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A reliable credit line is your haven when your startup needs an injection of money to solve cash flow, inventory and any other financial problems. But of course, all credit cards are not created equal; they vary based on the issuers’ offerings.
In truth, some will fit your small business needs better than others. That’s why entrepreneurs must choose credit lines wisely. Plus, given a startup’s unique financial needs, brands must search for a line of funding structured to support their unique needs and encourage growth.
Top Business Credit Lines for Startups
So what are the best lines of credit for startup businesses?
Capital One Spark Cash Select: For startups with good credit
The Capital One Spark Cash Select is ideal for borrowers with good credit.
Some of its features and pros include:
- You enjoy 0% percent APR during the first year
- After the 12-month grace period, you pay a variable APR of 15.99% to 23.99%
- It also offers 1.5% cash back on all items and services you buy
- Charges zero annual fee
With this card, all you must do is make the minimum per-month payments and settle the full balance within the stipulated time frame, and you won’t pay an interest.
To qualify, you must have good credit which the issuer determines by checking the following: (1) You haven’t filed for bankruptcy or defaulted loans in the last five years and (2) haven’t been more than 30 days late on a loan or credit card payment in the past year.
American Express Business Gold Card: For Startups after Flexible Repayment Plans
Amex’s Business Gold Card is a gold mine. It has no predetermined credit limit hence ideal for expensive purchases.
Some of its features and pros include:
- Enjoy 4X points on annual purchases upto $150,000 in two of your high-spend categories, and 2X points on hired cars rented via AmexTravel.com
- The card charges $295 in annual fee
- Cardholders pay from 14.24% to 22.24% in APR
This card is the king of payment flexibility. If you like, you can sort the full balance (and pay zero interest), or opt for the Amex Pay Over Time approach which allows you to spread out expensive purchases into per-month installments payable with interest.
Other Top Business Credit Cards to Consider
Below are other credit lines that may fit your unique needs:
- U.S. Bank Business Platinum: Ideal for a balance transfer.
- Ink Business Cash Credit Card: Best card to enjoy cash back rewards.
- The Business Platinum Card from American Express: Ideal for the travelling entrepreneur.
Does any of these match your firm’s needs? Well, visit these card’s official sites for more detailed info.
A Final Word on Business Credit lines
A credit line is a long-term commitment. Before you take out one, read between the lines to understand the terms of use and whether it fits your business’s needs.
Author Bio: Michael Hollis from First American Merchant is a Detroit native who has helped hundreds of business owners with their high risk merchant account solutions. He’s experimented with various occupations: computer programming, dog-training, accounting… But his favorite is the one he’s now doing — providing business funding for hard-working business owners across the country.
