Credit quality archives – credit cards for business

Best business credit cards in the UK - a comparison guide

By Jade Wimbledon

Credit quality archives - credit cards for business

If used properly, a business credit card can help your business spread costs, manage cash flow, facilitate staff spending and build your business credit rating. We’ve taken a look at the major providers to find some of the best UK business credit cards.

Business credit card vs. personal credit card

A business credit card is similar to a personal credit card, in that you’re given a credit limit and an agreed interest rate and there’s a minimum amount that you must pay off each month.

The difference is that a business credit card is issued to your business, and a lender will usually look at your business credit score to decide what they’ll offer you, although bear in mind that they will often check your personal credit score too.

You can apply for more than one card on the credit card account if you want to issue cards to other directors or staff, but your credit card account will have a ‘business limit’, which is the maximum amount of credit your business can use across all of its cards. Business credit cards often come with higher limits than personal credit cards: dependent on credit rating, your small business may be offered a limit of between £1,000 and £10,000, for example.

Business credit card charges can count as an allowable expense, which means they can be deducted when you’re calculating your taxable earnings, although it’s always a good idea to double check the rules with your accountant.

Applying for a business credit card

You can apply for many business credit cards online or over the phone, but usually you need to be an existing business bank account customer. To apply, you will need to answer some questions about your business and your desired credit limit and number of cards.

Credit checks for business credit cards

When you apply for your business credit card, the lender will perform a credit check on your business, and they may check your personal credit rating too. Usually, the better the credit rating you have, the better deals you’ll be offered. For example you may be offered a higher credit limit, a better interest rate, an interest-free period, or rewards.

Is it possible to get a business credit card with no credit check?

If you have a bad credit score (business or personal), lenders may be reluctant to offer you a business credit card, or they may give you a very low credit limit. Although some lenders are more willing than others to lend to businesses with bad credit scores, none of them offer no credit check at all: you’ll always have to go through a credit check to get your business credit card.

Business credit cards for new business

If you’re trying to get a credit card for a new business without much of a credit history, the lender is likely to look at your estimated turnover and your personal credit history, and they may ask for copies of bank statements and business plans before they will approve your application.

Best business credit cards in the UK

The NatWest business credit card is for small businesses with a turnover of up to £2 million. The minimum credit limit is £500 and the maximum is subject to status.

The representative APR is 23.2% (variable). There’s an interest-free period of up to 45 days for purchases if you pay your balance in full on time.

The annual fee for the NatWest business credit card is £32 per card, although if your business is just starting out, this fee can be waived for the first year.

As an added extra, you can get up to £50,000 worth of travel accident insurance automatically if you pay for overseas business travel using the business credit card.

Once you’ve got your business credit card you can manage it online, but to apply for the card you need to call or download and send the application form.

Other charges and terms apply. See the NatWest website for further details.

RBS and NatWest are both part of the RBS Group, so the RBS business credit card is the same as the NatWest one.

Businesses with a turnover of up to £2 million can get a business credit card with representative APR of 23.2% (variable), an annual card fee of £32, and up to 45 days interest-free on purchases if the balance is paid in full. The travel insurance perk applies too.

Other charges and terms apply. See the RBS website for further details.

Santander business credit card

The Santander business cashback credit card is for small to medium size businesses with up to two directors, owners or partners. You can get 1% cashback on business purchases you make with the credit card.

The representative APR is 23.7% (variable). There’s an interest-free period of up to 56 days for purchases if you pay your balance in full on time.

The annual fee for the Santander business credit card account is £30, with additional cards available at no extra cost.

You can’t apply for the card online - you’ll need to visit a local Santander branch to make your credit card application.

Other charges and terms apply. See the Santander website for further details.

The Lloyds business credit card is for small businesses looking for a credit limit of up to £10,000. The minimum credit limit is £1,000.

The representative APR is 22.4% (variable). There’s an interest-free period of up to 45 days for purchases if you pay your balance in full on time.

The annual fee for the Lloyds business credit card account is £32 per card. Existing Lloyds business banking customers can apply for a business credit card online.

Other charges and terms apply. See the Lloyds website for further details.

The Barclays business credit card is for small businesses with a turnover or expected turnover of at least £10,000. The minimum credit limit is £1,000 and the maximum is £10,000.

The representative APR is 26.4% (variable). There’s an interest-free period of up to 56 days for purchases if you pay your balance in full on time.

