The best business credit card you should have? So, you want to be the best? It is a big question.
What is the best business credit card
There are tons of best business credit cards out there and they are not all created equal. There are some good cards and some crappier ones. I’m going to tell you the truth about which ones are the best business credit cards so that you can get them now.
To share with you 10 major credit cards, not 1 or 2. To give you a lot so you can pick the best ones for you in your situation. I’m going to tell you exactly what to say on the applications and still tell the truth. We don’t want to do anything unethical or illegal. And if you stay to the end, I’m going to tell you 2 companies that are new that almost no one is talking about.
Major benefits to the business credit
So, there are some major benefits to the best business credit. Let me tell you. I was so late for the best business credit card game. I had bad credit when I started in real estate investing. Some of you may know, I started my real estate investing career from my parents’ basement. I had bad credit because I had many foreclosures. We had filed bankruptcy and we had lost everything.
So, when I got into real estate investing, I did not have very much money and I had bad credit. So, I had to kind of climb my way out of that terrible situation by starting to make money in real estate investing. I got me a coach and he taught me wholesaling which did change my life.
I was able to pay off my debts and start to rebuild my credit. Did pay down my debts, now I am wholesaling and graduated to fixing and flipping and rental properties. But along the way, I did not build my business credit. And I got hit major when I did start using my credit again.
Again, I was so late to the game with the best business credit and I want to make sure that you guys don’t make the same mistakes. There are so many benefits that I now reap with all my business credit cards. I get rewards, I get points, I get cashback.
And now, I’m able to avoid using my credit and I only rely on my business and my business credit so that my credit which is in the 700s stays very good, and my business funds all my ventures. It’s amazing. I wish I would have known sooner which is why I’m telling all you guys.
So, as I said, I’m a real estate investor. But tell me below by comment below, to make sure that I’m helping you and giving you guys the right information.
Comment below and tell me some of the things that you’re wanting to do with your best business credit, right? Below, what type of businesses you’re starting, what you want to buy, or what you plan on doing with the funding.
Let me sure that I can help you to get the funding but tell you what to do with your business and get to millionaire status?
The secrets of the business credit
So, let’s talk about the secrets of business credit. When it comes to best business credit cards, there’s this unsaid secret called the 5/24 rule. So you can get tons of business credit cards but you have to be very strategic when you’re doing it.
Because in the beginning, they will check your credit score, you will get an inquiry on your credit report. And so, many of the banks will look to see how many inquiries you have.
And they will limit you to 5 inquiries in the past 24 months. We call this the 5/24 rule because it’s not advertised anywhere but this is what most banks go by. Especially banks like Chase and City. They are notorious for the 5/24 rule. So, you want to be careful. And if you can, get some business credit cards that you know will not give you a hard inquiry on your credit report.
Meaning, they did not pull your full credit to give you the business credit card. If you can get a small pull while they check your credit report, you get a lot of best business credit cards.
I’ll share with you some more secrets on that. So, the right way is to start getting the best business credit cards, make a decision, and follow it if you get approved. So, if you’re first starting and you have good personal credit, there’s a ton of best business credit cards that you can get it.
Offers for the best business credit card
My suggestion in the easiest way that I have found in my students are finding is when they open up their business checking account, many of my students are getting offers for business credit cards right on the spot.
Because they’ve already checked your credit to give you that business checking account, many banks especially Bank of America are providing these businesses with business credit cards.
And the amazing thing is some of those limits are super high. So, as you may only get like $1,000 from a capital one card, new businesses that have a decent personal credit score are seeing 10, 15, 20 thousand limits right off the bat with a business credit card.
And you’re able to get a 2 for 1. You get this business checking account and now you have a business credit card to boot. So, go ahead and check with the bank where you have your business checking account. A lot of the banks that I like to use are some of the mid-size banks.
Bank of America business credit card
One of my favorite banks that I’m enjoying right now is Regions Bank. I know that they’re not in every single state. But if you have a Region’s bank in the state where you are in, they’re one of my top recommended banks. I was able to get a $24,000 business credit card right off the bat. Additionally, I’ve had students that have been able to do the same.
Bank of America, they used to not be so great. If you read at some of the older posts from people from 4 and 5 years ago, they would have told you to stay away from Bank of America,
Wells Fargo, Chase, and things like that. But nowadays, there’s tons of money for businesses.
