small business credit cards

Behind the Scenes of Become.co: A Comprehensive Review

Become.co – aka “Become” – is a relatively new player in the online lending field, offering financial solutions for owners looking to optimize profits and obtain funding to grow their business.

The offer has received mostly positive reviews with a Trustpilot rating of 4.6 (believe it or not, this is impressive for a financial offer). Users have praised their services, highlighting quick and effective funding solutions. They’ve also mentioned friendly and professional staff, as well as seamless processes.

Become seems to go above and beyond traditional business lenders, but is the offer real or hype?

That’s what I intend to explain (in detail). Let’s explore everything Become might be able to help you achieve, and see how they stack up next to competitors.

Here’s what’s in store:

What is Become.co?
What Type of Business Loan Can You Get Through Become?
- How to Qualify for Funding
eCommerce Loans
- The BeProfit™ App for Online Sellers
Industry-Specific Loans
LendingScore™ & MatchScore™
Frequently Asked Questions
Conclusion

Let’s begin!

What is Become.co?

Become was founded in 2016 by Amir Leitersdorf, Daniel Katz, Eden Amirav, Guy Zipori, Iri Amirav, Ofer Ariel, and Uri Sittan. The company is based in San Mateo, California, and has received Series A funding totaling $15.2 million.

The offer is an end-to-end financial optimization platform and loan marketplace for small and medium-sized businesses (SMBs). In a word, it uses advanced algorithms to provide customized funding offers to SMBs, helping them scale and grow their businesses.

We’ve seen comparable business funding algorithms before – from companies like Divvy (credit card), Fundbox (loans/credit lines), and Lendio (funding marketplace), to name a few. But, Become doesn’t just use technology to match business owners with lenders.

Become goes a bit farther with their offer, and gives business owners access to solutions that help them scale:

A vast array of business loans from various lenders
Transparent LendingScore™ dashboard
MatchScore™ to pair SMBs with lenders
Automated application review
The BeProfit app (to help track and analyze eCommerce profits)

Let’s peek behind the curtain at the solutions you might want to take advantage of.

What Type of Business Loan Can You Match With Through Become?

As I said, Become can get you access to an array of loans. But, in straightforward terms, what’s this mean for you?

Here are the types of business loans Become can match you with:

Commercial vehicle loans
Startup business loans
Asset-based loans
SBA loans
Lines of credit
Business equipment loans
Unsecured business loans
Invoice factoring & merchant cash advances (MCAs)

As you first dive-in to the offer, it appears that Become is like a Credit Karma for business (though they’ve referred to themselves as the “Tinder” for business).

How to Qualify for Funding

In sum, Become wants to see your credit score (it seems that they use their own proprietary LendingScore™ as opposed to Paydex or FICO), time in business, and revenue.

Keep in mind that since Become works with so many lenders, a poor credit score won’t necessarily disqualify you from obtaining funding. But, it might limit you to certain types of loans (probably high-interest funding like MCAs or invoice factoring).

If you’re based in America, you’ll need a business that’s been operational for at least 3 months. This qualification doesn’t seem to be negotiable, and the only way around it would be a creative solution like purchasing a shelf company.

Finally, Become wants to see that your business brings in an average of $5K in revenue per month.

Now, if you don’t qualify for funding through the platform, you will be informed about why, and shown how you might improve your business health and improve your LendingScore.™

eCommerce Loans

Working in the eCommerce space? If you sell on Amazon or Shopify, you can connect your store to the platform (no paperwork required) and find out if you qualify for funding – you can potentially receive up to $100K within a day.

You may also need to connect to your online advertising channels to rate your marketing efforts.

Currently, Become partners with Kapitus, Everlasting Capital, and Pearl Capital to match funding offers with online sellers who qualify.

Here’s what you should know about these partners:

Kapitus requires a 625 credit score, 2+ years in business, and $250K annual revenue
Everlasting Capital primarily offers MCAs & equipment financing, which are likely high-interest
Pearl Capital is a technology partner that probably makes Become’s business analysis possible

This should give you an idea whether or not it’s worth applying for an eCommerce loan through Become – Keep in mind that the platform will show you personalized areas for improvement if you aren’t currently eligible for financing through one of their partners.

The BeProfit™ App for Online Sellers

Next, let me introduce BeProfit: It’s an app that helps you dig deep into your online sales profits, so you’re not just guessing about your financial health.

BeProfit gets all your expenses, from shipping to discounts, neatly organized in one place. You can quickly spot what’s boosting your profit and what’s dragging it down, so you can make smart decisions.

