Best Business Credit Cards For Startups and New Businesses Of October 2022 (2023)

FAQs

What credit score is needed for a US bank business credit card? ›

You need to have excellent credit (i.e. a credit score of at least 750) to get the U.S. Bank Business Platinum credit card.

If you have good credit — represented by a credit score of 690 or above — you can generally qualify based on your personal credit history. It's not necessarily a deal-breaker if your business or side hustle hasn't made any money yet. You can say so on the application.

The Target Business Card is issued by Target Bank, Member FDIC. Subject to credit approval. equally available to all credit-worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request.

One of the easiest U.S. Bank credit cards to get is the U.S. Bank Secured Visa® Card, which accepts applicants with bad credit and has a $0 annual fee. The best U.S. Bank credit cards require a 750 credit score or higher for good approval odds.

Do you have a job and the money to cover the full amount you charge to your card every month? Credit card companies don't typically verify income through pay stubs or tax returns. However, you will be asked to state how much you make on your application, and providing false information is illegal.

Not having any business revenue yet is not necessarily a deal-breaker on a business credit card application. Applicants can enter $0 as revenue as long as they are able to list personal income later in the application.

Does an LLC Have Its Own Credit Score With The Rating Agencies? Yes, a business has its own credit score and credit report. When you start your business and start applying for credit, your personal credit history and score will be taken into account.

Which banks offer corporate credit cards? ›

Employees that are authorized to hold and use a corporate credit card may have their credit history checked by the issuer. This hard credit check can have a small negative impact on your credit score.

In some cases, corporate credit cards don't require an SSN, meaning you can get a business card with an EIN only. Corporate cards have stricter application rules. In most cases only certain types of businesses are eligible, and your business may need to earn a certain profit margin each year.

In many situations, you need to contact the credit bureaus specializing in business to establish a file. Once you have one, then you can use EIN to apply for a credit card. New businesses might struggle to find an issuer, unless you have strong personal credit and use your yourself as a co-signer.

Establish credit trade accounts with several companies that offer revolving credit lines. Use your EIN when filling out applications, charge what you need and then pay the amount in full and before the due date to establish good credit. Companies like Dell, Staples and Lowe's often work with new businesses.

1. HDFC Bank instant approval credit card. HDFC Bank credit cards are not only 100% secure, but they also provide instant activation and ownership.

If your goal is to get or maintain a good credit score, two to three credit card accounts, in addition to other types of credit, are generally recommended. This combination may help you improve your credit mix. Lenders and creditors like to see a wide variety of credit types on your credit report.

Experian, one of the top credit bureaus, states that a score of 670 or above is “generally considered good” and a “score of 800 or above is considered to be excellent.” Sufficient Income — Chase will want to verify sufficient income to determine your ability to pay and to calculate the amount of your credit card limit.

It's not likely that the card issuer will ask for you to provide proof of income, such as tax forms, unless you are a young borrower. But the best practice is to be honest so that your credit limit is appropriate. You'll want to make sure you can afford the minimum payments and stay out of debt.

They will request tax returns and bank statements. What they're looking for is to make sure the income you reported on the application is true. The process typically takes 2-3 weeks, and you're assigned a specialist to talk to.

How soon can I get business credit? ›

Some experts suggest that it takes three years to build satisfactory credit for your business. However, some lenders may require only one year of a business's operating tenure.

Apply for business credit

One of the first steps you'll want to take is to register for a Dun & Bradstreet number, or DUNS number. A DUNS number is a unique nine-digit identification number for each physical location of your business. Dun & Bradstreet also offers guidance on how to build business credit.

To get a business credit score from Dun & Bradstreet, one of the three major business credit bureaus, you first need a DUNS number. You can request a DUNS number for free on Dun & Bradstreet's website.

Establish business credit – A good business credit score can open many financial opportunities, including better interest rates, higher lines of credit and low-interest loans for an LLC. One of the best ways to build business credit is by opening a business credit card and using it responsibly.

