Marriott Bonvoy Business Credit Card Review & Comparison

January 18, 2020 By Joe Lawrence Leave a Comment

Anyone interested in building business credit needs to understand all of their credit card options. As of today, Amex is offering 75K bonus points, and this has people talking. Plus, existing Chase cardholders are wondering if they should switch. So, here is a full and honest Marriot Bonvoy Business Amex credit card review led by a quick comparison with the Chase card.

First, What is a Marriott Bonvoy Business Credit Card?

The Marriott Bonvoy Business credit card is a revolving line of credit offered from Amex or Chase on behalf of Marriott hotels. The card is famous for its travel rewards, which include complimentary stays at the hotels and more. Currently, Amex is the only bank accepting Marriott Bonvoy credit card applications from businesses.

Next, a Marriott Bonvoy Business Credit Card Comparison

First of all, the Marriot Bonvoy Business card from Chase is no longer open to new applicants. So, if you’re new to the credit cards and rewards offered by Marriott, you can no longer apply for the Chase card. Still, let’s take a quick look at how these cards stack up against one another.

The annual fee on Chase’s Marriott credit card is significantly lower, which might make this card sound more appealing to many people. However, with the right amount of spending, your rewards for with the Amex credit card blow the Chase card out of the water. With Amex, you can earn double the rewards and more.

In the case that you have a preference for working with Chase, while the Marriott Bonvoy Business Visa credit card from Chase is no longer available, you can still apply for the Marriott Bonvoy Boundless (personal) card. But, as a business owner looking to build your business credit, you need to understand that this card will not impact your Paydex score through D&B.

⚠ Important Fine Print: You May Not Qualify for Amex’s Welcome Bonus

Before you cut up or cancel your other rewards cards and apply for the Marriot Bonvoy Business credit card from Amex, you must read the fine print. While the benefits are indeed worthwhile for a traveler, there are instances when you won’t qualify for the welcome bonus.

Have held one of the following cards in the last 30 days: Marriott Bonvoy™ Premier Plus Business Credit Card from ChaseMarriott Rewards® Premier Plus Business Credit Card from ChaseMarriott Bonvoy Business™ Credit Card from ChaseMarriott Rewards® Business Credit Card from Chase

Have held one of the following cards in the last 90 days: Marriott Bonvoy Boundless™ Credit Card from ChaseMarriott Rewards® Premier Plus Credit Card from ChaseMarriott Bonvoy Bold™ Credit Card from ChaseMarriott Bonvoy™ Premier Credit Card from ChaseMarriott Rewards® Premier Credit Card from Chase

Have received a new cardmember bonus offer from one of the following cards in the last 24 months:Marriott Bonvoy Boundless™ Credit Card from ChaseMarriott Rewards® Premier Plus Credit Card from ChaseMarriott Bonvoy Bold™ Credit Card from ChaseMarriott Bonvoy™ Premier Plus Credit Card from ChaseMarriott Rewards® Premier Credit Card from Chase

If you still think you might qualify for the welcome bonus, read on — it’s a great program.

Then, Learn About the Marriott Bonvoy Amex Business Credit Card Rewards

Now, let’s take a closer look at the Marriott Bonvoy credit card business cardholder travel rewards (in addition to building business credit) that you can leverage when you use this card.

Hotel Rewards with the Marriott Bonvoy Business Credit Card

What type of hotel rewards can you earn with the Marriott Bonvoy Business credit card? Here’s what you can earn.

The Free Night Award + Statement & Property Credits

Each year, after your cardholder account opening anniversary (the date you’re approved for a Marriott Bonvoy Business credit card from Amex), you will receive a certificate for a free night stay at Marriott. And, for every $60K you spend in a year, you’ll receive an additional free night.

This perk alone is easily worth the $125 annual fee.

Complimentary Elite Status for 15 Nights

As a cardholder, you will enjoy Marriott Bonvoy Silver Elite Status for 15 nights. But, what does this mean?

Enjoy 10% bonus points on your hotel stays.
Leverage priority late checkout at your hotel stays.
Receive exclusive access to a dedicated reservation phone line.
Use your phone to check in and out of your room (mobile key).
Bypass blackout dates when you reserve your stay.
+More

And, if you spend $35K in a calendar year, you’ll be bumped up to Gold Elite Status.

Enjoy 25% bonus points on your hotel stays.
Leverage automatic enhanced room upgrade based on availability at check-in.
Utilize a late checkout at 2:00 pm.
Receive 250 or 500 bonus points when you arrive to spend on cocktails, meals, spa experiences, and more.
+More

These perks will make your Marriott stay so much more enjoyable.

WiFi Benefit

When you use a Marriott Bonvoy business credit card at checkout when booking your stay, you can enjoy an upgrade to complimentary, premium, in-room WiFi at all participating hotels. So, if you need high-speed internet to work, you won’t have to worry about sharing your connection with other guests.

Airport Rewards with the Marriott Bonvoy Business Credit Card

And, as a Marriott Bonvoy Business cardholder, what perks can you leverage at airports? Read about the air travel benefits below.

Lounge Access + Priority Passes

As a cardholder, you can enroll in Priority Pass™ Select for priority boarding and access to 1,300 airport lounges around the world with up to two guests. Arrive early or spend your layovers in luxury.

Priority Pass Select lounges include the following benefits.

Comfortable seating and resting areas.
Complimentary drinks, refreshments, and pre-flight snacks.
Charging stations for your phone and devices.
Free WiFi.
Conference rooms for business meetings.
Pre-flight spa treatments and massage.
Swimming pools.
Family-friendly relaxation areas.

Check on each airport you’ll be traveling with to find out which amenities are available.

Global Access or TSA Precheck Credit Fee

As a Marriott Bonvoy Business Amex cardholder, if you apply for Global Access or TSA Precheck security clearance, you can receive a statement credit every four years. The credit covers the cost of each five-year program.

Global Entry has the following benefits.

No processing lines
No paperwork
Access to expedited entry benefits in other countries
Available at major U.S. airports
Reduced wait times
TSA Pre✓® Eligibility

Global Access statement credit: $100 after four years.

And, here are the benefits of applying for TSA Precheck.

5-minute or less wait-time at TSA.

TSA Precheck statement credit: $85 after four years.

Now, Here’s Everything Else You Should Know About Marriott Bonvoy Business Rewards

You’ve seen the benefits and rewards. Next, learn what else you need to know about the card before you apply.

What Credit Score is Needed for a Marriott Rewards Card?

According to users in the myFICO forum, it looks like the Marriott Rewards program requires a personal credit score of at least 650 for approval. This usually means you need a good or excellent Paydex score for approval of the business card. Although if someone has great personal credit, a business credit score may not be as heavy an approval factor.

Need help with your score? Join the Business Credit Workshop today to boost your business credit score.

How Do You Use Your Marriott Free Night?

Have you earned a free night stay at Marriott? They should have sent you a certificate, accessible from your account dashboard. You can find it in the activity section.

If you can find your Marriott Free Night Award certificate from your account dashboard, you should be able to use the “Use Points/ Certificates” option when checking out on Marriott.com. If not, contact support to redeem your award.

free hotel nights from marriott credit card

How Much is a Marriott Point Worth?

The Point Calculator has a helpful Marriott Points Value Calculator that you can use to find out how much your earned points are worth.

One Marriot Rewards point is worth an average of 0.7 to 1.5+ cents at Marriott hotels, ~0.4 cents toward airfare tickets and rental cars, and ~0.24 cents toward shopping and merchandise.

And, 75K Marriott points are worth about $525 – $1,125+ at Marriott hotels, $300 toward airfare tickets and rental cars, and $180 toward shopping and merchandise.

According to Statista the most recent average night cost for a stay at Marriott in North America is $198.66. If you use your Amex Marriott Bonvoy Business credit card, this would earn you about 1,188 points.