Plus, it’s super user-friendly. No need to drown in complicated numbers and reports. BeProfit simplifies everything into easy-to-understand reports, giving you more time to focus on growing your business.

Now, is it relevant or right for you?

BeProfit is available on Shopify, Woo, and Amazon, and costs from $20 to $2000 per month to use (though you can use it for free on Shopify if you have fewer than 5 monthly orders).

Note: All plans include features related to shipping, discount, products, inventory, marketing, and returns.

	Monthly Price	Yearly Price	Orders	Shops	Features
Basic	$20	$240	200	1	Profit Dashboard, Custom Expenses
Advanced	$60	$720	600	1	Advanced Analytics, 3 Team Members
Pro	$120	$1440	1200	1	Retention Analytics, 5 Team Members
Plus (Custom)	Starts at $200	–	Unlimited	Unlimited	Deep Analytics, VIP Support

Please note that the prices mentioned are subject to change, and it’s always a good idea to check the latest pricing for the most up-to-date information.

Industry-Specific Loans

While their offer for online sellers stands out, eCommerce isn’t the only niche that Become caters to. The company is all about helping businesses get the right funding they need. They offer tailored loans for various industries.

Whether you’re in the hotel business, a contractor, a realtor, or even run a restaurant, they’ve got you covered. Construction companies can find financing options that suit their needs, and the same goes for trucking businesses. It’s like a one-stop-shop for business funding.

What’s cool is that they use technology to match you with the best lender for your specific industry. So, you’re not dealing with a generic loan but one that understands the challenges and opportunities in your field.

Plus, they make it easy to apply, and you can compare offers to choose what works best for your business. So, if you’re in one of these industries and need financing, it might be worth checking out – It’s all about making business funding as simple as walking into a convenience store.

LendingScore™ & MatchScore™

Before we wrap up, let’s get a quick overview of how LendingScore and MatchScore work.

LendingScore is like a financial fitness tracker for your business. It delves into your financial details, analyzing your credit, income, and history to determine how prepared you are for a loan. Instead of filling out numerous loan applications, LendingScore™ streamlines the process by allowing you to submit just one. Then, it takes on the role of matchmaker, connecting you with top lenders who are more likely to approve your loan application. It’s akin to having a personal coach for your business finances, helping you navigate the world of loans with ease.

On the other hand, MatchScore is your loan cupid. This tool takes your business’s financial profile and starts swiping right on lenders who are a perfect fit. Think of it as a dating app, but for loans! Instead of you scouring the market for lenders, MatchScore does the legwork for you. Its primary goal is to find the loan that aligns perfectly with your business needs. No more blind dates with banks – MatchScore ensures that you and the lender are a match made in financial heaven.

In summary, LendingScore assesses your loan readiness, while MatchScore acts as your personal loan matchmaker. With these handy tools, you can navigate the loan application process effortlessly and discover the ideal financing option that suits your business like a glove.

Frequently Asked Questions

Can you get a loan for eCommerce?

Yes, you can get a loan for your eCommerce business. Many lenders offer small business loans for eCommerce, like Become and Stripe Capital.

Can you do eCommerce with no money down?

It’s tough but possible. Consider options like drop shipping or print-on-demand, where you don’t need upfront funds for inventory. And, some people who don’t want to pay to host a website, sell manually on Instagram, Facebook Marketplace, and Craigslist.

How to get a loan to start an eCommerce business?

To get an eCommerce loan, prepare a solid business plan, demonstrate your ability to repay, and find a lender that fits your needs.

How much money do you need for eCommerce?

The amount varies, depending on your niche and plans. Costs can include website development, inventory, and marketing.

Do you need a lot of money to start eCommerce?

Not necessarily. Many start small and reinvest profits to grow over time. Careful planning can help you start with a lean budget.

Conclusion

So, is Become the real deal or just a bunch of hype?

My opinion: it appears to be a promising financial optimization and funding platform for SMBs – Their tailored funding solutions and the positive Trustpilot reviews are strong indicators of their effectiveness in helping businesses grow.

However, as with any financial service, you need to do your due diligence and thoroughly assess whether Become’s offer aligns with your needs, and if it’s necessary.

So, do you prefer convenience or control – In my opinion, Become is one of the most convenient business funding offers out there, but it doesn’t give SMBs the ultimate control over their finances.

Would you be better off to raise money through Kickstarter, explore an offer like Fund&Grow or Lendcred…or build your business credit and hand-pick the offers you want to apply for?

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

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

By Joe

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.

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

By Joe

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

And guess what?

