6 Best Credit Cards for New Businesses With No Credit History for 2022

Editor’s note: This is a recurring post with regularly updated card details.

When you’re starting a new business and have no business credit history, credit card issuers typically check your personal credit to help them make a determination. Whether your personal credit is on the low end or the high end, you can qualify for a business card that will help you save money as you get your new business started.

We’ve included an assortment of cards for business owners without any restricted spending categories so you can use them for any business purchases. Here are the best credit cards for new businesses with no credit history:

Chase Ink Business Unlimited®: Best Overall Credit Card for New Businesses with No Credit History

Ink Business Unlimited® Credit Card

?Fit Small Business’s ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card’s rates, fees, rewards, and additional features like insurance.

Pocketing 1.5% cash back on every single purchase



Apply Now

On Chase’s Secure Website

Intro APR

0% Intro APR on Purchases

Regular APR

13.24% – 19.24% Variable

  • Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase made for your business
  • No Annual Fee
  • Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
  • Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
  • With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
  • With Zero Liability you won’t be held responsible for unauthorized charges made with your card or account information.
  • 0% introductory APR for 12 months on purchases
Pros
  • 0% introductory APR on purchases
  • Unlimited cash back rewards on all purchases
Cons
  • Introductory APR period doesn’t apply to balance transfers
  • 5% balance transfer fee
  • Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes; it provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the US and abroad
  • Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year
  • Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of three years or less
Intro APR

0% Intro APR on Purchases

Regular APR

13.24% – 19.24% Variable

Credit Needed

Good, Excellent

  • Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase made for your business
  • No Annual Fee
  • Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
  • Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
  • With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
  • With Zero Liability you won’t be held responsible for unauthorized charges made with your card or account information.
  • 0% introductory APR for 12 months on purchases
Pros
  • 0% introductory APR on purchases
  • Unlimited cash back rewards on all purchases
Cons
  • Introductory APR period doesn’t apply to balance transfers
  • 5% balance transfer fee
  • Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes; it provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the US and abroad
  • Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year
  • Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of three years or less

Why we like it: We’ve selected the Chase Ink Business Unlimited® as the best overall card because, as a new business owner, it gives you the flexibility and convenience of 1.5% cash back on any business purchase anytime you use it. If you need to make any large purchases for your new business, you get interest-free financing with a 0% annual percentage rate (APR) for the first 12 months with no annual fee. Plus you can benefit from Chase’s introductory offer of $750 cash back when you spend $7,500 within the first three months. Redeem your rewards for cash back, gift cards, travel, or Apple® products at the Apple® Ultimate Rewards store. It’s one of our picks for the best small business credit cards.

American Express Blue Business CashTM: Best for Easy Cash Back Rewards

American Express Blue Business Cash™ Card

?Fit Small Business’s ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card’s rates, fees, rewards, and additional features like insurance.

Earning 2% cash back every time you swipe and 0% introductory APR for 12 months



Apply Now

on American Express Blue Business Cash™ Card’s secure website.

Intro APR

0% on purchases

Regular APR

13.24% – 19.24% Variable

Credit Needed

Good, Excellent

  • Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
  • Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
  • From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
  • Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to American Express and other factors.
  • 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 13.24% – 19.24%, based on your creditworthiness and other factors as determined at the time of account opening.
  • No Annual Fee
  • Terms Apply
Pros
  • No interest for 12 months
  • Earn consistent 2% cash back rewards on every purchase
Cons
  • Offers no cash sign-up bonus
  • 2% cash back category is capped at $50,000 in annual spending
  • Extended warranty protection: American Express provides up to an additional year of coverage on warranties of up to 5 years. Coverage is limited to $10,000 per occurrence and $50,000 per account each year.
  • Purchase protection: The issuer will repair, replace, or reimburse you for an item purchased with the card that was damaged or stolen within 90 days of purchase. Coverage is limited to $1,000 per occurrence and $50,000 per account each year.
  • Baggage insurance: If your luggage is damaged or lost when you travel on a common carrier, such as a plane, trip, ship, or bus, American Express will reimburse you for losses not covered by your own personal insurance.
Intro APR