So, one night stay at Marriott is worth about $14 – $30+ at Marriott hotels, $8 toward airfare and rental cars, and $5 toward shopping and merchandise.

Can You Redeem Marriott Points for Cash?

You can use your Marriott points to buy gift certificates, but you do not have the option to sell them and they have “no cash value,” according to Marriott Bonvoy’s terms and conditions.

Do Marriott Rewards Points Expire?

Yes. Marriot rewards points expire six years after the date they are deposited into a member’s account, no matter what their account activity status is. After this time, cardholders and Bonvoy members forfeit their right to use their points and rewards.

Final Thoughts

In my opinion, Marriott probably has the best hotel rewards card program around. And, the most enticing aspect of leveraging the card is that it helps you establish business credit while you travel for work. So, the Marriott Bonvoy Business credit card is well worth applying for and utilizing if you can qualify. Apply now to start earning travel rewards with your next hotel stay.

And, if you want to learn more about skyrocketing your business credit score and building out your credit profile, check out our free secrets of how to get $100K in business credit in 30 days.

PNC Bank Business Credit Card Review & Comparison

January 11, 2020 By Joe Lawrence Leave a Comment

When building business credit, it’s crucial to understand all of your options. Lately, many company owners, especially existing PNC business banking clients, are interested in learning more about PNC business credit cards. The bank offers five options, all with their own rewards systems and varying interest rates.

So, what makes PNC Bank’s credit offerings stand out? How do the cards stack up against one another? And, what else do you need to know before you apply? Find out here.

What is a PNC Business Credit Card?

A PNC business credit card is a line of revolving credit extended to a business by PNC Bank. The company is a portfolio lender which means they lend their own money and they do not sell their loans or lines of credit to third parties. So, a PNC credit card is arguably a good one to get.

PNC Business Credit Card Comparison

Find out which PNC business credit cards have a 0% introductory APR, cashback rewards, an annual fee, points, and other bonuses below.

	0% Intro APR	Cashback	Annual Fee	Points	Bonus
PNC Cash Rewards® Visa Signature® Business Credit Card	X	1.5%	$0	X	$200 for spending $3,000
PNC points® Visa® Business Credit Card	X	Optional	$0	5 points per $1 spent	Link personal PNC points card
PNC Travel Rewards Visa® Business Credit Card	X	X	$0	1 mile per $1 spent	Double miles on first $2,500 spent
PNC Visa® Business Credit Card	13 months	X	$0	X	X
PNC BusinessOptions® Visa Signature® Credit Card	X	Optional	Up to $500	Optional	$750 for spending $25,000

Who is the PNC Cash Rewards Visa Signature Credit Card for?

The PNC Bank Cash Rewards card is one of the most popular options. No doubt, 1.5% cashback on spending is enticing for many business owners. Plus, if you spend $3,000 within the initial promotional period, you’ll receive an additional $200. So, if you’re in the market for a card that pays you to use it, this is the one.

Do PNC Cash Rewards Expire?

According to PNC’s cash rewards terms and conditions, your cash rewards will not expire as long as your account is open. However, as soon as you close your account, you forfeit any unused rewards.

Who is the PNC Points Visa Business Credit Card for?

The PNC Bank PNC Points card is similar to the cash rewards card, except you’ll earn five “points” on every dollar spent. Points are redeemable for cash, electronics, gift cards, merchandise, and travel. And, if you have a personal PNC points card, you can link the two for more rewards.

How Much are PNC Points Worth?

When weighing the points card as an option, you need to understand how points are redeemable. There are three sections in the PNC points rewards catalog:

Travel
Gift Cards
Apple Store & Other Merchandise

You can directly book flights, hotels, cars, and other travel rewards, purchase gift cards and merchandise from the catalog.

For an idea of what you can get for your points, a Nintendo Switch is redeemable for 123,053 points (or after $24,610.60 in spending). And, the same amount might get you a flight from Portland, Oregon to Denver Colorado.

Do PNC Points Expire?

Unfortunately, yes, PNC points do expire. You have 48 months (about four years) from the time points are posted to your account to use them. So, you’ll need to monitor your points account to see how many are available at a given time.

Who is the PNC Travel Rewards Visa Business Credit Card for?

The PNC Bank Travel Rewards card is perfect for travelers. You can earn one mile for every $1 spent and two miles on the first $2,500 in eligible purchases. Or, you can book your own travel and redeem your miles for a statement credit. If this sounds enticing, the travel rewards card might be right for you.

Do PNC Travel Rewards Expire?

According to PNC’s travel rewards terms and conditions, miles expire in December of the fourth calendar year after the miles were earned. So, like points, you have about four years to use miles.

Who is the PNC Visa Business Credit Card for?

The PNC Bank Business Credit Card is a good starter card for small and medium-sized businesses looking to build credit. The 0% introductory rate for the first 13 billing cycles provides an incentive for companies who are looking to increase their short term and long term working capital or are ready to separate their business and personal spending.

Related Reading: Fund&Grow Facts: An Honest Business Funding Services Review Overview of a paid financial service that helps companies establish multiple 0% APR lines of credit to grow their business.

Who is the PNC BusinessOptions Visa Signature Credit Card for?

The PNC Bank BusinessOptions Visa Signature card is a better card for higher spending ($50,000 or more annually). While there is a maximum annual fee after the first year, you can avoid it by using your card for $100,000 or more in purchases each year. Plus, you can earn $750 statement credit by spending $25,000 on your card in the first three months.

The best feature of the BusinessOptions card might be the fact that you can choose cash, points, or travel rewards.

This card also has revolving and pay-in-full options for the most flexibility.

Still not sure which card is right for you?: Find the right PNC credit card for your business.

Commonalities With PNC Credit Cards

While PNC business credit cards vary and one or another might be better suited to your situations, there are some commonalities that they all share.

What Credit Score is Needed for a PNC Credit Card?

After reviewing the cards above, you may have an ideal card in mind. But, if your credit score is low, you may not be able to qualify yet. According to several cardholders in the MyFICO forum, those with lower credit scores (below 700) will have a difficult time getting a PNC credit card.

So, if you don’t have established business credit, you might have better luck starting with net 30 vendors to boost your score before you graduate to revolving credit options like those offered through PNC.

Are On-Time Payments on PNC Business Credit Cards Reported to Personal Credit Bureaus?

While your personal credit score may impact your ability to qualify for a business credit card, your payments will be reported to Dun & Bradstreet. Your Paydex score, as well as your Experian Business and Equifax Business credit scores, will be affected by on-time payments.

How to Increase Your Credit Limit on a PNC Credit Card?

As with all credit cards, the best way to increase your limit is to pay as agreed and keep your income updated in your account. You can learn more about this and some valuable hacks with a Business Credit Workshop membership.

Your PNC business credit card limit is a reflection of your standing with PNC and your credit profile. For convenience, you can request a credit limit increase online from inside your account.

Other Business Financial Services From PNC Bank

When selecting a credit card to use for business purchases, it’s helpful to know what else the issuer can offer your business. PNC Bank has a full suite of financial services for companies like yours. Most notable are the business checking, lines of credit, and term loans.

PNC Small Business Checking – Choose from four tiers of business checking options based on your needs and leverage additional solutions as needed.
PNC Business Lines of Credit – Based on your location, PNC Bank’s services can vary, but the portfolio lender offers business lines of credit other than credit cards. The amount you receive will be based on your credit profile.
PNC Business Term Loans – When you need a specific amount of funding to cover a business purchase like new equipment or real estate, PNC can help.

Final Thoughts

If you’re in the market for a business credit card, you don’t need to ask if you should get a card from PNC Bank. Rather, the right questions to ask yourself are:

Will I qualify for a business credit card through PNC?
Which card is right for me?