The annual fee for the Barclays business credit card is £32 per card, although the first 12 months is fee-free.

You can apply for the credit card online.

Other charges and terms apply. See the Barclays website for further details.

American Express business credit card

American Express offers business charge cards, with no interest rate because you must pay the outstanding balance in full each month. There’s no preset spending limit, but your purchasing capacity ‘evolves according to the needs of your business and adjusts based on your current spending patterns, payment history, credit record and financial resources.’

For the basic card, there’s no annual membership fee. For the gold business card there’s an annual fee of £125 (although the first year is fee-free) but rewards include membership points, which can be redeemed on things like business travel, office equipment and corporate entertainment. For a higher annual fee, there’s the platinum business card.

We’ve only compared a few of the deals available: other providers are available and the best deal for you will depend on your individual circumstances. Please do your own research, and seek professional advice if necessary.

Business credit cards can be very expensive if you don’t pay them off each month, and you should always read the terms and conditions carefully.

What’s been you experience of applying for business credit? Tell us in the comments.

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Best Credit Cards for Small-Business Owners in 2013

Credit quality archives - credit cards for business

If you have to accumulate charges on plastic to launch or build your business, you ought to be using one of the best credit cards out there so that you get money back and earn rewards.

The credit-card comparison website CardHub.com today is releasing its analysis of more than 1,000 business and personal credit cards for small-business owners. The analysis ranks them by four categories:

  • Earning rewards
  • Longer-term funding
  • Decreasing the cost of existing debt
  • Building a credit history

Surprisingly, in this analysis consumer credit cards are sometimes the best option for small-business owners, CardHub.com says. The Credit Card Accountability Responsibility and Disclosure Act, known as the CARD Act, which was passed in 2009 and went into effect in 2010, instituted measures of transparency and accountability in the credit-card industry. However, the protections were not extended to business credit cards.

Here is a look at the recommended credit-card options from Washington, D.C.-based CardHub.com, by personal finance priority.

1. Ink Plus Business Card from Chase: If you spend $5,000 in the first three months of signing up for the Ink Plus Business Card, you will receive 50,000 bonus points. Also, for every dollar you spend on office supplies and telecommunications services, you can earn another five points, up to $50,000 per year. For every dollar you spend on gas and hotel accommodations, you can earn two points, up to $50,000 per year. The annual fee on this card is $95 after the first year. Of course, as with all credit cards, it's a good idea to pay off the balance on a monthly basis to avoid being charged interest. Because the CARD Act protections do not extend to business credit-cards, your interest rates can be changed at any time on credit cards specifically designated for businesses .

2. Club Carlson Business Rewards Credit Card from Visa: This card is especially good for entrepreneurs who spend a lot of time living out of a suitcase and like Radisson hotels. The card offers 50,000 bonus points after your first purchase and 35,000 additional points if you spend more than $2,500 in the first three months of signing up. Those 85,000 points can be exchanged for as many as 18 free nights in Club Carlson hotels. If you book more than two consecutive nights at a hotel with the Club Carlson, the last night is free. While Club Carlson may not be a familiar brand for you, it is the parent company of chains including the Radisson, Park Plaza and Country Inn. There is a $75 annual fee.

1. Citi Diamond Preferred: Approximately one-third of small-business owners use credit-cards for financing, according to the most recent National Small Business Association access to capital report. If you are looking to finance a larger purchase on a credit card, having an extended period of time where you don’t accrue interest is key. This credit card from Citi offers zero percent interest rate for 18 months, the longest in the industry, according to CardHub.com. The Citi Diamond is a consumer credit-card. Not only are consumer-credit cards protected under the CARD Act, but also they tend to have longer periods with zero interest, says CardHub CEO Odysseas Papadimitriou.

1. No Balance Transfer Fee Slate Card from Chase: About half of small-business owners carry credit-card debt from month to month, CardHub.com says. If you are one of them, the Slate Card from Chase is your best option because there are no fees for transferring your balance, says Papadimitriou, who is “amazed9rdquo; this option is available anywhere because it is not a profitable offering for card issuers. Also, once you transfer your debt to the Slate Card, there are no finance charges for 15 months. There is no annual fee.

1. Capital One Spark Classic for Business: Building a good credit history takes time. The only way a specific credit card will help is by having no annual fee, says Papadimitriou, allowing you to use all your cash to pay off debt. Also, the Capital One Spark credit-card gives one percent cash back.

