financial service review

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

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

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

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

Here’s what’s in store:

What is a Fintech Credit Card?
Explore the 6 Best Fintech Credit Cards
Frequently Asked Questions
Conclusion

Now, let’s get crackin!

What is a Fintech Credit Card?

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

Explore the 6 Best Fintech Credit Cards

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

1. Brex – Your Stealthy Fintech Ally

For: Businesses seeking a free corporate card

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

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

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

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

2. Divvy – The Power Credit Card

For: Business owners

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

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

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

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

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

3. Bluevine – Fintech Business Checking & Credit

For: Small business owners

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

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

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

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

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

4. Stripe Corporate Card – Cashback and More

For: Business owners using Stripe Payments

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

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

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

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

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

5. Ramp – Redefining Fintech Credit Cards

For: Businesses seeking a frde corporate card

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

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

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

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

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

6. Meet the Unicorn Card – CredAI

For: Consumers

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

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

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

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

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

Frequently Asked Questions

What is a Stealth Card?

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

How does fintech make money?

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

What are the Big 4 credit card networks?

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

Who is eligible for fintech credit cards?

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

How do you qualify for fintech credit cards?

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

Is Zelle a fintech company?

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

Conclusion

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

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

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

→ Join Business Credit Workshop today.

The Best Credit Cards for Landlords: A Comprehensive Guide

By Joe

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

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

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

Here’s what’s in store:

Why Should Landlords Choose Business Credit Cards?
- How to Grow Your Profits with Business Credit
Key Factors to Consider When You Choose a Credit Card
The Best Business Credit Cards for Landlords
Frequently Asked Questions
Final Thoughts

Let’s get crackin’!

Why Should Landlords Choose Business Credit Cards?

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

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

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

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

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

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

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

How to Grow Your Profits with Business Credit

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

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

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

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

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

Key Factors to Consider When You Choose a Credit Card

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

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

The Best Business Credit Cards for Landlords

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

1. Chase Ink Business Preferred Card

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

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

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

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

2. Amex Blue Business® Plus Credit Card

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

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

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

3. Amex Business Platinum Card

best credit card for real estate investors

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

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

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

4. Amex Business Gold Card

best credit card for short term rental business

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

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

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

5. Chase Ink Business Unlimited Card

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

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

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

Frequently Asked Questions

Can a landlord get business credit?

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

How do I use my EIN number for credit?

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

Which bank credit card is best with no annual fee?

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

Which credit card is easy to get?

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

What credit score do most rental companies use?

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

Final Thoughts

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

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

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

→ Join Business Credit Workshop today.

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!

6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth

By Joe

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

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

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

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

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

Here’s what’s in store:

Explore the Best Credit Cards for Entrepreneurs
How to Build Credit for a New LLC or Business with No Credit History
- What if You Have Bad Credit?
- What if Your Business Has Bad Credit?
Frequently Asked Questions
Final Takeaway

Now, let’s get crackin’!

Explore the Best Credit Cards for Entrepreneurs

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

1. Chase Ink Business Preferred

Credit Card: Ink Business Preferred® Credit Card

Issuer: Chase

APR: 20.99%–25.99% variable APR

Annual Fee: $95

Rewards Program:

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

Benefits:

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

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

2. BoA Mastercard Business Platinum

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

Credit Card: Platinum Plus® Mastercard® Business card

Issuer: Bank of America

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

Annual Fee: $0

Benefits:

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

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

3. Amex Business Gold

Best business credit cards for new business (Amex)

Credit Card: Amex Business Gold Card

Issuer: American Express

Annual Fee: $295

Rewards:

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

Benefits:

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

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

4. Capital One Spark 2% Cash for Business

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

Credit Card: Spark 2% Cash Plus

Issuer: Capital One

Annual Fee: $0

Rewards Program:

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

Benefits:

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

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

5. AAdvantage Platinum Select

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

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

Issuer: Citibank

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

Rewards:

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

Benefits:

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

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

6. Divvy Corporate Card

Best business credit cards for startups with bad credit

Credit Card: Divvy Corporate Card

Issuer: Divvy

Annual Fee: $0

Rewards:

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

Benefits:

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

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

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

Startup business credit cards no personal guarantee

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

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

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

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

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

Here’s a breakdown of the steps:

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

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

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

What if You Have Bad Credit?

Can I start a business with 700 credit score?

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

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

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

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

What if Your Business Has Bad Credit?

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

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

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

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

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

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

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

The future is looking mighty bright!

Frequently Asked Questions

What is good credit for small business owners?

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

How can I get a 100 business credit score?

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

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

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

What credit score does a business start with?

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

Final Takeaway

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

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

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

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

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

By Joe

Best credit card for small construction business

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

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

Introducing the best business credit cards for small construction businesses:

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

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

Here’s what’s in store:

Best Credit Cards for Small Construction Businesses
Most Important Credit Card Features for Construction
How to Build Business Credit to Access More Funding
Frequently Asked Questions
Conclusion

Now, let’s dive in.

Best Credit Cards for Small Construction Businesses

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

1. American Express Business Platinum

Best small business credit card for construction

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

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

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

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

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

2. Capital One Spark Cash Select

Best credit card for construction business

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

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

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

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

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

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

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

3. Brex Business Corporate Card

Best credit card for independent contractors

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

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

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

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

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

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

4. Chase Ink Business Preferred

Chase ink business preferred credit card for construction

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

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

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

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

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

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

Most Useful Credit Card Features for Small Construction Businesses

Can you use credit card for contractors?

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

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

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

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

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

How to Build Business Credit to Access More Funding

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

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

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

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

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

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

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

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

Frequently Asked Questions

Can I get a business credit card with a 1099?

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

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

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

Do business credit cards verify income?

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

What is the 5/24 rule?

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

Conclusion

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

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

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

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

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

By Joe

One of my students came across Cred.ai when researching business credit cards, and the flashy website stopped us both in our tracks. And, the offer is buzzing right now, so I wanted to write about it…for fun.

In short, Cred.ai is a fintech company that offers a premium, 100% mobile, fee-free credit card with a metal design, along with cutting-edge technology that helps you manage your finances, build credit, and protect against fraud. You can use it to spend like a debit card while building your credit score “like a pro.” With Cred.ai, you can also access your paycheck up to two days early, get cash from ATMs, make instant deposits and mobile check deposits at no fee, and all deposits are FDIC insured.

This all sounds exciting, but it leaves a lot of questions unanswered.

So, let’s find out what this offer is really all about — the company, the card, and more.

Here’s what’s in store:

What is Cred.ai?
The Unicorn Card™ (Metal Credit Card)
The Stealth Card™ (Virtual Card)
- What is High-Security™ Mode?
Is Cred.ai Good for Businesses?
Cred.ai vs Chime
Frequently Asked Questions
Conclusion: Are You Better Than Your Bank?

So, let’s go!

What is Cred.ai?

A couple of years ago, when they revealed their ai-powered credit card, Forbes called Cred.ai “the Tesla of Banking.” But, with all of the chatter, that still doesn’t tell you what the offer can do for you in comparison to other cards on the market.

So basically, Cred.ai is a high-tech and premium everyday spending experience that offers a free metal card — They guarantee that you’ll never pay fees or interest and never overspend. Plus, they offer cutting-edge technology like Check Please™ and Flux Capacitor to help you optimize your credit utilization and even get your paycheck up to two days early.

Cred.ai is touted to be “100% mobile” and offers 24/7 support, real-time control, and virtual Stealth Cards™ that activate instantly upon approval. The company offers exclusive features like High-Security Mode™ and a Friend & Foe List™ to keep users safe and protected.

The metal card (this is why ‘100% mobile’ might not be the right word choice) is free and it’s heavier than those other fancy black cards, but you don’t have to pay a fee to get it. You can use it like a debit card and build your credit (“because it’s a real credit card,” according to their website).