Even if your credit is bad, you have options. There are some good business credit cards for people with bad credit. Be aware that some business cards are charge cards while others are credit cards. With a charge card, there is no preset limit, but you'll need to pony up the entire balance within about 30 days.

In short, if you earn money from the work you do, you may be able to qualify for a business credit card. You don't have to have a registered LLC or corporation in order to apply for a business credit card.

LLCs can get a business loan as long as they've formed their company before submitting a loan application — and provided they meet the lender's requirements. Specific qualifications will vary based on your lender and type of LLC loan you're seeking.

Unlike consumer credit scores that follow a standard scoring algorithm and range from 300 to 850, business credit scores generally range from 0 to 100.

Situations Affecting Personal Credit

There are a few situations when a bankruptcy filed by a corporation, limited partnership, or LLC might affect your personal credit report. If an LLC has debts in its name, only the credit of the LLC is affected. The exception is if a member of the LLC guarantees the loan.

The U.S. Bank Business Triple Cash card uses all three major credit bureaus: Experian, Equifax, and TransUnion. Either one or more credit bureau may be used when evaluating a U.S. Bank credit card application.

Which credit bureau does U.S. Bank use? ›

U.S. Bank is most likely to use your TransUnion credit report when considering your credit card application for approval.

The U.S. Bank Secured Visa Card is the easiest U.S. Bank credit card to get since it is a secured credit card. This means that you'll need to fund your account with $300-$5,000, which will be held as a security deposit in a separate U.S. Bank secured savings account.

The credit score you see in U.S. Bank mobile and online banking is a unique score derived from the VantageScore 3.0 model to help you understand your creditworthiness. The model incorporates the same data considered by the three main credit reporting companies (TransUnion, Equifax and Experian).

“It's a quick, easy process. Within five to ten minutes, you can be approved.”

And that's true whether it's personal or commercial credit data. So with business credit especially, it can be tough to find lenders and vendors that report. That's why this kind of information is important. Right now, American Express, Capital One, Chase, and Citi all report to Dun & Bradstreet.

We report all new and existing small business credit cards to two commercial credit bureaus: Dun and Bradstreet (D&B)

Credit card companies can pull credit reports from all three credit reporting agencies; however, there are some credit card companies that most likely pull from Experian like Chase, Wells Fargo, Bank of America, Citi, and American Express.

What credit score do I need to be approved for the U.S Bank Platinum? The recommended score for approval is good to excellent, which can be anywhere from 670 to 850 on the FICO scale.

Some credit cards that use Experian only reportedly include Chase Sapphire Preferred and the Citi Premier Card, among others. There's no guarantee these credit cards use Experian 100 percent of the time.

1. HDFC Bank instant approval credit card. HDFC Bank credit cards are not only 100% secure, but they also provide instant activation and ownership.

How many secured cards should I have to build credit? ›

You should only have one secured credit card to rebuild your credit initially, though you may want to consider eventually having two. It's not a good idea to apply for multiple credit cards at the same time because each application triggers a hard credit pull that negatively impacts your credit score.

After 12 months, U.S. Bank will consider upgrading you to an unsecured card. This means that if your credit score has improved enough, you'll be able to upgrade to a better card within the issuer's family of products without having to close your account.

A perfect credit score of 850 is hard to get, but an excellent credit score is more achievable. If you want to get the best credit cards, mortgages and competitive loan rates — which can save you money over time — excellent credit can help you qualify. “Excellent” is the highest tier of credit scores you can have.

Which Credit Score Matters More, TransUnion or Equifax? The truth is your lender can choose any of the two or even both of these scores. It all boils down to the lender's preferences and what aspects of your finances they're interested in. Either way, both scores offer equally valuable information.

FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score. There are also industry-specific versions of credit scores that businesses use. For example, the FICO Bankcard Score 8 is the most widely used score when you apply for a new credit card or a credit-limit increase.