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Is Credit Strong Legit? A Complete Personal and Business Credit Builder Review

September 29, 2022 By Joe Leave a Comment

If you’re here, your credit profile might leave something to be desired. So, you’re presumably looking for a way to boost your score. Maybe you want to buy a house or obtain financing for another major purchase in the near future. Or, maybe you own a company, and you need to build out your credit profile to obtain business credit.

Either way, Credit Strong’s name is floating around in your world, and you’re kicking the tires because you want to know if their offer is legit and helpful (or if it’s just another new gimmick). Here, you’ll find out about both their personal and business credit builder offers.

This is everything I know about Credit Strong’s big-picture offer — which includes more than typical credit builder loans — so that you can find out if signing up is in your best interest.

Here’s what we’ll look at:

What is a Credit Strong Account?
- How Does Credit Strong Work?
Credit Strong Terms & Fees
- Personal Terms & Fees
- Business Terms & Fees
Credit Strong Account Requirements
- Personal Requirements
- Business Requirements
Frequently Asked Questions
Credit Strong Company Overview
Credit Strong Competitors
More Answers to Related Questions
Conclusion: Is Credit Strong Legitimate?

Now, let’s get the show on the road.

What is a Credit Strong Account?

According to the company website a Credit Strong account is “the first fusion” of savings at an FDIC-insured bank and credit building. In my opinion, this isn’t a super clear value proposition. And, after reading user reviews, I think some account holders who have unsuccessfully tried to leverage the offer would agree. So, what does the company mean when they say “first fusion?”

Some users say that the offer appeared in search results when seeking out a loan — it’s crucial to understand that Credit Strong’s credit builder offer is not a traditional loan. So, the generally-expected financing terms don’t apply.

In a nutshell, Credit Strong provides a way to simultaneously build credit and fund a savings account with four secured-type financial product options:

Revolv. – Add $500 to $1K revolving credit line to your credit profile without a credit card. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel.

Cost: $99 per year, plus monthly account payments

Instal. – Add a $1K or $2.5K installment account to your credit profile. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel.

Cost: $15 or $30 per month, plus monthly account payments.

Magnum – Add a $5K or $10K installment account to your credit profile. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. This plan can be leveraged by small business owners, with no EIN, who want to establish a larger credit line.

Cost: $55 or $110 per month, plus account payments

Business – Build $2.5K, $5K, or $10K of commercial credit. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. You’ll need an EIN to open a business account.

Cost: $149 to $749 account setup fee, and $100 to $440 per month

Note: The business offer is not easily found on Credit Strong’s website main navigation — You can find more information here.

How Does Credit Strong Work?

Credit strong accounts establish a credit line on your consumer credit profile without a loan or credit card. When you make monthly payments on time, they are reported as “pays as agreed,” to the credit bureaus. In the meantime, those payments go into an escrow account that you may withdraw from later — this offer gives you a chance to save money while building your credit.

Funds saved in a Credit Strong account may be withdrawn if you choose to cancel your account. But, if you withdraw before the end of the amortization period (10 years on standard personal installment accounts), you will still have to pay the interest owed.

This is standard with most credit builder financial offers and Credit Strong is transparent about amortization schedules.

Credit Strong Terms & Fees

Here’s a breakdown of the fee structure for Credit Strong’s personal and business accounts.

Personal Terms & Fees

Credit Strong’s personal account cost structure seems to be unpopular with many users who have canceled their accounts.

These unsatisfied users tend to expect traditional loans or traditional savings offers. But, what they’re actually getting is something different: a distinctive “credit-builder” offer with an escrow account. Many credit builder loans and secured credit cards come with high fees, as with most products and services designed for individuals with poor credit.

Here’s a breakdown of terms & fees for personal Credit Strong accounts:

If you have a difficult time saving money on your own and need to diversify the type of accounts on your credit profile to boost your score, a credit builder option like this can help. Expectedly, you will be charged for the service.

After looking at the offer from a bird’s eye view, an Instal. account doesn’t seem like a good idea to me, simply because the standard loan term is 10 years, and payments toward savings are amortized. So, if you open an installment loan with Credit Strong, it could take a decade to save $1K to $2.5K — And, in the end, you will pay quite a bit to make it happen. With that said, you can always make additional payments to fulfill the terms early and save on interest (plus, Credit Strong does not charge prepayment penalties).

Business Terms & Fees

There are two fee options with Credit Strong’s business offer: (1) with interest or (2) without interest.

Of course, the interest accounts end up costing more than the no-interest accounts, but the initial account setup fees are lower than the latter. So, if you have the cash to pay the fees upfront, it’s best to go with the interest-free option.

Here’s an overview of Credit Strong’s business terms & fees:

By the end of two years and one month, if you pay as agreed, you could have up to $10K in savings with a Credit Strong™ business account.

Note that with the interest business accounts, payments are split between interest and “principal,” which means you’ll probably pay more toward the interest you owe during the first ¼ of your loan term. Toward the end of the terms, more of your payments will be applied toward principal — this is called amortization and is how most installment loans work.

Credit Strong Account Requirements

To apply for a Credit Strong account, you should meet specific minimum requirements:

Personal Requirements

To qualify for a personal Credit Strong account, you must meet the following requirements:

US resident with a physical US address (other than Vermont & Wisconsin)
Valid SSN or ITIN (individual taxpayer ID)
Good-standing checking account, debit card, or prepaid card
Working mobile phone number or Google Voice account
Valid email address

Credit Strong will not use a credit pull or consider your income to determine eligibility for an account — basically, they only need to properly identify who you are and where you live.

Business Requirements

To qualify for a business Credit Strong account, you and your company need to meet certain requirements.