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

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

Here’s what’s in store:

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

Now, let’s make tracks!

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

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

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

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

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

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

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

The Benefits of Fuel Cards for Long-Haul Drivers

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

Expense Reduction and Rewards

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

Well, dream no more!

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

Improved Cash Flow

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

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

Expense Tracking and Simplified Bookkeeping

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

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

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

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

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

1. WEX Fleet Card

fuel cards for truckers with no credit check

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

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

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

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

2. Shell Fleet Navigator Card

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

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

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

3. Exxon Mobil FleetPro Card

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

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

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

4. Fuelman

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

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

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

5. Shell Small Business Card

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

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

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

6. Discover It Secured Card

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

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

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

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

7. Hilton Amex Surpass Card

Best business credit cards for owner operators

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

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

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

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

Frequently Asked Questions

Do truckers get fuel discounts?

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

What is the best credit card for truckers?

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

What is a truck fuel card?

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

Which gas card saves you the most?

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

Do fuel cards build credit?

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

Final Thoughts

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

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

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

By Joe

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

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

Here’s what’s in store:

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

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

Commercial Card vs Business Credit Card

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

Some notable characteristics of commercial cards include:

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

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

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

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

Best Overall Credit Cards for Ad Spend

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

But, I want to tell you about them anyway.

Amex Business Platinum Card

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

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

Amex Business Gold Card

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

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

The Best Card for Facebook & Instagram Ads

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

Chase Ink Business Preferred Card

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

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

The Best Card for Google Ads

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

Stripe Corporate Card

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

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

The Best Cards for Amazon Ads

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

Amazon Business Prime Card

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

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

Bonus: Budgeting for Digital Ads

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

Check it out:

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

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

Frequently Asked Questions

Why is my card being declined on Facebook Ads?

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

Facebook Ads or Google Ads: Which is better?

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

Can I use a Visa gift card for Facebook Ads?

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

Which cards are accepted in Facebook Payments?

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

Conclusion

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

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

Uncover the Best Credit Card for Your Agriculture Business

By Joe

best credit card for agriculture business

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

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

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

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

Here’s what’s in store:

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

Now, let’s get goin!

What to Look for in a Business Credit Card

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

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

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

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

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

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

Spark 2% Cash Plus Business

Issuer: Capital One

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

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

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

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

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

It also offers benefits such as:

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

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

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

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

American Express Blue Business Plus

Issuer: American Express

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

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

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

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

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

The card also offers expense management tools such as:

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

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

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

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

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

Tractor Supply Co. Business Credit Card

Issuer: Tractor Supply Company (TSC)/ Citibank

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

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

Annual Fee: The TSC card has no annual fee.

Features and Benefits: Deferred interest promotional offers:

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

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

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

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

John Deere® Credit Card

Issuer: John Deere

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

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

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

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

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

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

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

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

Affirm Virtual Card

Issuer: Affirm Loans

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

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

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

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

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

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

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

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

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

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

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

Frequently Asked Questions

What is credit card farming?

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

Can I use a business credit card for multiple businesses?

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

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

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

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

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

Can you have a business credit card with bad credit?

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

Can a nonprofit get a credit card?

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

Wrapping Up

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

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

Wanna know a secret?

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

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

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.

Business Credit Workshop’s Official Business Credit Building Checklist

By Joe

→ Download the Business Credit Checklist PDF

Get the PDF Now →

As an entrepreneur looking to build credit for your small business, you’ve probably realized how important it is to establish creditworthiness. Building credit for your business is crucial to secure start-up funds, get financed for operating costs, or expand your offer.

Establishing business credit can be challenging, but by following this checklist, you can get your business on the right track. Here’s a comprehensive business credit checklist with nine essential steps to help you build and maintain business credit. From getting your personal credit in check to applying for business credit, we’ll walk you through each step to help you establish a strong credit profile for your small business.

Here’s everything covered in this checklist:

1. Get Your Personal Credit In Check
2. Establish Your Business for “Credit Readiness”
3. Open a Business Bank Account
4. Establish Relationships at the Bank
5. Make Sure You Have a DUNS Number
6. Establish Your First Trade Lines of Credit
7. Pay Your Accounts at the Right Time
8. Check and Monitor Your Business Credit
9. Apply for Business Credit
Final Thoughts

Now, let’s get to it!

1. Get Your Personal Credit In Check

Before you start building business credit, you need to get your personal credit in check. It doesn’t necessarily have to be perfect, but most business credit lenders require a “personal guarantee” (PG). This means your personal credit can impact your ability to obtain funds for your business.