For cashback, choose the cash rewards Visa Signature card. To build points and redeem for gifts, select the points card. If you want to earn travel miles, apply for the travel rewards card. If you need a simple working capital boost, go for the PNC Visa business card.

And, if you need a full-featured card for high spend within your company, try to leverage the BusinessOptions Visa Signature card. And, if you’re interested in learning new ways to acquire more business credit and boost your business credit score, learn how to obtain business credit in 30 days.

Testimonial from Sergey – Received $365,000 in Business Lines of Credit!

September 13, 2019 By Joe Lawrence

Sergey worked with us twice and both times got unsecured business lines of credit from local community banks. We called hundreds of banks and came up with a few “no-doc” lenders that did not require tax returns. The interest rates are super competitive and Sergey is now able to expand his business!

He followed the two step process:

1.) Build your business in such a way that banks want to lend to you

2.) Know where to apply for business line of credit and get an instant approval

Sign up for our training here

Everything You Need to Know About a DUNS Number – and Why You Should Care

July 12, 2019 By Joe Lawrence

Almost every business, at some time, will need a line of credit – and this is the main reason for needing a DUNS number.

If you own a small business, you may have paid a lawyer for articles of incorporation and to secure a federal tax id number so that you could start a company. However, now that you are in business, you may realize that the startup capital you have in the bank may not be enough, as your cash flow fluctuates.

In order to get a line of credit though, you are hearing from different people that you will also need a DUNS number. So, is a DUNS number the same as a federal tax id number? If not, what is a DUNS number used for?

Let’s look at what a DUNS number is first. Then, why it is important to have one, how it works, and finally, how to apply for one.

understanding your DUNS number is crucial to getting credit — Understanding your DUNS Number is crucial to building business credit

What Is a DUNS Number?

A DUNS number is a unique nine-digit ID number that is also known as a D&B number and is short for Data Universal Numbering System. This number, which is like having a social security number for your business, is issued by Dun & Bradstreet to any business that completes their informational profile.

This profile is put into a database with 225 million other companies as part of a credit reporting service for businesses. This database works something like Equifax or TransUnion does for your individual credit report. It’s a free service, although you can pay a small fee to get your number faster.

What Is the Purpose of a DUNS Number?

The purpose of a DUNS number is to establish creditworthiness and credit history of your business. This system was established back in 1963 and standardizes business information so that banks and other creditors understand what they are looking at when your business applies for credit or a loan.

This is very similar to what a bank will look at when they go to TransUnion to see if they should issue you a credit card, mortgage, or insurance.

Why Do I Need a Dun & Bradstreet number?

If you want to get a line of credit from a bank for your business, even if it is doing well, it is very hard to do it on your own. This is because a loan officer is not going to sort through your receivables, payables, or tax returns to see if your business is worthy of credit.

They will, however, give you a personal loan based on your credit score or a loan based on the equity in your house. However, it is never a good idea to take your personal money and use it to keep your business running. As well, the personal loan you qualify for is not usually enough to pay the bills a business will incur.

Plus, you and your family may wind up bankrupt if the business fails.

Applying for a personal credit card and using it for your business is also a bad idea – as you may run up bills that you cannot pay. Then your personal credit may be ruined.

Also a supplier may only work with you on a cash basis if your business is not creditworthy as proven by a recognized credit reporting agency like Dun & Bradstreet. So the best way to establish a positive credit history for your business that can be verified is to have and use a DUNS number.

What Is a DUNS Number Used For?

A Duns number is used to generate a credit report for any business that has completed the DUNS informational profile and then starts using the number to do business.

having a duns number can lead to the extension of credit — A D&B Number can lead to credit!

Doing business by using your DUNS number is the first step to start generating a credit history that can be verified by someone who wants to do business with you – including government agencies and other businesses who require it.

So registering with Dun & Bradstreet and getting a DUNS number assigned doesn’t really do anything for you until you start using it with other businesses that are also registered with a DUNS number and that can report payment history to Dun and Bradstreet.

In other words, if you purchase inventory from a vendor who has a DUNS number, they can report your credit limit, your payments, and years of doing business back to Dun & Bradstreet.

This is how you establish the credit history of your business and its creditworthiness. These positive reports will also allow your company to get credit cards and loans from banks without risking your personal credit.

How Do I Find my DUNS Number Online?

To find out if your business already has a DUNS number or to see if a company with your same name already has a DUNS number go to https://www.dnb.com/duns-number/lookup.html.

If you don’t find any listing under your name, you can go apply for one yourself.

How Do I Get a DUNS Number?

To find out more about getting a D&B number, click here. The process is as easy as going online to fill out the form and doesn’t take very long. Nevertheless, it is always good to enlist the professional help of someone who knows the process, as this will be information that will be used to build your business’s credit report.

You will also need all of the information required – like your business name as it appears on your articles of incorporation, the physical address of your business, type of business structure, etc. – before you begin filling out the form.

How Long Does It Take to Get a DUNS Number?

You can get a DUNS number very quickly – usually in less a week – if you are will to pay a nominal fee to expedite the process.

If not, it only takes about ten or fifteen minutes to apply online, assuming you have all the information required. Then, it takes about 30 days to get your number.

But as we talked about earlier, the number is just the start. Now you will have to find other businesses who also have DUNS numbers and can report your payments and credit limits back to Dun & Bradstreet in order to generate a credit history you can use to keep expanding your business. You can see a list of net 30 vendors that do this here.

2020 Nav Review: A Tool that Helps Build Up Your Business Credit Score

July 7, 2019 By Joe Lawrence

Whether you’re just starting your business or in a growth phase, you’re probably going to need financing. And to get that financing, you’ll need to know what condition your personal and business credit is in. Without that knowledge, you’re only creating more work and headaches for yourself when you apply for financing – on top of potential rejection, you could also end up locked into contracts that are disadvantageous for you and your business in the long run.

You can save a considerable amount of time and money, and spare yourself a whole lot of hassle, simply by signing up for a Nav account. This online platform consolidates your personal and business credit report and provides fast, useful financing guidance. Nav has proven itself over its seven years of operation, having helped over 500,000 businesses across the US keep track of and build up their credit scores, get the financing they need to grow.

After six months of using this robust and intuitive platform for my and my clients’ businesses, I can wholeheartedly recommend Nav as an effective tool for helping you maintain good credit health and finding affordable funding.

Nav Overview: Fast-Track Your Business Loans

Before you can start approaching lenders and credit card providers for business financing, you should know your business and personal credit scores. Doing this on your own can be an extremely time-consuming and costly process. Nav gives you the information you need quickly and keeps you up-to-date on your credit reports and scores.

Nav gives you the information that lenders want to know, so you can apply for funding with confidence.

If your business has trade vendors and you want to build up its credit health, Nav enables you to keep an eye on everything you need to know before you approach lenders and credit card providers. Once it has evaluated your credit history, Nav connects you with lenders and credit card providers in its extensive, data-driven financing marketplace.

Check your financing options on any device with the Nav mobile app.

You no longer have to spend hours or days researching financing options for your business. Using its proprietary MatchFactor technology, Nav instantly presents you with the options that you qualify for based on your personal and business credit profiles and financial requirements. In addition to saving you time and money, you gain assurance that you can successfully access capital from trusted and proven financing lenders.

Nav Benefits: Simplicity, Streamlining, and Savings

Nav is the only online credit reporting and financing assistant that provides you with both your business and personal credit histories. It provides you with tools that help you build excellent credit health; you also get solid recommendations for lenders and credit card providers who are most likely to provide the funding you need to start or strengthen your business.

Nav delivers several benefits when you're looking for funding for your business.

When you take a closer look at everything Nav has to offer, you’ll see just how much it has done for half a million business owners, and how much it can do for you.