Individual requirements are as follows:

At least 18 years of age and a permanent US resident
US resident with a physical US address
At least 25% ownership in the company
No other co-owners that individually own 25% or more of the company
Valid SSN or ITIN
Valid, state-issued identification

And, here are the company requirements:

Registered EIN
At least 3 months since the business was legally established
LLC., Partnership, or Corporation
Located in the US with a valid, physical business address

Additionally, you must not take part in any prohibited business activities.

Frequently Asked Questions

Does Credit Strong Raise Your Credit Score?

Credit Strong’s offer gets mixed reviews. Depending on why a credit score is low, on-time payments on a Credit Score account may improve account holders’ credit scores by reporting on-time payments to credit bureaus. However, unpaid accounts can be reported as delinquent. So, it is only one piece of the credit-building puzzle.

Does Credit Strong do a hard pull?

No, Credit Strong does not do a hard pull to the applicants’ credit to approve accounts. So, if you apply for an account (so long as you make responsible payments) your credit score is safe.

Is Credit Strong a tradeline?

If you open a Credit Strong Business account, you can establish a financial tradeline in the form of a secured (pre-paid) installment loan. However, the company doesn’t yet report to business credit bureaus but does claim that they plan to in the future.

Does Credit Strong report to Dun & Bradstreet?

As of September 2022, Credit Strong does not report to Dun & Bradstreet (D&B) or any other business credit bureaus. The company reports to consumer credit bureaus Equifax and Paynet and claims that they do plan to eventually include Experian, D&B, and SBFE. So, the only way that Credit Strong might help build business credit currently is through helping to improve a business owner’s personal credit score and fund their savings account up to $10K.

It takes a bit of work, and specific qualifications for lenders to report to business credit bureaus. So, I choose to be optimistic and assume Credit Strong is working on building its user base to meet these requirements, and that they will start reporting to the business bureaus soon.

How many points does Credit Strong give you?

How many points do you get from Credit Strong?

The number of points your credit score will increase with Credit Strong’s offer depends on the account holder’s current credit profile and their ability to make on-time payments on their account. There are several factors that influence credit scores:

Payment history
Amounts owed & utilization
Length of credit history
New credit applications (inquiries/hard pulls)
Types of credit used

So, Credit Strong is merely a tool that can be used to build credit, but must be part of a comprehensive strategy — I recommend Credit Secrets for credit-building advice.

What happens if you stop paying Credit Strong?

If you stop paying Credit Strong as agreed, they can report negative information to credit bureaus. However, you may terminate your account at any time with no fees or prepayment penalties.

If you stop paying because your account terms are fulfilled, you can either leave your money in the savings account to accrue interest or transfer the funds to your bank account — getting your money from Credit Strong can take about a week.

Credit Strong Company Overview

Credit Strong was launched in 2019, so the offer is pretty new. However, the parent company, Austin Capital Bank, has been around for a decade and a half, since 2006. Austin Capital Bank is a trusted community bank in Austin, Texas.

The bank’s founder and CEO, Erik Beguin, was previously a member of the Federal Reserve Board in Washington DC and served as a Chairman for the Federal Reserve Bank of Dallas before that, so he definitely knows finance.

Credit Strong Competitors: Side-by-Side Comparison With Self & Kikoff

Here’s a quick view of how Credit Strong, Self, and Kikoff compare, side-by-side, as accounts that build credit.

Credit Strong, Self, and Kikoff have credit builder offers that report payments to consumer credit bureaus with no hard pull to the applicant’s credit report. And, each of them offers an escrow/savings account.

None of the above companies report payments to any business credit bureaus, but Credit Strong promises that they will in the future.

Credit Strong is the only company, from the list above, that has an offer for businesses, and their account options are quite a bit more robust than the other two. Furthermore, they have more options for larger accounts. Nevertheless, the offers from Self and Kikoff might be better for individuals that would prefer a simple setup.

While these competitors seem to get the most interest in the credit builder and savings space, they are not your only options for credit builder loans or savings offers. Before you sign up for a Credit Strong account, I recommend you research offers from local community banks, such as a shared-secured loan, secured credit cards, and Individual Development Accounts (IDAs or “matched savings”) before you commit to anything new and shiny.

For those considering an individual credit builder offer, I feel like I should answer some general and more fundamental questions before I wrap up. But, if you’re a company owner exploring Credit Strong’s business offer, you might want to skip to the end.

What is considered a good credit score?

A FICO score between 670 to 739 is considered “good.”

What is an excellent credit score?

A FICO score of 800 and up is considered “excellent.”

How long does it take to build credit to 700?

The duration that it takes to increase a credit score to 700 depends on the individual’s existing credit profile and the tactics used. It can take from 60 days to several years to boost a score into this range.

How can you raise your credit score by 200 points in 30 days?

If you paid your credit down to utilization in the 30% range or lower, optimized your debt-to-income ratio, and had always made on-time payments to diverse accounts, it’s possible you could raise your credit score by 200 points in 30 days. But, this answer is highly broad — it could take some people many years to grow their score by 200 points, and others might be able to do it by removing discrepancies from their credit report (which can be done in 30 days).

How long does it take to build credit from 500?

Many people build credit from 500 within a few months. Again, this answer varies from credit profile to credit profile.

How fast can you build credit?

You can build credit in as little as 30 days, which is how long it takes most reporters to notify credit bureaus of changes to a credit profile (including payments made).

How fast can you rebuild credit?

If you have a smart strategy and funds, and your profile isn’t too messy, you can rebuild your credit in a month, but it often takes longer.

How can you raise your credit score in 90 days?

The best way to raise your credit score is to make on-time payments to all lenders, keep your utilization below 30%, and include a diverse array of accounts (revolving, installment, etc.). You should also monitor your credit report to watch for discrepancies and mistakes, and report them when they arise.

How long does it take to build credit to buy a house?

To buy a house, the credit score needed varies from lender to lender. It could take a few months or a few years to build a credit score high enough to qualify for a mortgage.

Conclusion: Is Credit Strong Legitimate?