If you don’t know without a doubt that your personal credit is excellent, here’s what you need to do:

Obtain a copy of your credit report from each of the three major credit bureaus – Equifax, Experian, and TransUnion — You can do this through AnnualCreditReport.com or individual credit bureaus’ websites.
Review your credit reports carefully and dispute any errors or inaccuracies with the credit bureau(s) reporting it.
Pay down any outstanding balances on loans, credit cards, or lines of credit to decrease the size of outstanding debt in proportion to your available credit. This will lower your credit utilization ratio, which can boost your credit score over time.
Make timely payments on all current and prior debt obligations and avoid negative marks by paying your bills on time.
Try to increase the average length of your credit history by keeping your oldest credit card account(s) open and active (closing them can reduce your credit history and negatively affect your credit score).
Avoid opening multiple new credit card accounts or loans at once, as it can impact your credit score negatively in the short term.
Monitor your credit reports regularly to ensure that they reflect your current creditworthiness.

Your personal credit score can impact your ability to secure business credit, so it’s crucial to maintain healthy financial habits like making timely payments and keeping credit balances low. Improving and maintaining your personal credit score is an investment in the future of your business.

2. Establish Your Business for “Credit Readiness”

Whether your business is established or brand new, there are several items you need to be “credit ready.” Go through this list and make sure you’ve done everything you need to make your business seem credible to lenders.

Note that you need to choose a consistent business name and address, and a start date, get a business phone number, and create a legal entity for your business. If your business has a physical location, determining an address is easy. If not, you can use a virtual address or shared office space. And, use a consistent date for your business start date.

Here’s how to properly set up and establish your business:

See: Sole Proprietorship VS LLC: How to Choose Your Entity Wisely

Apply for an Employer Identification Number (EIN) from the IRS in the company’s name.
Set up a dedicated business phone line and list it on 411 under the exact business name used on your registration.
Create a professional business website and email address.
Ensure credibility by meeting the following requirements for business credit approval:
1. Use the full legal name, including DBAs, and ensure it matches the corporation records for the business name.
2. Obtain necessary business licenses required by your industry and state.
3. Make sure your EIN matches exactly with your state filing.
4. Have a physical business address and avoid using P.O. box. If you use your home office address, establish a suite number.
5. Use a real business or VOIP number instead of your mobile or home phone — for a free or low-cost option, look into Google Voice.
6. Have a business fax number — you can use an online service for this, if you don’t want to mess with a fax machine.
7. Ensure there are no liens, judgments, or lis pendens exist against the business in public records.

By following these steps, your business can establish good business credit, which is necessary for obtaining business credit approval.

3. Open a Business Bank Account

You need a business bank account to get business credit because it helps lenders verify your financial stability and separate your business and personal finances. Without one, you may not be able to provide the necessary information to apply for business credit, and it can harm your chances of approval.

Here’s how to open a business bank account:

Research and identify a suitable bank or credit union for your business needs. Small community banks and credit unions are often a great option for businesses.

See: 3 Best Credit Unions for Small Business Banking

→ Interested in online banking? See our full write-ups on Novo Bank, Amex Business Checking, Bluevine, and NorthOne.

Gather your business’s legal documents such as your state and local business license, Articles of Incorporation or Organization, and the employer identification number (EIN) issued by the IRS.
Schedule an appointment with the bank and bring the business documents, along with the personal identification documents of anyone authorized to make transactions on the account.
Choose the type of account you need, such as a checking or savings account, and ensure that it meets the requirements of your business.
Provide the bank with the business’s address, phone number, and tax/EIN number to set up the account.
Ask about any fees, minimum balance requirements, and transaction limits associated with the account and make sure you understand the terms and conditions.
Commit to using this account for all business expenses and avoid using it for personal expenses. Mixing business and personal transactions can make it difficult to track expenses, which can lead to complications come tax season.

Opening a business bank account is essential for establishing financial credibility for your business. By choosing the right account and keeping personal and business expenses separate, you can effectively manage your business finances, and build a positive relationship with your bank or credit union.

4. Establish Relationships at the Bank

Establishing a good relationship with your bank provides several benefits, including quicker loan processing, more flexibility, access to financing, personalized services, and financial expertise. It lays a strong foundation of mutual understanding, trust, and communication, which can help your business grow and succeed.