Fast Customized Financing Guidance

A 2014 Inc.com article states that “business owners [spend] 26 hours on average in their search” for financing; the Nav website puts that number at 30+ hours. Nav cuts that time down substantially with its MatchFactor tech, recommending funding options that you’re most qualified for instantly.

Nav offers instant financing matches, optimized according to your credit health.

Easy Credit Health Monitoring

When you want to improve your business credit score, you can get credit from one of your vendors. You can then use Nav to check that vendor’s report to your credit profile; provided you’ve paid them in full and on time, the vendor’s report will boost your business credit health. Nav always keeps you on top of your credit score, and helps you determine where and how you can improve it.

Stay on top of your personal and business credit profiles with Nav's comprehensive and intuitive dashboard.

Boost Your Chances of Successfully Applying for Business Loans

Knowing is half the battle: Nav provides you with the knowledge you need before approaching lenders. According to the Nav website, your loan application is 41% more likely to get approved when you understand your business credit score.

24/7 Real-Time Credit Reporting

To ensure you’re always on top of your credit status, Nav keeps track of your credit 24/7 and immediately informs you of changes to your reports. This helps ensure financing approval, so you can apply with confidence. You can also easily find items that have a negative impact on your credit score, such as judgments and liens, so you can rectify inaccuracies in your credit report.

Source: Nav.com

Improve Your Credit Score Easily and Affordably

Nav provides you with free easy-to-use tools that help you establish the business credit profile you need to access funding, while keeping your costs down.

Protect Your Identity

Regardless of whether you sign up for the free Standard account or one of the paid Premium accounts, Nav’s best-in-class encryption keeps your personal and financial data secure. With a Premium or Premium Plus account, you automatically get $1 million identity theft insurance coverage plus recovery assistance.

Nav paid plans include $1 million in identity theft insurance coverage and recovery assistance.

Features for Better Business Financing

Nav’s credit reporting and business-lender matchmaking platform is loaded with features designed with your business’ success in mind.

Free Account

Test the waters with a free, no-obligation Nav account that you can sign up for in minutes (it’s just as fast and easy to sign up for a paid account). In addition to getting a summary of your profile, you can also take advantage of their MatchFactor technology, which pairs you with lenders and credit card providers according to your credit profile.

Essential Credit Scores

Nav is the only service of its kind to provide business owners with their personal and business credit scores from four major credit reporting institutions: Dun & Bradstreet, Experian, Equifax, and TransUnion. In addition to 24/7 credit monitoring, you get real-time alerts every time your credit report changes.

Nav gives you all the essential credit data you need to apply for funding with assurance.

Extensive Financing Marketplace

You’ll find a huge range of business lenders and credit card providers in the Nav marketplace. To save you time and simplify your search, Nav’s exclusive algorithm matches your business with the financial institutions who are most likely to approve your funding or credit application. You only get choices that are best for you and your business, rather than for lenders.

Nav connects you with financial institutions who are most likely to approve your credit or funding applications.

Comprehensive Financing Options Just for You

Your business has its own financing requirements; for example, the best option for your business may be a line of credit rather than an SBA loan. Nav provides you with credit recommendations that best suit your requirements, taking your personal and business credit profiles into account. The platform connects you to trusted and proven lenders for free, enabling you to compare loans, lines of credit, business credit cards, and more in one intuitive dashboard. On top of all that you can get guidance from credit and lending pros.

Actionable Insights Into Credit and Cash Flow

You can access even more funding options with alternative lenders when you connect your business bank account to Nav because they are often based, in part, on deposits. The simple UI informs you of items that may be affecting your score and offers advice on how you can improve your credit health.

Stay on Top of Your Credit Rating Wherever You Are

You can get Nav’s mobile phone app on Apple and Android mobile devices. 24/7 credit monitoring and alerts enable you to keep track of your credit rating on the go.

Nav: Business Credit & Finance for Apple devices

Nav: Business Credit & Finance for Android devices

Get all of Nav's great features in the palm of your hand with their mobile app.

Check Customer and Partner Credit Profiles

When you get a Nav Premium Plus account, you can access the credit reports of up to five different businesses. This helps protect you from potential non-paying partners and customers, ensure you only deal with credible businesses and consumers.

Nav Premium Plus gives you insight into the credit health of up to 5 different companies.

Pricing

You can choose from three types of Nav account: a free Standard account, or one of two paid accounts – Premium and Premium Plus. I use a combination of Standard and Premium.

In addition to its free Standard plan, Nav offers two paid plans: Premium and Premium Plus.

For a concise summary of your personal and business credit reports, the free version is enough for you. When you’re ready to start building up your credit profile, tracking your financial progress, setting cash flow targets, and looking for future financing opportunities, move to one of the paid plans. All three variants offer one-on-one access to credit and lending experts, bringing a personal touch to the Nav experience.

On top of full personal and business credit reports from Experian, TransUnion, Dun & Bradstreet, and Equifax, Nav’s Premium plan monitors your credit and offers assistance should you need to dispute errors in reports. You also get email alerts and push notifications for up to 90 types of credit changes and $1 million of identity theft insurance coverage.

The free version is not as detailed as the paid version.

Why You Should Consider Signing Up For a Nav Paid Plan

If you’re just starting your business and aren’t in a rush to create and strengthen your credit profile, use the free Standard plan at first. Nav Premium and Premium Plus are ideal for you if you want to build up your business credit and you’re in the process of quickly acquiring multiple trade lines.

The paid plans enable you to track the credit score you’re establishing for your business at a glance. The other benefit of subscribing to Premium or Premium Plus is that you can access information that could come in handy if your financing application is denied because of your report – you can quickly see why your application was rejected and follow Nav’s guidance to improve your credit health so you can apply successfully in the future.

Why I Love Nav

Put simply, Nav has helped me strengthen my credit scores. Not only did it build my awareness about personal and business credit health, I am now able to stay on top of it at a glance. I get great options for financing and credit cards through its MatchFactor technology, and I can see the probability of approval from trusted lenders and credit card providers, saving me considerable time and effort.

While other reviewers have mentioned that you may be able to access information like your FICO scores for free. In fact, Nav offers free business credit reports, including Experian Small Business and Equifax Small Business. No other credit reporting solution offers these at no charge.

Final Thoughts

I highly recommend Nav as a valuable credit reporting and tracking tool for businesses of all sizes, in all industries. If you’ve got trade vendors and want to build or boost your credit profiles, and you want to keep track of your business credit, get cash flow guidance, and improve your chances of financing and credit card approval, sign up for Nav today!

11 Alternate Ways for Entrepreneurs to Raise Capital with Online Lending Platforms

June 30, 2019 By Joe Lawrence

We’ve compiled the Complete list of Alternative Lending Platforms for Entrepreneurs. Here is what we found…

Starting your own business can be an incredibly satisfying endeavor. When you finally make that leap into the entrepreneurial world, it is often because you love what you do and are looking to make an impact in your particular industry.

However, starting a business does not come without its challenges.

One of the primary obstacles for entrepreneurs is how to fund their business – especially at the beginning. Anyone who has dabbled with starting a business knows that is can take a significant investment up front.

According to a study by LegalZoom and the Ewing Marion Kauffman Foundation, “80 percent of early-stage business owners are using personal funds to finance their companies.”

80% of early-stage business owners are using personal funds…

At such a high percentage of entrepreneurs self-funding their new business, it can be intimidating to even think about starting your own company because, the truth is, most people don’t have the kind of money it takes to start a business on their own.

So, how does one start a business and not completely deplete their entire life savings? There are actually quite a few ways to raise capital using online loans like Kabbage, OnDeck, Lending Club, Fundera, and lines of credit.