Cred.ai also offers original content through Crednews™ (where they produce documentaries about important topics like UBI and psilocybin…seriously).

With Cred.ai, you can get the spending power of your paycheck and other automatic deposits up to two days before they hit your bank account. And, you can get cash at free ATMs within their network, make instant deposits, and mobile check deposits with no fees. All, as previously mentioned, deposits are FDIC-insured up to $250K.

There are also some really cool features like Flux Capacitor, which gives you early access to future deposits and helps you budget for future charges before they happen. There’s also Stealth Card™ (virtual card), which is helpful for risky transactions like ordering tacos over the phone or signing up for free trials. You can regenerate your Stealth Card when you feel like you’re at risk or use it in High-Security Mode™ for ultimate protection.

So, in summary, Cred.ai is a high-tech, mobile spending experience that offers a free metal card and exclusive features like Check Please™, Flux Capacitor, and Stealth Card™. Cred.ai guarantees you’ll never pay fees or interest and you’ll never overspend.

The Unicorn Card™ (Metal Credit Card)

Cred.ai’s Unicorn Card is not your typical credit card. With a sleek black metal design and a unicorn image, it’s definitely eye-catching. But the real magic happens when you start using it.

Unlike traditional credit cards, you need to deposit cash upfront, similar to a secured card. But don’t worry, your money isn’t just sitting there as a hostage to your good behavior. Instead, cred.ai uses your deposit to pay off your monthly statement balance as you make purchases, effectively extending your credit without requiring cash on hand to cover each transaction.

WSFS Bank — a member of the FDIC — provides the Deposit Account for cred.ai. Additionally, WSFS Bank has issued the Unicorn Card credit card under the license from Visa® U.S.A. Inc. The credit card can be used wherever Visa® credit cards are accepted.

Fee-Free ATM Network

Cred.ai has a cool feature where you can find free ATMs using their mobile app.

When you withdraw cash from an ATM, it’s considered a cash advance against your Unicorn Card credit card. But the good news is, you won’t have to pay any interest on those cash advances as long as you enable the Cred.ai service to manage your Unicorn Card payments automatically in the background.

Plus, they have a huge network of over 55K ATMs, so you’ll have plenty of options to choose from.

Early Access to Paychecks

If you’re a Cred.ai user and have set up direct deposit, there’s a way to access those funds earlier than your scheduled payment date — Cred.ai allows you to access the spending power of your direct deposit funds as soon as they receive the deposit file from your payer!

This could be up to two days before your scheduled payment date, depending on when your payer submits the deposit. Just keep in mind that the timing and schedule of your direct deposit depend on the payer, so it’s always a good idea to check with them first.

Minimum Deposit, Credit Limit, & Fees

So here’s the deal with Cred.ai: it’s kind of like a secured card, so you’ll need to put some cash onto the card to start using it. The smallest amount you can deposit is $100, and unfortunately, you can’t add any authorized users to the account.

Here’s the cool part though — Cred.ai reports to credit bureaus each cycle with a $1.5K credit limit and a 2-3% credit utilization rate (0% if you have a $0 balance), which can help boost your credit score. Plus, they have an auto-reload function to make sure you have enough funds to cover your transactions.

Now, while they say they have “no fees,” there is an APR and interest rate of 17.76% on spending and 24.99% on cash advances. But don’t worry, they won’t charge you unless you turn off their automated system.

Some folks suggest using the card more as an emergency fund, and instead using a secured credit card from a credit union for regular spending. But hey, everyone’s financial situation is different, so it’s up to you to figure out what’s best for you!

How Does Cred.ai Help You Build Credit?

First of all, Cred.ai reports to the three main credit reporting agencies, showing a $1500 revolving line of credit and your utilization every month. The best part? It doesn’t require a hard credit pull or an initial credit score, making it accessible to a wide range of consumers.

Let’s say you have one credit card with an $800 limit and you’re using 80% of that limit ($640). That’s not so great for your credit score because it looks like you’re relying too much on credit. But if you get the cred.ai card and deposit, say, $1.5K onto it — now you have a total credit limit of $2.3K and only use 27% of it. That’s a big improvement!

When you apply for credit in the future, having a higher credit limit and lower usage percentage looks really good to lenders. It shows them that you’re responsible with credit and can handle having more available to you. Plus, since the cred.ai card doesn’t require a hard credit check, applying for it won’t hurt your credit score.

Furthermore, the AI technology behind the card also learns your spending patterns and helps prevent you from overspending. If you try to make a purchase that would leave you overdrawn, the card will decline the transaction, acting like a protective parent.

Think of the cred.ai card as a helpful friend who gives you some money to use, but keeps an eye on you so you don’t overspend and get into trouble. You can only use the money that you deposit onto the card, but it still helps your credit score because it looks like a regular credit card to the credit bureaus.

On the contrary, if you turn off this feature, you can charge up to your cash limit and even beyond, though there’s a somewhat high APR for unpaid balances (17.76%+ on cash purchases).

So, what if your deposits are unpredictable?

If you get paid in cash, or you don’t use Cred.ai’s deposit account as your main cash flow account, the system will still attempt to predict your income, likely unsuccessfully — in which case you will essentially be able to use it like a debit card and spend your deposits, dollar-for-dollar. You would still be able to use it as a credit card, though (you won’t have to walk inside to pay for gas at stations where only credit cards are accepted at the pump).

The bottom line is that it always reports to credit bureaus as a $1,500 line of credit.

The Stealth Card™ (Virtual Card)

One neat feature of the Unicorn Card is the virtual card number for risk mitigation — Cred.ai just calls theirs a Stealth Card™. If you’re hesitant to make a purchase on a sketchy website, or you don’t want to commit to recurring monthly charges, you can use a virtual card number that won’t work for anything else, minimizing the risk of fraud.

In general terms, a virtual card is a digital version of a physical credit or debit card that is used for a single transaction or for a limited period of time. It typically consists of a randomly generated number, expiration date, and security code, which can be used for online or phone purchases where the actual card is not present.

The idea behind virtual cards is to provide an additional layer of security for online transactions, as the virtual number is typically different from the actual card number and can be easily deactivated if compromised. This makes it less risky to use your credit or debit card for online shopping or on unfamiliar websites, as your actual card number is not shared and the virtual card can be easily canceled if there is any suspicious activity.

Several banks and credit card issuers also offer virtual cards as a separate feature that can be generated and managed through their mobile apps or online banking portals.

What is High-Security™ Mode?

Cred.ai’s High-Security mode is a feature that adds an extra layer of security to your transactions. By enabling High-Security mode, the authorization window for each transaction becomes very small, usually only a few seconds, and expires automatically — This means that even if someone were to gain access to your card information, they would not be able to use it for fraudulent transactions because the authorization window would have expired by the time they tried to make a purchase.

Essentially, this feature is controlled by you and minimizes the risk of unauthorized transactions on your Cred.ai card. It is available for both physical and virtual Stealth cards.

Is Cred.ai Good for Businesses?

Cred.ai’s features are mainly geared towards individual consumers, such as access to early direct deposit, free ATM network, and virtual card capabilities. While businesses may be able to use the service, there are no specific features or benefits designed for business use.

Additionally, Cred.ai is not currently set up to handle business accounts or multiple authorized users, so it may not be the most practical option for businesses. Therefore, it may be better for businesses to look into alternative banking solutions that offer features specifically tailored to their needs.

Business owners who are curious about Cred.ai might want to look into a (more relevant) corporate offer like Brex or Divvy.

Cred.ai vs Chime

Cred.ai is most often compared to Chime, but these are two very different offers — let’s see how they stack up side by side:

*Please note that this information is subject to change, and you should always refer to the official websites of Cred.ai and Chime for the latest and most accurate information.

Frequently Asked Questions

What credit score is required for Cred.ai?

According to the information available on the Cred.ai website, there is no minimum credit score required to apply for an account. However, they may perform a soft credit check during the application process to verify your identity and determine your initial credit limit.

