Credit Cards for Business Owners with Excellent to Fair Credit

• Author: Joanna Crona
• Posted: 2024-07-04

Credit cards offer a variety of rewards and perks, but business credit cards are a serious responsibility. Choose the credit cards with the most to offer you or your organization, but realize that the Internal Revenue Service (IRS) scrutinizes purchases on business debit and credit cards. All your business income and employee wages must be correctly reported to the IRS.
 

Excellent, Good, or Fair Credit

A single derogatory comment on a credit report with otherwise excellent payment history can significantly lower your credit score. Capital One Financial Corporation, headquartered in McLean, Virginia, is a full-service bank offering:

• Checking accounts
• Savings accounts
• Auto Loans
• Commercial Banking Services
• Loans and Lines of Credit
 

Capital One Credit Cards

Capital One offers platinum credit cards with no annual fee to those with good or fair credit. Your initial credit limit may be lower than you would like, but your credit limit increases periodically as you make timely payments on your account. After you've established exceptional credit history with Capital One, they'll refinance your car at a lower rate of interest. You'll be eligible for business loans or lines of credit. Capital One credit cards are:
 

• Quicksilver: Cash back on all purchases
• Venture: Cash back for travel, double miles on every purchase, and 60,000 bonus miles for flights, rental cars, and hotels
• Venture-X: Cash back for travel, ten times the amount or each purchase in miles, and 75,000 bonus miles for flights, rental cars, and hotels

Capital One Spark Cards

A Capital One Spark credit cards pays a $1,000 bonus if you spend $50,000 in your first six months or a $500 bonus if you spend $5,000 within your first three months. You'll receive 1.5% to 2% cash back on all your purchases to benefit your business. Your account records are easy to download into Quicken®, QuickBooks® and Excel®. Year-end reports from Capital One make it easy to prepare for your taxes. You can apply for a credit card for each account, each product, or each manager and receive clearly delineated expense reports.
 

Internal Revenue Service - Business Purchases

The IRS requires you to report all employee income regardless of the amount. Most business that violate tax laws do not know the law. For example: your exemplary employee charged a few groceries and filled his gas tank with your credit card while he was running errands on your behalf. You don't mind in the least, but the automated IRS scans your financial forms. You, your board members, and employees can all be fined or required to pay additional income tax on the unreported income. Furthermore, all those fined can be arrested.
 

Embezzlement

Embezzlement is not theft. Embezzlement is taking an employer, client, or contributor's money for personal gain. The embezzler who has the right to access the money he or she spends abuses his relationship or position of trust. Embezzlers are usually required to compensate the employer or the IRS for their losses.
He or she takes money or property illegally, usually in one of the following manners:

• Lying about expenses
• Taking money and paying it back
• Cashing business checks in a personal account
• Falsifying business records to conceal money spent
• Adding fake employees to the payroll, client, or donors' list
 

Chase Ink for Exceptional Businesses

Chase Ink for businesses are unlimited, cash, or preferred. Chase Unlimited and Cash credit cards charge no annual fee, and a $750 reward is paid to business owners who borrow $7,500 within their first three months as a card holder. Chase Ink Unlimited pays 1.5% cash back on all purchases. Chase Ink Cash pays 5% cash back on the first $25,000 a new card holder spends and 2% cash back on all money spent in restaurants. Chase Ink preferred pays $1,000 cash back or $1,250 for travel. Chase Ink Preferred pays liberal rewards. Chase Ink credit cards can give you a line of credit, business services, merchant services, business debit cards, and commercial banking services.
 

Discover Cash Back Credit Cards

Discover Cash Back credit cards pay 5% cash quarterly at specific places like supermarkets, restaurants, and gas stations. All other purchases earn 1% cash back. Discover matches money back from merchants, and you'll enjoy interest free credit for your first 15 months as a customer. You can redeem your rewards for cash at any time.