Building Business Credit for Small Business
Due to the growing difficulty in obtaining traditional business lines of credit from banks, many business owners are turning to using credit cards for small 
businesses as their primary unsecured business lines of credit.
Unfortunately, the majority is turning to the wrong sources and end up putting their personal credit on the line since all their business credit card debts are showing up on their personal credit reports.
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Building small business credit has incredible advantages including obtaining cash credit cards with no personal guarantee. Two of the most common questions I’ve been getting lately is…
Are no personal guarantee businesss credit cards still available in the marketplace?
and…
How do I go about finding who offers no personal guarantee cash credit cards for businesses?
That’s the magical question but before you get some answers you need to know that in order for you to obtain cash credit cards with no personal guarantee you will need to have an established business credit profile with a DNB paydex of 80 or greater plus 7-10 trade lines (vendor credit) reporting credit lines ranging from $2k and greater.
The video below will share with you the three ways to obtain Small Business Credit with No Personal Guarantee credit cards for your business. Don’t be confused with no personal guarantee vendor credit because that’s very easy to obtain. Cash credit is what most if not all business owners are seeking to obtain greater amounts of especially these days.
If you plan to apply for a business credit card prior to building business credit pay close attention to what information the application requires. It must require your Federal Tax ID, Dun and Bradstreet number, and may require a personal credit check. It’s always a good idea to verify with the credit card issuer how they report your payment history. If the answer is your personal credit file then it’s not a true business credit card.
True business credit cards offer three main benefits:
What type of small business credit are you looking for?
Looking for no personal guarantee business credit? Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free audio seminar ($597 value =>
About the Author
Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for AllBusiness.com, a subsidiary of Dun and Bradstreet and author of “Eight Steps to Ultimate Business Credit” and “How to Build Business Credit with No Personal Guarantee.” His articles and blogs have also been featured in American Express Small Business, Business Week, The Washington Post, The San Francisco Tribune, Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain.
Many business owners across the country have experienced the cold shoulder from their banks and seen their credit lines reduced as a result of rising losses, the credit crisis, and economic uncertainty. Are credit cards for small business on the rise or decline?
While major credit card issuers like Advanta have left the business earlier this year it’s refreshing to see that banks like J.P. Morgan Chase card services announced today that it plans to launch four more credit cards specifically targeted at small-business owners! Among them will be a credit card that requires the cardholder to pay their balance in full each month similiar to Amex’s card.
Richard Quigley, president of Chase Business Cards said “It’s really going to be small businesses that are going to help pull the U.S. out of the recession.” Now we have all known this from the very beginning of this financial mess but it’s about time that these national banks realize it and do something about it.
Even though this is good news for small business owners there are some that see this as a strategy that banks are pushing simply because business credit cards aren’t covered under the new regulations that restrict issuers from raising rates and fees on consumer credit cards. Whatever the reason is I believe that the more options small business owners have when it comes to credit cards the better. Hopefully Chase will roll out some true business credit cards but I do like that they are positioning themselves to compete with American Express.
Competition is a good thing and when it comes to small business credit cards the winner is the small business owner! For example, Chase’s Ink Bold card—the first charge card offered by a Visa or MasterCard issuer—is aimed at business owners who want to avoid paying interest charges. It comes with a variable credit line that automatically adjusts to the business owner’s spending patterns. Annual fees are $95, but the first year’s fee is waived.
Here are some other aspects to Chase’s new small business credit cards compared to Amex.
Chase’s Four New Small Business Credit Cards – Ink Bold, Ink, Ink Plus and Ink Cash
*They are accepted at twice as many locations worldwide as American Express
* InkSM Bold — Chase’s first pay-in-full charge card with no interest
charges
– Ink Bold has no annual fee for the first year and $95 thereafter
*InkSM — Developed for small business owners seeking business-sized
credit limits, flexible payment options and online expense management
tools with the ability to earn rewards from business purchases with no
limit on how many points may be earned and the points do not expire.
-Ink has no annual fee.
*InkSM Plus — The solution for small business owners seeking
business-sized credit limits, flexible payment options, online expense
management tools and the ability to earn rewards from business purchases
including extra travel benefits with no limit on how many points may be
earned and the points do not expire. Rewards points also are worth 25
percent more when redeemed for air travel through Ultimate RewardsSM and
cardmembers can earn an annual spend bonus of up to 25,000 points.
-Ink Plus has no annual fee for the first year and $60 thereafter.
*InkSM Cash — Designed for small business owners seeking unlimited cash
back and accelerated earnings on everyday business purchases: dining,
fuel, home improvement and office supplies. Ink Cash provides
business-sized credit limits, flexible payment options and online
expense management tools.
-Ink Cash has no annual fee.
Ouch! I’m sure Amex doesn’t like to see this!
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Better yet CLICK HERE to become a business credit member and discover what business credit can do for you!
By the way, what would you like to see more of on this blog? Any questions? Let me know 🙂
To Your Success!
Marco Carbajo
About the Author
Marco Carbajo is a business credit specialist, author, speaker, and founder of http://www.startbusinesscredit.com . Want to learn more about how to build business credit and obtain unlimited financing for your business? Claim Marco’s popular FREE business credit seminar ($597 Value), available by simply submitting your email below To Your Success! =>