Does Cred.ai do a hard pull?

No. Cred.ai does not do a hard pull to approve your account.

Is Cred.ai a secured credit card?

Sort of… you do have to deposit money to use a Cred.ai card, but your money isn’t subject to the same terms as traditional secured credit card accounts.

How does Cred.ai affect your credit score?

The cred.ai card requires you to deposit money before you can use it. Your spending on the card is reported to credit agencies as a credit card with a $1500 limit and 3% usage. This increases your available credit and decreases your overall credit usage, which can improve your credit score.

For example, if you previously had one credit card with high usage, adding the cred.ai card would increase your available credit to $1800 with a 30% usage rate, which looks better to lenders.

Conclusion: Are You Better Than Your Bank?

Yeah, you are better than your bank, but that doesn’t mean you need to apply for a Cred.ai card. The tech is certainly cool for a certain demographic. If you need to improve your consumer credit utilization ratio, this might do the trick — The offer is fun and users seem to like it.

If you’re a business owner, however, you might want to look into a credit card designed specifically for business operations.

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

Ty Crandall’s Story: A Quick Look at the Mind Behind CreditSuite

By Joe

When it comes to building business credit, Ty Crandall’s name stands out. As the founder of Credit Suite, Ty has helped thousands of entrepreneurs obtain business credit that’s not linked to their personal social security numbers.

With nearly two decades of experience in the financial services industry, Ty has become an authority in business credit building, scoring, and financing…plus he’s been featured in publications like Forbes, Entrepreneur, and Inc.

So, are you curious about how Ty became the go-to guy for business credit or whether or not you can trust him? Keep reading to learn more about his story, his net worth, and his approach to business credit.

Here’s what’s in store:

Ty’s Career Story
Ty’s Approach to Business Credit
Final Takeaway

Now, let’s get to it!

Ty’s Career Story

Ty Crandall, a Tampa-based entrepreneur, founded Credit Suite (a company that helps entrepreneurs get business credit and financing) over 12 years ago. He is a business credit-building and business loan specialist and fundability expert. Before Credit Suite, Ty founded Elite Credit Inc. (a credit repair offer) and worked as a CEO for TLC Jumbo Mortgage Services for 7 years.

He served in the US Air Force for four years, from 1994 to 1998 before he studied Psychology at the University of South Florida. At this point, Ty has helped over 100,000 entrepreneurs build business credit and access financing with his extensive knowledge of the industry.

Ty’s experience, education, and dedication to helping entrepreneurs expand their business credit options show me that he’s legit.

Ty’s Approach to Business Credit

If you want to learn more about Ty’s approach to business credit, the best place to start is his content — he’s created a myriad of resources worth checking out.

Website: TyCrandall.com

TyCrandall.com is where Ty promotes his most up-to-date speaking, coaching, and retail offers (books). Here, you can get his up-to-date Multiple Uses Model for free, which is a marketing guide that spells out how you can create up to 20 brand assets from one piece of content.

He also promotes a coaching offer — for a very small group of elite entrepreneurs — where he guides business owners to scale their companies to $10K+ in revenue.

CreditSuite YouTube Channel

CreditSuite’s YouTube channel offers solutions for small businesses looking to improve their fundability, build business credit, and obtain loans and credit lines.

The channel emphasizes the importance of meeting lending guidelines and building credit in the business name with an EIN to avoid personal guaranteeing of finances. Credit Suite aims to give businesses the competitive advantage and capital they need to succeed and grow with confidence.

The Business Credit and Financing Show (Podcast)

A few years ago, I actually had the opportunity to meet Ty when he reached out and invited me to speak on his Podcast, The Business Credit & Financing Show — he was super knowledgeable (we could have chatted about this stuff all day). If you want to hear how that went, you can access the full episode here.

The Business Credit and Financing Show covers a wide range of topics related to obtaining business credit and financing for starting and expanding your business. We feature insightful discussions with prominent influencers and industry experts on marketing and growth strategies, aimed at assisting you in establishing and growing a successful business.

Consumer & Business Credit Books

Ty has written two bestselling books on consumer credit — Perfect Credit and Business Credit Decoded. And, he’s attributed to seven books, most recently business credit titles like Business Credit: The Complete Step-By-Step Guide (most popular) and Business Credit Decoded (newest).

Most of Ty’s books get rave reviews, though some of them didn’t get a ton of traction…all are available in paperback and most in Kindle formats.

Business Credit Course on Udemy

Ty’s Udemy course — How to Get Credit for Your EIN That’s Not Linked to Your SSN — aims to help students set up their business in a credible way to meet lender and credit issuer guidelines.

By the end of the course, students will be able to navigate their business credit reports, build initial business credit reports using vendor accounts, and obtain high-limit revolving store and fleet credit cards.

The course includes 1.5 hours of on-demand video, 1 downloadable resource, and a certificate of completion.

While the course content was good, it hasn’t been updated since 2016, and I can safely tell you that a lot has changed in the industry since then.

Media Appearances/Guest Contributions

You’ll find Ty’s contributions around the web on various business, finance, and even legal publications. For example, at one point, he was a regular contributor to Inc. Masters. His advice has been mentioned in Entrepreneur as well as Forbes.

And, if you do a quick search for articles by Ty Crandall, you’ll see that he’s been hard at work, over the years, making his rounds with hundreds of blogs and business websites.

Final Takeaway

And there you have it! That’s a quick look at the man behind CreditSuite, Ty Crandall. From his early career in finance to his success as an entrepreneur, Ty’s story is truly inspiring. His approach to business credit has helped countless entrepreneurs build and grow their businesses, and his legacy is one of innovation and success.

If you’re interested in learning more about Ty and his work, be sure to check out TyCrandall.com and the CreditSuite YouTube channel. You can also tune in to The Business Credit and Financing Show podcast or read any of Ty’s consumer and business credit books.

If there’s one thing to take away from Ty’s story, it’s that with hard work, determination, and the right tools and knowledge, you can achieve success. So, go out there, build your business, and make your mark on the world!

If you’re interested in learning how to get up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

A Credit Stacking Breakdown: What it is & How it Works

By Joe

Credit stacking is one of the latest catchphrases in the credit card realm. Naturally, as a business credit coach and expert, I had to check it out. I did a ton of research into the system (everything shy of hopping on a strategy call and joining the community) to see what I could find out.

As usual, I want to share what I’ve learned with you.

At first glance, credit stacking seemed a lot like what we teach at Business Credit Workshop…but it’s not — there are some fundamental differences. I’ll summarize the most glaring distinctions before I wrap up.

If you’re thinking about hopping on a call with the Credit Stacking team to become a member, read this first.

Here’s what’s in store:

What is Credit Stacking, Exactly?
- What is the Credit Card Stacking Strategy?
Frequently Asked Questions
The Credit Stacking Book by Jack McColl
The Takeaway — Is Credit Stacking Legit?

Now, let’s hop to it!

What is Credit Stacking, Exactly?

When I first heard the expression, I thought credit stacking might be akin to credit piggybacking, but I was wrong.

Credit stacking is a popular buzz phrase (pretty catchy, really!) coined by Jack McColl — it refers to building multiple lines of credit in an alleged specific order to obtain large lines of credit. Essentially, it is a framework to apply for multiple cards at once with the least negative impact on your credit.

With credit stacking, you can get up to hundreds of thousands of dollars in funding by applying for multiple credit cards and taking advantage of business credit (which is separate from personal credit).

McColl teaches about the system through a credit stacking course, online membership, and a Facebook group. Through these channels, members allegedly learn how to maximize their credit limits to grow businesses from the ground up with tens of thousands of dollars in credit.

The application process to join is simple and seems to help gauge where potential members are on their credit journey — which is helpful for a customized strategy.

🚩 The company doesn’t display the cost of membership anywhere on its website and some sources say that it costs $4,500 or more to join.

What is the Credit Card Stacking Strategy?