0% on purchases

Regular APR

13.24% – 19.24% Variable

Credit Needed

Good, Excellent

  • Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
  • Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
  • From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
  • Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to American Express and other factors.
  • 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 13.24% – 19.24%, based on your creditworthiness and other factors as determined at the time of account opening.
  • No Annual Fee
  • Terms Apply
Pros
  • No interest for 12 months
  • Earn consistent 2% cash back rewards on every purchase
Cons
  • Offers no cash sign-up bonus
  • 2% cash back category is capped at $50,000 in annual spending
  • Extended warranty protection: American Express provides up to an additional year of coverage on warranties of up to 5 years. Coverage is limited to $10,000 per occurrence and $50,000 per account each year.
  • Purchase protection: The issuer will repair, replace, or reimburse you for an item purchased with the card that was damaged or stolen within 90 days of purchase. Coverage is limited to $1,000 per occurrence and $50,000 per account each year.
  • Baggage insurance: If your luggage is damaged or lost when you travel on a common carrier, such as a plane, trip, ship, or bus, American Express will reimburse you for losses not covered by your own personal insurance.

Why we like it: With the American Express Blue Business CashTM card, there’s no need to worry about what types of purchases will earn rewards, as all business purchases are eligible. This is a great card if you simply want to receive cash back rewards as a new business owner. You can get 2% cash back on all eligible business purchases up to $50,000 per calendar year, then 1% cash back after that, all automatically credited to your statement. While you save year over year with no annual fee, you can make interest-free purchases for the first 12 months with a 0% introductory APR. Also, if you spend $3,000 in the first three months, you can earn a $250 statement credit.

American Express Blue Business® Plus: Best for Flexible Points Rewards

The Blue Business® Plus Credit Card from American Express

?Fit Small Business’s ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card’s rates, fees, rewards, and additional features like insurance.

Pocketing 2x points per $1 and 0% introductory APR for 12 months



Apply Now

on The Blue Business® Plus Credit Card from American Express’s secure website.

Intro APR

0% on purchases

Regular APR

13.24% – 19.24% Variable

Credit Needed

Good, Excellent

  • Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
  • Earn 2X Membership Rewards® points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter.
  • You’ve got the power to use your Card beyond its credit limit* with Expanded Buying Power.
  • *The amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to American Express, and other factors.
  • 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 13.24% – 19.24%, based on your creditworthiness and other factors at account opening.
  • No Annual Fee
  • Terms Apply
Pros
  • No annual fee
  • 0% APR for 12 months on purchases and balance transfer
  • Welcome offer bonus points
  • Expanded buying power
  • Fixed-rate rewards
Cons
  • Cash advances are not allowed
  • No zero foreign transaction fee
  • 2x points rewards are capped at $50,000 in spending
  • Extended warranty protection: American Express will match the length of the original manufacturer’s warranty if it’s less than 2 years. It provides an additional 2 years if the original manufacturer’s warranty is between 2 and 5 years. Coverage is limited to $10,000 per occurrence and $50,000 per account each year.
  • Purchase protection: The issuer will repair, replace, or reimburse you for an item purchased with the card that was damaged or stolen within 120 days of purchase. Coverage is limited to $1,000 per occurrence and $50,000 per account each year.
Intro APR

0% on purchases

Regular APR

13.24% – 19.24% Variable

Credit Needed

Good, Excellent

  • Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
  • Earn 2X Membership Rewards® points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter.
  • You’ve got the power to use your Card beyond its credit limit* with Expanded Buying Power.
  • *The amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to American Express, and other factors.
  • 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 13.24% – 19.24%, based on your creditworthiness and other factors at account opening.
  • No Annual Fee
  • Terms Apply
Pros
  • No annual fee
  • 0% APR for 12 months on purchases and balance transfer
  • Welcome offer bonus points
  • Expanded buying power
  • Fixed-rate rewards
Cons
  • Cash advances are not allowed
  • No zero foreign transaction fee
  • 2x points rewards are capped at $50,000 in spending
  • Extended warranty protection: American Express will match the length of the original manufacturer’s warranty if it’s less than 2 years. It provides an additional 2 years if the original manufacturer’s warranty is between 2 and 5 years. Coverage is limited to $10,000 per occurrence and $50,000 per account each year.
  • Purchase protection: The issuer will repair, replace, or reimburse you for an item purchased with the card that was damaged or stolen within 120 days of purchase. Coverage is limited to $1,000 per occurrence and $50,000 per account each year.

