credit with net 30?

Using a 30-day net vendors report to Dun & Bradstreet can help build your business credit within 30-60 days. The more consistently you make purchases and pay invoices on time, the quicker you achieve a solid profile.

How long does it take for an LLC to get a credit score?

Engaging in credit-related activities, such as opening business credit cards and obtaining trade credit with your preferred suppliers, can help build a credit history quickly, often within 30 to 90 days.

How long does it take to build business credit to buy a car?

If you have proven your business’ creditworthiness by being consistent and responsible with your credit use, you can buy a car within 90 days or less.

What is the fastest way to build credit for an LLC?

Establish your business credit accounts, get a business credit card, pay on time, and work with vendors and suppliers who regularly report to credit bureaus to build credit fast.

Boosting up your business credit profiles takes a little bit of work, but it is very much worth it. Spend the time to create a strong foundation to take care of you and your business in the future.

Grab our FREE Report on How To Build Business Credit In Just 30 Days… Click Here

Corporate vs Business Credit Card: What’s the Difference?

By Joe

I regularly review business credit cards and corporate card offers on this blog, and I often need to clear up the difference when I’m describing a corporate card offer. Here, I decided to create a resource that explains the differences between corporate vs business credit cards to refer readers and coaching students to.

I’ll explain the differences in a way that’s super easy to understand, and point you to some relevant content so that you can learn more about specific card offers. And, I’ll answer the questions that I hear most often from my coaching students.

This is what’s in store:

The Difference Between Corporate Cards & Business Credit Cards
The Advantages of a Corporate Card
- Can a Small Business Get a Corporate Credit Card?
The Advantages of a Business Credit Card
- Is Your Business Card a Corporate Card?
Frequently Asked Questions
Final Thoughts

Let’s go!

The Difference Between Corporate Cards & Business Credit Cards

Right out the gate, there is one core difference between corporate cards and business credit cards. What is the difference between a corporate card and a business credit card?

While both are used by businesses to improve cash flow, and may come with a line of credit to improve cash flow, the key distinction is in the payment terms:

Business credit cards have a revolving credit line, so you can carry a balance each month and make a minimum payment if you choose.
Corporate cards must be paid in full each billing cycle, whether that be every 30 days (net 30), 60 days (net 60), or a different time frame.

At first glance, it may seem like an easy choice if you’re deciding which card to apply for. Who wants the obligation to pay off your balance when you could have the freedom to pay it off over time?

…Right?

Well, it’s not that simple — Corporate cards are not inferior to business credit cards by any means. Let’s look closer.

You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors]

The Advantages of a Corporate Card

The point of a corporate credit card is to streamline financial transactions and manage expenses effectively. Rather than relying on personal credit cards for work-related costs, companies often issue corporate credit cards to employees.

This not only provides a level of convenience by eliminating the need for individuals to front their own money but also facilitates a smoother expense tracking system. A corporate card typically comes equipped with features that helps businesses:

Monitor and manage budgets
Ensure a transparent expense record
Simplify reimbursements
Separate personal and business expenses
Get accurate financial reporting, taxation, and accounting

Furthermore, companies can implement access controls by setting spending limits and specifying where the card can be used, thereby ensuring that expenditures align with approved purposes.

Business Credit card vs corporate credit card

In essence, a corporate credit card serves as a financial tool to enhance the efficiency of business operations, providing both convenience for employees and effective financial management for the company.

Plus, many corporate cards come with added perks like savings on software costs or ad spend. And, many of the newer corporate cards are completely free because of partnerships. So, obtaining one of these cards is like having a membership that offers exclusive access to discounts within a niche business network.

You might also like: Have You Heard About the Free Stripe Corporate Card Cashback Benefits?

Can a Small Business Get a Corporate Credit Card?

There is a widely-believed myth that corporate cards are for enterprises and credit cards are for small businesses. The truth is that small businesses can, absolutely, obtain corporate cards.

Corporate cards are typically issued based on business income, not necessarily credit scores. So, if your small business meets the revenue requirements, and you want the card, you might as well apply.

Many corporate cards require at least $4 millions in annual revenue, but some of the newer corporate cards will accept you with as little as $5K per month.