With the Credit Stacking system, essentially, you want to apply for cards in a specific order that might improve your odds of successful funding…this requires that you aren’t over-leveraged in the way that you have too many inquiries showing on your credit profile.

To do this, you need to know which banks pull your info from which credit bureaus, and apply in such an order that all of your inquiries hit your report with minimal negative impact on your score.

And, since Chase Bank is more strict about how many credit inquiries you can have to qualify, you should apply for credit with them first.

Frequently Asked Questions

Why is credit stacking effective?

Credit card “stacking” is effective because it ideally maximizes the amount of credit you’re able to obtain by minimizing the impact of inquiries on your consumer credit report.

What is the credit stacking analogy?

Think of credit stacking as building a tower out of blocks. You start with a solid foundation, like a base of small credit lines, and then add more blocks (larger lines of credit) on top in a specific order. This way, you can build a strong and stable tower of credit that allows you to access more funding opportunities over time. It’s like playing Jenga, but instead of removing blocks, you’re carefully adding them to build something bigger and better!

What are the effects of credit stacking?

Credit stacking can help you spread out your balances, increase your credit limits, and minimize the negative impact of too many inquiries. However, this can lead to high interest charges if you can’t keep up with payments, so it’s important to be mindful when using this technique.

The Credit Stacking Book by Jack McColl

I already told you that I didn’t hop on a strategy call or join the Credit Stacking group…what I did is read Jack McColl’s book, Credit Stacking: Accelerate Financial Freedom With Business Credit.

I’ll tell you that it seems to be self-published. It could have used an editor to help condense some of the information (which is absolutely valuable nonetheless).

And, while I can’t shame the hustle, the book was pretty promo-heavy, leading readers into the Credit Stacking program by teasing some of the resources that are exclusive to members.

With that said, I was taking notes the entire time, and here’s what I got from it.

→ If you don’t want to read the entire synopsis, you can skip to the final takeaway.

Chapter 1: Where Do You Want to Go?

The first chapter of the book is all about mindset and vision — this is probably my favorite chapter because it’s so interactive. Before you implement the steps to stack credit and build your dream business, you need a vision.

McColl leads into the book with questions such as, “Where do you want to live?” “What relationship do you want to have?” and “What career do you want?” He recommends you get a clear vision by answering all of the questions in his sequence before you move forward.

Next, he shares his framework for daily journaling, recommending that you do something similar. Every day, you should write about the following:

What you’re grateful for
Affirmations for yourself
A recent win
Desires for yourself
A power list of needle-moving tasks you can accomplish today

With a clear vision and daily check-ins with yourself, you can take an honest look at your discipline, resilience, and environment to determine what you need to do to make your business strategies work.

Before wrapping up, the first chapter looks at good debt vs bad debt. In a nutshell, good debt is invested in assets that generate cash flow or equity and bad debt is costing you money… think of it as assets = good debt, liabilities = bad debt.

Chapter 2: Personal Credit

The second chapter is all about consumer credit. Good personal credit gives you access to rewards cards as well as low-interest auto and home loans. And, according to McColl, better access to 0% interest business capital.

This is where the book starts to talk about the technical aspects of credit stacking like awareness of the three consumer credit bureaus, VantageScore vs FICO, credit score factors, and credit repair.

When speaking on the three major credit bureaus, McColl mentions a specific template that Credit Stacking members use to analyze their credit profiles but doesn’t offer the template in the book.

Vantage scores are more readily available for free (via Credit Karma, for example), but lenders typically pull FICO scores. McColl recommends myscoreiq.com, which costs $35.99 per month, to monitor your FICO score. There’s a gray area between scores of 500 to 700, but below 500 typically means that a borrower is high-risk, and above 700 usually signals that a borrower is low-risk.

Naturally, lenders like higher credit scores.

But, if you have a low score, don’t let it discourage you, because, as McColl states, this can always be fixed.

This chapter also breaks down the factors of a credit score and what you might do to maintain or improve each factor — this information is typically available with any credit monitoring system, but it’s good for beginners to understand:

Payment history and amount of debt have the highest impact while credit mix and new credit are important too. After explaining each factor in more detail, this chapter goes on to share a few case examples of individuals who used the credit stacking strategy.

One Credit Stacking member was able to obtain a $50K line of business credit from Chase Bank. McColl claims that this was 0% interest capital. In the case of this borrower, they had a strong personal credit profile, and their business entity was established properly…they also had a checking account and a connection with the relationship manager at the bank where they applied for the loan.

Here, McColl mentions an important fact: You don’t necessarily have to have a large, established business to obtain large lines of credit. Small, new businesses can obtain credit too.

Many business owners who started out with poor credit were able to obtain large lines of credit after implementing a credit repair system. McColl mentions that this process starts by disputing anything negative that might be holding your score down. He mentions that the Fair Credit Reporting Act (FCRA) has laws in place that protect consumers and enables them to dispute anything that is unfair or inaccurate and that the burden of proof is on the creditors.

McColl mentions a credit repair partner that Credit Stacking members can be connected with and cites some happy endings after working with these programs.

⚠️ I do not ever recommend unethical exploitation of laws or institutions that are in place to protect you. I do recommend educating yourself on the regulations and strategies to repair your consumer credit profile.

Chapter 3: Credit Cards and Calculated Risk

The third chapter of the book starts with a pretty long intro to the story of Amazon. Then, it talks about why you should use credit cards instead of other types of capital to fund a business: protection, rewards, card benefits, and relationship building.

Here, the book fails to mention freedom (this is why I like business credit over other funding types). Traditionally, when a company gets funding, it might have to rely on personal capital or investors who want control — with business credit, the business owner maintains control and freedom to make their own choices for their company.

Next, McColl recommends some credit cards you should apply for, and ones that you shouldn’t. He says that he doesn’t recommend that anyone apply with Capital One because they pull from all three bureaus, creating a ding on all three consumer credit reports. This is true, but he doesn’t mention that these “dings” last two years — they’re temporary.

Then, McColl recommends some questions to ask yourself when applying, such as, “Do you have a travel card yet?” and, “Which bank are you looking to build a relationship with?”

Before he moves on, he covers when to apply, how to apply, and how to request reconsideration on a failed application.

Chapter 4: Using Business Credit to Gain Momentum

According to McColl, the key to business success is momentum — the value of your company has a direct impact on momentum.

The fourth and most extensive chapter covers the different ways you can fund your business to create momentum:

Your own cash (personal capital) — with this, you’ll foot 100% of the risk
Business loan — lofty interest rates on a non-transferable lump sum of debt
Get a partner — you’ll have to share control of business decisions
0% interest business credit card — if you keep your relationship with the bank in good standing, you’ll keep yourself “just one application away” from more business credit

Note: McColl doesn’t mention all of the ways to fund a business like Y Combinator, seed funding, MCAs, nor the many, many others.

Next, he explains that business credit won’t impact your FICO score, which is mostly true…if you apply for the business credit cards that are reported to D&B and not the three consumer credit bureaus.

He then shares the process for setting your business up for business credit.

This section discusses business SIC codes, and the fact that some are considered higher risk than others — General businesses such as “consulting” and “management” are best and may get better business credit results than “credit coach” or “real estate agent.”

In a nutshell, you need a NAICS code that fits your business narrative in a low-risk category.

McColl recommends that you look up your business on D&B to see if you have a DUNS number. If you don’t, create a profile with D&B…and make sure your NAICS code is the same with your bank, D&B, and your state business registry.

McColl strongly recommends that you use Chase Bank for your business checking, as he’s seen the most business credit success with Chase, however, he cites other major banks like BoA and US Bank and claims that you should have similar results.

Basically, he says that you should only build a relationship with a bank that offers 0% interest business credit cards. And, he shares his framework for building your business credit:

Open a business checking account with the main (big) bank
Open a business checking account with a regional bank or credit union
If you already have an account with a regional bank, move some of your capital to a big bank
Get your FICO score above 780
1. No derogatory marks
2. No more than one late payment
3. 4-5 accounts that are at least three months old

The framework we teach at Business Credit Workshop is quite a bit different.