There is also always, of course, the option of taking a loan out from a bank; however, it generally takes more time, some collateral, and a great credit score in order to receive a loan from a traditional bank whereas an online loan often has an easy application process, higher approval, and you get the funds quicker.

First, let’s define what it means to “raise capital.” Capital is the amount of money or funds that it will take to get a small business off the ground in order to begin generating its own income and pay its employees and so forth.

We’re going to explore alternate ways to raise capital for entrepreneurs in order to help you to make an informed decision when it comes to raising capital for your small business. For each capital raising option, we’ll cover how long it takes to receive the money, how to qualify, and what other entrepreneurs have said.

how kabbage works — Here’s how Kabbage Works…

1. Kabbage

Kabbage is an online financial technology company. It’s based in Atlanta, Georgia and provides direct funding to entrepreneurs through an online lending platform. Kabbage is free to use and entrepreneurs don’t pay anything until they use their funds.

Small business owners can receive loans up to $250,000 and the company offers an easy to use app in order to track your funds and give you 24-hour access to the money. Kabbage can help bridge the gap between having a dream and making your dream a reality.

How To Qualify for Kabbage

Small businesses that have been in business for at least one year and have an annual revenue of at least $50,000 (or at least $4,200 per month for the last three months), along with a credit score of 560 or higher qualify for Kabbage.

Applying for Kabbage is very easy to do and requires minimal paperwork. All that’s needed is to create an online Kabbage account and provide basic information about your business (industry, years in business, and so forth).

Once your account is created, you’ll link your business bank accounts in order for Kabbage to revue the business’ revenue. After the application process is complete, Kabbage will let you know if you’ve been approved for a loan.

How To Use Kabbage

Kabbage offers three different ways to retrieve the funds when you need them. The Kabbage app is available for both iPhone and Android and allows you to withdraw funds and manage your account on the go at anytime.

The Kabbage online dashboard allows you to withdraw the funds that you need directly from your computer. The funds are instantly deposited into your account.

The Kabbage card allows you to “grow as fast you swipe” with access to your entire line of credit directly on your card.

Making Payments with Kabbage

Of course, taking money doesn’t come without the stipulation that you’ll pay it back after a certain amount of time. You can make payments with both the Kabbage app and the online dashboard.

Payments can be set up to bill a certain amount monthly or you can set up auto payment which will pay off the minimum payment for each month.

Kabbage Reviews from Fellow Entrepreneurs

There are many reviews on Kabbage’s loan services and they are all positive, for the most part. A review by Merchant Maverick states that:

“finding a lender more convenient than Kabbage would be difficult. In most cases, business owners can apply, get a decision on their rates and fees, and start drawing funds within a few minutes. That’s really fast, even for an industry that’s known for coming to quick lending decisions. The speed comes at a price, though. With fees that can reach up to 10% of your borrowing amount each month, this lender provides some of the more expensive loans you’re going to come across. And while they don’t have a prepayment penalty, some merchants don’t like that Kabbage’s loans are front-loaded, which means you might not be able to save very much money by repaying early.”

Wes Dunn, the founder of Dunn’s Attic in Florida used Kabbage to get his retail business off the ground and he said that what he likes most about Kabbage is how easy it is to apply and use the platform as well as how quickly he can retrieve funds when he needs them.

2. OnDeck

OnDeck is very similar to Kabbage and the two are often compared online. Primary differences between the two online lending platforms are the loan amount and minimum qualifications. We’ll explore those and more below.

How to Qualify for OnDeck

Similar to Kabbage, in order to qualify for OnDeck you need to have been in business for at least one year. However, OnDeck also requires that your business make at least $100,000 per year or more, and a personal credit score of 600 or higher.

Applying for a loan from OnDeck is quick and simple. Applying can be done online and only takes a few minutes. You’ll need to fill out basic personal and business information, as well as provide bank statements to show your business’ cash flow. You’ll be given an answer within minutes and, once approved, will receive your loan in two days.

How to Use and Make Payments with OnDeck

OnDeck offers a mobile app and also has an online dashboard where you can manage your account, retrieve money, etc… You can also make payments online or with the app.

OnDeck has a customer service team that is available for assistance over the phone 24/7. The loan specialists work with entrepreneurs and business owners on a daily basis and are highly qualified to answer any loan questions you might have.

OnDeck Reviews

Because OnDeck has a team of loan specialists that are always available to answer questions, the platform has a very personal feel to it.

An anonymous review on OnDeck’s review page says:

“Love our experience with OnDeck. Such a great company to work with and always follows through on expectations and promises. We have been approached by so many other companies for our funding needs but we have no interest in switching because the experience with them is so great. Katie our Account Manager is honestly amazing! So quick to get back to us and always helping to guide us in the right direction. Normally dealing with finance people is so hard but Katie is honestly a joy to work with. I would highly recommend OnDeck!”

If your business needs a larger loan and has been in business for at least a year with revenue of $100,000 or more, OnDeck is an excellent loan option.

3. Lending Club

Lending Club is different from more standard lending companies like OnDeck and Kabbage because it is a peer-to-peer lending company. Peer-to-peer lending is a way to offer lower rates for borrowing money while offering investors competitive returns.

LendingClub specifically was the first peer-to-peer lending company and uses technology to make the entire lending and borrowing process painless for all involved which has caused the company’s satisfaction rating to rank among the highest in the entire financial services industry.

How to Qualify for Lending Club

In order to qualify for a peer-to-peer loan through Lending Club, your business must have been around for at least one year, have at least $50,000 in annual sales, no bankruptcies, and you must own at least 20% of the business. Lending Club will also look to see if your personal credit score is at least fair or better.

Once you’ve confirmed that you qualify for Lending Club, you can begin the application process. You can apply online by answering a few questions about your business and Lending Club will give you an answer within minutes.

How does Lending Club Work?

Interested businesses can receive anywhere from $5,000 to $500,000 in loans and can have access to the money within as few as 7 days. Borrowers can use the app or the Lending Club website to access their money.

How to Make Payments

Borrowers can pay back their loan with confidence because Lending Club has low and fixed interest rates and you can easily make payments directly from your bank account. Another really nice thing about Lending Club is that there is no application, brokerage, or prepayment fees.

Lending Club Reviews

Lending Club has a slew of positive reviews with borrowers saying things like, “without LendingClub, we wouldn’t have been able to start our business two years ago.” Based on the reviews, it appears that borrowers have seen highly positive results from their experience with Lending Club. Supreme Accounting & Tax SVC said they were:

“surprised by how straight-forward the process was, and how quickly [their] loan was funded.”

Other borrowers have been impressed with Lending Club’s ability to give large loans with good rates as well as the company’s superb customer service. If you’re interested in taking out a peer-to-peer loan, Lending Club should be at the top of your list.

4. LoanBuilder by PayPal

PayPal acquired Swift Financial, which is the financial institution behind LoanBuilder, in 2017. LoanBuilder’s mission is to “help businesses get the right funding quickly by letting them design loans that fit their unique needs to get approved based on how they manage their business.” We’ll walk through how to qualify and how it works to build your own loan below.

How to Qualify for LoanBuilder

In order to qualify for a LoanBuilder loan, your company must have been in business for at least nine months and make at least $42,000 in annual revenue. LoanBuilder works with businesses in over 500 different industries in the United States.

In order to apply and check your eligibility, there is an online questionnaire that should take anywhere from five to ten minutes to complete. Alternatively, you can call LoanBuilder at 1-800-347-5626 and speak with an expert live to apply. Upon completion of the questionnaire, borrowers can begin to build their loan based on estimated loan terms and their financial needs.

Once you’ve been approved for your loan, you’ll receive a contract electronically with instructions on how to receive your money and make payments.

How to Use LoanBuilder

If you are approved for a business loan through LoanBuilder, the funds will be directly deposited into your business’s bank account and can be received in as little as one business day.