From my research, I gather that Credit Strong is absolutely a legitimate company with an honest offer, which is intended to simultaneously build credit and savings. Secured loans and lines of credit are often used to build credit while savings are difficult for some people to manage on their own, so it’s natural that an offer like this would exist.

While there is a wave of poor Credit Strong reviews flooding the web, these seem to primarily come from account holders who did not understand the offer when they applied.

This tells me that the company might be better off if they clarify the details upfront, for those who might not understand what they’re signing up for. While I found Credit Strong to be pretty transparent, I can see how someone without a lot of credit-building knowledge would have a contrary opinion.

With that said, since they don’t yet report on-time payments to business credit bureaus, I don’t consider Credit Strong to be a particularly powerful offer to build business credit, but I look forward to watching that side of their offer evolve.

Now, if you’ve made it this far into this review, you should understand everything you need to decide whether the offer is right for your situation. Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today.

AtoB Business Gas Card Review: Is it Really a Superior Fleet Card?

September 19, 2022 By Joe Leave a Comment

I have not used this card myself, but AtoB has been coming up in conversations about building business credit for over a year now. People in my network are giving the card and the company rave reviews. So, I had to find out what was up for myself. Now that I know, I definitely want to share this offer with readers.

Here, learn everything you need to know about an AtoB business fuel card: overview, benefits, highlights, and application process (there’s even a bit of info about bonus offers from AtoB).

Here’s the breakdown:

What is the AtoB Gas Card?
- Where is AtoB Located?
- Who Owns AtoB Fuel Card?
AtoB Fuel Card Highlights (Beyond Savings & Ease)
Here’s How to Apply for an AtoB Gas Card
- The Secured Card Option From AtoB
Answers to Related Questions
Final Thoughts

Now, learn what this offer has in store.

What is the AtoB Gas Card?

AtoB offers a business “fleet card” for companies that would like to buy now and pay later for fuel and automotive services. In addition, the card offers bonuses like discounts up to 25 cents per gallon (determined by the underwriting team upon approval) on gas… and it’s free — zero fees.

Fleet cards aren’t just for business owners, but for anyone who drives for your company. So, you can request multiple cards and provide one for each driver.

The AtoB card is different from a typical credit card in that you don’t make minimum monthly payments. Instead, the terms are net 7 (you pay the card in full every week).

I heard that AtoB offers net 7 terms (true) — this means cardholders are expected to pay their balance in full every 7 days — and that these terms could be expanded to net 14. While there might have been an offer to extend payment terms in the past, this is not the case. As of today, according to an AtoB sales rep, the only available terms are net 7.

Finally, their offer is geared toward but is not limited to serving the trucking and logistics industry, which is natural since trucking and logistics companies have the largest fleets.

Where is AtoB Located?

Celegans Labs, Inc., the name of AtoB’s parent company, is located in San Francisco, California, at Four Embarcadero Centre, Suite 1400. Their company actually does business from Carr Workplaces, a co-working space off Mission Street — a building about 8 blocks from Oracle Park (makes me wonder if they’re Giants fans).

Who Owns AtoB Fuel Card?

AtoB was founded in 2019 (not very long ago!) by Harshita Arora, Tushar Misra, and Vignan Velivela. Collectively, they seem to be a brilliant tech team.

Harshita Arora, AtoB Co-Founder — _{Harshita Arora}

Tushar Misra, Co-Founder of AtoB — _{Tushar Misra}

Vignan Velivela, Co-Founder & CEO of AtoB — _{Vignan Velivela}

Harshita Arora is a backend software engineer who previously founded Harshita apps, the company that built Crypto Price Tracker, which was acquired a few years back.

Before AtoB, Tushar Misra attempted to build a decentralized charging station network for lighter-than-car vehicles as the CEO and Founder of Grido. In the course of fewer than 18 months, the company scaled to five cities in the US and Mexico before it looks like they closed the shop.

Vignan Velivela, AtoB’s current CEO, is a Carnegie Mellon graduate. And, before this venture, he worked full-time as a software engineer at Cruise (he created motion-planning software for self-driving cars).

AtoB Fuel Card Highlights (Beyond Savings & Ease)

In addition to the savings (up to 25 cents per gallon) on fuel and the ease of making one fuel payment for multiple drivers, AtoB has some pretty impressive features and benefits. Take a look:

1. It’s Completely Free… Really

The key benefit of an AtoB card is that it is free for qualified businesses. Most business gas cards charge monthly fees and interest. Not to mention, AtoB’s maximum savings are at least double that of any card I’ve ever heard of.

If it’s Free, How Does the AtoB Fuel Card Make Money?

Most fleet cards earn money with merchant rebates — essentially asking the merchant for a rebate each time a driver pays for fuel with their card. In AtoB’s case, where they offer up to 5% savings, rebates would have to be loftier than that. And, traditionally, merchant rebates range between 1-4%.

According to a Buzzfile report on the company, AtoB generated just above a quarter million dollars in 2019 (this isn’t much for a company that now has at least 158 employees).

Someone told me that they believed AtoB had halted operations because of changing market conditions. As of today, September 2022, this rumor is false, and AtoB is still in operation — the business is very much alive and well. Any sluggish business in recent months could have had something to do with the funding round that just took place.

After some digging, I found that AtoB has received a total of $257 million from 5 funding rounds since August 2020. Most recently, they announced another $75 million raised on August 16, 2022. And, with the founders’ tech background, I would wager that the majority of future profits will come from their software offer.

Furthermore, AtoB has additional offers that generate revenue.

Extra Offers From AtoB

Complementary to the zero-fee gas card offer, which certainly stands out, AtoB has other offers within its platform.

AtoB Plus – Paid, subscription-based offers for added benefits.
AtoB Wallet – Stripe-powered digital wallet.
AtoB Payroll – In-app W2 and 1099 payroll platform.
AtoB Factor – Invoice factoring for outstanding earnings (partner offer).

