However, credit line amounts are between $5,000 and $50,000. Small Business Administration), which is suited for businesses in operation for less than two years. Wells Fargo also offers its Small Business Advantage line of credit (backed by the U.S.
Lines of credit between $10,000 and $25,000 charge a $95 annual fee while lines of credit between $25,001 and $100,000 charge a $175 annual fee. Unlike other lines of credit on our list, Wells Fargo charges an annual fee of $95 or $175, waived for the first year. Through Wells Fargo’s unsecured line of credit, business owners can access credit lines between $5,000 and $100,000 with payments due monthly.
Wells Fargo’s unsecured business line of credit is generally best suited for existing Wells Fargo customers or small business owners who want to supplement cash flow, cover daily expenses, expand or jump on unexpected business opportunities through a traditional bank compared to an online lender. We are highlighting its unsecured line of credit as its best option for most small businesses but have included a brief summary of the other two options. Make sure to research and compare APR and introductory interest rates, read the fine print, and watch out for offers that seem too good to be true.Wells Fargo offers three business lines of credit-unsecured line of credit, Small Business Advantage and Prime Line of Credit. If a credit card company offers you a low or 0% interest introductory rate but later raises it to a high APR, it can affect the amount of interest you end up paying on your balance.ĭeciding which credit card to get for your business is a big decision with many variables that can affect your finances in the long run. If you have a high APR, expect to pay more in interest, especially if you have a high outstanding balance each month. You will end up paying less in interest if you have a low APR and strive to keep your balance low. The amount of interest you pay ties into your APR. If you don’t pay off your card each month, you will be charged interest. Your Business Credit Card’s APRĭon’t ignore the APR (this is your annual percentage rate). Look for a low interest rate, low annual member fee, and a good sign up bonus. There are websites available where you can compare hundreds of credit cards to see which one best serves your business’s situation. If you will be spending thousands of dollars on your credit card, your company can stand to gain quite a few benefits, such as air miles or other points. Don’t get locked-in because there will usually be a large termination of contract fee if you decide to cancel. This is a way for credit card companies to trap you into staying with their service even if you become dissatisfied.
You will probably face multiple credit card offers in the mail, each one with a more enticing offer than the next, such as a “free credit report.” If the offer seems too good, there are likely strings attached and an involved, long-term contract. There can be hidden rates, fees, and obligations hiding in the details of the terms and conditions. Read the fine print before you fully agree and sign a contract you won’t be able to get out of. If you receive offers with tantalizing 0% rates, they will most likely get you with high rates elsewhere or have the true details hidden in the very fine print. Watch out for offers that seem too good because they probably are.
Business Credit Card Deals That Seem Too Good Here are five things to consider when going through your options: 1. In order to propel your business forward and make purchases that will help expand your company, you will most likely need to obtain a business credit card. 5 Things To Know Before Getting A Credit Card For Your Business
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