SECURED CREDIT CARDS: How 5 Business Credit Cards Benefit?
As business owners struggle to get business funding with bad credit, they now can use secured business credit cards.
Here are 5 secured credit cards you can use for your small business:
Is the BBVA Compass Business Secured Visa Credit Card worth it?
The BBVA Compass Business Secured Visa Credit Card is designed to help businesses and business owners rebuild their credit. Before you apply, you’ll need to open a secured credit card savings account. The minimum opening deposit is $500 and you can make deposits in increments of $100.
Now, before you apply, you’ll need to open a secured credit card savings account. The minimum opening deposit is $500 and you can make deposits in increments of $100. Your available credit will be 90% of your savings account balance at any given time.
How does the Bento for Business Visa® Secured Debit Card help my business?
The Bento for Business Visa® Debit Card offers the conveniences of a business credit card, without the personal credit check or personal liability. Because you have to frontload the funds that you and your employees will spend on the Bento for Business, though, you won’t be able to build credit with this card.
Bento for Business is that it won’t require business owners to undergo a personal credit inquiry—hard, soft, or otherwise—to qualify for it, making it a great card for business owners with no credit or new businesses.
You’ll not only be able to avoid the ding to your personal credit that hard inquiries would cause, you’ll also be able to access Bento for Business even if your personal credit is limited or challenged.
Will the First National Bank of Omaha Business Edition® Secured® Visa Card benefit my business?
The First National Bank of Omaha Business Edition® Secured® Visa Card offers the largest secured credit lines on our list. You can request your own credit limit between $2,000 and $100,000 in multiples of $50, subject to credit approval. What’s more, you’ll earn 0.05% annual percentage yield (APY) on your security deposit account balance.
While this card offers the largest credit lines, notice that it doesn’t offer any rewards, and it’s a regional business credit card. It’s only available in the following seven Western and Midwestern states: Colorado, Iowa, Illinois, Kansas, Nebraska, South Dakota, and Texas.
Could the Wells Fargo Business Secured Card help build my business credit?
Wells Fargo Business Secured Card is the only business secured credit card that is available nationwide. Choose this card if you want to build your business credit while paying a low annual fee. Businesses can grab a credit limit from $500 up to $25,000, depending on the amount you deposit into a collateral account.
This card also allows you to earn rewards and lets you choose between cash back or points. You can either earn 1.5% cash back on every purchase or one point for every $1 spent. If you choose points, you can also earn 1,000 bonus points when your company spends $1,000 in any monthly billing period.
Would the Union Bank Business Secured Visa Card increase my chances of getting business credit?
The Union Bank Business Secured Visa Card didn’t make our list of the best small business credit cards. You won’t find it on our list of the best secured credit cards either. But, if you’re a small business owner with less-than-perfect credit, it could be a powerful tool that puts you on the road to reaching your financial goals faster than you thought possible.
Conclusion:
As a small business owner you can use secured credit cards to build business credit much faster that trade credit accounts.
You’re not only building your business credit fast but you’re building relationships to get other funding.
If you want to learn, how to build your business credit the check out 3wayfunding.com.
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