Here are some steps you can take to establish rapport at your bank:

Schedule a meeting with a business banker at your bank to introduce yourself and your business. Use this opportunity to learn more about the bank’s lending policies and requirements.
Use your bank account regularly for all business transactions. This can help you establish a positive payment history and build trust.
Avoid overdrafts and NSFs from your bank account.
If your business needs a loan, consider applying for a small business loan through your bank rather than going to alternative lenders like online lenders or credit cards. This can help you establish a credit history with the bank and show that you are committed to building a relationship with them.
Attend local business events and network with other entrepreneurs and business professionals. Building these relationships can help entrepreneurs gain referrals and make useful connections.
Be open and honest with the bank about your business’s financial situation, plans, and goals. Honesty can help build trust.
Regularly communicate with the bank to nurture the relationship and ensure that they are aware of your business’s successes and challenges.

Taking these steps can help you establish strong relationships with your bank and increase your odds of obtaining business credit. Building a relationship with your bank is important in establishing financial credibility and creating a successful business.

5. Make Sure You Have a DUNS Number

A business needs a DUNS number to establish a credit file, enhance credibility, access loans and credit, and increase visibility. It’s a unique identifier assigned by Dun & Bradstreet (the leading business credit bureau) that allows for easy tracking and reporting of credit history, and it’s free and easy to obtain online.

Here’s how to make sure your business has a DUNS number:

Check if your business is listed with the major business credit reporting agencies, including Dun & Bradstreet, Equifax, and Experian. You can search for your business on their website or through a free Nav account.
Apply for a free D-U-N-S number from Dun & Bradstreet, which is required to create a business credit profile in their system. It can take 4-6 weeks to process.

When you take these steps, you can properly build business credit. It’s important to stay on top of your payments and ask others to report on your payments as well to ensure you build a positive credit history.

6. Establish Your First Trade Lines of Credit

Establishing the first tradelines (credit accounts) for your business is crucial to building and improving your business credit score. It involves paying on time and generating a positive payment history with suppliers or vendors that report to credit reporting agencies. By doing this, you increase your chances of obtaining financing and credit on favorable terms for your business.

To obtain vendor credit, follow these steps:

Locate 3-5 vendors who report to business credit reporting agencies.

See: Using 30-Day Net Vendors to Build Your Business Credit Score

Ask all vendors, suppliers, and service providers to report on your payments to improve your score — your CPA and attorney might be able to report on your payments as well.
Apply for vendor credit using your EIN without revealing your SSN.
Purchase products from these vendors, following their reporting terms.
Use the newly approved credit to buy over $50 worth of items.
Pay your accounts on time, preferably early in the billing cycle.

You can build business credit and establish a positive payment history by following these steps — this will allow you to access credit and better financing options in the future.

7. Pay Your Accounts at the Right Time

Paying business tradeline accounts on time is crucial to maintain a positive payment history, improve your business credit score, and build positive supplier/vendor relationships. Late payments can harm your credit score, trigger fees, and damage your reputation, making it harder to obtain financing and business opportunities in the future.

Here’s how to build business credit by paying on time:

Set up reminders, alerts, or auto payments to pay business accounts on time.
Pay your bills early to further improve your credit score, (this also helps you take advantage of discounts with suppliers).
Proactively contact suppliers to avoid late fees or negative reports if you can’t make a payment on schedule.
Connect the tradeline to your business account and use it to pay the credit card bill to establish a good payment history.

*By connecting your tradeline to your business bank account and using it to pay your invoices, you establish a good payment history and keep cash flowing through your account.

8. Check and Monitor Your Business Credit

Reviewing business credit reports often, promptly correcting any errors, and taking action if fraudulent activity occurs can protect you from business credit fraud and identity theft.

Here are some action steps to monitor your business credit effectively:

Understand the number of payment experiences required to qualify for different types of business credit — as a rule, you should gather at least 3 payment experiences on your business credit report.
Obtain credit reports from business reporting agencies such as D&B, Experian, and Equifax by obtaining a DUNS number for free from D&B and enrolling for reporting agencies.
Check credit reports every month to monitor for unfamiliar inquiries or accounts you didn’t authorize.
Review reports from all agencies quarterly, correct errors promptly, and take action if any fraudulent activity occurs.
Use a monitoring service to stay informed of any changes.

When you have three reporting payments, this gives you an 80 Paydex score, which is the ideal business credit score. However, specific lenders may have unique qualifying requirements.

9. Apply for Business Credit

When you have your perfect Paydex score (80), you’re ready to apply for business credit. You can start with store cards, revolving cash credit, or credit cards. Let’s take a quick look at each.

