Business Credit Cards for Veterans: Leveraging Military Experience

Veteran-specific business credit cards are specifically designed to provide financial assistance to those who served in the military. Whether you’re a veteran entrepreneur just starting out or an established business owner, several offers are available that provide unique benefits, rewards, and financing options tailored to the military community. In this article, we explore business credit cards for veterans to help you determine which offer is the best fit for your needs.

Key Points:

• Business credit cards for veterans are specialized credit cards with low rates and other benefits.
• Veterans may receive special introductory interest rates and may also be eligible for additional perks such as cash back, airline miles, reward points, and more. 
• Qualifying veterans must meet certain requirements such as having served in the military, being honorably discharged, and having been a member of the US military for a certain time.
• Veterans can apply for a business credit card from a variety of popular banks and credit card companies, including American Express, USAA, PenFed, and Navy Federal Credit Union.

Are There Specific Business Credit Cards Just for Veterans?

Veterans can appreciate the benefits that everyday credit cards offer, but yes, there are credit cards designed with military members and veterans in mind. These are often offered through banks that specialize in military services. USAA and PenFed are two examples of military banks that offer a variety of credit card options.

You’ll find a few types of business credit cards to choose from. The one that’s right for you largely depends on what you want a credit card for your business in the first place.

• Secured business credit cards. Secured business credit cards are ideal for those with a limited credit history or low credit scores who need a way to build or rebuild their business credit. 
• Travel rewards business credit cards. These cards offer bonus points or miles for every dollar spent, which can be redeemed for discounts on flights, hotels, and more. 
• Cash back business credit cards. These cards offer a percentage back on purchases made with the card and can be used to make an impactful statement when paying bills or purchasing supplies. 
• Balance transfer business credit cards. Balance transfers allow a user to move their unpaid balance onto a new card, often with a lower interest rate. This can be beneficial to veterans looking to reduce debt. 

Why Do Veteran Business Owners Need a Separate Credit Card?

Business credit cards can be a great way for veteran business owners to access the capital they need to start, run, or grow their businesses. Veterans have unique needs and businesses that may require different access to financing, making a dedicated business credit card specifically for veteran businesses extremely beneficial. Here’s why a business credit card can be a helpful financial tool for veterans:

• A separate business credit card can help veterans manage their business finances without tying it to their personal credit score, making it easier to stay organized and keep track of expenses.
• Business credit cards typically offer greater spending limits and access to exclusive rewards. 
• Help build a business credit history, which can help business owners look more professional and improve their chances of accessing larger lines of credit in the future.

How Can Veterans Benefit From Having a Business Credit Card?

Having a business credit card is a great way for veterans to manage their finances and reap many other benefits. Benefits of having a business credit card include:

• Access to rewards. Veterans can take advantage of rewards programs, such as cash back, airline miles, and hotel points. 
• Access to additional perks. Many business credit cards offer other perks such as travel insurance and purchase protection. 
• Easy tracking. Business credit cards can help veterans track and monitor their expenses, making them better prepared for financial planning.
• Increased credit limit. By having a business credit card dedicated solely to the business, veterans can expand their credit lines beyond just personal cards. 
• Boosting credit score. Managing a business credit card responsibly can help veterans build their credit histories, boosting their credit scores.

What are the Best Business Credit Cards for Veterans? 

There are a variety of cards that can help veterans succeed in their business ventures. Some are designed specifically for businesses, others offer rewards that can easily be used for business. Here are just five worth checking out:

USAA Cashback Rewards Plus American Express® Credit Card

USAA offers the Cashback Rewards Plus American Express® Credit Card, which is perfect for the veteran business owner that travels frequently. You’ll earn 5% cash back on your first $3,000 in combined purchases at gas stations and for military base purchases. For more rewards, you’ll earn 2% on grocery store purchases and 1% on all other purchases. 

PenFed Power Cash Rewards Visa Signature® Card

PenFed also offers a rewards card, aptly named the Power Cash Rewards Visa Signature® Card. This no-annual-fee card offers a straightforward 1.5% cash back on all purchases. Plus, you can earn a $100 bonus when you spend $1,500 in the first 90 days of having your account. 

Navy Federal Credit Union More Rewards American Express® Credit Card

The Navy Federal Credit Union More Rewards American Express® Credit Card comes with no fees, including no annual fees. Plus, it comes with a whole variety of rewards, making it a great all-around business credit card. You’ll earn 3X points at restaurants and on food delivery and supermarkets, 3X points on gas and transit purchases, and 1X points on everything else.

Navy Federal Credit Union GO BIZ® Rewards credit card

Navy Federal also makes a business-specific card, the GO BIZ® rewards credit card. It’s a simple card that focuses on keeping your costs low. You’ll pay no annual fee, get a relatively low interest rate, and you’ll earn 1X points for every dollar you spend. 

Business Platinum Card® from American Express

The Business Platinum Card® from American Express comes with some substantial rewards for those with excellent credit. You’ll earn a whopping 5X points on flights and hotels, making this the perfect card for military members that travel frequently. Also, Amex is unique in that they’ll waive the annual fees for active-duty military members. Considering this card had a $695 annual fee, that’s pretty impressive. 

What Qualifications are Required for Business Credit Cards?