Paying Back a Loan from LoanBuilder

To pay back your LoanBuilder loan, the company automatically makes withdrawals from your business’s bank account. You’ll be able to set the day of the week the funds are taken out and how much you pay; however, LoanBuilder does not allow negotiation on the frequency of the payments.

Loan durations through LoanBuilder typically have a payoff time of anywhere from 13 weeks to 52 weeks.

LoanBuilder Reviews

Doug Wiens, owner of Orange Coast Winery, says that before LoanBuilder his company lacked the collateral for a traditional loan. With the loan from LoanBuilder, Orange Coast Winery was able to re-do their wine tasting rooms, purchase more wine bottling materials, and upgrade their kitchen.

Steve Bilenky, Owner of Bilenky Cycle Works says that LoanBuilder was exactly what his company was looking for because of how easy LoanBuilder makes it to apply, receive, and pay back the loan.

LoanBuilder takes the fussiness out of applying for a loan and paying it back. Their customer service has also had many rave reviews.

5. Fundbox

Fundbox is a fintech company that uses cutting-edge technology and data science to help create financial options for small businesses. Fundbox claims that their use of common sense and technology help small businesses to gain more control over their finances in order to succeed and grow.

Currently, Fundbox has over 70,000 customers. According to Eyal Shinar, Fundbox’s CEO, “Small businesses are the core of our economy, yet the resources available to them are limited at best. We give small businesses new financial power and guidance so they succeed.” The company that got its start in 2013, is based in San Francisco and offers two products: an invoice financing offering and a line of credit.

For our purposes, we’re only going to talk about Fundbox’s line of credit.

How to Qualify

In order to qualify for Fundbox, you must have a business checking account, at least two months of using an accounting software (like Quickbooks or similar) or at least three months of transactions using the business bank account. Additionally, the business must have a minimum of $50,000 in annual revenue and must be located in the United States or surrounding U.S. territories (Guam, American Samoa, North Mariana Islands, Puerto Rico, or U.S. Virgin Islands).

Once you’ve met Fundbox’s qualifications and apply, you’ll typically get a decision from the company within three minutes.

How to use?

After Fundbox has approved you for a credit line, your funds will be available to you immediately and you can draw from them at any time. Generally, it does take one business day for the funds to deposit into your account. Additionally, you only have to pay when you draw funds and there is no continual fee.

How to pay?

Fundbox only charges you when you draw money from them. The example the website gives is that if you draw $1,000 for 12 weeks, the fees would start at $3.88 per week. Following that example, your weekly repayment would be $87.22, and the total (including fees) at the end of the 12 weeks would be $1,046.60.

You can also choose to pay over 24 weeks, which would be fees of $3.75 per week, weekly repayment at $45.41, and a total of $1,089.90 after 24 weeks.

Additionally, if you pay early Fundbox waives all of the remaining fees.

Reviews

One happy entrepreneur says that Fundbox is a:

“Good company to work with! Once your credit limit is established you can withdraw any amount up to your credit limit at any time. …I would definitely recommend these guys to any small business owners. 5/5 stars!”

Another reviewer mentioned that Fundbox’s payback tactic is a little “aggressive,” but they did still mention that the process was quite painless. According to another small business owner, Fundbox is perfect for the weeks when his business’s weekly revenue is slower than he would like. Because of Fundbox, his company never misses a beat.

6. LendingTree

LendingTree is the largest online lending marketplace in America. It connects borrowers with lenders that will fit their situation. LendingTree provides financial information and guides in order to help your business make the smartest financial decision possible.

The website breaks down all different types of loans including personal, home, auto, student, and business loans. Within each loan category, LendingTree also breaks down the different types of business loans. LendingTree believes that pursuing a loan should be part of a company’s strategic business plan and their in-depth research and review platform provides entrepreneurs with the resources needed in order to choose the best business loan.

How does LendingTree Work?

LendingTree prides itself on its ability to “get small business loans tailed to you.” The LendingTree website makes it easy to research and explore each of your loan options. First, the website asks which type of business you are – the options range anywhere from Sole Proprietor to a C-Corporation.

LendingTree then explains what a small business loan actually is and how it works followed by a step-by-step process for determining your need for a small business loan through the application and then finally the payment process.

The platform breaks down each type of business loan and touches on how long the loan term lasts, what the payment process is like, how high the interest rates are, and which business necessities each loan is geared towards. The website also offers a business loan calculator when you can plug in the loan amount, interest rate, and loan term in order to determine what your monthly payment would be.

In order to ensure that you are fully prepared when applying for your loan, LendingTree also features a borrowing calculator where you can plug in your annual revenue, monthly income, and credit score in order to determine how much you might be qualified to borrow.

If you use LendingTree’s questionnaire and checklists, you’ll go into the loan application process with the confidence to apply for the loan that is best for your company.

Reviews

Other entrepreneurs love using LendingTree for their financial questions and needs because the lending process is painless and hassle-free.

The customer service at LendingTree also is something to note – they are always available for your questions, no matter the time and no matter the issue. LendingTree prides itself on being simple, easy to use, and having no credit score impact. Based on their customer reviews, they stand by that through and through.

7. Fundera

Similar to LendingTree, Fundera gives clients knowledge and advice after diagnosing your financial situation. The company’s goal is to ensure that the financial decisions that your business is making are smart, practical, and efficient for reaching your financial and business goals.

Fundera allows you to look at a variety of options when it comes to small business loans in order for you to confidently make the best financial choice for your business’s specific needs.

How does Fundera Work?

Fundera provides small businesses with useful information and resources as it pertains to their businesses financial needs. When it comes to taking out a loan for your business, Fundera has a step-by-step online guide to help walk you through that process. The guide includes things like considering how much money you think your business needs, what the money will be used for, types of business loans, as well as your business’s capital and what you can realistically afford.

In addition to the loan help, Fundera also includes information on how to analyze your credit report and what your business needs with regards to qualifying for a small business loan.

When it comes to taking out a small business loan for your company, Fundera should be your first stop in order to understand all of the different loan nuances, terms, and payment policies in order to make the wisest choice for your small business.

Reviews

What other entrepreneurs are saying about how Fundera has helped their business is an excellent way to see how Funder could be beneficial to you. Some customers are seeing savings of $15,000 a month, while others have had an increase of 130% in sales.

Many entrepreneurs on the Fundera reviews page have mentioned that Fundera made it easier to reach their financial business goals with maximum ease and efficiency.

Runners Up Online Lending Platforms

These online lending platforms didn’t quite make the cut for this article to deep dive into all of their pros and cons; however, they are definitely worth mentioning. We’re going to briefly share a few helpful facts about each of our runners up online lending platforms.

8. StreetShares

StreetSharesis a business funding option whose claim to fame is that they “put the needs of business owners first.” It is a veteran-run company, which makes it unique and the company works by the following set of high moral values.

The company offers a variety of business loans, as well as lines of credit. All that’s needed to apply for a business loan through StreetShares is the ability to prove that your business can pay back the loan – you can do this by showing documents like bank statements and tax documents. Streetshares also will take your personal credit score into consideration as well.

9. Currency Capital

Currency Capital is a hassle-free way to finance your small business. The platform offers straight-forward financing options that cater to your specific business needs. Currency Capital started out as a financial platform that specialized in financing equipment.

However, now the company has expanded into a broader financial sphere. The company features three financial aid products or services: CurrencyPay, CurrencyFinance, and CurrencyAir.

CurrencyPay is a payment solution for customers of small businesses and offers multiple checkout methods, including financing. CurrencyFinance is straight-forward financing with a streamlined application process in order to help with big purchases. CurrencyFinance is available for both business and personal needs. CurrencyAir finances aircrafts, so it’s a specific niche but good to know about nonetheless.