You might also like: In-Depth Divvy (BILL) Credit Card Review: Read This Before You Apply

The Advantages of a Business Credit Card

A business credit card is a line of credit crafted to meet the unique needs of a business. It functions similarly to a personal credit card but is tailored to streamline financial management for companies.

The primary objective is to offer businesses a convenient and efficient way to:

Make purchases
Cover expenses
Maintain financial control
Free-up your personal credit
Get access to substantial lines of credit

Like its corporate counterpart, a business credit card usually provides features such as detailed expense tracking and a streamlined reimbursement process, which contribute to effective financial oversight.

And, some business credit cards offer the ability to issue additional cards to employees with preset spending limits.

The inclusion of rewards and incentives, specifically designed for business-related expenses, adds another layer of appeal. Moreover, responsible use of a business credit card contributes to building the credit profile of the business itself, separate from the personal credit of the business owner.

In a nutshell, a business credit card is a tailored financial tool that enhances the efficiency of business operations by simplifying expense management and providing flexibility in financial transactions.

You might also like: This is How to Leverage Business Credit to Transform Your Life

Is Your Business Card a Corporate Card?

As a business owner, if your credit card is in your company’s name, features detailed expense tracking, and you pay the balance in full each billing cycle, it’s likely a corporate card. However, if it’s in your personal or business name, issued by a bank, and involves revolving reimbursement, it’s probably a business credit card.

Keep in mind, if payments are due in full each billing cycle, it might be a secured business credit card – For clarification, check your card issuer’s information or contact customer service.

You might also like: The Ultimate Tillful Review (+New Secured Credit Offer for Businesses)

Frequently Asked Questions

Does a corporate card hurt your credit score?

No, a corporate credit card typically doesn’t impact your personal credit score. Since it’s usually issued in the company’s name and is the responsibility of the business for repayment, your personal credit history remains separate. However, if you do not pay as agreed, and the card comes with a personal guarantee, this could have a negative impact on your score.

Who is eligible for a corporate credit card?

Businesses that meet the revenue requirements, which may be as high as $4 million per year, are eligible for corporate card accounts. The businesses can then implement their own eligibility requirements and spending limits for staff and employees.

Can I use my corporate credit card for personal use?

Using a corporate credit card for personal expenses is generally discouraged. Corporate cards are intended for business-related transactions. Mixing personal and business expenses can complicate accounting. And, it’s super important to follow company policies regarding card usage.

Who pays for the corporate credit card?

The company is responsible for paying the expenses incurred on a corporate credit card. Corporate cards are issued by the company to streamline business-related transactions, and the company covers the costs directly.

What's a good credit card for a small business?

There are several options for small business credit cards. Popular choices include the Chase Ink Business Preferred and several options from Bank of America. Some of my favorites are from small community banks and credit unions. The best card depends on your business’s specific needs, such as rewards, expense management features, and credit limits. See the best credit cards for entrepreneurs.

Final Thoughts

So, corporate cards and business credit cards are a bit different. Business credit cards let you carry a balance, but corporate cards need full payment each month.

Corporate cards are awesome—they make business money matters smooth, help track expenses, and even come with cool perks. And, small businesses, not just big ones, can get corporate cards.

Business credit cards are cool too—they’re like personal cards but for your business. They’re handy for buying stuff, covering expenses, and earning rewards.

Check out different cards based on what your business needs. Got questions? We’ve got answers, from credit scores to who foots the bill. Whether you go corporate or stick with business, there’s a card for every business owner’s wallet.

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

Is the Nav Prime Card Right for Your Business? Let’s Find Out!

By Joe

In the world of small business, access to credit can be a game-changer. Whether you’re a seasoned entrepreneur or just starting, the financial flexibility to seize opportunities, manage cash flow, and fuel growth is essential.

That’s where the Nav Prime Card might step in as a compelling tool to help you navigate the complex landscape of business credit.

But, is it right for you?…That’s what I’m going to answer here.

This is what’s in store:

What is the Nav Prime Card?
Nav Prime Card Overview
- Business Credit Building Features
Who Wouldn’t Want a Nav Prime Card?
How to Get Started with the Nav Prime Card
Frequently Asked Questions
So, is the Nav Prime Card legit?