Why we like it: This card is similar to the American Express Blue Business CashTM card but with points instead of cash. You get more flexibility with rewards types, especially if your new business requires travel. With the American Express Blue Business® Plus card, you can earn 2x Membership Rewards® points on the first $50,000 the first calendar year, then 1x points after that. Save money your first year with a 0% APR for the first 12 months. As an introductory offer, earn 15,000 points after spending $3,000 in eligible purchases within the first three months. Membership Rewards® points can be redeemed for flights, hotels, rental cars, merchandise, or gift cards, or at millions of online stores when you check out with PayPal. It’s one of our best small business credit cards for startup businesses.

Capital One® Spark® Classic for Business: Best Card for Fair Credit With No Annual Fee

Capital One® Spark® Classic for Business

?Fit Small Business’s ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card’s rates, fees, rewards, and additional features like insurance.

Fair credit business owners (580 to 669)



Apply Now

on Capital One® Spark® Classic for Business’s secure website.

Regular APR

26.99% (Variable)

Credit Needed

Average, Fair, Limited

  • 1% cash back every time you swipe
  • Build your business credit through responsible usage
  • Issue employee cards for free
Pros
  • Opportunity to build business credit
  • Earn fixed-rate rewards even with fair credit scores
  • Rewards never expire
Cons
  • High APR
  • No signup bonus
  • Reports to personal credit bureaus
  • Purchase protection: Capital One will replace, repair, or reimburse you for eligible items in the event of theft or damage within the first 90 days of purchase.
  • Extended warranty protection: You’ll get additional warranty protection on eligible items that are purchased with your business card, up to 1 year past the manufacturer’s warranty.
  • Auto rental collision damage waiver: You’re covered for damage due to collision or theft when you rent an eligible car with your Capital One® Spark® Classic for Business card.
Regular APR

26.99% (Variable)

Credit Needed

Average, Fair, Limited

  • 1% cash back every time you swipe
  • Build your business credit through responsible usage
  • Issue employee cards for free
Pros
  • Opportunity to build business credit
  • Earn fixed-rate rewards even with fair credit scores
  • Rewards never expire
Cons
  • High APR
  • No signup bonus
  • Reports to personal credit bureaus
  • Purchase protection: Capital One will replace, repair, or reimburse you for eligible items in the event of theft or damage within the first 90 days of purchase.
  • Extended warranty protection: You’ll get additional warranty protection on eligible items that are purchased with your business card, up to 1 year past the manufacturer’s warranty.
  • Auto rental collision damage waiver: You’re covered for damage due to collision or theft when you rent an eligible car with your Capital One® Spark® Classic for Business card.

Why we like it: If you’re a new business owner with fair or poor credit, the Capital One® Spark® Classic for Business might be a great fit if you prefer not to keep track of spending categories to earn rewards. While you focus on growing your business, you get 1% cash back on all business purchases. Rewards can be redeemed as a statement credit or paper check. Plus, rewards will never expire, and there’s no annual fee.

This card can help you grow your business credit score if you make consistent on-time payments since your payment history will be reported to the major business credit bureaus. Once your credit score rises, you’ll be eligible for a wider range of higher-performing cards. Be sure to pay the balance every billing cycle since the APR for this card is high at 26.99%.

OpenSky® Secured Visa® Credit Card: Best Personal Secured Card for Growing Your Credit Score

OpenSky® Secured Visa® Credit Card

Business owners with a credit score below 580



Apply Now

on OpenSky® Secured Visa® Credit Card’s secure website.

Regular APR

18.49% Variable

Credit Needed

No Credit Check

  • We don’t pull your credit when you apply, so there’s no impact on your credit score.
  • Your credit limit is defined by your refundable deposit, as low as $200 and up to $3,000. You’re the one who decides what’s best for you.
  • Use your card to make purchases like gas or groceries or for recurring bills like your phone without changing your total monthly budget.
  • Equifax®, Experian®, and TransUnion® get reports every month—that’s important to help you improve your credit score quickly.
  • You can set up email alerts to act as reminders, like when your payment is due or when a credit/return has posted.
  • It has one of the lowest annual fees you’ll find.
  • This isn’t some sort of a “starter card.” The OpenSky® Secured Visa® delivers all the benefits of a Visa credit card.
Pros
  • Helps rebuild personal credit
  • Lower than average APR for a secured card
Cons
  • Requires a deposit of $200 or more
  • Comes with an annual fee
  • Auto rental collision waiver: Receive protection for a damaged or stolen rental vehicle, up to the value of the vehicle.
Regular APR