10. Funding Circle

Funding Circle is actually exactly what it sounds like. It’s small business owners and investors supporting each other. Funding Circle makes this possible by allowing investors to invest in successful and growing businesses through the Funding Circle online platform.

Investors can create portfolios and negotiate their returns in order to make it attractive for small business owners. On the business side, the business receives fast and easy access to money in order to grow, hire new employees, and ultimately drive the overall economy forward. It’s a win-win.

11. Smart Biz

Smart Biz offers a quick, succinct small business loan application process. Once approved for a loan through Smart Biz, the monthly payments are low and offer great interest rates. Smart Biz makes it easier for small businesses to apply for loans from banks that are more likely to say “yes” to a small business.

These loans, in turn, can be used for purchasing new equipment, increasing inventory, marketing, miscellaneous operating expenses, and even refinancing the businesses debt. The application process is so quick and easy that all it takes is five minutes through the Smart Biz online dashboard or the app. Once the application process is complete and you’ve been approved, the funds will appear in your bank account within one week.

Loan vs Line of Credit

This article is primarily pertaining to business loans; however, lines of credit are often mentioned when looking at financial options for your small business, so it’s useful to understand the difference between the two.

A loan is generally described as a lump sum of money upfront and are typically required to begin making payments on it immediately in order to pay it off in the shortest amount of time possible. A loan also typically gives all of the money upfront and then you make payments from there.

A line of credit is similar to a loan in that it provides you with money that wouldn’t be available without the loan or line of credit. With a line of credit, if your small business has been approved for a credit line of $100,000 and you only use $10,000, you only owe interest on the $10,000 that you used and not on the full amount.

In fact, there’s still an additional $90,000 at your disposal. Lines of credit are great if you need money over time, as opposed to all at once.

Perhaps the biggest difference between a loan and a line of credit is the options for payment. With a loan, you’re required to begin making payments immediately, whereas with a line of credit you can often find more flexibility when it comes to when you make payments and how much you’re paying off each month. Additionally, loans usually have much higher minimum monthly payments because they include a lot more principal in the payment. The monthly payment on a line of credit is usually less because it is mostly just the interest (and not much principal) being paid in the payment.

If your business knows the amount of money needed, then a loan can often be cheaper than a line of credit and even more efficient. However, if your company needs ongoing access to funds or a more flexible payment option then a line of credit could better serve your current business needs. Do keep in mind, however, that a line of credit often has the word “interest” associated with flexible payments.

Again, if you know how much money your business needs and have the ability to pay off the same amount each month, then a loan is likely you’re best choice.

When it comes to starting and running your own business, there are many factors to consider. One of the most important things to consider is your business’s financial situation. A business loan can be the difference between your business thriving and growing or never quite making it off the ground.

A business loan can be the difference between your business thriving and growing or never quite making it off the ground.

It’s important to shop around in order to find the loan that is best suited for your particular business needs. Whether you choose Kabbage, OnDeck, Lending Club, or LoanBuilder be sure to check out how the company lines up with your business needs through an online resource like Fundera.

In addition to the pros and cons of each of the online lending services, it’s also important to remember that the loan also will be different based on your company size, number of years in business, industry, and even revenue stream.

Which online lenders have you had luck with? Let us know in the comments below!

SPG Business Card Review: Is It Worth Getting?

January 29, 2019 By Joe Lawrence

The Starwood and the Marriott merger brought several changes, including enhanced business cards, such as the Starwood Preferred Guest Business Credit Card from American Express. The so-called SPG business card has a ton of special features, including welcome bonuses and extra points for cardholders. After all the ads and hype about this card, is it really worth applying for?

An Overview of the SPG Business Card

The Starwood Preferred Guest Business Credit Card from AmEx is geared toward small business owners who are frequent travelers. Those who want to earn status faster than ever at Marriott Hotels and people who want to increase their points total will benefit from the card.

If you often go on a business trip with some of your employees and you splurge on some luxury rooms at a Marriot, you will instantly earn 10x points for every dollar spent. It may seem a lot based on your basic member status, but you missed out on winning seven times more points with the SPG card.

With this business credit card, you can earn six times bonus points at any Starwood and Marriott hotels using the card, along with a complimentary Silver Elite status, which gives you 11x base points. Therefore, you receive a total of 17x points per dollar when you own this card. You also get to check out of the hotel later than your appointed time. Plus, you get to enjoy premium WiFi for free while you relax after working hard.

The card has plenty of unique perks which you cannot get from other credit cards or even as a Marriott member. If you regularly stay at Marriott and Starwood properties, getting this card should be on your list.

How Much Does the Credit Card Cost?

Owning the SPG business card compels you to pay the $95 annual fee. However, you do not have to pay the amount for the first year as it is waived. Meanwhile, the annual percentage rate (APR) on purchases will depend on a few factors, including the creditworthiness of the cardholder. Each time you make purchases with the card, you will accrue interest based on your APR, which you can avoid if you pay your balance in full every month.

Currently, the APR starts at 17.74% (prime market rate + 12.49%) for individuals with excellent credit standing and go all the way up to 26.74% (prime market rate + 21.49). The variable APR for both purchases and cash advances considers the prime rate of the market. Cash advances are set to Prime Rate + 21.99% for a total of 27.24%. When you apply for the credit card, you will immediately know how much your APR will be at the time your account opens.

Other charges that you should know about include:

29.99% Penalty APR for those who fail to make at least two late payments within a year or those who do not pay the minimum required payment at the end of the billing period

Either three percent or $5 depending on the amount concerning cash advance transaction fees

Up to $38 late payment fees

$38 for every returned payment as a penalty

When it comes to SPG business card foreign transaction fee, you there are no charges every time you use the credit card in another country. It is one of the great benefits of owning the card, especially for frequent travelers.

A List of the SPG Business Card Benefits

This business card comes with excellent perks and rewards. First is the sign-up bonus, which is awarded to you after you have made at least $3,000 in purchases within your first three months. You will receive a total of 75,000 bonus points, which you can use to redeem free stays at participating resorts and hotels.

When you own the card, one of the remarkable SPG business card benefits is the Air + Car transfer program, which is beneficial for those who travel a lot for work. The points you have received can be redeemed for flights. There are more than 300 participating airlines in this particular program so it is likely that you can use the points for your next travel.

You can also transfer your accumulated points to airline frequent flyer programs. Currently, there are more than 40 airlines that support this feature. Most of them allow the transfer at a ratio of three points for every mile. Another benefit for travelers is that they can gain 15,000 bonus points when they transfer at least 60,000 points to a frequent flyer program.

The advantages of owning an SPG business card does not end here because it will also award the cardholder with a Silver Elite status for free. If you spend more than $30,000 with your card for eligible purchases in one year, you can be upgraded to Gold Elite status right away. Note though that cardholders will need to spend an additional $5,000 on certain purchases to enjoy this perk starting on the first of January 2019.

Other benefits of this credit card are:

Free Nights: Every year that your credit card is active, you will have a free stay at a participating hotel. You will receive this award on the anniversary of your account. Be aware though that there are a few conditions, including redemption level is up to 35,000 points only. Additionally, some hotels will still cost you certain fees.

Premium WiFi Access: Stay at participating Marriott and SPG rewards hotels, and you can enjoy free and unlimited Internet access in your room. You can also use your card to access over 1 million hotspots around the world with Boingo American Express Preferred Plan where you can connect up to four devices. You will need to register for a Boingo account first to take advantage of this free offer.

Elite Night Credit: An all-new reward that will start in 2019, the Elite Night Credit gives you a total of 15 nights every year, which will be added to level up your status.

The card also does not have a minimum or maximum credit limit. However, your credit line will be based on your creditworthiness, which will include your credit rating, outstanding debts, and income.

