Capital One offers a good product. Plus, you can consider alternative business funding.
You may have had little luck getting a business card if you have fair credit. However, that doesn’t mean you’re out of options. Check out our recommendation for the best fair-credit business card, and consider other types of business funding.
Best business credit card for fair credit
It’s not easy getting a business card with fair credit. However, you’re not out of luck. Capital One offers a good option, and you might consider alternative funding.
Jump to …
- Spark® Classic for Business: Best business credit card for fair credit
Best business credit card for fair credit: Spark® Classic for Business
Spark® Classic for Business
Providers prefer customers with good to excellent credit scores. That said, you may have difficulty getting a business card if your credit is average.
The Spark® Classic for Business might offer an opportunity. It’s the rare business card that’s specifically aimed at business owners with average credit. And it comes with the added bonus of cashback rewards.
What to do if the Spark® Classic for Business isn’t an option
If you’re not approved for the Spark® Classic for Business, you may want to raise your personal credit score before applying for another business card.
One of the best ways to do this is by getting a secured credit card. Because it requires an upfront security deposit, more providers are willing to approve those with less than perfect credit. By keeping balances low and consistently making on-time payments, you can steadily improve your credit. With your credit score boosted, you’ll likely have more success when applying for a business card.
If you need immediate funding, consider a small business loan. There will likely be business-specific requirements to get one, but some providers won’t disqualify you because of your personal credit.
How to determine if a business credit card for fair credit is right for you
- Credit limit. Some business owners have reported getting low credit limits for fair-credit business cards. Providers try to limit their risk, and setting low limits is one way they do so. Anticipate how much your business might spend in the near future and consider whether a business card will help you with all of your expenses.
- Annual fee. When finances are tight, you might not want to pay an annual fee. Consider how much a card costs before applying.
- APR. Fair-credit business cards often have very high interest rates because providers want to make sure they’re getting a return on their risk. Check a card’s APR before making a balance transfer or maintaining balances long term.
- Other options. Don’t settle on a fair-credit business card just because you think there are no other options. Research other avenues of funding before applying.
Compare business credit cards
Bottom line
It’s more difficult to get a business credit card if you have average credit. However, there’s a card that may fit: the Spark® Classic for Business. If you’re not sure that’s right for you, check other business financing options before applying.
