Applying for a business credit card with a bad credit score is a simple task with bankchart.co.uk. Just look through our best offers in the list above and send online applications to several banks.
Credit cards for businesses with bad credit scores
If your company is in debt or has a bad credit score, you can apply for such types of business credit cards in the UK:
- Secured business credit cards require a security deposit that serves as collateral for your credit limit. Since your credit limit is typically equal to or slightly higher than your deposit, these cards are easier to qualify for, even with bad credit.
- Prepaid business debit cards allow you to load funds onto the card, which you can then use for business expenses. Since these cards are not extending credit, they generally don't require a credit check.
- Some credit card providers offer credit builder cards designed to help you improve your credit score. These cards often have lower credit limits and higher interest rates, but responsible usage can help rebuild your credit over time.
- Small Business Charge Cards: These cards don't have a pre-set spending limit, but you're required to pay the balance in full each month. While not suitable for carrying a balance, they may be more accessible to those with lower credit scores.
Business loan calculations for 3 years (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 500,000 | 8.15% | 62,823 |
| 500,000 | 8.25% | 63,594 |
| 500,000 | 8.35% | 64,365 |
| 1,000,000 | 9.15% | 141,063 |
| 1,000,000 | 9.25% | 142,604 |
| 1,000,000 | 9.35% | 144,146 |
| 2,500,000 | 10.15% | 391,198 |
| 2,500,000 | 10.25% | 395,052 |
| 2,500,000 | 10.35% | 398,906 |
| 5,000,000 | 11.15% | 859,479 |
| 5,000,000 | 11.25% | 867,188 |
| 5,000,000 | 11.35% | 874,896 |
Can I get a business credit card with bad credit?
If UK banks don't offer your company a credit card, you should try your best to improve your business credit score. Timely payments, low credit utilization, and careful financial management can help you improve your credit over time.
How do I apply for the best bad credit business credit cards?
- Look for credit card providers from the table above. Our analysts have already studied the UK credit card market and selected for you offers from financial institutions with the most loyal approaches to assessing customer loan applications.
- Review the eligibility criteria for the credit card you're interested in. Some cards may have specific requirements or limitations based on your credit history and business details.
- Gather necessary documentation such as proof of identity, business registration details, financial statements, and any other information the card issuer might require.
- Locate the application form for the credit card you're interested in on the bank's website and fill it out accurately, or visit the nearest branch. 5. The issuer will review your application, which may take from a few days to a couple of weeks.
- If your application is accepted, you'll receive the card by post or at the nearest branch.
- Follow the instructions provided to activate the card, for example, in online banking.