Next, McColl covers each of the four funding types from the beginning of the chapter (personal capital, business loan, equity partner, and business credit) in detail before he starts elaborating on business credit.

Business credit is a way for you to finance business ops by borrowing from banks using your EIN rather than your SSN. McColl says you should have an LLC or a Corporation rather than a sole proprietorship, and I agree… 💯

After this, he lists a handful of the benefits of business credit, such as the fact that business credit bureaus don’t include opening dates on their reports and you can go through rounds of applications (“credit stacks”) without harming your credit score.

Then, McColl lists some ideas for ways to use business credit to grow your business (invest in equipment, rent office space, hire a mentor, etc.) and lists new business ideas for entrepreneurs:

Start a trucking business
Start an Airbnb
Launch an eCommerce store
Buy a rental property with the BRRRR method
Fix & Flip a property

He mentions that there are ways to liquidate credit cards into cash, but doesn’t mention what they are.

Recommended Resources:

This chapter also mentions business credit requirements such as on-time payment history on your personal credit profile, a variety of accounts, and sizable limits on your consumer cards. Here, it starts to feel like the book exerts excessive information about consumer credit.

McColl shares the difference between revolving credit cards — with and without interest — and charge cards (Capital on Tap, Divvy, and Amex) are discussed… he recommends that you max out your Amex cards and pay them off in full to get your limit increased.

There are companies that will apply for business credit for you, but McColl recommends DIY credit applications. The companies that offer services like this aren’t always thinking in your best interest where high card limits and the number of hard inquiries are concerned. Plus, you have to pay fees for these services.

The book then mentions that 0% interest credit cards aren’t necessarily easy to find (there was no database that houses all of the banks’ current promotions, so McColl built one…though, it’s only available for Credit Stacking members).

In place of a database of cards with 0% introductory rates, you can use McColl’s recommended searches:

“[your state] 0% interest business credit cards”

As he wraps up, McColl summarizes inquiry stacking. “Stacking” credit inquiries can allow you to maximize your business credit. When you know which banks pull from which bureau, not all of your inquiries will show up when you apply for multiple cards.

And, Chase is stricter about maximum credit inquiries, so McColl recommends you apply for any Chase business credit cards first.

Tip: If you submit your applications in the branch, your applications won’t be flagged for technical issues like invalid IP, flagged VPN, or grammar mistakes. McColl suggests that you submit your application through a relationship manager for the best results (they work directly with the underwriting team, so they know what you need to get credit and can help you with your applications).

The book then states that it is difficult to find a bank’s relationship manager to submit your applications and that Credit Stacking members are introduced to relationship managers as part of their membership.

Finally, McColl shares his advice for filling out credit applications accurately.

Chapter 5: Money

In the fifth chapter, wealth accumulation and money are covered.

The first principle of wealth that McColl covers is compound interest. For example, you have $100 growing at 10%, and you earn $10 the first year. So, the next year, you have $110, and your earnings are $11. As this continues, your annual growth grows.

And, if you have $250K to invest initially, with a 10% growth rate, you would have $11M after 40 years.

There is a lot more information in this section about investing — buying low and selling high, dollar cost averages, etc — including examples of billionaires who invested wisely.

The key takeaway is that you need to invest wisely in facets of your business that produce income and wealth.

McColl then covers the importance of educating yourself — both about money and about your industry. Essentially, if you learn specific skills from experts in a niche, you save yourself the time and heartache of learning through trial and error.

Likewise, it’s important to join networks of successful people who you can piggyback from their knowledge. McColl recommends in-person mastermind events in particular.

Next, he covers Roth IRAs and the “infinite banking” concept.

Roth IRAs allow you to invest, tax-free, if you keep your money in the account until you’re 59.5 years old and at a 10% fee if you withdraw sooner. The maximum you can invest in a Roth IRA is $6K per year. There are also exceptions to the 10% fee, such as withdrawing $10K to put down on your first home.

This is an excellent investment opportunity, especially for young people looking to the future, especially since these accounts compound *see above.*

The infinite banking concept is essentially the idea of an Indexed Whole Life Insurance Policy (not all life insurance policies are equal). With this type of life insurance, you get most of the benefits of building your net worth without triggering an MEC through the IRS…in a nutshell, it maximizes the cash value of your policy without negating the tax benefits.

Plus, nobody can come after money in an Indexed Whole Life Insurance Policy — not the courts, ex business partners, or spouses…nobody. And, all the while, it will accrue interest of about 5.5% while any loan repayment to the account will cost about 5%.

The rest of this chapter covers the fundamentals of cryptocurrency, centralized exchanges, and crypto hedge funds; these are pretty extensive explanations and I recommend you read the book if you’re interested to learn more.

Chapter 6: Traveling on Credit

The sixth chapter covers how travel creates work-life harmony and how this can be achieved with business credit.

If you opt to travel while working, you need to be sure you can have a consistent, reliable WiFi connection — a fast one — anywhere you go (this is especially true if you opt to travel full time). McColl also recommends that you make sure you’re close to a gym, beach, or hiking trails to stay in shape.

Basically, you can travel on credit by maximizing the use of your credit card travel rewards and points.

The final section of this chapter covers credit card points accumulation and redemption strategies, how to gain status with hotels (Hilton and Marriott), and credit card travel benefits.

Chapter 7: The Road to Independence

The seventh chapter wraps up the book — it starts with some motivational ideas about maintaining freedom and reaching goals, with the thought that independence, once earned, is hard to keep.

McColl concludes by inviting readers to take advantage of a free “strategy session” with the Credit Stacking team, followed by lots of testimonials and case examples of what members have achieved.

The Takeaway — Is Credit Stacking Legit?

In a word, yes, Credit Stacking is a legitimate technique and sort of mastermind group that has helped people obtain substantial lines of credit…tens of thousands of dollars, in fact.

I don’t believe they’re going to steal your money if you sign up — these guys seem to be for real and their members are getting some great results.

With that said, I have a few conflicting ideals with the Credit Stacking system:

First of all, at Business Credit Workshop, we don’t teach members to give big banks precedence over smaller community banks and credit unions.
Next, we share a lot more information upfront about the steps to obtain business credit, including establishing the right number of reporting tradelines to achieve a perfect business credit score.
Finally, my focus is on helping people learn how to build their business credit fast and have a long term strategy working with local banks to get funding…not just applying for as many credit cards from big banks as they can.

If you’re looking to obtain $100K in business credit in as few as 30 days (even if you have a new business), join Business Credit Workshop today.

Y Combinator: Fast Track to Success or Waste of Time?

By Joe

Y Combinator is one of the most well-known startup accelerators in the world, with a reputation for propelling companies like Dropbox, Airbnb, and Stripe to incredible success. But, is the program really worth it?

In this post, I’ll give you a closer look at the pros and cons of joining Y Combinator and explore whether applying for their program is the right choice for your business.

Note: I don’t intend to promote or discredit the program. Instead, I want to provide an overview of the potential benefits and drawbacks. I encourage you to always weigh the pros and cons of any financial offer before applying.

Here’s what’s in store:

What is a Startup Accelerator?
Why is Y Combinator So Famous?
- Benefits of Y Combinator
- Drawbacks of Y Combinator
Factors to Consider Before You Apply
Y Combinator Application Questions
The Famous Y Combinator Interview
Y Combinator Startup School
Frequently Asked Questions
Y Combinator Alternatives
Conclusion

What is a Startup Accelerator

Startup accelerators provide early to growth-stage startups with business education, mentorship, and funding. Seasoned business investors are typically behind acceleration offers — they tend to have the knowledge to help point founders in the right direction for growth. And, they have a vested interest, since they will have the opportunity to invest in businesses that show potential for high profitability.