Now, let’s roll!

What is the Nav Prime Card?

The Nav Prime Card is a charge card offered by Nav Prime ($49.99/month), designed for small businesses. It allows users to build business credit without an annual fee or personal guarantee. Unlike a credit card, it requires no security deposit and is linked to the user’s business checking account for daily use.

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This card is more than just a piece of plastic. It can be a financial lifeline for small businesses, offering a range of benefits designed to help you build, strengthen, and leverage your business credit profile.

The Prime Card is issued by Blue Ridge Bank, N.A., adding a layer of credibility. Moreover, Nav, the company behind Nav Prime, is a well-established player in the business credit space, offering a range of financial tools and resources for businesses.

Before Nav became Nav in 2012, the company was called Creditera, and was helping to boost business credit scores before most of the other players in the game.

Let’s dive into the details and explore why the Nav Prime Card is becoming a top choice for savvy entrepreneurs.

Nav Prime Card Overview

When it comes to the financial success of small businesses, one element often stands out: building a robust business credit profile. But, this isn’t always straightforward to achieve, especially if you’re just getting started or have limited credit history.

That’s where the Nav Prime Card steps in, offering a solution to this common challenge.

Business Credit Building Features

Building a robust business credit profile is a cornerstone of financial success for small businesses. However, it’s not always easy, especially if you’re just starting or have limited credit history.

The Nav Prime Card is specifically designed to address this challenge.

Here’s how it works:

It’s a charge card – Unlike traditional credit cards, the Nav Prime Card is a charge card, which means you need to pay your balance in full every month.
There’s no credit check – One of the hurdles many small business owners face is the dreaded credit check. The Nav Prime Card removes this barrier by not requiring a credit check for approval. This is fantastic news for those with less-than-perfect credit or those looking to avoid inquiries on their personal credit reports.
The account reports as a tradeline – The Nav Prime Card reports your payment activity as a tradeline to major credit bureaus. This is where the magic happens; your responsible card usage translates into positive data on your business credit report, gradually boosting your business credit scores.

No Security Deposit Required

Securing a traditional business credit card often involves putting down a security deposit, which ties up your capital. The Nav Prime Card eliminates this requirement, giving you access to credit without tying up your cash. It’s a win-win for your business’s financial health.

Daily Autopay Feature

Managing your credit card balance can be a juggling act. The Nav Prime Card simplifies this process with its daily autopay feature. Instead of fretting over a big monthly bill, your card balance is automatically paid down daily, which reduces the risk of carrying a high credit balance and potential interest charges.

Second Monthly Tradeline

In the world of credit building, tradelines are your best friends – The Nav Prime Card provides a unique advantage by automatically sending two monthly tradelines to all three major credit bureaus. This means your positive payment history is widely reported, strengthening your business credit profile faster.

But, it’s not right for everyone.

Who Wouldn’t Want a Nav Prime Card?

While while Nav Prime has a good offer, here are some of the groups who might not want to take advantage of the card offer:

Budget-savvy startups – If you’re a fresh-faced startup trying to make every dollar count and the Nav Prime Card asks for a monthly fee of $49.99 for Nav Prime, this could throw a curveball into your penny-pinching game. Early-stage businesses might steer clear to keep their costs in check
Privacy buffs – If you need to guard their data like a treasure chest, keep in mind that the Nav Prime Card wants access to your bank accounts to set a credit limit. If you need to be all about data security and privacy, you might go, “No way!” and opt for another option. (But, nearly all card offers will require that you share at least some identifying info).
Geographically-challenged folks – Is your business California, Nevada, North Dakota, or South Dakota? Unfortunately, the Nav Prime Card doesn’t roll out the welcome mat in these states. So, if you’re doing business in any of these areas, it’s a no-go.
Owners looking for a credit card – If you’re in the market for an unsecured credit card that you can use to expand and grow your business, you don’t need a business credit builder card (you might check out one of these instead).

These are the kinds of folks who might give the Nav Prime Card a polite pass. Whether they’re all about frugality, data security, or just prefer a different financial vibe, they’ve got their reasons to set their eyes on a different offer.

