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Amex Business Loan Rates Commercial – Small business credit cards offer many benefits: flexible credit lines with rich rewards and credit limits that are often higher than personal cards. Plus, there’s an added bonus that small business owners don’t always see at first: A business credit card can help you build business credit.

Getting one of these cards can help put your business on the map when it comes to building business credit if the card issuer reports to commercial credit agencies. However, not all cards have the same policies for reporting to the business credit bureaus, and it’s important to understand how each one works. (We explain how business credit cards can affect a business owner’s credit in a separate article.)

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Find personal business credit card options and access your business credit report when you create your account. A check won’t hurt your credit score.

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There are a number of commercial credit reporting agencies in the United States. In addition, the Small Business Exchange (SBFE) serves as a repository of business credit information for its members, which include large financial institutions and all types of lenders that provide financing to small businesses. . .

SBFE does not compile or sell credit reports. Instead, it works with SBFE Certified Dealers, credit reporting agencies that are allowed to include credit information reported on the SBFE exchange in the reports they sell to SBFE members. SBFE Certified Dealers currently include major credit bureaus such as Equifax and Experian.

Credit reporting is completely voluntary. No issuer is required to provide information to the credit bureaus, whether personal or commercial credit information. Especially with business credit, it can be difficult to find reporting lenders and brokers. This is why having a credit card with statements can be beneficial.

We contacted large business credit card providers for details on where they report small business credit card payment history. The table below summarizes the results.

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Information can also be obtained from credit reports from agencies not listed below. Another reason is related to SBFE’s Verified Dealer model. Information provided to SBFE may be included in reports generated by SBFE Certified Vendors.

Provider policies are subject to change. Be sure to check with the provider for current information on their credit reporting policies.

Small business credit cards are available to small business owners with good credit scores and sufficient income to meet the issuer’s minimum income requirement. A few important points to keep in mind:

Business owners looking for a credit card have many options. If your primary goal is to build business credit, you’ll want to get a credit card that reports to several business credit bureaus. Getting paid on time can help keep your business on track.

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Rewards: Think about all the money you spend on your business, then think about all the credit card benefits you can get when you use a credit card to pay for those business expenses. For many businesses, this adds up quickly.

Cashback is popular all over the world because business owners can always use the money! Some cards offer bonus cash back for spending on bonus items (like office supply stores), so it’s worth considering your business purchases before choosing a card. Points are not recognized and are often used for travel, but can be redeemed for other rewards such as gift cards.

Financing: Don’t forget that a business credit card is a form of credit that your business can use when needed. Unlike a business loan, no one will ask why you need the money. Some cards even offer balance transfers or APRs of 0% or more. This type of low-cost financing can be very beneficial for new ventures or any business experiencing strong cash flow.

However, it is important that you use this money for essential business expenses. Otherwise, you may find your business with a higher interest rate credit card balance after the introductory rate expires.

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If your goal is to build a credit business while taking advantage of the small credit cards that the five cards offer, here are five cards to consider:

If you want to start a credit business, follow the reports of all commercial credit reporting agencies. The Chase Ink Business Preferred® Credit Card is a more attractive card. Offers a generous sign-up bonus: New Card Member Gift! Earn 100,000 bonus points after spending $8,000 on purchases in the first 3 months after account opening.

Ongoing rewards points are solid, too: Earn 3 points for the first $150,000 spent each account year on combined purchases of travel, shipping, internet, cable and phone services, and ad purchases through social media sites and search engines. . Earn 1 point per $1 on all other purchases – there’s no limit to how much you can earn.

Earn unlimited 1 point per $1 spent on all other purchases. Points do not expire once the account is opened. You can also get employee cards for free.

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Divvy reports to SBFE and major business credit bureaus. Divvy Corporate Card BILL simplifies expense management by combining business cards with free expense management software. It gives managers full control over staffing costs and expense limits that can be adjusted in seconds. Divvy can help your business eliminate expense reports, spend within your budget, and build business credit.

The annual fee is $0. And the reward system is competitive: up to 7% points based on payment terms.

If you’re looking for a straight cash back card, the American Express Blue Business Cash™ Card is a solid choice. American Express reports credit cards to the SBFE, which means the information may appear on multiple business credit reports, depending on the report purchased by the lender.

You can earn 0% on purchases for 12 months from account opening, making this card attractive to businesses with low financing needs. There’s also a nice offer: Get a $250 statement credit after spending $3,000 in purchases with your card in the first 3 months.

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Refunds are in the form of cash back. Earn 2% cash back, then 1% on all eligible purchases up to $50,000 per calendar year.

Capital One reports to SBFE and Experian Small Business. (It should be noted that it can provide information about the cardholder’s credit activity. Read more here.) If you decide the Capital One Spark Card is right for you, it’s a great option for businesses looking to keep balances based on access. APR.

The annual fee is $0 and it offers 0% on purchase for 12 months and 21.24% – 29.24% (Variable) APR thereafter. You can earn 1.5% Unlimited Cashback on all purchases you book through Capital One Travel and 5% Cash Back on Hotels and car rentals. Good credit required.

If you can’t get a low credit card because of bad credit, you may want to look into a secured credit card. These cards require a security deposit as collateral. Pay on time and you can build credit and you’re finally ready to get an unsecured card.

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However, there are not many issuers that offer secured credit cards. Bank of America is one of the few major issuers to do so. Learn more about business secured cards here.

If one of your goals is a reasonable amount of business credit, consider getting a business credit card. Many entrepreneurs believe that their business must be well established and profitable to qualify, but this is not always the case. Card issuers are often more interested in an applicant’s personal credit score and often consider income from a variety of sources, not just the business itself.

Credit cards can be a flexible and cost-effective way to borrow money for your business and offer lucrative returns that provide added value at no cost when you pay off your balances in full. As with all types of loans, you want to be careful and careful not to put your business money at risk.

Business credit cards can help you when your business needs immediate access to cash. Browse your top business credit card options and apply in minutes.

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The answer is no, a personal credit card will not generate business credit because it will not appear on business credit reports. To build business credit, you’ll want to choose a small business credit card with a business credit report.

Most credit cards require good or excellent credit to qualify. If your credit score is below 650, you may want to consider other ways to build business credit, such as a secured credit card or net-30 merchant account.

The fastest way to build business credit is to set up accounts with companies that will report your payment history, including credit cards, business loans and merchant accounts. (Not all of these companies will report, so be sure to check before you apply.)

It was Gerry Detweiler, known as a finance and credit expert

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