Corrections & Amplifications: An earlier version of this article incorrectly referred to Ink Plus Card as charge card. It is a credit card.


Small Business Payment Processing

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The Best Credit Card Processing for Small Business — Tailored to Your Needs

A small business in a big market faces challenges every day. BluePay is committed to helping you grow by providing merchant services to fit the changing needs of your small business. We make it easy for small businesses to accept credit cards so you can focus on growing your business. Our always-low credit card processing rates for small businesses help you control costs.

A Customized Small Business Merchant Account

Whether you are working from home, the office or on the road, BluePay’s small business solutions are designed to meet your specific needs. With mobile or wireless credit card processing, you can accept credit cards wherever your business takes you. Electronic billing, account management and e-commerce payment gateways brings your business to the Web, simplifying the payment process and providing convenient payment methods for your customers. Count on BluePay’s industry professionals for 24/7 support.

Credit quality archives - credit cards for business

PCI-Compliant Credit Card Processing For Small Business

Complying with PCI DSS standards is required for businesses that accept credit card payments, and BluePay has your small business covered. Our small business credit card processing services are maintained with high levels of security, protecting business and customers from today’s complex risks of credit card fraud. From end-to-end encryption (E2EE) to tokenization, hosted payment forms to secure payment gateways, we equip your business with the advanced products needed to keep your data safe.

Integrate Your Credit Card Machine with Small Business Software

Like most small business owners, you use a variety of software packages to run your business. From accounting to payroll to your CRM system, small business software keeps your business operating at peak performance. BluePay’s credit card machines for small businesses integrate with dozens of software programs to keep you running smoothly.

Process Transactions Quickly to Thrive in a Competitive Market

BluePay’s credit card processing machines for small business let you operate efficiently. From simpler checkouts at the cash register to on-the-spot payment with wireless credit card machines, you’ll be equipped with advanced payment technology that streamlines the transaction process. Swipe credit cards with ease, and discover the advantages of equipment designed with busy small businesses in mind.


The Best Business Credit Cards - Online Offers

Credit quality archives - credit cards for business

Below the best are shown, in opinion of our users, the business credit and prepaid cards intended for owners of small business and for corporate heads. At clever management and use, you can receive many benefits from the credit card of small business. Here some of them: Special Rewards, Avoid Co-mingling, Build Business Credit, Manage Employee Spending, Easy Itemization.

How to Get Small Business Credit Card

Seeking a business credit card can be quite difficult depending on the lending company that you’re going through and your credit score. Even though you’re applying for a business credit card you have to be well aware of the situation and what it is going to take in order to get your company a credit card.

When you’re considering getting your business an expense account with a credit card company here are a couple of things that you have to pay close attention to so that your business is not suffered.

If you have less than perfect credit you should not have a problem getting a business credit card. There are programs and other things in place that allow a business to get a credit card for their expenses. Many major credit card companies will give a business a credit card with easy approval and with less than perfect credit.

One thing that the credit card company will ask you about when you’re looking to apply for this card is to show them an interest in the hobby that you’re trying to turn into a business. They will want to see a business plan or portfolio of what you expect to earn over the next year.

You’ll be able to get this credit card for your business even though you are the sole proprietor or if you’re going into business as an entrepreneur. This will allow you to take your business to the next level and get the money that you’re seeking out of your business.

When you apply for this credit card you should have your response within 24 hours if you qualify for business credit card. After you apply for your credit card and you get response back you should have your credit card with the business name on it within 24 to 48 hours. They express shipped your card to get to use so that your business can start operating properly.


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Home > Finance, Planning, Records > Best Credit Cards for Your Nonprofit Business Expenses

Every nonprofit needs a credit card, to simplify vendor payments or just to pay for office supplies. Another great benefit of using a credit card for your nonprofit can be establishing business credit – provided you seek out a credit card company that reports to business credit reporting agencies.

In order to find out if a bank reports to business credit or consumer credit agencies on a specific card they offer, you will have to read the small print (and call customer service). A bank may issue a card with your nonprofit’s name on it, but report as if it were your personal credit card; this will not establish any business credit history and even put your personal credit at risk if you have irresponsible group members use your account.

Note that most banks will require a personal AND business credit check anyway, but you have to make sure the bank reports business credit if your goal is establishing business credit for your nonprofit.

Hundreds of credit cards have special deals for nonprofits that can not only make your finance administration easier, but also can save your organization money. In some cases, you can get donations paid back to you from your purchases!