How to Get Started with the Nav Prime Card

Now that you’re intrigued by the Nav Prime Card’s benefits, you might be wondering how to get your hands on one.

Here’s a step-by-step guide to kickstart your journey to building and leveraging business credit with Nav Prime:

Step 1: Check your eligibility

Before applying for the Nav Prime Card, ensure that you meet the eligibility criteria. While the card is designed to be accessible, it’s essential to confirm that your business qualifies.

In simple terms, if you want to sign up for a Platform Account, you need to meet some requirements:

Your business must be based in the United States.
You should have an active Nav Prime subscription.
You have to complete identity verification, which means proving who you are.
Your business can’t be involved in certain activities like adult entertainment, selling cannabis, dealing with cryptocurrency, running gambling or online gaming, or anything else that doesn’t go well with this card.
The person applying for the account must be at least 18 years old and allowed to do this on your behalf.
They might look at some other things to decide if you can get an account or the card, but that’s up to them.
Step 2: Apply online

The application process for the Nav Prime Card is straightforward and can be completed online. Be prepared to provide basic information about your business, such as its legal structure and industry.

Nav Prime Business Credit Card Application

Step 3: Link your bank account

To set your credit limit and enable daily autopay, you’ll need to link your business bank account to your Nav Prime Card account – This step streamlines your finances, providing insights you can’t get from your bank alone.

Step 4: Use your card responsibly

Once you receive your Nav Prime Card, it’s time to put it to work. Use it for your everyday business expenses…but remember that it’s a charge card, so paying your balance in full each month is crucial.

Step 5: Watch your business credit grow

As you consistently use your Nav Prime Card and make on-time payments, you’ll start to see the positive impact on your business credit profile. Over time, your business credit scores will rise, opening doors to better financing options.

Frequently Asked Questions

What's the difference between a charge card and a credit card?

While both types of cards allow you to make purchases, there’s a key distinction. A charge card requires you to pay your balance in full each month, while a credit card allows you to carry a balance and make minimum payments. The Nav Prime Card is a charge card, offering the benefits of credit without the risk of long-term debt.

Can the Nav Prime Card help me secure business financing?

Yes, absolutely. By consistently using and managing your Nav Prime Card responsibly, you’ll build a strong business credit profile. This, in turn, enhances your eligibility for various financing options, including business loans, lines of credit, and more favorable terms.

Is the Nav Prime Card available nationwide?

Nav Prime Card is available in most states; however, it’s not currently offered in California, Nevada, North Dakota, or South Dakota.

How long does it take to see improvements in my business credit scores with the Nav Prime Card?

The timeline for credit score improvement can vary based on several factors. According to data tracking Experian® Intelliscore Plus business credit scores, many users have seen improvements of up to 50% in the first three months of having Nav tradeline reporting. Results may vary, but responsible card usage is key to achieving these improvements.

So, is the Nav Prime Card legit?

The Nav Prime Card is more than just a business charge card; it can be a powerful tool for building, strengthening, and leveraging your business credit profile.

With its unique features, including no credit checks, no security deposit, daily autopay, and the reporting of two monthly tradelines, it’s a valuable asset for small business owners looking to secure better financing options and improve their financial health.

If you’re ready to take control of your business credit journey, you can spare $49 per month for full access to Nav Prime, and if you’re in a region where the offer is available, the Nav Prime Card is probably worth looking into.

Do you want to learn how to get up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

How to Find Aged Shelf Companies for Sale +Why Buy Them?

By Joe

Looking to get into the world of aged shelf companies? You’re in the right place! Aged shelf companies, also known as blank check companies or ready-made businesses, are like the fine wine of the business world – they’ve been sitting on the shelf, waiting for the perfect moment to shine.

In this guide, we’ll take you on a journey through the ins and outs of aged shelf companies, from what they are to where to find them.

Here’s what’s in store:

What are Aged Shelf Companies?
- What are the Characteristics of a Shelf Company?
- How Much Does a Shelf Corporation Cost?
Why Buy an Aged Shelf Corporation?
- What do People Do With Shelf Companies?
How to Find Aged Shelf Companies for Sale
How to Protect Yourself From a “Bad” Shelf Company
FAQ
Final Thoughts

Now, let’s get to it!

