Flower shop owner holding a credit card next to a laptop computer in her flower shop. Concept: best unsecured credit cards.
Betsy Wise
By: betsy_wise
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Best Unsecured Credit Cards 2019

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Business owners use unsecured credit cards to purchase supplies, put down a cash deposit on inventory orders, and use them like a revolving line of credit. When used responsibly by not overspending and paying them off monthly, the best unsecured credit cards are a handy financial tool to have in your wallet.

For that reason, we’ve put together a list of the best unsecured credit cards to consider. Also, you’ll find out about an alternative to improve your business’s financial outlook and reap the rewards of additional benefits.

What Is an Unsecured Credit Card?

With this type of credit card, you are not required to offer collateral such as the title to your vehicle, cash, or other assets to qualify for the card, in other words, to “secure” it. Instead, the card provider decides whether to issue the credit card based on your credit score, your ability to pay, and other factors.

Unsecured credit cards appeal to business owners because having one provides access to needed cash without carrying risks. Furthermore, if your credit is bad or fair you can use the card to build up your credit score. That’s because most card issuers report your account history to at least one or all three major credit bureaus.

Another key feature of unsecured credit cards is access to cashback programs, promotions, and automatic reviews to qualify for credit line increases.

Learn more reading What Is An Unsecured Credit Card?

Best Unsecured Credit Cards 2019

When considering which one of the best unsecured credit cards is most suitable for your business, keep an eye out for added fees such as late and transfer fees. Remember to check each card issuer’s terms and conditions before applying as they may change constantly.

For convenience, we’ve provided a link to each card issuer’s application page so you can apply for the best unsecured credit card quickly and easily.

Card Issuer Annual Fee Monthly Fee Minimum Credit Score Required Other Features Link to Apply
Horizon Gold None No monthly fee, $20 late fee

$25 insufficient funds fee

$3.50 store delivery fee

$2.00 residential delivery fee

$5.00 card validation fee

None No employment check, reports to major credit bureaus, no credit check, $500 credit limit Horizon Gold
Credit One Bank Visa $0 – $99 No monthly fee

$5-$10 cash advance fee or 3-8% of the purchase

up to $39 late fee

up to $39 insufficient funds fee

$19 authorized card user fee

Fair credit score rating required 1% cash back rewards on all purchases, Zero Fraud liability insurance, free online access to Experian score, account reviews for credit line increases Credit One Bank
Milestone Mastercard $35-$99 No monthly or one-time fees Bad credit okay Prequalification does not affect credit score, reports to 3 major credit bureaus, $300+ credit limit Milestone Mastercard
First Access Visa $75 first year, $48 thereafter $89 – one-time program fee

no monthly fee first year, $6.25 second year and beyond

Bad credit okay Online results for approval in as little as 60 seconds, reports to 3 credit reporting agencies, 24/7 customer service First Access
Petal Visa None None Apply with no credit history Credit limits from $500 – $10,000, 1% cash back on purchases, 1.5% after 1 year, cash flow technology helps applicants without credit history get approved Petal Visa
Capital One Platinum None No monthly fee

3% cash advance/ $10 minimum

up to $39 late fee

Limited credit history required Access to increased credit line after making timely payments for 5 months, choose your monthly due date, build credit as payments are reported to major credit bureaus Capital One
Citi Double Cash Card None No monthly fee

3% foreign transaction fee

5% cash advance fee/ $10 minimum

up to $39 late fee

3% balance transfer fee/ $5 minimum

up to $39 returned payment fee

Good credit rating (average approval score is 740+) 0% intro APR on balance transfers for first 18 months, 2% cash back on purchases (1% when you buy and 1% to make payments for those purchases) Citi Double Cash
American Express Cash Magnet None No monthly fee

foreign transaction fee 2.7%

cash advance fee 5%/$10 minimum

3% balance transfer fee/$5 minimum

up to $39 late fee

up to $39 returned payment fee

Excellent rating 0% intro APR on purchases and balance transfers for the first 15 months, spend $1,000 in first 3 months and receive $150 statement credit, unlimited 1.5% cash back on purchases American Express
Indigo Platinum Mastercard $0 – $99 No monthly fee

cash advance – $0 first year-5% thereafter

foreign transaction fee 1%

late and returned payment fees up to $38

Fair credit, previous bankruptcy okay Prequalification doesn’t impact credit score, auto rental insurance, roadside assistance, $0 fraud liability Indigo
Bank of America Cash Reward None No monthly fee

cash advance and balance transfers 3-5% of transaction/$10 minimum

foreign transaction fee 3%

up to $39 late payment

up to $28 returned payment fee

Excellent rating 0% intro APR first 15 months for purchases and balance transfers made in first 60 days, $200 cash rewards bonus when making $1,000 in purchases in 90 days, 3% cash back on select purchases, 1-2% on other purchases Bank of America

Other Alternatives to Unsecured Credit Cards

Business owners prefer maintaining control over their assets. That’s why they choose unsecured over secured funding, which does require collateral in exchange for financial assistance.

At Camino Financial, our unsecured business loans do not require collateral or a cash deposit. Other benefits include fixed monthly payments, fixed interest rates, and no minimum credit score required. Our loans are flexible and straightforward: there’s only one closing fee, and no other fees apply. Finally, when you make timely payments in 9 months, it’s possible to qualify for lower interest rates and continue to build your credit history.

To put it another way, our loans have benefits that unsecured credit cards don’t offer.  To compare and contrast both financing options and see for yourself why we are a better option, we invite you to read  Business Credit Cards vs. Camino Financial Business Loans.

 

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