How to apply for business store credit:

To obtain revolving credit at popular stores like Best Buy, Amazon, Walmart, Target, and Staples, establish a business credit profile with at least a D&B and Experian score and at least five reported payment experiences.
Contact the store directly to learn how to apply, research their approval requirements, and complete the application without including your social security number.
Use your newly established business credit accounts to purchase products and timely pay bills while monitoring your credit reports.
Establish at least ten reported payment experiences, including vendor and revolving credit, to start getting approved for more cash credit.

How to secure revolving cash credit:

Establish a business credit profile with at least a D&B and Experian score and at least ten payment experiences, including at least one reported account with a $10,000 high limit.
Locate cash credit sources and complete the business application form without including your social security number.
Use your new credit to purchase items and timely pay bills to increase your business credit score.
Monitor your credit reports to ensure your new accounts are reporting.

How to use a business credit card:

Pay your business credit card on time to boost your business credit scores and improve overall creditworthiness.
Note that some business credit cards may report to the owner’s personal credit reports with all activity or just negative activity in the case of unpaid bills.
Before applying for a small business credit card, ensure you have good personal credit scores and sufficient income from all sources.
Review credit card offers carefully as terms and rewards vary widely.
Determine whether to issue business credit cards to employees to help with expense reporting and segregating business expenses.
Connect the tradeline to your business account and use it to pay the credit card bill.

By following these steps, businesses can establish a credit profile and obtain business credit. Establishing payment experiences for revolving and cash credit, researching approval requirements, and monitoring credit reports regularly are key to building and maintaining business credit. Using a business credit card can also be an effective tool to manage expenses and improve credit scores.

Asking for Help is Not a Sign of Weakness

Building business credit can be complex and overwhelming, but it’s essential for the success of your business. Remember that asking for help is not a sign of weakness. Resources and experts are available to guide you through the process and help you establish strong credit for your business. With guidance from people with experience, you can navigate the complexities of building business credit and take your business to the next level.

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.

Sole Proprietorship VS LLC: How to Choose Your Entity Wisely

By Joe

Here, we teach people how to build business credit. And, establishing your entity is a super important step in the process — early on, the two most common choices are sole proprietor or LLC.

If you’re running a business as a sole proprietor, and considering an upgrade to LLC, you might already know that you can get some business credit even without registering as an LLC or corporation…But if you’re looking to take your business to the next level and secure larger no-doc business lines of credit (think 25k, 50k, 100k), you might find it challenging without a registered corporate entity.

Banks and lenders tend to prefer working with LLCs or corporations because they offer more protection and credibility. So, I highly recommend considering forming an LLC over a sole proprietorship if you’re serious about obtaining substantial business credit.

Don’t get me wrong — you can still apply for business credit cards as a sole proprietor. But, a registered LLC or corporation can make it easier to secure other types of financing and help you build a stronger credit profile for your business.

In this article, we’ll dive deeper into the differences between sole proprietorship and LLC, and explore their pros and cons, especially when it comes to business credit and financing options.

Here’s what we’ll cover:

Are You Sure You Only Want to Look at Two Options?
Sole Proprietorship vs Single-Member LLC
Here’s How Sole Proprietorships & LLCs Pay Taxes
- Comparison of Tax Rates & Deductions
- Can an LLC Be Used to Reduce Taxes?
How to Choose Between a Sole Proprietorship and an LLC
How to Register Your Business
Frequently Asked Questions
Conclusion: Which Structure is Best for You?

Now, let’s get going!

Are You Sure You Only Want to Look at Two Options?

Before we get too deep into the pros and cons of LLCs vs sole proprietorships, let’s take a quick look at some more entity types — I want to cover it all and give you everything you need to know. After all, it’s crucial to choose the right structure for your needs.

Sole Proprietorship

A sole proprietorship is the simplest type of business structure and is owned by one person. The owner has complete control over the business and is personally liable for its debts and legal issues. Sole proprietorships are not taxed as separate entities from the owner, meaning that the owner reports the business income on their individual tax returns.

Limited Liability Company (LLC)

A limited liability company (LLC) is a type of business entity that gives the owners (“members”) “limited liability protection.” This is a swanky way to say that the member’s personal assets are separate from the company’s assets, and their personal liability is limited to the amount of money they’ve invested in the company.

LLCs can have one (“single-member”) or more (“multi-member”) members, and they can be taxed as either a sole proprietorship, partnership, S corporation, or C corporation, depending on how the members choose to be taxed.

S Corporation

An S corporation is another type of entity that you may want to consider — it’s a type of corporation that is taxed differently than a traditional corporation (C corporation). An S corporation’s profits and losses are “passed through” to its shareholders, who report the income on their individual tax returns.