And the banks have lots of money for businesses. As this is a new push for the economy. Businesses are one of the major things that drive our economy, especially in the United States. And this is a great time to take advantage of all the money that is out there for businesses at those banks.
So, again, go to your regular bank where you have your business checking account and see if you can get those business credit cards. Next, here are some of my all-stars. I love the Chase business Inc. credit card. I have so many students and I have 3 of the business Inc. credit cards. It’s an amazing credit card, and often, you can get lots of free months with no interest.
This is a great thing to do if you want to transfer balances or if you have some major purchases that you want to make for your business and not have to pay any interest on them. You will need a 660 personal credit score to do this.
Why Bank of America business credit card
They do follow that 5/24 rule that I told you earlier. So, beware of those hard inquiries. Some other credit cards that I love. The American Airlines Aviator business card. Now, remember there are 2 types of credit cards that they offer. So, it’s American Airlines,
it’s a MasterCard. I have the personal one and the business one. I love the business one because I travel a lot and I can get free flight free bags and people into me for free. Another rising star in the business credit card world is the Capital One spark card.
Pretty much all my students after 6 months to a year have been able to get this credit card. They don’t need a high fico score. I don’t know exactly what it is but it’s as high as some of the other cards. Even if they only give you 2,000 or 5,000, take it.
Remember, you can call them back in 6 months, after 6 months of timely payments and they will usually increase the credit limit. I started with only 9,000. Not sure why since I had so many credit cards with much higher limits. But when I called them back, they 3 times the amount.
So, don’t hesitate to get the card and use the fact that you can call them back in 6 months and get the limits to increase. I love the capital one spark card now because it does offer cashback.
American Express business credit card
Last but not least, the juggernaut and everyone’s favorite when it comes to business credit cards are the American Express business cards. Now, these are going to be a little bit more difficult and you will need to have your business for 2 years. Additionally, you will need to have a physical address for the business.
Yes, you can use a virtual address but it needs to be won with a physical address. So, it’s not going to be you know some of the cheaper ones that you can only get for $9.99 or $15.
You’re going to have to have like a Regis or an opus or a real physical address to get that American Expresses. But they are awesome they have some of the highest limits and they usually three times your credit limits every 6 months provided your credit score stays intact.
Express Hilton rewards Business credit card
I have tons of these credit cards and I love, love, love my American Express Hilton rewards business credit card. I have a limit of like $88,000 on that card. And I can do so many things and the smallest payment is not crazy. Now, the American Express is why everyone loves them is because they have super high limits, they’re very flexible.
But they do have a pretty large annual fee but you got to pay to play, and I do. And as an honorable mention, this is a newbie to the field. The Navy Federal Business credit card.
Navy Federal Business credit card
If you have any access to be able to get into the Navy Federal Business credit card, please take it. I don’t know all the ways because I wasn’t able to get this until I was able to find a student that could we partnered with their business and then we were able to get a checking account with them. And then I got their business credit card. But it’s amazing.
Many people that are in the armed forces or if you’re related to someone in the armed forces can very get a navy federal account and then you can get their business credit card pretty much on the spot. Additionally, they have this amazing program where they will take the money that you have in your account.
They will collateralize that and they will give you 10 times what you have. So, use it as an example. If you have $10,000 in an account, they will give you $100,000 in your business credit. It’s amazing and I had to mention it.
So, if you can find a way to get in with Navy Federal Credit Union, make sure you do it. So, I have to mention this because I get it. Some of us have some credit issues. So, let me give you some quick ones if you have some bad credit. But I will make a complete post on how to get business credit if you have bad personal credit.
Business credit card with poor credit
Make sure you check this post. It has so many views and people are loving it. I spill all the beans. But I’m going to share with you two quick ways if you have poor credit to get some business funding now.
There’s a company called 5-star processing that will offer your business credit and a merchant credit card right on the spot. You can have a score as low as 300 and they will give you a credit card in your business’s name. It’s amazing but it will take a few weeks.
They get inundated with so many applications. So, at the time of this post, it’s almost a 3-week process to get that business funding. But again, it’s well especially if you own bad credit. We also have an honorable mention, of course, is PayPal credit. Their working capital is amazing and Square capital.
You must have those accounts set up as a business not personal. But they too will lend after 3 months. So, I have spilled all the beans. You have so much information, you are ready to go.