What are Aged Shelf Companies?

Also known as blank check companies, ready-made companies, or simply “aged” companies, aged shelf companies are registered entities that have had no activity. Think of it as setting your business on a shelf to age like a bottle of wine.

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Like wine, when the right conditions are met, a business can improve when aged. Except, rather than enhance the flavor, a shelved company establishes corporate history and, when opened, can expedite business processes.

Note: Shelf companies are not to be confused with “shell corporations,” which are typically empty entities used for concealing ownership, avoiding taxes, or engaging in illicit activities.

What are the Characteristics of a Shelf Company?

In a nutshell, aged shelf companies have been around for several years or more, often decades, and remain inactive since their creation. They have a clean financial and operational history, with no debts or liabilities.

Now, let’s find out how much a shelf corporation costs and the considerations involved.

How Much Does a Shelf Corporation Cost?

So, how much does it cost to snag one of these shelf corporations? Well, it’s kind of like buying anything vintage – the price can vary, and it depends on several factors:

Older shelf corporations tend to cost more because they’ve got that longer corporate history going for them.
Where it’s registered matters. Some places have higher fees and maintenance costs.
The person or entity selling the shelf corporation sets the price – It can be influenced by demand and what extras they throw in.
Some sellers offer stuff like help with transferring ownership or handling compliance, which can affect the price tag.
If the company’s got a snazzy name or a certain legal structure, that can drive up the cost.
Sometimes, you get additional documents like articles of incorporation or organization and credit reports, which can bump up the price.
The demand for shelf corporations in a particular area or industry can make the prices go up or down.

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

Prices can range from a couple hundred bucks up to ten grand, so do your homework – think about what you need and make sure to check for any hidden surprises before you dive in!

Why Buy an Aged Shelf Corporation?

What is the meaning of a shelf company benefits

Now, let’s talk about why some folks choose to snag an aged shelf company—it’s kind of like thrift shopping for businesses.

Here’s why you might want to buy one:

Instant street cred – These old-timers have been around the block for a while, so your business looks legit right from the start. Customers and partners might trust you more.
Skip the line – Instead of waiting in line to set up a brand-new business, you can waltz right in with a shelf company. Quick and easy, no fuss.
Grab opportunities – Sometimes, to get certain contracts or loans, you need a business with a bit of history. Shelf companies meet those requirements with style.
Borrowing made easy – If you need cash, lenders often prefer companies with a few years under their belt. With an established business, getting business credit can be smoother.
Blink and You’re In – Expanding your business into new markets? A shelf company can help you jump through those legal hoops faster.
Name Game – If the shelf company has a cool name, you can use it without the hassle of registering a new one.
Tailor-Made – When you choose a shelf company that fits your business strategy, it’s like a ready-made suit, but for your business.

Next, let’s look at what you can do with them.

What do People Do With Shelf Companies?

So, what’s the deal with shelf companies? Well, folks use ’em for all sorts of reasons.

Imagine you’re in a hurry to kickstart a business or snag some sweet contracts. A shelf company’s like a shortcut because it’s been around for a while, making your new venture look trustworthy right from the get-go. Plus, if you need loans or want to expand into new markets, having a seasoned business can make things way smoother. You can also protect specific assets or use a snazzy business name without the usual hassles.

Maybe you’re already working a business, but you’re unincorporated. An aged shelf company offers a nice way to slide right into the

But here’s the catch: before you take the plunge, do some digging. Not all shelf companies are the same, so be sure to check for any hidden surprises.

How to Find Aged Shelf Companies for Sale

State Secretary of State (SOS) offices typically maintain records of registered business entities, including corporations and LLCs.

However, while you can find information about existing businesses and their registration status through the SOS office, you typically won’t find aged shelf companies specifically listed for sale in these government databases.

Aged shelf companies are usually sold by individuals or businesses in the private sector, often through business brokers, legal and financial services, online marketplaces, or other commercial channels.