This means that S corporations avoid double taxation. To qualify as an S corporation, a business must meet certain requirements set by the IRS.

C Corporation

Next, you have a C corporation — a traditional corporation that is taxed as a separate entity from its owners (“shareholders”); this means that the corporation pays taxes on its profits, and the shareholders pay taxes on the dividends they receive from the corporation.

C corporations offer limited liability protection for their shareholders, but they are subject to double taxation.

Partnership Options

At this stage, it’s also important to look at the two types of partnerships:

General partnerships are a type of business entity where two or more people share the management and ownership and management of the company. The partners share the profits and losses of the business and are personally liable for any debts or legal issues that the business incurs.

A general partnership is typically not taxed as a separate entity from the partners, meaning that the partners report the business income on their individual tax returns.

Limited partnerships are similar to general partnerships but with two types of partners: general and limited partners. General partners have control over the day-to-day business operations and are personally liable for any business debts and legal issues. Limited partners, on the other hand, have limited liability and are not involved in the management of the business.

Limited partnerships are typically taxed as pass-through entities.

Sole Proprietorship vs Single-Member LLC

A single-member LLC is not the same as a sole proprietorship. In terms of liability protection, taxation, ease of formation and maintenance, and flexibility in management, there are considerable differences between sole proprietorships and limited liability companies (LLCs):

First of all, sole proprietorships provide no liability protection for their owners — basically, he owner’s personal assets are at risk if the business is sued or incurs debt. In contrast, LLCs offer “limited liability protection” to their owners (their personal assets are generally protected from the company’s debts and legal judgments).

Next, sole proprietorships are typically taxed as pass-through entities, which means that the business’s profits and losses are reported on the owner’s personal tax return. LLCs can also be taxed as pass-through entities, but they provide the option to be taxed as a corporation (this can be advantageous for LLCs that want to cash in on lower corporate tax rates or retain earnings in the business without paying personal income taxes on them).

And, sole proprietorships are the easiest and cheapest business entities to set up…in most states, they require no formal paperwork or registration. Now, while LLCs require more paperwork and filing fees to establish, they offer formal structure and protection. Both types of businesses require ongoing maintenance, such as keeping accurate financial records and filing tax returns, but LLCs typically have more stringent compliance requirements.

Finally, sole proprietors have complete control over the management of their businesses…but (big but), this also means that they have full responsibility for all aspects of the business. LLCs are more flexible in terms of management structure — they can be managed either by the members or by outside “managers.” LLCs can also have varying degrees of ownership and voting rights among members, which allows for more customized ownership structures.

While both sole proprietorships and LLCs offer benefits and drawbacks, LLCs typically offer more liability protection, tax flexibility, and management structure options, but require more paperwork and ongoing maintenance.

Here’s How Sole Proprietorships & LLCs Pay Taxes

Sole proprietors report their business income and expenses on their personal tax returns using Schedule C (Form 1040). The net income from the business is then subject to self-employment taxes, which include Social Security and Medicare taxes. Self-employment taxes are calculated on Schedule SE (Form 1040) and are owed in addition to income tax.

→ Sole proprietors are also responsible for paying estimated taxes quarterly throughout the year.

LLCs have more flexibility in how they pay taxes — by default, single-member LLCs are taxed as sole proprietorships and report their business income and expenses on the same Schedule C as a sole proprietor (Form 1040).

Multi-member LLCs are taxed as partnerships and file Form 1065 to report their business income and expenses annually. But, LLCs can also choose to be taxed as S corporations or C corporations by filing Form 8832 or Form 2553, respectively.

Comparison of Tax Rates & Deductions

Sole proprietors and LLCs taxed as sole proprietorships pay income tax at their individual tax rates, which range from 10% to 37% depending on their taxable income. They are also subject to self-employment tax, which is currently 15.3%.

LLCs taxed as partnerships, S corporations, or C corporations are not subject to self-employment tax — Instead, the owners or shareholders pay income tax only on their share of the profits.

Both LLCs and sole proprietors can deduct typical business expenses, such as rent, supplies, and equipment, to reduce their taxable income.

Can an LLC Be Used to Reduce Taxes?

You can use an LLC to reduce taxes in a couple of ways:

Elect to be taxed as an S corporation — this allows the owners to pay themselves a reasonable salary and take the remaining profits as distributions. This can reduce self-employment tax, as only the salary is subject to Social Security and Medicare taxes.
Take advantage of deductions and credits — LLCs can deduct business expenses, such as rent, supplies, and equipment, as well as contributions to retirement plans and health insurance premiums. They may also be eligible for tax credits, such as the Research Tax Credit or the Small Business Health Care Tax Credit.