If any of these interest you, I encourage you to look into them — for non-cardholders, see AtoB’s terms & conditions to learn more.

2. Get On-Time Payments Reported to Experian Business

Anyone building business credit will want to check out AtoB’s full offer when they find out that they report on-time payments to Experian Business every 30 days.

Does A to B fuel card report to credit bureaus?

Several fuel cards do this — In fact, there are at least a dozen or so business gas cards that report on-time payments to credit bureaus (but, you don’t see me sharing full reviews about all of them, do you?).

3. It’s Universal: Use Your Card Anywhere Visa is Accepted

Many, if not most business gas cards are limited to specific, in-network gas stations. AtoB has eliminated that headache and can be used at any station that accepts Visa.

Full disclosure: AtoB is not the only fuel card that does this. For instance, Comdata has a Mastercard, and Wex has some universal options — they have at least 30 small business gas card offers with various terms.

4. See the Best Nearby Stations to Buy Fuel

With the AtoB Driver mobile app, anyone can find the best in-network fuel savings in their area, even when they’re on the go — And, the in-app directory includes the fuel grade at each location, to make thoroughly-informed decisions.

5. Use Your Card to Pay Insurance, Maintenance, Tolls, & More

Most fuel fleet cards offer variable savings on fuel for every gallon purchased. AtoB offers more savings. In addition, they offer business owners the option to opt-in to use your cards on other purchases

So, if you choose, you’ll be able to unlock the ability to use your card(s) to pay auto insurance, vehicle maintenance, bridge & interstate tolls, and other business costs.

6. Control Spending to Prevent Card Misuse

According to a US fraud report from Shell, 86% of Fleet managers think that drivers’ card misuse results in 30 cents per gallon or 10% in added costs. And, AtoB has used this statistic to power their strategy, add security features to their offer, and to provide a savings prediction for businesses.

So, you’ll not only save via instant discounts but also prevent card misuse for up to 10% savings on gas costs.

Here’s How to Apply for an AtoB Gas Card

If you’re ready to apply, head over to AtoB.com, and click Get Started.

The application asks for basic contact info, company info, financial information, and your business location. You’ll have to be a legitimate business owner with an EIN to complete the online form. You’ll also need to share your weekly fuel spend and the number of vehicles you have, along with how many cards you need. And, you’ll need to upload a copy of your driver’s license.

You can either link your business bank account or upload your three most recent business checking account statements. If you try to use a personal checking account, you won’t be able to proceed.

A to B fuel card application financial information

Before you submit, you’ll have a chance to review the application info you entered. Once your email is confirmed, AtoB will review your information and get back to you within 5-7 business days (that is, according to the website — the sales rep I spoke with said it could take up to 14 days for a decision).

While they state in their terms & conditions that they reserve the right to pull consumer credit, AtoB does not ask for a social security number during the application process.

The Secured Card Option From AtoB

Business owners with lower, provable business income may qualify for a secured card (you put money into your account, and refill your fund balance as you go). While secured cards aren’t typically recommended — traditional secured card fees are just too high — this one is free and comes with most of the benefits AtoB offers.

So, if you are unsure about your ability to qualify for a tradeline, this might still be an offer worth looking into. You be the judge.

Answers to Related Questions

Will a gas card help build credit?

Many fuel cards report payment activity to credit bureaus, which can help build out the cardholder’s credit profile and, in turn, build credit. Fleet cards (business gas cards) often report on-time payments to D&B, Experian Business, and/or Equifax Business. So, yes, responsible payments made toward a balance on a gas card can help build credit.

Is there a “universal gas card?”

Universal gas cards aren’t limited to in-network fuel purchases. There are universal cards. AtoB, for example, can be used anywhere Visa is accepted. And, companies like Comdata and Wex have universal options.

Is fuel cheaper with a fuel card?

When used at discount locations, which vary from card to card, fuel cards enable the cardholder to save on the price per gallon of gas. AtoB offers savings of up to 25 cents per gallon at select locations and up to 5 cents per gallon universally. Some fuel cards offer “cash price” or better at select stations.

What fuel card can be used anywhere?

Several fuel cards can be used anywhere. Any card with a Visa or Mastercard logo can be used wherever these types of payments are accepted. AtoB is a universal Visa card, Comdata offers a Mastercard, and Wex has a handful of universal card options.

What business gas card is easiest to get?

Any secured business gas card is easy to get because you can fund the account with your own cash (and still take advantage of card benefits). Some secured cards come with high fees. AtoB, however, offers a free, secured business gas card to those who might not qualify for net 7 terms at the gate. Over time, most secured cards can be upgraded to more traditional credit terms.

How do I apply for a gas card?

To apply for a gas card, 99% of the time, you can visit the website of the card you want and apply online. There may be some cases where you must file a paper application. Review a business credit application template to see what you might expect.

Final Thoughts

In addition to the features and benefits already listed above, I love that AtoB, as a company, is so transparent — they’re not trying to hide anything (as far as I can tell), and their offer stands out from every competitor that I know of.

If you’re in the market for a fleet card, I recommend you do more research on AtoB, and consider their offer. It seems to be a hit! Before you do, take a look at our list of gas cards that report to business credit bureaus.

Would you like to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today.

How to Use Business Gas Cards to Build Your Business Credit (Updated Sept. 2022)

September 15, 2022 By Joe 2 Comments

How to use fleet cards to build business credit

After a call with a Business Credit Workshop student of mine, several years ago, I compiled a list of business gas cards. Originally, I summarized the key points from the conversation and shared my findings here. At the time, the article was meant as a supplement for current students of the e-course. I’ve since decided to provide even more information, make it public, and regularly update this directory of credit-boosting business gas cards.

Here, you will learn what a business gas card is and how it differs from a regular credit card, everything you need to know about using one, and how to select the best card(s) for your company. Then, you’ll find a list of 11 cards to study including terms, rates, and rewards. Read all the way to the end for bonus advice about your application and payments.