If you’re interested in purchasing an aged shelf company, you would typically need to search for listings or consult with professionals and businesses that specialize in providing aged shelf companies for sale. These sellers acquire and maintain shelf companies and then offer them for purchase to individuals and businesses seeking to expedite the startup or expansion of a new venture.

Finding aged shelf companies for sale can be relatively straightforward with the right approach. Here’s how to go about it.

Certainly, let’s break down how to use each channel to secure an aged shelf company, along with the pros and cons of each approach:

1. Online Business Brokers

Numerous online business broker websites specialize in selling aged shelf companies. These platforms list various aged corporations available for purchase, complete with details about their age, location, and price. You can search and filter listings to find the one that suits your needs.

Visit reputable online business broker websites like Corporations Today Inc. or BSC & Associates.
Seek out aged shelf companies that match your criteria.
Review listings, including details on age, location, and price.
Contact the broker to express your interest and inquire about the purchase process.

Pros:

Wide selection of shelf companies.
Detailed listings with essential information.
Broker assistance with the purchase process.
Potential for competitive pricing.

Cons:

Broker fees may apply, increasing the overall cost.
Limited opportunity for direct negotiations with the seller.

2. Legal & Financial Services

Some law firms and financial services companies offer aged shelf companies as part of their services. They can provide guidance on the purchase process, ensure legal compliance, and help with the transfer of ownership.

Consult law firms or financial service providers like Companies Incorporated or AmeriLawyer that offer aged shelf companies.
Discuss your specific needs and budget with the service provider.
Review available shelf companies in their inventory.
Work with the service provider to complete the purchase and transfer of ownership.

Pros:

Expert guidance on legal compliance.
Streamlined purchase process.
Assistance with ownership transfer.
May include additional services such as registered agent services.

Cons:

Costs may be higher due to bundled services.
Limited selection compared to online listings.

3. Business Directories

You can check business directories or databases for companies that offer shelf corporations. Look for contact information and inquire about their available inventory.

Explore business directories or databases.
Identify companies offering shelf corporations for sale.
Contact the companies directly to inquire about available aged shelf companies.

Pros:

Direct access to potential sellers.
May find local options easily.
Direct communication with the seller.

Cons:

Limited information available in directories.
May require extensive outreach and research.
Limited selection compared to specialized platforms.

4. Networking

Connect with entrepreneurs, business consultants, or professionals in your industry who may have knowledge of or access to shelf companies for sale. They might provide valuable recommendations or leads.

Network with entrepreneurs, business consultants, or industry professionals.
Share your interest in acquiring a shelf company.
Seek recommendations or referrals from your network.

Pros:

Personalized recommendations.
Potential for insider information.
Trustworthy referrals from known contacts.

Cons:

Networking may take time.
Reliance on others to provide leads.
Limited control over the selection process.

5. Online Marketplaces

Explore online marketplaces like eBay or Flippa, where sellers occasionally list aged shelf companies for sale. Be sure to conduct due diligence and verify the legitimacy of the seller and the company being offered.

Search online marketplaces like eBay for aged shelf companies.
Review listings, including seller ratings and descriptions.
Contact the seller to discuss the purchase.

Pros:

Accessibility to a wide audience.
Opportunity to negotiate directly with the seller.
Transparency through ratings and reviews.

Cons:

Limited availability of shelf companies.
May encounter less reputable listings.
Need for thorough due diligence on sellers.

6. Legal Notices

Check local or national legal publications or government websites for any notices about companies being offered for sale – This might lead you to aged shelf companies available in your jurisdiction.

Check local or national legal publications or government websites for notices about companies for sale.
Contact the parties offering shelf companies.
Inquire about the available options.

Pros:

Potential to find local opportunities.
Information often publicly available.

Cons:

Limited listings.
May not be actively updated.
Limited details in legal notices.

7. Industry Conferences & Events

Attend industry-specific conferences, trade shows, or business events. You may come across vendors or experts who offer aged shelf companies as part of their services.

Attend relevant industry conferences, trade shows, or events.
Network with vendors or experts in the field.
Inquire about any aged shelf companies they may offer.

Pros:

Direct access to industry-specific opportunities.
Face-to-face interactions for building trust.