All business credit cards come with some basic requirements. Those with better rewards likely have stricter requirements, while those built for low-credit borrowers are more forgiving. The following list outlines the qualifications typically required for a business credit card:

• An established business in good standing.
• A business structure and banking relationship (i.e., an account with USAA, PenFed, and other military banks).  
• An acceptable personal credit score.
• Income documentation such as a financial statement or tax return.
• A security deposit may be required if you’re getting a secured credit card. 
• A valid and current address.

Can Veterans With Bad Credit Get a Business Credit Card?

Veterans with bad credit may not be able to get a business credit card with great rewards and benefits. However, there are some options available to those with bad credit and limited options.

One option is to apply for a secured business credit card (like these from Bank of America). This type of credit card requires a deposit to be made to cover the credit limit. The deposit amount and credit limit are usually equal. This type of card may be easier to get if you have bad credit and allows you to start establishing business credit.

Another option for a veteran with bad credit is to look for a card that offers a low credit limit and has no annual fee or other fees. This can be beneficial for those who may not have a large business budget to work with.

Business Credit Cards for Veterans: How to Choose the Right One

With so many options and varying benefits, it can be hard to decide which business credit card is right for you. When searching for the right business credit card as a veteran, here are some key points to consider:

• Perks and rewards. Look for cards offering useful rewards for veterans, such as discounts on certain services or access to exclusive rewards. 
• Fees. Make sure to check for any fees associated with the card, such as annual fees or foreign transaction fees. If you’re not interested in annual fees, focus on cards that don’t have any. Just note that annual fees often represent better rewards. 
• Interest rates. Look for cards that offer lower interest rates so you can save money on balances you carry from month-to-month. 
• Eligibility requirements. Make sure to check the eligibility requirements to ensure that you meet all of them. Do you have the credit to qualify? Do you have to pay a deposit?

How Veterans Can Apply for a Business Credit Card

Applying for a business credit card is very similar to applying for a personal credit card. You’ll need to provide personal and business info and spend some time trying to figure out which card is best for your needs and credit profile. Here’s the step-by-step process for applying for a business credit card:

• Begin by researching different business credit cards and selecting several that meet your needs and offer the best terms. Consider the APR, fees, rewards, customer service, and additional benefits. 
• Compare the offers side-by-side and decide which card would be best for your business. Make sure you understand the fees and terms so you know the full scope of what you’re signing up for.
• Visit the website of the credit card issuer to begin the application process.
• Select the card you would like to apply for and provide your personal and business information. This may include income verification documents like tax returns or W2s, your driver’s license number, and other financial documents. 
• Submit your application to the lender for review. Now you’ll sit back and wait for the lender to review your application and decide if you qualify.
• If approved, you’ll receive the business credit card in the mail and can start making business purchases.

Credit Card Alternatives: Additional Funding for Veteran-Owned Businesses

Veterans have several other options for obtaining capital for their businesses, aside from business credit cards. Here are a few potential credit card alternatives for veteran-owned businesses:

• Small business loans. Small business loans for veterans are available from financial institutions such as banks and credit unions. These loans are typically higher in terms of interest rates and repayment obligations than credit cards, but also offer larger amounts of money and longer repayment terms. You might like to learn more about business loan opportunities for veterans from our guide.
• SBA loans. SBA loans are another form of business loan, offered through the Small Business Administration. These loans tend to come with strict requirements but much lower interest rates and fees. 
• Grants. In addition to small business loans, veteran-owned businesses may be able to take advantage of certain grants available to help fund their operations. These grants are typically provided by local, state, or federal government agencies and foundations. 
• Crowdfunding. Crowdfunding is a popular way to raise money for any type of business. Many veterans have successfully used crowdfunding platforms to raise money for their ventures. Crowdfunding is appealing because it allows entrepreneurs to receive funds from a wider base of potential investors than traditional financing options
• Angel investors. Angel investors are an option for business owners who need capital for their venture. These individuals or groups have the financial resources to invest in start-ups and veteran-owned companies, often for a portion of ownership.

Resources for Veterans Starting Businesses

There are numerous businesses dedicated to helping veterans start their own businesses. Here’s a handful of them:

• Small Business Administration. The SBA is a U.S. government agency that provides loans, counseling, and other resources to veterans who want to start their own businesses.
• Department of Veterans Affairs (VA). The VA is a federal agency that provides a variety of services and benefits, including loans and other resources for veterans who want to start their own businesses.
• Veterans Business Outreach Centers (VBOCs). VBOCs are a network of centers located throughout the U.S. that provide a variety of programs, services and resources to veterans looking to start and operate their businesses.
• SCORE. SCORE is a nonprofit organization that provides free small business advice and mentoring for veterans.
• Veteran Business Network (VBN). The VBN is an organization that oversees a variety of programs, networks, and resources to help veterans own and operate successful businesses.

Final Word

With their unique abilities and military benefits, veterans have the potential to turn business credit cards into a major asset for their financial well-being. By having access to cash back benefits and other perks, veterans can put their various rewards to good use and enjoy some of the most competitive credit card products available. Veterans should research different business credit cards thoroughly and choose the one that best meets their needs and goals, as there are numerous categories to choose from. By doing this properly, veterans can use business credit cards and succeed financially while also reaping the benefits they have earned through their service.