Can I get a small business credit card with low or no credit?

Business credit cards may appeal to business owners for many reasons. They can help build business credit, provide opportunities for financing and help keep personal and business expenses separate.

Many business credit cards require a credit score of “good" or higher, so if you have no or limited credit, you may be wondering if getting a business credit card is a possibility. However, there may be business credit cards available to you if you do not have a good credit score—you just have to know what to look for.

Why do you need a business credit card?

Business credit cards can have benefits for businesses of all sizes. Here are a few features and benefits that these credit cards may have:

• Separate finances: Having a credit card specifically for business expenses can help you keep track of your spending. It may also help you when tax season rolls around, as you'll have all your business transactions available under a single account.
• Protections and tools: Many business credit cards offer access to some type of expense management system to help you stay organized. Some also provide additional protections, such as purchase protection, cell phone protection and extended warranties.
• Building credit: Just like you have a credit score, so does your business. Being a responsible business credit cardholder can help you grow and maintain your business' credit score. Having strong business credit may help you secure larger credit limits and lower interest rates in the future.
• Business growth: Business credit cards usually have higher credit limits than personal credit cards. Having access to these funds may allow your business to invest in equipment or training that could help your business' growth in the long run.

Small business credit cards with no credit required

If your credit score is low or you don't have established credit, there could still be cards that may be available to you.

• Secured credit cards: There are a handful of secured business credit cards on the market that could be an option for those with low or no credit. A secured credit card requires a deposit that will act as collateral to reduce risk to the lender. Your credit limit will generally be equal to what you can put down as a deposit but may rise over time with consistent on-time payments. A secured business credit card can also help you build your business credit. Note that Chase's business card range does not currently include a secured credit card.
• Corporate credit card: For more typically large, incorporated companies, corporate credit cards may be a good option. Corporate credit cards differ from some other small business credit cards because the liability falls to the business entity, instead of the business owner. There are, however, some requirements for a corporate credit card that could exclude startups or very small businesses, such as the age of business and revenue requirements.
• Traditional business credit cards: While not every small business credit card will consider approving someone with low or no credit, there are some that will. Do your research on different issuers' requirements and see if there is one that fits your credit score.

How to apply for a small business credit card with low credit

If you plan to apply for a small business credit card with low or no credit, it's important to know your credit score. There are a few different websites that can provide you with that information so that you go into the application process informed.

While your credit score may be a major factor when choosing a small business credit card to apply for, it's still a good idea to have your preferred terms and features in mind.

Once you decide which card you think will be the right fit, there is some information you'll likely need for the application. This includes:

• Business name, address and phone number
• Employer identification number (EIN)
• Annual revenue
• Number of employees
• Years in business
• Type of business, including legal structure and industry
• Estimated monthly expenses
• Personal information, such as your social security number (SSN), birth date, address, annual income, etc.

In summary

Though options may be a little more limited when it comes to applying for small business credit cards with low or no credit, there are cards such as corporate cards or secured business cards that may still be available to you. Researching your preferred terms and features can help you find a credit card that aligns with your business needs.