Cons:

Limited availability during specific events.
May not align with your timeline.

8. Business Associations

Join business associations or chambers of commerce related to your industry. Members often share information and resources, including opportunities to purchase shelf companies.

Join industry-related business associations or chambers of commerce.
Engage with fellow members and express your interest.
Seek information or leads from association members.

Pros:

Networking within your industry.
Trustworthy referrals from association members.

Cons:

Reliance on the association’s network.
May require time for connections to develop.

9. Online Forums and Classifieds

Participate in online forums, classified ad websites, or social media groups like Reddit r/business where businesses are discussed, bought, and sold. Some individuals or companies may advertise aged shelf companies there.

Participate in relevant online forums, classified ad websites, or social media groups.
Engage with members and express your interest in purchasing a shelf company.
Inquire about any listings or opportunities available.

Pros:

Direct access to potential sellers.
Informal and open communication channels.
Potential for unique opportunities.

Cons:

Limited oversight, requiring thorough due diligence.
May encounter less reputable listings.
Time-consuming to filter through various sources.

When searching for aged shelf companies, always exercise caution and conduct thorough due diligence.

How to Protect Yourself From a “Bad” Shelf Company

So, before you buy an aged shelf company, you want to make sure you’re not getting a lemon, right?

Here’s what you should do:

Check the articles – Look at the company’s articles of incorporation or organization. Make sure they match up with what you want to do with the business.
Review financial records – If you can, get your hands on financial statements. You’ll want to know if the company’s in good financial shape – It should have no debt.
Verify ownership transfer – Ensure the ownership transfer process is legit and filed with the authorities. Get clear documentation of the transfer signed by both parties.
Legal documents – Check if there are any undisclosed legal issues or obligations lurking in the company’s records. And make sure the registered agent and address are up-to-date.
Credit package – If applicable, review any credit packages associated with the shelf company to understand any existing credit lines or financing agreements.

By going through these documents, you’ll have a better idea of what you’re getting into and can avoid any nasty surprises down the road. Be sure to verify the authenticity of the seller, review all of the company’s history and records, and consult legal and financial experts to ensure a smooth and secure transaction.

FAQ

Why do shelf companies exist?

Shelf companies are like prepped-up businesses waiting for action. They exist for folks who want to skip the startup hassle and dive into business with a history.

Do shelf companies pay taxes?

Yup, they’re not tax-free. Shelf companies, like any other business, need to pay taxes based on their income and location (if they have no income, their tax obligation would likely be $0).

Can you register a business in a state where you don’t live?

Absolutely! You can register a business in a state where you’re not living. It’s common for folks to do this to tap into specific business advantages or markets. But, if you are active in your home state, the business may need to be registered there as well.

Should you buy a shelf corporation?

Well, it depends on your needs. If you want a head start and a business with history, it’s an option. But, always do your homework and make sure it’s the right fit for your goals.

Final Thoughts

So, there you have it – the lowdown on aged shelf companies, from what they are to why you might want to buy one and how to protect yourself from any surprises. Whether you’re looking to kickstart a business with instant history or expand your current venture, aged shelf companies offer a unique shortcut.

But remember, it’s all about doing your homework, verifying the details, and making sure it’s the right move for your entrepreneurial journey. Cheers to your future business success!

Want to learn how to get up to $100K in business credit? Join Business Workshop today.

Check out our Shelf Corp - Special Deal!

See our discounted offer on an Aged Shelf Corp for sale (plus our best training included for free). Just click Add to Card below

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Best Credit Cards for House Flippers: The Ultimate Guide 2024

By Joe

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:

What to Look for in a Credit Card for House Flippers
The Best Credit Cards for House Flippers
Consumer Credit Cards for House Flippers
- 1. Chase Freedom Unlimited® Card
- 2. Lowe’s Advantage Card
Elevate Your House Flipping Venture With Business Credit
Frequently Asked Questions
Conclusion

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.

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.

2. Chase Ink Business Unlimited Card

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

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

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

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.

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!

By Joe

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:

Fuel Cards & Business Credit: Gas Up to Save Big!
The Benefits of Fuel Cards for Long-Haul Drivers
The Top Credit Cards for Truckers: Your Highway to Savings!
Frequently Asked Questions
Final Thoughts

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.

