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Zero APR Business Credit Card – Low APR For Life of Credit Line

Low APR Small Business Cards - LifetimeThis small business owner was applying for a zero APR business credit card that had a low APR (between 3%-6%) with a fixed rate. He wanted the low APR to be for the full lifetime of the credit line as well. He wanted a credit limit on the card to be at least 100K.

His credit rating is excellent with a great FICO score of 740, and he has no personal or business debt. His small business in located in San Diego County, and he has staff of under 15 employees working for him.

There’s always hundreds of thousands of applicants trying to find a web site online that provides an application form to qualify for low APR fixed rate credit card. Mostly always these applicants need this credit line keep their businesses growing and increasing productivity, and some are just trying to “keep the lights on”.

In this small business owners case, he is quite annoyed that he can’t find a low APR fixed rate card, even though he has what he calls, “and A+ credit rating”. These days in the United States (and Canada too) it’s tough to find any bank or CC company that will qualify the average small business owner for such a card. Read on.

Zero APR Business Credit Card – Low APR For Life of Credit Line – Intoduction of Applicant

Type of Credit Card :: Zero APR Business Credit Card – Low APR for Life of Business Credit Line of $100,000

Why do you this credit card? :: I am running a small business with 8 employees in San Diego and we require a zero APR credit card for the maximum introductory months, and we need the card to have a very low APR (between 3% – 6%) for the entire life of the card. We would be OK with a credit card that did not have an introductory grace period on interest – a card that has a very low APR right from the start and stays low for as long as we use the card. Basically for the full life of the credit line please. Does such a credit card exist? I’ve seen advertising from web sites online that claim to have MBNA zero APR credit cards, but yet I know for a fact the the MBNA Corporation was bought out by Bank of America back in 2005. I find this all very confusing.

What is the credit line you require on CC? :: I need this card to have a credit line of $100,000 + and I need the APR to be very low for the life time of the card and account. I’m sure there must be a card like this that does not force card holders into a contract whereby they are only given the low introduction offer of zero APR, and then after a matter of months, they are cranked up to 19-20%. I see that most Wells Fargo, and Bank of America cards are charging between 10%  and 20% APR after the introductory offer has expired. I want a card the from a company that guarantees they will never increase the APR EVER for as long as I hold their card.

Zero APR Business Credit Card – Low APR For Life of Credit Line – The Fine Print

Some of the fine print on the contracts these banks have are ridiculous if you ask me, and even if the new legislation passed down from Congress, that prohibits credit card companies from having long winded fine print in their customer/client documentation, and can imagine creditors will always find a way to dupe us. Rant done!

Please help me apply online for zero APR card for the life time of the credit line. I don’t care which bank it is, as long as this is guaranteed and the credit limit is at least 100K.

Length of Employment :: Self employed – my business is a box manufacturing company (LLC) owned and operated out of San Diego, CA. We have been operating since 2001 and have a small staff of under a dozen, fluctuating via seasonal demand. We have a great bottom line and I have been able pay myself quite handsomely for the past 5 years. My credit rating is excellent A+ and I have a very high FICO score of 740. I’m assuming that since I have a high credit score, and a high salary from my incorporated business, that I should qualify easily for a low APR card as requested – correct me if I’m wrong please. Getting tired of being turned down for a card like this when I gave a top notch credit rating.

Zero APR Business Credit Card – Low APR For Life of Credit Line – Location of Applicant

Time at Address :: I live in San Diego in the same house now for 6 years. We have a mortgage on the property for $600,000. The house was recently appraised at $3,000,000 + and I’m willing to use some of our equity in securing this credit card. I understand that there is no such thing as a zero percent credit card for the entire life of the account (because that doesn’t make a lick of sense!) but surely there must be a card for applicants like me who make allot of money each month, and have millions of dollars in home equity. There did use to be a card like this. I remember one of my business associates had an Business Travel CC with American Express.

Age :: 54

Anything else you can tell us to speed up approval? :: I can provide my personal and business bank statements to back up what I have exclaimed here so far. I can provide year end from our accountant (s) so you can see that I am speaking the absolute truth. I need this to be approved as quickly as possible because we are re-tooling our plant with upgraded machinery which will increase productivity by 200% – this is a win win for everyone when we roll out the new line. We are producing between 100 to 150 thousand units a day with the current a line and after the upgrade we will be able to produce between 500 to 600 hundred thousand units (boxes) a day.

Sex :: Male – last time I looked.

Marital Status :: Married

Ever Claimed Bankruptcy? :: Yes – In 1994 but long gone discharged and over that.

What City/Town, County, and State is your primary address in? :: San Diego, California (Cty by same name)

Zip: 92104

Have you checked your credit report lately? :: Yes (above) A+, FICO 740 Clean credit rating.

Would you consider your credit rating to be? :: Excellent

Collateral? :: Home Equity if required – prefer not.

If down payment, how much? Explain please. :: N/A

Do you a have co-signer or co-borrower? :: N/A

Employment Background :: Self employed CEO and Majority Shareholder of successful business.

Zero APR Business Credit Card – Low APR For Life of Credit Line –  Conclusion

Conclusion(s) :: There are not many credit cards that have a low APR for the entire lifetime of the credit line, but they do exist. You have to be in a financial situation such as this person is, in that he has excellent credit, and a seriously positive record of cash flow on a personal basis. Simmons First Visa Platinum has the one of the lowest APR cards for customers with excellent credit only. If you have a FICO of anything less than 700 don’t even waste your time applying.

The rate on the Simmons Business Visa Platinum is a variable 7.2 % on last check. For cash advances the variable rate is 12 % (and change).

This small business owner is correct in that there are plenty of dreamers out there, who have poor credit ratings, and they shopping for low APR credit cards (lower than 6% or 7% in this case) and they want a fixed APR. Fixed APR business credit cards are rare in the conventional sense, but some banks do have agreements with select credit card companies so that they can offer their extremely wealthy customers a special APR deal that IS fixed and very low.

Low APR Business Credit Card – Exclusive Members

I knew a business woman in Texas, who did business primarily in Nevada, California, Texas, Arizona, Oregon, Washington, and New Mexico – and she had a personal gross income of $7,000,000 dollars a year. She had an exclusive fixed rate credit card with an APR of 3%. Cash advances were also fixed at 5% APR. She had a credit limit on the card of $500,000. How is that for walking around money.

So I hate to say this too our regular visitors at CLF, but here goes. If you have a damaged credit rating which is anything lower than a FICO of 700, and you are shopping for a low, fixed APR small business credit card……it will be a miracle if find one.

If you DO have a financial situation closely comparable to the one just describe above, and you DO find a low APR fixed rate credit card for the entire lifetime of the account, PLEASE comment on where you got it and the details of your credit score and your small business. Our readers and I would be very interested this information. Of course change your name and identity to protect your privacy.

Examples of Typical Business Credit Card Offers – All Variable Rate

Wells Fargo Business CC

  • businesses (max of 99 cards)
  • credit Line (max $50,000)
  • annual Fee = $0
  • on purchases: prime + 5.99% to Prime + 14.99% (as per credit score)
  • on cash advances: prime + 15.24% – minimum 21.99%
  • grace period of 21 days min

Bank of America Business CC

  • 0% introductory APR on purchases for your first 6 billing cycles
  • competitive purchase APR
  • employee cards at no additional cost (controlled spending limits)
  • no annual fee
  • 9.24% to 20.24% variable APR
  • 24.24% variable APR on cash advances and convenience checks

These are NOT the credit cards our applicant wants – these are your general small business cards.