18.49% Variable

Credit Needed

No Credit Check

  • We don’t pull your credit when you apply, so there’s no impact on your credit score.
  • Your credit limit is defined by your refundable deposit, as low as $200 and up to $3,000. You’re the one who decides what’s best for you.
  • Use your card to make purchases like gas or groceries or for recurring bills like your phone without changing your total monthly budget.
  • Equifax®, Experian®, and TransUnion® get reports every month—that’s important to help you improve your credit score quickly.
  • You can set up email alerts to act as reminders, like when your payment is due or when a credit/return has posted.
  • It has one of the lowest annual fees you’ll find.
  • This isn’t some sort of a “starter card.” The OpenSky® Secured Visa® delivers all the benefits of a Visa credit card.
Pros
  • Helps rebuild personal credit
  • Lower than average APR for a secured card
Cons
  • Requires a deposit of $200 or more
  • Comes with an annual fee
  • Auto rental collision waiver: Receive protection for a damaged or stolen rental vehicle, up to the value of the vehicle.

Why we like it: When you need help rebuilding your personal credit, the OpenSky® Secured Visa® Credit Card is a personal secured card you can use for any business purchase. Although this card charges an annual fee of $35 and there are no rewards, you set the credit limit yourself with your refundable cash deposit. This card is accepted anywhere that accepts Visa®.

Conveniently, OpenSky® won’t do a credit check for approval, but it does report to the major credit bureaus, so as you continue to use the card and make on-time payments, you can grow your credit score and repair your credit history. Most secured cards require a bank account to get started, but if you don’t have or don’t qualify for a bank account, you can use a money order for the deposit.

Wells Fargo Business Secured Card: Best Secured Card for Earning Rewards

Wells Fargo Business Secured Credit Card

?Fit Small Business’s ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card’s rates, fees, rewards, and additional features like insurance.

Business owners with poor credit



Apply Now

On Wells Fargo’s Secure Website

Regular APR

Prime + 11.90% on purchases

  • Cash Back option: Earn 1.5% cash back on every $1 spent
  • Reward Points option: Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period
  • $0 annual rewards program fee
  • $500 to $25,000 credit line
  • Zero liability protection
Pros
  • Approval with credit scores below 580 
  • Your choice of fixed-rate cash back or points rewards
Cons
  • Requires a security deposit of at least $500
  • Has an annual fee
  • Purchase Assurance: Wells Fargo will repair, replace, or reimburse you for items that are damaged or stolen within 90 days of purchase.
  • Design Studio: Include a personal image or business design on your credit card.
Regular APR

Prime + 11.90% on purchases

  • Cash Back option: Earn 1.5% cash back on every $1 spent
  • Reward Points option: Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period
  • $0 annual rewards program fee
  • $500 to $25,000 credit line
  • Zero liability protection
Pros
  • Approval with credit scores below 580 
  • Your choice of fixed-rate cash back or points rewards
Cons
  • Requires a security deposit of at least $500
  • Has an annual fee
  • Purchase Assurance: Wells Fargo will repair, replace, or reimburse you for items that are damaged or stolen within 90 days of purchase.
  • Design Studio: Include a personal image or business design on your credit card.

Why we like it: To open a secured credit card, a cash deposit is required, and that deposit amount is usually the same as your credit limit. To apply for the Wells Fargo Business Secured Card, you’ll first need a Wells Fargo business checking account. With this card, you have the option to choose between earning 1.5% cash back on any qualifying purchases or earning 1 point for every $1 spent. If you select points, as a bonus you’ll gain an additional 1,000 points each billing cycle when you spend at least $1,000. Plus, there’s no annual fee.

It doesn’t report to the major credit bureaus, but over time Wells Fargo will periodically review your account to see if you qualify for an unsecured Wells Fargo credit card.

How We Evaluated the Best Credit Cards for New Businesses With No Credit History

We selected cards with no specific spend categories, so all of these cards can be used for any eligible business purchase. We also looked at interest rates, introductory APRs and bonuses, and rewards. Finally, we looked at opportunities for building credit scores.

Bottom Line

When you don’t have a credit history and are looking for a business credit card, consider the terms and rates the card offers so it’ll be a good fit for you and your business. There are lots of opportunities to save with 0% introductory rates, no annual fee, and cash back rewards. If building credit is important to you, be sure to select a card that reports your payment history to the credit bureaus.

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https://www.cupbord.com/2021/12/30/6-best-credit-cards-for-new-businesses-with-no-credit-history-for-2022/

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