The American Express SPG business card does have numerous perks. Here are the reasons why you should get one:

You get six times points per dollar with SPG or Marriott hotels
Claim four times points for every dollar spent on business-related transactions
Get up to 100,000 signup bonus points
Enjoy a free night every year to celebrate your card membership
Complimentary Silver Elite status
An accelerated path toward the Gold status at Marriott
Expense tracking and other management tools for companies and entrepreneurs
No transaction fees when used abroad

On the other hand, the following areas can be improved to make the credit card even better:

Steep annual fee of $95, which you have to pay immediately after your first year
You cannot get free nights until after you celebrate your card’s anniversary
Silver Elite needs a few upgrades

Taking a look at the pros and cons, the SPG business card is definitely worth getting. It is a great option, especially for business people who have regular spending and travel habits.

$85,000 in Business Credit within 30 days [Case Study]

November 24, 2017 By Joe Lawrence

Case Study – Damien

We helped prepare Damien’s company in such a way that lenders are more likely to lend to it, as outlined in our e-course here, including properly building his business credit profiles
Starting with a list of over 200 banks, we narrowed down to 14 banks to work with. We then introduced client to 3 local, region based lenders that offer no-doc business credit cards and 1 credit union that offers personal line of credit
Within a month, we got Damien approved for $85,000! These are unsecured, no-doc business credit cards that do not show up on client’s personal credit report plus 1 personal line of credit!

When we work 1-on-1 with a client, we call hundreds of banks to see what their underwriting criteria is. Although we have a list of preferred lenders we work with, we continue to add more banks to our network. This is necessary as lenders change from month to month and it keeps our database of lenders up to date. You can apply to work with us 1-on-1 here.

Want to see some of the banks we worked with?

(To view the Banks that we worked with, you must be an active 1-on-1 client or a member of BCW Online)…[Content protected for BCW Online - Gold (E-Course plus Monthly Membership) members only]

Thank you for coming out last night to the NJREClub

March 16, 2017 By Joe Lawrence

It was great meeting many of you last night at the NJREClub. I hope you enjoyed my presentation and found it to be inspirational and educational.
If you need any further help and have an interest in working with me further to hit your goals, give our office a call at (888) 218-6354.

How to Measure and Improve Employee Productivity

March 11, 2016 By Joe Lawrence

Good employees can add an element of success to your business like nothing else. And one of the key characteristics of a good employee is the ability to be productive with their time. After all, when you pay an employee, you expect to receive financial benefits from the hours they work. Most experts agree that happy employees are more productive at work, but a recent study by Gallup shows that only 1 in 8 workers are “psychologically committed to their jobs and likely to be making positive contributions to their organizations.” In other words, productive employees, although rare, can significantly add to your business’ success—and your bottom line.

On the other hand, unproductive employees will quickly become a drain on your business’ fiscal health. In fact, that same study estimates that disinterested and unhappy employees cost U.S. businesses $450 to $500 billion a year.

Obviously, it pays to ensure your employees are as productive as they can be. But unlike in days past, simply paying them more just doesn’t cut it. Today’s employees place value on things other than just money, and interestingly enough, some studies show that when money is high on their priority list, the way they receive it is what matters. We’ll talk about all the ways you can change your work culture to ensure your employees are happy and productive, but first, let’s talk about how to set a baseline so you can measure you employee’s productivity in real numbers.

You Need a Starting Point to Measure Productivity

In order to truly grasp how productive your employees are, you’ll need to start with a baseline number so you can track them individually. To do this, you simply need to divide the number of employees you have by your daily output. For example, imagine that you run a pet grooming business and groom 30 animals a day. If you have 3 employees, your employee baseline number is 10. (30 animals divided by 3 employees equals 10)

Easy, right? But before you set that number in stone, you first need to identify any areas of redundancy that if eliminated, could increase employee productivity. Using the example of the pet grooming businesses from above, you may determine that your employees are spending too much time dealing with customers. In order to reduce that time, you could hire a front desk employee to deal with the customers, which allow the groomers to be more productive with their time. They could increase the number of their grooming appointments along with your profitability.

Use the Numbers to Track Your Employees

Now that you know what level of productivity your employees should be meeting, it’s time to begin tracking them individually. By keeping track of their output on a daily basis, you’ll quickly be able to determine which employees are meeting your standards, and which ones are lagging behind. The underperformers may require more training or encouragement, while the super stars should get some sort of recognition. It’s important that you maintain this system so if an employee’s productivity begins to slip, you can address it before it becomes a major problem.

How to Ensure Your Employees Stay Productive

Now that you understand the importance of employee productivity and have the tools you need to track their progress, let’s talk about some of the ways today’s employers use to keep their employee’s working smart.

Create a compassionate company culture. According to Dr. Noelle Nelson, author of Make More Money by Making Your Employees Happy, one way to boost productivity is to ensure your employees know you take their concerns seriously. “When employees feel that the company takes their interests to heart, then the employees will take company interests to heart,” she said in an interview with Forbes. Nelson says that when a company values employees, they triple their return on equity and assets. This is accomplished by showing compassion for employees and following up on any promises you make to them. In other words, when employees know you are working to provide a compassionate and trusting environment, they will be more motivated to do a good job for you.
Make employee goals public. A culture of accountability is important to ensuring that everyone meets their goals, and so you should make it a habit to set realistic goals for your employees, and then make them public. This way, everyone will be able to see each other’s goals and it will become a part of the company culture. Employees will respond even more if you also set goals for management because they’ll know that everyone in the company is working toward similar goals. When everyone is the company is clear about their goals, it creates a company-wide sense of purpose and helps keep employees focused.
Keep your employees happy. A study by Bright Horizons shows that 89 percent of employees who have high levels of well-being said they are satisfied with their jobs, and two-thirds of them say they consistently put in extra effort on their jobs. Another study done by the University of Warwick shows that happy employees have a 12 increase in productivity, while unhappy workers are 10 percent less productive. Alexander Kjerulf, who is the founder of WooHoo, Inc, says “Happiness is the ultimate productivity booster.” He says that happy employees make better decisions, are better leaders, and are better at managing their time. And judging by the latest studies, he’s right. Happy people are better for your bottom line, so it benefits you as an employer to do all you can ensure your employees are happy in their jobs.
Pay your employees well, but watch how you do it. A field study conducted by Harvard Business School is challenging the way people think about salaries and productivity. The study set out to answer the question of whether employees work harder when they are paid more, and the answer is surprising. The study showed that more pay only led to greater productivity when the pay was offered as a gift with no strings attached. The researchers hired 3 sets of people to do the same type of work. One group was offered $3 an hour, while another was given $4 an hour. There was no difference in productivity levels between the 2 groups. But a third group was initially promised $3 an hour, and immediately after being hired, they were told the budget was bigger than previously thought, so they were given a raise of $1 an hour. This group, who believed the company gave them the raise out of kindness, was 20 percent more productive than the other 2 groups. The takeaway from the study is that when employees believe they have been given a monetary gift because the company simply choose to give it, they feel the need to reciprocate for it, and they do that with higher productivity. Researchers say companies should “Think carefully not just about what to pay employees, but also how to pay them. The same amount of compensation can be structured in ways that will be more or less appreciated and reciprocated.”
Reward productive employees in full view of their co-workers. When someone puts in extra effort, you should not only reward them, but do it publically so their efforts will be recognized company-wide. The reward can be monetary, more autonomy, respect, or recognition of some special kind. What matters is that the employee feels acknowledged for their extra effort and knows the employer appreciates it.

You’re in business to make a profit, and your employees play a key role in that. But in order to have the most productive employees, you’ll need to think about their needs and happiness. Why not implement some of the suggestions listed above, and see whether or not your bottom line improves?