What do startup accelerators really do? — a lot! Accelerators provide companies with expert, one-on-one mentorship, education, and pitch deck guidance. They help connect founders with investors. In a nutshell, they give businesses a springboard for massive growth.

Acceleration programs don’t have an upfront cost for founders, but the services and funds are provided in exchange for equity in the company. Investors will eventually own a portion of the company, and the founder will give up some level of control over their operations.

Why is Y Combinator So Famous?

Y Combinator was founded in 2005 and is a sub-organization of Utopia Communities, a Las Vegas-based real estate investment trust, brokerage, and venture company. Since then (As of January 2023), they’ve funded over 3.5K startups that now have a combined valuation of over $1 trillion — We’re talking about companies like Stripe, Brex, Coinbase, and Reddit.

Twice a year, in Summer and Winter, Y Combinator hosts a 12-week accelerator for the founders who make it through the rigorous vetting program and into the program.

In the past, Alex Cercei, founder of WayDev applied 13 times before he was accepted to Y Combinator. Kathryn Cross of Anja Health got in on her second try and left with a $4.5 million investment. Useproof’s founder, Dave Rogenmoser, got into the program on his second try and left the three-month program with $175K MRR — up from $4K when he first applied and $75K at the time of his second application — and $2 million in seed funding.

Today, the funding structure is different than it was in the past. Y Combinator currently offers $500K per accepted company in a larger number of startups. This change might suggest that the competition isn’t as fierce as it once was, but I wouldn’t assume that just anyone can enter. The program is prestigious and will need to continue to live up to its reputation.

In addition to the $500K you get for participation, Y Combinator founders have the opportunity, at the end of the accelerator program, to present their pitch decks to a carefully-selected, invite-only audience of investors. Startups and nonprofits can apply.

Benefits of Y Combinator

Why would you want to join Y Combinator? How can it impact your business positively?

First, you’ll get high-level access to funding and business resources. If you’re accepted, you’re all but guaranteed $500K to invest in business growth. And, there is no ceiling on the funding you might raise after you present your pitch deck at the end of the program.

Next, there are unparalleled networking opportunities with successful entrepreneurs and investors. Y Combinator connects startup founders with seasoned professionals who can spell out how to take a company from “tons of potential” to “wildly successful.”

Finally, equity funding gives you expert mentorship and guidance from experienced industry professionals. Y Combinator investors want their investments to gain profit, and they’re willing to put in more than money to make sure it happens.

Drawbacks of Y Combinator

Why would you not want to join Y Combinator? What might you not like about it?

First, you’re up against Intense competition for funding and resources. If you’re having a hard time clarifying your offer, you don’t have something innovative to present, or you’re just hoping to get a quick $500K, Y Combinator probably isn’t for you.

Next, there will be high expectations and pressure to perform. When networking within Y Combinator, you don’t meet your new best friends — instead, you meet gurus who are going to be straightforward and cold.

These people are busy, and they are going to tell you what you need to hear to move in the optimal direction for profitability (think high intellect and low EQ) — they’re not going to tell you what you want to hear to boost your confidence.

Finally, equity funding limits flexibility and control over your company’s direction. If you want to maintain control over your operations without input from a new board of directors or quiet investor, Y Combinator won’t be a good fit for business funding.

Factors to Consider Before You Apply

Some successful founders say that they had an established company, revenue, website, and customers before they were accepted into the Y Combinator program. So, you shouldn’t expect to make it if you’re all ideas and no follow-through.

90% of the companies that make it through Y Combinator have co-founders, but they do absolutely accept solo founders. If you’re a solopreneur, consider whether enlisting a co-founder might add value to your offer.

Throughout the 12-week accelerator, there will be one day a week that you’ll commit to the program — the rest of the time, you’ll work on implementing the new ideas that are laid out for you.

During COVID, the process was virtual. In 2022, there were three days in the beginning, and at the end of the program that required in-person attendance, and founders did not need to be in the San Fransisco Bay area during the rest of the duration.

Now, the program is remote-friendly, but Y Combinator encourages founders who are accepted to relocate to the area, at least during the three-month accelerator.

Now, before you apply, consider the stage and goals of your startup, your team’s experience and capabilities, and the potential benefits and drawbacks of the program for your specific business. If you still like what you’re hearing, read on!

Y Combinator Application Questions

When you apply, Y Combinator asks about your company, contacts, founders, business progress, idea, equity, and other ideas you might have. Interestingly, often when the program provides funding, it’s not for business listed in the main application, but something that founders list in the other ideas section.

With that said, you’ll have to think outside the box to stand out. Here are a couple of questions Y Combinator asks that you might not expect to see on a funding application.

Please enter the URL of a 1-minute YouTube video introducing the founder(s),
Why did you pick this idea to work on? Do you have domain experience in this area? How do you know people need what you’re making?

The top issue founders seem to have with the application process is a lack of clarity in their idea. And, more than half of the companies that make it through the application process totally blow their interview.

So, if you’re going to apply, think about seeking help from a professional copywriter, interview coach, and/or others who have made it through the vetting process. Make sure to show them Y Combinator’s up-to-date guidelines (at the very least, read them yourself).

The Famous Y Combinator Interview

If you are selected for an interview, don’t be the person who goofs it up. To make it this far proves that you have an idea with serious potential. Y Combinator’s interview only lasts about ten minutes, but the questions aren’t simple.

When Dave Rogenmoser of Useproof was interviewed, the first question they asked was, “This is cool, but how does this become a billion-dollar company?” As you probably guessed by the fact that Rogenmoser had to come back again six months later (see above), he flopped his answer — he had never thought about this before.

If you get an interview, you’re going to be asked about the science or technology behind your company or idea, what you think about your potential market size, and what motivates you as a founder.

While you don’t necessarily need to have a billion-dollar company, you should have a billion-dollar mindset. Your value proposition should be on-point, and you need to fully understand your market and the competition. Without these things, you’re not likely to make it through the interview.

But, I want to say that I think an interview like this would be great for nearly any company, even if you don’t expect to move to the next stage — it would force an owner to develop a higher growth mindset.

Y Combinator Startup School

Startup school is a free, online course for founders. The course is designed to give business owners all of the information they need to get a company off the ground.

Startup School provides a user dashboard with curriculum modules, weekly updates, and a co-founder match tool, and deals. It’s like a mini accelerator that anyone can access at no cost.

The Curriculum

Modules are broken into X sections:

Deciding to start a startup
Getting and evaluating startup ideas
Building your founding team
Planning an MVP
Launching
Growing and monetizing
Fundraising and company building
Stories from great founders

The founder stories in Startup School’s course include Facebook and 23andMe — I didn’t realize either of these companies was connected to Y Combinator, so I peeked down that rabbit hole and found that Facebook teamed up with Y Combinator in 2010 🧐

Weekly Updates

Each week, Startup School students are encouraged to submit a progress update. If you submit the update, you’re eligible to sign up for a group session for that week. For those having a hard time tracking metrics, there’s a video lecture: How to Set KPIs and Goals.

Co-Founder Match

Co-founder matching was launched in 2021, likely in response to the virtual shift.

Once your profile is complete and approved by a Startup School admin, you will be eligible to sign up for co-founder matching. This feature connects course participants who are looking for co-founders with others who have similar interests and adjacent skill sets. Co-founding can help companies create a strong founding team for their business.

Member Deals

Startup School participants can apply for access to exclusive deals from companies like Stripe, HubSpot, and DigitalOcean. These deals are from Y Combinator partners and past program participants.

A few of these deals include:

30% off Hubspot marketing, sales, & service software
$500 in Brex cash and $5K toward AWS services
$5K Stripe fees waiver for new users
$10K USD Freshworks credits
$1K worth of DigitalOcean cloud credits for 12 months

If you can qualify, these offers could be invaluable.

Frequently Asked Questions

How many interviews does Y Combinator do?

If you make it through the application process and land an interview, there will only be one, ten-minute interview. If YC decides to move forward, you’ll be invited to participate in their accelerator.