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.

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

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

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

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

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

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

By Joe

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:

Commercial Card vs Business Credit Card
Best Overall Credit Cards for Ad Spend
- Amex Business Platinum Card
- Amex Business Gold Card
The Best Card for Facebook & Instagram Ads\
- Chase Ink Business Preferred Card
The Best Card for Google Ads
- Stripe Corporate Card
The Best Cards for Amazon Ads
- Amazon Business Prime Card
Bonus: Budgeting for Digital Ads
Frequently Asked Questions
Conclusion

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

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

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.

Amex Business Gold Card

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.

Chase Ink Business Preferred Card

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.

Stripe Corporate Card

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.

Amazon Business Prime Card

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:

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.
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.
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.
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.
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

By Joe

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.

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

Here’s what’s in store:

What to Look for in a Business Credit Card
Let’s Choose the Right Business Credit Card for Your Agriculture Business
Frequently Asked Questions
Wrapping Up

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.

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.
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.
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.
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.

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

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

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

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

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.

Affirm Virtual 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!

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What is PayPal LoanBuilder?

How Much Does PayPal LoanBuilder Cost?

How Does PayPal LoanBuilder Loan Work?

1. Apply With No Impact to Your Credit

2. “Customizable” Funding

3. Fixed-Fee Loan

4. Fast Access to Funds

5. Accessible Business Funding

6. Weekly Repayment Terms Up to 12 Months

Frequently Asked Questions

Is PayPal legally a bank?

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What is the minimum credit score for LoanBuilder?

Does PayPal LoanBuilder report to credit bureaus?

Final Thoughts

Contents

An Overview of HD Supply’s Net 30 Vendor Program

Product Range and Quality

Pricing, Payment Terms, and Conditions to Be Aware Of

FAQs

What is HD Supply?

How much does a Net 30 account from HD Supply cost?

What are the benefits of applying for an HD Supply Net 30 account?

What can I buy from HD Supply?

What Does HD Supply Stand For?

Using NET 30 Vendors to Boost Your Business Credit

Why Build Business Credit

Rapid Business Credit Boost in As Little As 30 Days

Here’s how 30-day net vendors help with business credit building:

With a Nav Prime card, you can build your business credit through the following:

FAQ:

How long does it take to build business credit with net 30?

How long does it take for an LLC to get a credit score?

How long does it take to build business credit to buy a car?

What is the fastest way to build credit for an LLC?

The Difference Between Corporate Cards & Business Credit Cards

The Advantages of a Corporate Card

Can a Small Business Get a Corporate Credit Card?

The Advantages of a Business Credit Card

Is Your Business Card a Corporate Card?

Frequently Asked Questions

Does a corporate card hurt your credit score?

Who is eligible for a corporate credit card?

Can I use my corporate credit card for personal use?

Who pays for the corporate credit card?

What's a good credit card for a small business?

Final Thoughts

What is the Nav Prime Card?

Nav Prime Card Overview

Business Credit Building Features

No Security Deposit Required

Daily Autopay Feature

Second Monthly Tradeline

Who Wouldn’t Want a Nav Prime Card?

How to Get Started with the Nav Prime Card

Frequently Asked Questions

What's the difference between a charge card and a credit card?

Can the Nav Prime Card help me secure business financing?

Is the Nav Prime Card available nationwide?

How long does it take to see improvements in my business credit scores with the Nav Prime Card?

So, is the Nav Prime Card legit?

What are Aged Shelf Companies?

What are the Characteristics of a Shelf Company?

How Much Does a Shelf Corporation Cost?

Why Buy an Aged Shelf Corporation?

What do People Do With Shelf Companies?

How to Find Aged Shelf Companies for Sale

1. Online Business Brokers

2. Legal & Financial Services

3. Business Directories

4. Networking

5. Online Marketplaces

6. Legal Notices

7. Industry Conferences & Events

8. Business Associations

9. Online Forums and Classifieds

How to Protect Yourself From a “Bad” Shelf Company

FAQ

Why do shelf companies exist?

Do shelf companies pay taxes?