Editor’s note: This article contains updated information on the best credit cards for new businesses with no credit history.
Starting a new business is an exciting venture, but it can be challenging to secure a credit card without a credit history. However, there are options available that are specifically designed to help new businesses build credit. In this article, we will explore the six best credit cards for new businesses with no credit history in 2023. These cards offer easy approval processes, rewards, low fees, and the opportunity to establish and improve your business credit. Let’s dive in!
Chase Ink Business Unlimited®: Best Overall Credit Card With Simple Rewards Program for New Businesses With No Credit History
Why we like it: The Chase Ink Business Unlimited® card is our top recommendation for new businesses without a credit history. It offers a straightforward cash back rewards program, with a fixed-rate of 1.5% on all purchases. This card also provides interest-free financing on purchases for the first 12 months, making it an excellent option for new business owners. It has no annual fee and offers a generous sign-up bonus of $900 when you spend $6,000 within the first three months. With the ability to redeem rewards for cash back, gift cards, travel, and merchandise through Chase Ultimate Rewards®, this card is a great choice for new businesses.
American Express Blue Business CashTM: Best for Instant Approval With Expanded Buying Power
Why we like it: The American Express Blue Business CashTM card is perfect for new businesses looking for instant approval. It offers the convenience of instant card numbers upon approval, allowing you to use the card immediately. While a good to excellent personal credit score is required for approval, you can qualify even without a business credit history. This card also features expanded buying power, which allows you to exceed your credit limit based on your credit history, card usage, and payment behavior. With 2% cash back on eligible purchases up to $50,000 per calendar year, and 1% thereafter, this card is a great option for new businesses.
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®: Best for 15-month 0% APR & Up to 5% Cash Back
Why we like it: If you need to make significant purchases or transfer balances, the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® is an excellent choice. This card offers 15 months of interest-free financing on both purchases and balance transfers, allowing you to save on interest charges. Additionally, it provides attractive cash back rewards, including 5% cash back on prepaid hotels and car rentals, 3% cash back on categories like gas, office supplies, cellphone services, and dining, and 1% cash back on all other purchases. With a $500 bonus cash back offer and no annual fee, this card is a top contender for businesses without a credit history.
Chase Ink Business Preferred® Credit Card: Best for High Credit Limit & Up to $1,250 Sign-up Bonus
Why we like it: The Chase Ink Business Preferred® Credit Card is an exceptional choice for new businesses that require a high credit limit. This card offers generous credit limits based on your personal credit score and financial information. It also provides a substantial sign-up bonus of 100,000 points, equivalent to $1,000 cash back or $1,250 when redeemed for travel, when you spend $8,000 within the first three months of card ownership. With a low annual fee of $95 and rich ongoing rewards, this card is perfect for new businesses, especially those needing to advertise on social media platforms like Google and Facebook.
Capital One® Spark® Classic for Business: Best for Fair Credit With No Annual Fee
Why we like it: For business owners with fair credit, the Capital One® Spark® Classic for Business card is an excellent choice. Designed to help you grow your business credit score, this card reports your payment history to major business credit bureaus. Despite having no annual fee, it offers competitive rewards, including 5% cash back on hotels and rental cars booked through Capital One Travel, and 1% cash back on all other purchases, regardless of spending categories. As your credit score improves, you’ll have access to higher-performing cards. Just remember to pay your balance in full each billing cycle to avoid high APR charges.
First National Bank of Omaha Business Edition® Secured® Visa Card: Best Secured Card With Credit Limit Up to $100,000
Why we like it: The First National Bank of Omaha Business Edition® Secured® Visa Card is an excellent choice for businesses with bad credit history. This secured card offers credit limits ranging from $2,000 to an impressive $100,000, based on your security deposit. While it lacks a sign-up bonus and ongoing rewards, this card enables you to earn interest on your security deposit. With a low annual fee of $39, it provides an opportunity to rebuild your credit score and serves as an excellent stepping stone towards obtaining more favorable credit cards in the future.
When searching for a credit card for your new business without a credit history, issuers will typically consider your personal credit score and banking relationship as a basis for approval. It’s essential to evaluate the fees, terms, rates, rewards, and features offered by each card to identify the best fit for your business. Look for cards with 0% introductory rates, no annual fees, generous sign-up bonuses, and ongoing rewards. Furthermore, select a card that reports your payment history to business credit bureaus, as this will help you establish and improve your business credit over time. For more options, consider exploring the best small business credit cards. Remember, with the right credit card, you can pave the way for your new business’s success.