What percentage of equity does Y Combinator take?

Y Combinator will invest $500K into companies that make it through the application and interview process for 7% equity in your company.

What is the YC acceptance rate?

Every 6 months, Y Combinator usually has a 1.5-2% acceptance rate for founders who apply for the accelerator.

Can I apply to Y Combinator with just an idea?

You can apply to YC with an idea, yes. Sometimes, Y Combinator will select a founder based on an idea-stage business over an established company. However, successful applicants tend to say that they had to get their revenue up before they were accepted to the YC accelerator.

Does YC Have an age limit?

There is no age limit, though, the youngest accepted applicant to the Y Combinator accelerator was 22, and only a few people over age 38 have made it into the program.

Y Combinator Alternatives

Y Combinator is not the only startup accelerator you might be interested in (thought, they do have the biggest name). Here’s a list of other programs you may want to check out.

500 Startups – CreditKarma, Canva, Intercom, Gitlab, +more
Sequoia – Doordash, Zoom, Apple, 23andMe, +more
Techstars – ClassPass, DigitalOcean, Remitly, SendGrid, +more
Plug and Play – Zoosk, Dropbox, Honey, Shippo, +more

Keep in mind that if you’re pre-revenue, there are other places to start.

For example, Anja Health’s founder, Kathryn Cross, spent a lot of time in a coworking environment warming up her business muscles before she applied to join YC (and was denied the first time).

Sometimes, local non-profits offer regional business acceleration services. The SBA offers an annual growth accelerator fund, which is distributed across the country to serve rural and suburban small businesses.

And, of course, there’s always business credit, which lets you maintain control of your business in every sense. Debt financing can be used to transform your life — some financial gurus like Robert Kiyosaki swear by it.

Conclusion

Is YC still worth it? That depends!

Y Combinator is not a one-size-fits-all solution for startups, and it’s important to weigh the pros and cons before applying. Ultimately, the decision of whether or not to join YC depends on the unique needs and goals of your business.

Are you willing to give up equity in your company for a chance at growth? If so, Y Combinator might be your fast track to success… if you can make it through the stringent vetting process.

I will say that any early-stage business founder or owner could benefit from the free Startup School. However, you should get what you can from it while seeing it for what it is: an insanely value-packed lead magnet.

All paths from the Startup School funnel lead to Y Combinator offers (this isn’t a bad thing, but it’s good to know when you’re looking at an advertising offer).

If you’re interested in learning how to get your company “credit-ready,” to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

What is the Best Bank of America Business Credit Card for Your Needs?

By Joe

Recently, we shared an overview of Bank of America’s corporate card offer, which comes with some pretty robust benefits. And, while putting that together, we realized that we hadn’t covered their small business credit cards yet. Currently, BoA is promoting seven business credit cards, each with its own set of pros and cons. This might leave you scratching your head, wondering which card is best for your situation.

Well, I’m going to break each BoA business credit card offer down for you. At the end of each section, you’ll find a quick overview of who that card would be best for.

Here’s what’s in store:

Bank of America Company Overview
Bank of America Business Credit Card Requirements
The Business Credit Card Offers
Final Thoughts

Let’s get moving.

Bank of America Company Overview

Bank of America was founded in 1998 in San Francisco, California. Since then, they’ve grown to become one of the largest and most well-known banks in the country, if not the world. In fact, they’re a household name.

The bank has a traditional offer, providing almost every financial service under the Sun, from personal banking to business finance management (and beyond). The company is a publicly traded, for-profit investment bank. With these credentials, it’s safe to label them as trustworthy.

Bank of America’s current CEO, Brian Moynihan, was promoted to this position in 2009 and still leads a team of nearly 200K staff members.

Bank of America Business Credit Card Requirements

Bank of America Business Credit Card Application

Nearly any business structure can apply for a Bank of America business card, including corporations, LLCs, sole proprietors, and freelancers.

To apply for a business credit card with them, you’ll need to have the usual information handy:

Legal and preferred business names
Type of business
Business address
EIN or SSN (for sole proprietors & freelancers)
Articles of organization
Business contact information
Years in business
Annual revenue and expenses

A good FICO credit score can be important for new business owners, since Bank of America may elect to look at applicants’ personal credit history when making a decision. For cases in which an applicant’s credit isn’t great, though, they do offer secured cards.

The Business Credit Card Offers

6 out of 7 of the Bank of America cards below are Mastercard,™ which means that cardholders can take advantage of the perks that come along with that. Mastercard standard benefits include zero-liability protection, theft protection, and emergency assistance.

Note: Visa™ cards also come with some advantages of their own, such as discounts on partner offers.

These cards are designed for businesses and report on-time payments to Equifax Small Business, so they can have an impact on your business credit score.

Now, we’ll take a look at Bank of America’s business credit cards, one-by-one.

1. Business Advantage Customized Cash Rewards Credit Card

Bank of America Credit Card: Customized Cash Rewards

The first card we’ll look at is the Bank of America Business Cash Advantage Customized Cash Rewards Card. In this case, “customized” means that you can earn 3% cash back on the category with the highest spending. For example, you might choose to use your card primarily for fuel purchases, in which case you could earn 3¢ for every dollar spent at a gas station.

To take advantage of the 3% cash back, cardholders must select their own “choice” category, which is managed in the app or cardholder dashboard.

This card also comes with 2% cash back on dining and 1% on everything else. No matter what, you’re earning at least 1¢ per dollar spent. You can redeem cash rewards as statement credit, a paper check, or have it deposited directly into a Bank of America checking or savings account.

There is no annual fee with the Customized Cash Rewards card, and you can increase the amount of interest earned if you bank with Bank of America.

Currently, there’s an introductory offer with this card, which promises a $300 statement credit if you use your card to spend at least $3K in the first 90 days and 0% interest for the first 9 billing cycles (after that, it’s ≤25.99%).

Who is this card good for?

The Business Advantage Customized Cash Rewards Mastercard™ from Bank of America is best for business owners who like to take advantage of cash rewards and are pretty organized with their spending. While you can earn 1% cash back on all spending, you would want to use this card if you plan to spend primarily in one category to maximize your rewards.

You should also have a good business and personal credit score since it’s an unsecured card with a competitive interest rate from a traditional lender.

2. Business Advantage Unlimited Cash Rewards Credit Card

Bank of America Business Account: Unlimited Cash Rewards Card

Next, let’s take a peek at the Business Advantage Unlimited Cash rewards card. “Unlimited” implies that you will earn on all spending. The standard cashback rate for this card is 1.5%. So, you will earn at least 1.5¢ with every dollar you spend — it’s a pretty simple offer.

Like the Customized Cash Back card above, you can earn more if you’re a Bank of America business banking member (if you qualify for the Preferred Rewards Business Tier). And, there is no annual fee.

The Unlimited Cash Back card also has an intro offer of $300 statement credit with $3K spending in the first 90 days and 0% interest for the first 9 billing cycles ( and ≤25.99% thereafter).

Who is this card good for?

The Business Advantage Unlimited Cash Rewards Mastercard™ from Bank of America is structured for someone who is looking for a simple rewards card. You can earn on all spending without prioritizing a specific category. Bank of America banking members may see even more benefits.

You should have a good credit score. Again, we’re looking at a traditional lender’s unsecured credit card with competitive rates, so they need to see proof that you will pay as agreed.

3. Business Advantage Travel Rewards Credit Card

Bank of America Business Advantage Credit Card Reviews: Travel Rewards

Now, let’s explore the Business Advantage Travel Rewards credit card. Instead of cashback, with this card, you will earn points (though the math usually comes out about the same with points as it does cash) at a rate of 1.5 points per dollar spent.

Points can be redeemed as statement credit, gift cards, or toward offsetting travel or dining purchases. And, cardholders who make travel purchases through the Bank of America Travel Center can book hotels (from 200K+ brands) and flights (from 200+ airlines) with no blackout dates.