Note that sole proprietorships are eligible for many of the same write-offs and credits as LLCs. So, how can you choose between them?

How to Choose Between a Sole Proprietorship and an LLC

Here are some factors to consider when deciding whether to choose a sole proprietorship or an LLC:

Sole Proprietorship:

Simple to set up and maintain — A sole proprietorship requires minimal paperwork and legal formalities, making it easy and affordable to start and operate.
Complete control — As a sole proprietor, you have complete control over your business decisions and operations.
Tax benefits — As a sole proprietor, you report your business income and expenses on your personal tax return, which can simplify tax preparation and potentially lower your tax burden.

Limited Liability Company (LLC):

Limited liability protection — An LLC provides limited liability protection to its owners, meaning that the owners are not personally responsible for the company’s debts and liabilities.
Credibility and professionalism — An LLC is often seen as a more credible and professional business entity than a sole proprietorship, which can be an advantage when dealing with customers, vendors, and investors.
Flexibility in taxation — LLCs have the option to be taxed as a partnership, an S corporation, or a C corporation, providing flexibility in tax planning and potentially reducing overall tax liability.

In general, if you’re a small business owner with low risk and relatively simple operations, a sole proprietorship can be a decent choice. However, if you are concerned about personal liability or are looking to grow your business and establish credibility, an LLC may be a better option. It’s always a good idea to consult with a lawyer or accountant to determine the best business structure for your specific needs and circumstances.

With that said, I know that you can get business credit with a sole prop but you can get serious no-doc business lines of credit (25k, 50k, 100k) without a real entity. so I recommend getting an LLC. You can get business credit cards but banks want to see an LLC or corporation to extend business lines of credit.

How to Register Your Business

Here are the basic steps to file the necessary paperwork for forming an LLC and registering as a sole proprietor.

Of course! Here are some more conversational explanations of the steps to form an LLC and register as a sole proprietor:

How to form an LLC:

Pick a name for your LLC that’s not already taken in your state and meets your state’s requirements.
File an Articles of Organization form with your state’s Secretary of State office. This form typically asks for basic information about your LLC, like its name, address, and the name and address of your registered agent.
Draft an operating agreement for your LLC. This outlines how your LLC is run and who owns it. Some states don’t require an operating agreement, but it’s still a good idea to have one.
Get any necessary licenses and permits for your business. Depending on where you live and what you do, you might need specific licenses or permits to operate your LLC.
Apply for an EIN from the IRS if you plan on hiring employees or opening a bank account for your LLC.

How to register as a sole proprietor:

Decide on a name for your business, whether it’s your own name or something else.
Get any licenses or permits you need to legally run your business in your area.
File a “Doing Business As” (DBA) form with your state’s business registration office to register your business name.
Apply for an EIN from the IRS if you plan on hiring employees or opening a business bank account.

Remember, the specific rules and requirements for forming an LLC or registering as a sole proprietor vary by state and local municipality, so be sure to do your research and follow the guidelines for your location. For example, in Oregon, you can legally run a business after filing an “Assumed Business Name” alone, but may still need local business licenses.

Frequently Asked Questions

What are the disadvantages of an LLC vs a sole proprietorship?

LLCs can be more costly and require more paperwork than sole proprietorships, but they offer greater personal liability protection. Sole proprietorships are generally easier and cheaper to set up, but leave you personally responsible for any business debts or legal issues.

What is more risky, a sole proprietorship or an LLC? Why?

A sole proprietorship is generally riskier than an LLC, as sole proprietors are personally liable for any business debts or legal issues. Forming an LLC can offer greater personal liability protection, which can help shield the owner’s personal assets from business-related risks.

How do business owners pay themselves?

Business owners can pay themselves in different ways, including salary, dividends, or draws/distributions from business profits, depending on the business structure and personal financial needs. And, some companies pay the owner’s salary with a business credit card. It’s important to consult with a financial advisor or accountant to ensure compliance with legal and tax requirements.

Conclusion: Which Structure is Best for You?

Whether you should choose a sole proprietorship or an LLC is based on a number of factors. Do you want more ease or more protection? Do you have specific tax needs? By now, you should have an idea which is best for your operations.

However, if you want substantial lines of business credit, there is a clear choice: form an LLC…You can certainly obtain business credit cards as a sole proprietor, but to get those larger lines of credit in the tens and hundreds of thousands range, most banks will want to see a more formal business entity like an LLC or corporation.

To learn how to obtain up to $100K in business credit in as little 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}