Contents:

First, What is a Business Gas Card?
- FAQs
11 Easy-Approval Business Gas Cards to Boost Your Business Credit Score
Bonus: Business Fuel Card Advice
Final Thoughts

Let’s get the ball rolling…

First, What is a Business Gas Card?

A business gas card, fuel card, or fleet card is a secured or unsecured credit line — often with net 30 or comparable terms — that enables business owners and staff to pay for gas and sometimes other expenses like insurance and auto maintenance. Many cards offer benefits such as fuel cost discounts. And, these cards are typically easier to qualify for than traditional credit cards.

As a bonus, fleet card servicers typically report on-time payments to business credit bureaus, including D&B. So, fuel cards provide a convenient way for businesses to build credit.

Frequently Asked Questions

How Does a Business Gas Card Work?

A business fuel card is used in place of cash, credit, or debit to pay for gas. The cards enable drivers within a company to acquire petrol at stations within a designated network. The business, not the individual, is responsible for making the monthly payment in full.

What Credit Score is Needed for a Gas Card?

While credit cards require certain respective credit scores, business gas cards are often leveraged as secured credit. So, a certain score is not typically required. Instead, the card issuer takes a risk in return for a monthly service fee or other arrangement.

Can’t You Just Use a Regular Business Credit Card for Gas?

Yes, you can use most business credit cards to pay for gas (if you are authorized to do so). However, with business fleet cards, you often get discounts on fuel. And, some people use fuel cards with net 30 terms to build business credit before applying for a traditional, revolving business credit card?

Are Company Fuel Cards Worth it?

According to some sources, a gas card is arguably not a good idea. These sources say that fuel card interest rates run higher than a typical credit card and that companies are better off choosing another funding source. However, because of their approval rate, value, and convenience, they are one of the best to build business credit. And, for those naysayers, AtoB has a completely free offer.

So, yes, company fuel cards are worthwhile for many people.

What Are the Benefits of Having a Fuel Card?

Business fuel cards come with several advantages. While some of the pros have already been stated, here’s a list of benefits.

Convenience – No need for cash, credit, or debit cards.
Consistent Pricing – Fuel up within one network of stations.
Payment Security – Payments are made through a secure server.
Organized Cost Tracking – No need to manually collect receipts.
Tax Write-Off Monitoring – Easily access fuel spending during tax preparation.
Discounts & Rewards – Discounts & rewards are offered to cardholders.
Customized Reporting – Gain a clear picture of your fuel budget.
Unified Billing – Pay for all business fuel costs at one time.
Account Alerts – Get notified about important account information.
Electronic Receipts – Receive receipts electronically via SMS or email.
Purchase Amount Control – Gain more control over fuel purchases.
Time-Savings – Administration efforts are cut tremendously.
Credit Building – Issuers report on-time payments to credit bureaus.

With on-time payments, a gas card can tremendously enhance your operations and help increase your business credit score.

What Business Gas Card is Easiest to Get?

Fleet cards aren’t known for being especially difficult to get. In fact, they’re typically used to build credit. But, in my experience, AtoB looks like the best offer — they offer a free, secured card to business owners who might not qualify for their normal net 7 terms in the beginning (over time, with responsible payments, AtoB might upgrade terms).

11 Easy-Approval Business Gas Cards That Can Help Boost Your Business Credit Score

Leverage these companies to build positive trade lines that report to Dun & Bradstreet (D&B) and other bureaus. Responsible use and on-time payments with these vendors will help boost your D&B, Experian Business, and Equifax Business credit scores.

1. AtoB Business Gas Card

Terms: Net 7 (pay-in-full weekly)
Rates: FREE
Rewards: Save up to 25¢ per gallon on fuel purchases, use anywhere Visa is accepted, see the best prices from nearby gas stations, spending control, and use your card to pay insurance, payment, tolls, and more.

2. Shell Small Business Card

Terms: Revolve or pay-in-full
Rates: Up to Prime +20.74% variable APR
Rewards: Save up to 6¢ per gallon of fuel purchases and discounts at participating Jiffy Lube® locations.

3. Comdata Universal Mastercard

Terms: Revolve, pay-in-full, or prepaid
Rates: Up to Prime +23.99% variable APR, up to $10 per month service fee, and up to $50 one-time setup fee
Rewards: Save up to 6¢ per gallon of fuel purchases, an additional 6¢ per gallon for the first six months, 5% on maintenance at participating Firestone® and Tires Plus® retail locations, and up to 3¢ per gallon rebate with participating merchants within the Retail Savings Network, use anywhere Mastercard is accepted.

4. Sunoco Universal Fleet Card

Terms: Pay-in-full
Rates: 6.99% monthly percentage rate, $2 monthly service fee, and $40 account setup fee
Rewards: Save up to 6¢ per gallon on fuel purchases and up to 25¢ per gallon through the promotional period

5. Exxon Mobil FleetPro™ Card

Terms: Revolve or pay-in-full
Rates: 23% variable APR and minimum $2.99 finance charge
Rewards: Save up to 6¢ per gallon of fuel purchases

6. Conoco Universal Card

Terms: Revolve or pay-in-full
Rates: 28.74% variable APR, 0% APR if paid in full monthly, and minimum $2.00 finance charge
Rewards: Save up to 7¢ per gallon, accepted at 95% of gas stations

7. Chevron and Texaco Business Card

Terms: Revolve or pay-in-full
Rates: 9.99% monthly percentage rate with up to $10 service fee
Rewards: Save up to 10¢ per gallon on fuel purchases in the first six months

8. BP Business Solutions & Business Solutions Plus

Terms: Revolve or pay-in-full
Rates: 14.99% to 23.99% variable APR (revolving) or 1.95% monthly percentage rate (non-revolving) and up to $10 service fee
Rewards: Save up to 6¢ per gallon on fuel purchases

9. Valero Fleet Fuel Cards

Terms: Revolve or pay-in-full
Rates: 16% to 24% variable APR (revolving) 1.33% to 2% monthly percentage rate (non-revolving) with no minimum interest
Rewards: No discounts (To save up to 8¢ per gallon on fuel purchases, large fleets might look into the Valero Fleet Credit Card)

10. Speedway Business Fleet Card

Terms: Pay-in-full
Rates: 7.99% monthly percentage rate and a $75 minimum service fee
Rewards: Save up to 5¢ per gallon on fuel purchases

11: Wex Small Business Fuel Cards

Use Wex to help you make the right card selection for your operations. Choose between credit or charge cards, and select your state and your preferred brand to compare the best available options — they have a ton of cards.