The current online introductory offer can get you 30K bonus points with $3K in spending in the first 90 days. As with the other Business Advantage credit cards’ intro offers, this can also be redeemed as a $300 statement credit but is limited to use toward travel or dining purchases. As of now, you can also take advantage of 0% APR for the first 9 billing cycles (≤25.99% after that).

Who is this card good for?

The Business Advantage Travel Rewards Mastercard™ is designed for business owners who want to earn travel or dining rewards with their credit card spending. This might be the right card for you if you would find benefit in redeeming

Not to sound like a broken record, but you should have a good credit score — Bank of America tends to follow conventional standards with their underwriting for unsecured credit cards.

You Might Also Like: Marriott Bonvoy Business Credit Card Review & Comparison

4. Alaska Airlines Visa® Business Credit Card

Bank of America Credit Card: Alaska Airlines Business

Now, we have the Alaska Airlines Business Credit Card. Unlike other credit cards from Bank of America, this is a Visa. And, you can earn “miles” rather than cash back or points. The benefits of this card come at a cost of $50 per year, but you can earn 3 miles per dollar with spending at Alaska Airlines and 1 mile per dollar on all other spending.

Since miles usually convert the same as points, this card has triple the rewards potential of the Business Advantage Travel card (if you use it solely for purchases with the airline).

Miles can be redeemed with oneworld™ Alliance and Bank of America’s Global Partners. Some airlines include:

Alaska Airlines
American Airlines
British Airways
Cathay Pacific
Finnair +more

In addition, if you get this card, you will get Alaska’s famous companion fare every year on your account birthday. This will enable you to purchase one round-trip, coach ticket for a traveling companion for just $121 — companion tickets must be purchased at the same time as the base ticket and on the same itinerary.

Furthermore, you will get one free checked bag for yourself and up to six guests traveling with you; the value is $60 per bag. Plus, while traveling, you can enjoy 20% off in-flight purchases when you pay with your card.

The latest introductory offer is 40K bonus miles with $2K in spending in the first 90 days.

Note that the APR is ≤27.74% variable.

Who is this card good for?

The BoA Alaska Airlines Business Visa is suited, first, for any business owner who will take advantage of the companion fare yearly. With redemption, the $50 annual fee will pay for itself instantly. And, the high miles rewards offer makes this a natural choice for business travelers who frequent Alaska airlines will reap the most rewards.

All others will earn only 1 mile per dollar and would probably be better off applying for one of the Business Advantage cards instead.

Finally, you will almost certainly need a high FICO score of 700 or better to qualify.

5. Platinum Plus® Business Credit Card

Bank of America credit card limit: Platinum Plus Business Mastercard

While there are no rewards offered, the interest rates with the Platinum Plus Business Credit Card are lower than with other unsecured business credit cards from Bank of America (≤24.99%).

This card has no annual fee — it’s comparable to the Business Advantage cards in that way. And, you can take advantage of many of Bank of America’s free financial tools such as unlimited employee cards and automatic bill pay.

There is an ongoing intro offer, right now, for 0% APR for the first 7 billing cycles and $300 statement credit with $3K spending in the first 90 days.

Who is this card good for?

The Bank of America Platinum Plus Business Mastercard™ is great for a business owner who wants a simple business credit card with a lower interest rate. If you’re not interested in rewards, and you just want to be able to leverage the buy now, pay later features of a revolving card, this could be your best bet.

Once more, you’ll need good credit to qualify.

6. Business Advantage Unlimited Cash Rewards Secured Card

Bank of America Business credit card application status: Cash Rewards Secured Mastercard

The Business Advantage Unlimited Cash Rewards Secured Credit Card is very similar to the unsecured Unlimited card (see above).

Here’s how the two cards are the same:

≤25.99% standard APR
$0 annual fee
1.5% cash back rewards
Rewards redemption options:
- Statement credit
- BoA checking or savings deposit
- Paper check

What’s different about the secured card is that it’s intended to help you build business credit. So, if your credit scores are lower, this card provides a solution.

A $1K minimum deposit is required to open an account, and payments are reported to credit bureaus.

Who is this card good for?

The Bank of America Business Advantage Unlimited Cash Rewards Secured Mastercard™ is designed for business owners who might want to apply for the unsecured Unlimted Cash Rewards card.

With a secured card, there’s no need for excellent credit, because you will use your own funds to build credit.

7. Bank of America Executive Explorer Card

Bank of America Business credit card login: Executive Explorer Mastercard

Finally, the Executive Explorer card is another offer you might want to consider. With this card, there is a $375 annual fee. While that’s a bit steep, if you take advantage of everything the card offers, it more than makes up for the fee.

For example, you can get a $600 Lounge Access credit every year and $100 Airport Fast Track credit every four years, just for having the card. Then, you can access the Benefits on Us and Dinova Rewards programs, which are covered in our Bank of America corporate card review

The catch is that this isn’t a revolving credit line. Instead, it’s essentially a charge card that you must pay in full. You must be an executive or owner of your company to join the program.

Who is this card good for?

The Bank of America Executive Explorer Mastercard™ is great for business owners and executives who want discounts on the occasional airport lounge experience and Airport Fast Track. Anyone who might like to leverage dining and culture rewards (and thinks they’ll make the $375 annual fee worthwhile) should contact the sales team at Bank of America to discuss details in full.

Final Thoughts

Bank of America seems to have a credit card for every type of business owner. Whether you’re a corporate executive spending hundreds on Lounge Access for business travel, or you simply need to build your business credit, one of the above cards could be right for you.

Keep in mind, though, they’re not the only cards out there. Explore some of our previous business credit card reviews to make sure you’re applying for the right card.

Bank of America does require a personal guarantee, so their business credit cards can affect your personal credit score.

If you want to learn how to obtain up to $100K in business credit (that won’t affect your personal credit) in as few as 30 days, join Business Credit Workshop today.


2% cash back on all purchases	No annual fee and 2X points on eligible purchases	Special financing options and rewards on purchases	Flexible financing for John Deere products	Flexible financing with clear repayment plans
→ Learn More	→ Learn More	→ Learn More	→ Learn More	→ Learn More

	Chase Ink Business Preferred Generous rewards program and travel benefits → Learn more
	BoA Mastercard Business Platinum Comprehensive travel insurance coverage → Learn more
	American Express Business Gold Flexible rewards and bonus categories for common expenses → Learn more
	Capital One Spark 2% Business Cash Unlimited 2% cash back on all purchases → Learn more
	CitiBusiness/AAdvantage Platinum Select Travel benefits and rewards for American Airlines → Learn more
	Divvy Corporate Card Simplified expense management and budget controls → Learn more

Chase Ink Business Preferred	Competitive APR, employee cards, Mastercard Easy Saving® Program	Cash flow management tools, online & mobile access, travel and emergency services, free access to business credit scores
BoA Platinum Plus® Business Mastercard®	Competitive APR, employee cards	Cash flow management tools, online & mobile access, travel and emergency services, free access to business credit scores
Amex Business Gold	4X points on top 2 business categories, 1X points on other purchases	Cash flow flexibility, expense management tools, travel benefits, additional services
Spark 2% Cash Plus Business	Unlimited 2% cash back on every purchase, 5% cash back on hotels and rental cars booked through Capital One Travel	Flexible underwriting, cards for every employee, seamless software integration
AAdvantage Platinum Select	Travel benefits, mileage benefits, additional benefits	First checked bag free, preferred boarding, savings on inflight purchases
Divvy Corporate Card	Flexible rewards program	Control over rewards earnings, effortless management, various redemption options

	Amex Business Platinum	Capital One Spark Cash Select	Brex Corporate Card	Chase Ink Business Unlimited

_{Key Benefits:}	_{Robust rewards program and expense management}	_{Flexible rewards and business management tools}	_{Tailored for startups with no personal guarantee}	_{Wide range of card options and rewards}