Best Business Credit Cards For Restaurant Owners – Erica Sandberg Written by Erica Sandberg Right Arrow Credit and Money Management Expert Erica Sandberg is a credit and money management expert who started her career at Consumer Credit Counseling Service (CCCS). There she helped individuals and families overcome debt problems and create financial plans, then transitioned to a leading media spokesperson. Connect with Erica Sandberg on Twitter Twitter Connect with Erica Sandberg on LinkedIn Linkedin Erica Sandberg
Edited by Liz Bingler Edited by Liz BinglerArrow Associate Editor Liz Bingler is an associate editor for CreditCards.com and , where she focuses on news and product reviews. As an editor, his goal is to produce content that helps people make informed financial decisions. Liz Bingler
Best Business Credit Cards For Restaurant Owners
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While an impressive credit history and high credit score are not required to start a business, they certainly help. In addition, you may soon want to borrow money from a financial institution to cover startup costs, manage ongoing operations, and more.
To appeal to a lender, your past credit history will be important. Since your business has not yet started, you will not have a business credit profile that can help you qualify for credit products. Therefore, lenders will assess your creditworthiness to determine your eligibility and set terms.
Fortunately, you can overcome the problems associated with bad credit to qualify for a business credit card—and a business loan, if necessary, too.
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To find out what’s dragging down your credit score, pull your credit report. You can get a report from one of the three credit bureaus — Experian, TransUnion and Equifax — once a year for free at AnnualCreditReport.com.
The information listed in the Business Process, Social Reports and Credit Inquiry sections of your credit report all go into a score template, so read your reports carefully. If you see any errors, file a dispute with one of the credit reporting agencies. The one you use will inform the other two and your records will be updated.
With this plan, you can build your credit over time. For the best chance of being approved, you’ll want to have a credit score of 700 or higher, or a credit score of at least good. For reference, here’s a breakdown of the FICO score categories:
Although you can use your credit card for your business, it is best to get one specifically for your business. They offer benefits designed to help business owners do everything from accounting to cost control. Just be aware that business cards are always your responsibility. Even in your company name, you will have access to all payments and outstanding debts.
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Even if your credit is bad, there are still good business cards that people with bad credit should consider. But if you can do your research for a good low credit score, you can start looking for the best business credit card options. As you will see, there are many, so give this task plenty of time. Make sure you meet the business card requirements before applying.
Note that some business cards are debit cards while others are credit cards. With a debit card, there is no pre-set credit limit and you must pay the balance in full within 30 days. With a credit card, there is a maximum amount you can pay, but you can at least pay the minimum required payment and change the rest. Finally, you can search for one of them.
Additionally, almost all business cards have rewards programs associated with them, so read the details of the program and focus on what you want to use. Rewards programs are also different, so make sure it’s right for your business. One card may offer extraordinary rewards on restaurant meals, while another offers enhanced rewards on office supplies. Or, if you’re considering future travel, focus on a business card that offers travel benefits for flights, airport facilities, hotels and rental cars.
It’s also important to note that many business credit cards also offer very good sign-up bonuses that allow you to earn a large number of points, cash or miles after spending money, a certain amount of time after card processing.
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Some business cards also offer 0 percent APR for a fixed number of months, which will give you enough time to cover your business needs before interest is assessed. As long as you pay the loan in full before the real APR starts, you get a free loan.
Finally, prepare the annual fees. Not all cards are paid, but if you can get enough benefits and rewards from one account, you’re good to go.
Credit and debit cards tend to be good for short-term financing, while business loans are good for big ticket expenses that you want to pay off over several years.
To get a business loan in good standing, it is better to wait until your credit is in good standing. But if you need to borrow a large amount at once and pay in equal installments, there is an option for start-up loans for bad credit.
Reader Question: Do I Need A Business To Get A Business Credit Card?
No credit check loans go through an approval process, but the lender analyzes your assets and income for approval instead of your credit history. If it turns out that you can make a payment in connection with the loan, it should be approved. Some lenders check
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