Terms: Variable
Rates: Variable
Rewards: Variable

Bonus: Business Fuel Card Advice

The first key to building business credit starts before you obtain your card. When you apply for business gas cards, if you have 5 or more employees and have done business for two or more years, it will usually eliminate your personal guarantee. So, apply as a business using your EIN or DUNS™ number instead of your social.

Next, the number of employees you have and the amount of time you’ve been in business are stronger indicators of eligibility than the number of vehicles you use. So, if you only have one vehicle, only list one fleet car. The more honest you are, the more relevant terms you will receive.

Finally, you may need to make a tough decision about how to pay on your account. For most gas cards, even with revolving credit, you can avoid periodic interest rates by paying your account in full each period. If you’re looking for the highest possible savings, this is a good idea.

However, as with most revolving credit, some bureaus consider a small balance under 30% of your limit ideal. So, when you qualify for revolving terms on your preferred gas card, carefully weigh the pros and cons before you determine whether to pay a portion or to pay your entire balance each month.

Final Thoughts

If you’ve made it here, congratulations — you are officially one step closer to boosting your business credit score. You have the information you need to fully leverage business gas cards, so go put it to use. In the meantime, Would you like to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today.

Free, Printable Business Credit Application Template (Plus, How to Use it Correctly)

September 12, 2022 By Joe Leave a Comment

Download Your Free, Business Credit Application Template

Download business credit application PDF — _{Get the PDF}

Download business credit application for word doc — _{Get the Doc}

Download business credit application for excel sheet — _{Get the sheet}

_{*This template is intended for informational purposes. All legal documents should be reviewed by an attorney before use, and terms should be defined to protect you in the event of default.}

Download your free, printable business credit application template so you can extend credit to your customers, or just find out what a business credit application looks like.

Business Credit Workshop coaching students get access to hundreds of actual business credit applications used by banks across the US.

Join Now

Most of the time, we focus on ways to improve credit profiles and obtain business credit. But, many of our readers, members, and students run B2B operations that serve other businesses. So, it’s crucial that we understand the ins and outs of extending credit to our business clients and customers… when the opportunity arises.

If you offer your business customers the chance to buy now and pay later, you open a portal to attract more high-ticket sales from those that might not otherwise be able to afford a product or service in a single payment. Plus, by extending lines of credit or private tradelines, you can increase total profits by way of interest and fees.

Or, if you’re just curious about what to expect when you start applying for business credit yourself, this information (and the downloads above) can be helpful.

Here, I provide a breakdown of the essential elements of a business credit application. Finally, I’ll answer some frequently asked questions and provide guidance for new creditors, including options to create online business credit application forms.

What is a Business Credit Application?
- Fundamentals of a Business Credit Application
Here’s How to Create an Online Credit Application Form
How Should You Ask a Customer to Fill Out a Credit Application?
Don’t Forget to Do These 3 Things When You Offer Credit to Your Customers
Summary

Now, let’s get cracking.

What is a Business Credit Application?

A business credit application is a form that enables a registered entity to apply for a line of credit, term loan, revolving tradeline, or a private net 30 account. It collects identifiable information about the business to determine its creditworthiness.

A business credit application serves dual purposes:

Gather personal, business, and financial data about the applicant
Serve as a contract between the applicant and creditor

A credit application is considered a legal document, as it should ask for the applicant’s signature. Hence, once signed, and if all terms and conditions are properly outlined in the document, it is legally binding.

Any company that extends credit to their customers needs an application form to weed out those who would not be eligible for any type of financing.

Fundamentals of a Business Credit Application

What do you write on a credit application? - Contact information, Company information, Bank references, Trade references, Financial information, Terms of the contract, Applicant authorization

To make an informed determination whether or not a company is worthy of business credit, you need specific identifying information.

Contact Information
- Full Name
- Professional Title
- % Ownership in Business (Most creditors require at least 50%)
- Company Name
- Tax ID or SSN
- Personal Address (Street, City, State, Zip)
- Business Phone Number
- Business Email Address
Company Information
- Type of Business
- Years in Operation or Business Start Date
- Business Address (Street, City, State, Zip)
- Legal Entity Type (Proprietorship, Partnership, LLC, Corporation)
- State Registered in
- If DBA or Subsidiary, Parent Company Name & Business Start Date
- Name of Principal Responsible
- Principal’s Address (Street, City, State, Zip) & Phone Number
- Name of any Co-Principal Responsible (optional)
- Co-Principal’s Address (Street, City, State, Zip) & Phone Number
Bank References
- Checking Account (Bank Name, Account No., Contact Info)
- Savings Account (Bank Name, Account No., Contact Info)
- Credit Line (Bank Name, Revolving/Term, Account No., Contact Info)
Trade References (Most creditors ask for at least three)
- Company Name
- Contact Name
- Company Address
- Company Phone Number
- Account Age or Account Open Since
- Credit Limit
- Current Balance
Financial Information
- Amount of Credit Requested
- Total Business Assets
- Total Business Liabilities
- Annual Net Income
- Yes or No: Have Any Officers Filed a Bankruptcy Petition?
- Yes or No: Is Your Company Subject to Any Litigation? (+Explanation)
Contract Terms
- Terms of use
- Interest and Fees
- Penalties for Noncompliance
- Additional Forms Required (Articles of Organization, etc.)
- Disclosure of Credit Pull
Applicant Authorization
- Applicant Full Name
- Legal Business Name
- Applicant Signature & Date Signed

(and/or)

Company Seal & Date Stamped

Once the applicant has submitted their app– assuming it appears they have what it takes, and that you would extend them credit — you’ll need to verify their information and move through the rest of the process.