Best small business credit cards

To banks, nonprofits are businesses, large or small. Hence for the small nonprofit or start up, it helps to think of your organization in those terms as well when picking a card for which to apply. You should consider that these cards require good or excellent credit, and you might have to put the card in a person’s name to start with, using your Board Chair’s or your Executive Director’s credit score to qualify.

Often small businesses are forced to do the same, at least until they build a track record with a good credit line. Here are some good small business cards to consider if you can conjure an excellent credit rating.

Please note that credit card companies change their products all the time and some of the offers below may have changed by the time you read this.

If you make a lot of online purchases at common retailers, you might consider the Discover it® Card. It offers 5% cash back on rotating categories quarterly and double rewards in the first year, with no annual fee. If you use Discover’s online shopping system, you can earn up to an extra 20% rewards for popular stores including Best Buy and Walmart.

  • The “Classic” only requires average credit and is a good option for a smaller nonprofit. It has no annually fee and offers 1% cash back on all purchases to help with your bottom line.
  • The Spark Cash Select has no annual fee, offers 1.5% cash back along with a $200 cash back bonus on your first $3,000 in purchases. Better yet, if you need to purchase supplies and wait for your grant funding to come through in a few months, there is no APR for practically a whole year, and it can be as low as 12.9% if you have excellent credit!

If you have excellent credit and need to delay the cost of initial purchases, for a startup or new project, an even better offer than the Spark Cash Select is US Bank’s Business Edge card. It offers no APR for the first 9 billing cycles, and then a variable APR of only 11.9-17.9%. US Bank gives you 3% cash back on business purchases such as cell phones, gas, and office supplies, and 1% on all other purchases. It even gives you a 25% annual cash back bonus of up to $250, with no annual fee!

  1. SimplyCash® Business Card from American Express

For possibly the most cash back of any small business card, consider the American Express SimplyCash Card. It offers 5% back on wireless and office supply stores, 3% cash back on a list of categories of your choice, including shipping costs and media advertising, and 1% cash back on all other purchases. It has no annual fee and a variable APR of 12.24% to 19.24% based on your credit score.

The introductory rate on the Chase Ink card is 0% for the entire first year, with no annual fee. It offers 5% cash back on basic business expenses such as office supplies, phone, and cable, and 2% back on restaurant and gas purchases. You get a $200 bonus on the first $3,000 spent as well! It is great if you have different levels of employees that need cards, too. It allows you to set limits for different card holders, sends instant alerts for purchases, and provides a mobile app to instantaneously file receipts.

A credit card designed for nonprofits

A few years ago, Visa introduced a new option of a community credit card specifically aimed at nonprofits. Banks across the United States have embraced it, offering different avenues to establish credit and qualify. Its main benefits include:

  • High credit lines.
  • No annual fees.
  • Help with managing cash flow and expenses.
  • Multiple cards for employees.
  • Rewards program for nonprofit specific goods and services.

Fulton Bank’s Community Credit Card can be applied for using two years of financial statements only; they look for nonprofits that pay their bills and have a record for mindful bookkeeping and cash flow. If credit might be a problem for you, this could be the card to consider! First County Bank offers the card as well.

Credit cards for groups with little or no credit

If you have no credit history or a bad credit history as well as no financial statements (or bad financial statements), but you want to have some sort of credit option to pay vendors online, you might consider prepaid cards (that function more like a debit card) or cards that take on risky clients.

Possibly the only drawbacks to this 1.5% reward card that readily accepts applicants with little to no credit history is the high 22.9% APR and $39 annual fee. Capital One will offer you a higher credit line after only 5 months and starts at a 0% interest rate for 9 months! You need to have average credit or no credit history to apply.

Another option is to get a prepaid card which you can get from just about any bank. It functions more like a debit card but with all the security and ease of using a credit card. Western Union’s is a good choice. You can recharge it by adding cash at any Western Union location globally. They won’t check your credit score.

Similar to the Western Union card, another useful prepaid choice is PayPal, especially if you already use PayPal for your online donations or bank-based vendor payments. The card, issued by Bancorp Bank, even offers cash back on select stores. You can load it via direct deposit, Netspend, or Western Union.

If you have credit, and it is excellent, dozens of good opportunities are available to you, and you probably want to pick a small business based card that can reward you. If you don’t have credit or don’t want to put an individual leader out on a limb for your nonprofit, try a debit-card option or one especially designed to accept nonprofits. Then start charging!



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