Here’s How to Create an Online Credit Application Form

In place of or in addition to a paper, pdf, spreadsheet, or doc application, you might want to offer your customers the option to fill out an online credit application form(this is super helpful, especially when applicants are not local).

So, here’s the scoop. There are multiple ways to create online forms, but here’s what I recommend.

i. Use Google Forms

Google Forms has a straightforward user interface and simple design. While it’s not super customizable, it will get the job done, and it’s free for Google Workspace users — both free, personal accounts and business accounts.

ii. Use Jotform

Jotform is another option — super easy to use — that is free for up to 5 forms and 100 monthly submissions. It’s more customizable than Google forms, with integrations with other platforms you might use like PayPal, Google Sheets, Adobe Sign, and HubSpot. It can cost up to $99 per month, depending on your usage

iii. Use Your Website’s Form Builder

If you’re already collecting customer information via contact or subscribe forms on your website, you likely have a form builder that you use. You can probably get into your website dashboard and whip something up based on what you’ve learned here.

There are many other options out there to help you offer an online application — I’ve just found these to be the simplest to use and most reliable.

How Should You Ask a Customer to Fill Out a Credit Application?

If you’re eager to extend credit to customers — perhaps you want to use your credit offer as a highlight to make more sales — you can include your credit option at checkout (in-person or online) or during the sales process, depending on how your operations run.

Service businesses might want to mention their credit application in proposals or bids — at the point just before the sale is made or earlier.

I also recommend that you bookmark or download our trade reference request template and cover letter template (or create your own), because you can share them with your applicants to help them provide you with more information. Then, you can better determine if they meet your requirements for a credit account.

Recommended Reading: Trade References: Learn Everything You Need to Know

Don’t Forget to Do These 3 Things When You Offer Credit to Your Customers

Here are a few tasty reminders with a helping of details for you to munch on.

1. Do Your Due Diligence and Be Selective

The application form is only the first part of a credit application. If you are going to extend credit to your business customers, it’s so important to make sure that you verify everything that the applicant tells you.

Double-check credit report information with Dun & Bradstreet (D&B), Experian Business, and Equifax Business. Pull personal credit reports if you’re wary. Call the references applicants list on their app. Be 100% sure that someone is honest and qualified before you trust anyone in a buy now, pay later situation.

How to Pull a Business Credit Report From D&B

To get a full D&B credit report and PAYDEX Score, visit D&B’s website and select your plan. It will cost from $61.99 to $799 per year, depending on how many reports you will need.

How to Pull a Credit Report From Experian Business

To obtain an Experian Business credit report, go to Experian’s website, search for the business (be sure to select Other Business), and choose whether you would like a one-time report for $39.95 or $1,495 to $1,995 per year (for anyone who needs more than three reports monthly).

How to Pull a Credit Report From Equifax Business

To receive an Equifax Business credit report, visit Equifax’s website and fill out the contact form on the Small Business Credit Report page to connect with the sales team — they can hook you up with the right plan.

2. Consider Reporting Payments to Business Credit Bureaus

As a courtesy to your customers and other creditors, consider reporting on-time payments to the business credit bureaus. Doing so will help your customers establish and grow their business credit profile, and can be a selling point that places you ahead of your competitors.

Furthermore, reporting slow, late, or missed payments help protect other businesses (like yours) from disreputable companies that tend to stiff their creditors on payments.

So, you might want to consider reporting on-time payments to D&B, Experian Business, Equifax Business, and Creditsafe — this typically requires that you join their trade exchange programs.

How to Report On-Time Payments to D&B

To report account activity to D&B, you must either be a part of their DNBi or PPP programs or join the trade Exchange Program. To sign up for D&B’s Trade Exchange Program, you need at least 300 active credit customers.

To apply, either visit D&B’s website or call 1-844-201-9144 to speak to your relationship manager.

How to Report On-Time Payments to Experian Business

Experian doesn’t charge creditors for reporting, but they have requirements such as, members must report a full portfolio monthly. To become an Experian reporting partner, shoot an email to bisdatareporting@experian.com.

How to Report On-Time Payments to Equifax Business

You can register to report payments to Equifax via the registration page on their website or by calling 1-800-831-5614 (Select option three to speak to the correct department).

How to Report On-Time Payments to Creditsafe

Creditsafe is not the most popular business credit reporting solution, and will never hold more weight than one of the primary bureaus. Still, third-party data continues to become more and more desirable to creditors. So, after you pull an Experian Business or Equifax Business credit report, you might also pull from Creditsafe.

Why I mention them here, is because you can join their Trade Exchange Program a bit easier than the other bureaus… and they can automate reporting through your accounting software. Here’s how to leverage the program:

Claim your company on Creditsafe’s directory
Login to your Creditsafe account
Authorize your accounting or ERP software

Many popular accounting tools will easily integrate (Xero, Quickbooks, and Freshbooks, to name a few). If the platform doesn’t integrate with your software, or if you don’t use accounting software, you can still manually report.

3. Enlist a Third-Party App or Platform to Manage Your Credit Program (At Least Think About it)

If the sole reason you want to offer business credit is to get more high-ticket sales, and you have no desire to earn income from fees and interest, explore your options for third-party credit offers, since they will make your job so much easier.

Your choices vary greatly and depend on your business offer. For example, check out Affirm, Klarna, and Afterpay to see if your business might qualify to offer customers their buy now pay later terms — if so, they will do everything for you.

If you do want to manage your credit program, it’s a good idea to explore debt collection offers so that you might outsource that portion of your work (I can almost guarantee you will have to collect on missed payments at some point).

Summary

To extend business credit to your customers, you can use the business credit application template at the top of this page to get started — note that all legal documents should be reviewed by an attorney. And, printable applications are great, but so are online applications.

If you’re just starting down the path to offering business credit to your customers, remember to do your due diligence and verify everything on the application. Think about reporting on-time payments to business credit bureaus. And, consider enlisting help from third parties (if you can find an offer that meets your needs).

Do you have a customer or client who didn’t quite meet the mark and got rejected for a line of credit through your program? Invite them to join Business Credit Workshop to learn how to boost their business credit score and obtain up to $100K in business credit in as few as 30 days.

Business Credit Repair: How to Get Your Business Credit Back on Track

August 29, 2022 By Joe

Since you’re interested in repairing your business credit, I’ll assume that you had a good credit score at one point. Now, for one reason or another, it has taken a hit (If that’s not the case, and you haven’t established credit yet, you might want to start here).

First of all, if your business credit is not so great, don’t beat yourself up — it happens more than you would think.

Don’t believe me? According to US Courts, in 2021, a total of 14,347 businesses filed bankruptcy in 2021. If you think this might have been a COVID-related spike, think again — the same source cites 23,157 business bankruptcy filings in 2017, a couple of years before the pandemic began.

But, I don’t want you to focus too long on anything negative. Instead, let’s be solution-oriented and explore how business credit repair works.

Bear in mind that business credit is not the same as personal credit and some of the laws protecting consumers don’t apply, which isn’t necessarily a bad thing. In fact, business credit is much easier and faster to restore than personal credit.

This is what’s in store:

What is Business Credit Repair?
- The Golden Rule of Good Credit
8 Steps to Repair Your Business Credit
Final Thoughts

Now, here’s everything you need to know to restore your business credit.

What is Business Credit Repair?

Business credit repair or restoration typically refers to a third-party service that attempts to get negative information, like missed or late payments and defaulted accounts, removed from business credit reports in exchange for a payment.

A business might have a net 30 account on their report that shows as a late or slow pay that they want to clear up. Or, maybe they need to remove an old address from the credit bureau’s record. Business credit repair organizations might offer a service to help for a monthly or one-time fee in addition to any settlement offers they submit to creditors.

Luckily, in most cases, these services are not needed. You can easily restore business credit on your own, which is the primary focus of this guide.

The Golden Rule of Good Credit

Whether you’re talking about business or personal finance, here’s the golden rule of good credit: Make your payments to lenders on-time, as agreed.

While this may seem too obvious, it’s crucial. If you make your payments to lenders as agreed, you are very likely to maintain a high credit score.

So, when life gets in the way, and you can’t make business loan and credit card payments like you expected, stay in communication with your lenders. As soon as you think you might miss a payment, pick up the phone and reach out to ask about your options.

If you’re reading this early, at the first sign that your credit is about to slip — you never know — the above advice might be enough to keep you afloat while you figure out your finances.

If you’re already sitting on a low business credit score, it’s time to take action.

8 Steps to Repair Your Business Credit

Here’s the process, step-by-step, to restore your business credit.

1. Review Your Business Credit Reports

The first thing you need to do when restoring your business credit is get an up-to-date copy of each of your credit reports from the business credit bureaus.

There are three main business credit bureaus that most lenders will use to determine whether or not your company is worthy of financing.

Get a copy of your report from each bureau:

Dun & Bradstreet: Access your PAYDEX report
Experian Business: Get your Experian business credit report
Equifax Business: Obtain your Equifax business credit report

Download or print copies of each report so you can thoroughly review for accuracy.

You may be able to obtain copies of your business credit report at no cost if you have recently been denied financing. Within 90 days of your denial, mail a request to the creditor and ask that they send a copy of your business credit report to you.

Set up a free account with Nav to access and monitor your Experian and Dun & Bradstreet business credit summaries.

Note: In addition to these three bureaus, I have heard of a couple of outliers here and there. But, I don’t recommend you pay them any attention (unless you are getting denials after cleaning up the main 3). Every business credit lender I’ve ever worked with has used one of the above to determine a company’s creditworthiness.

2. Note Every Item You Want Removed From Each Report

The more organized you are at this stage, the better. Examine every potentially negative item on your report and read through your company details for inaccuracies.

Incorrect and negative information on your business credit report not only decreases your chances of obtaining financing, but adds additional hurdles. For example, you might pay higher insurance premiums, be charged higher interest rates on the funds you do receive, and find it difficult to rent equipment or office/retail space because of a mistake on one of your reports.

Look for any slow or late payments on your accounts that might affect your score. In addition, look for old business addresses or outdated contact information that you would like removed.

For each report, list each item that you would like reviewed for removal. Include the following:

The account number
The date of the disputed information
Explanation of the inaccuracy
Company that provided the disputed information
Type of disputed information (contact, missed/late payment, etc.)

Once you have completed your list, you’re ready to move forward.

3. Dispute Entries in Your Dun & Bradstreet Report

For Dun & Bradstreet, the simplest option is to dispute incorrect items online via your account dashboard. You can pay for an upgraded account, but all you need is the free version (there aren’t many scenarios where I recommend paying for a premium account).

Simply login to your account > navigate to D-U-N-S Manager > scroll down to Trade Payments in the left sidebar.

Your trade accounts will appear in the dashboard with an option to select from the dropdown under Initiate Investigation.

How long does it take to fix business credit?

Follow the prompts to continue at the bottom right of the screen until you come to the summary page.

Accept the terms of service, then click Submit.

You will receive a reply relatively quickly, letting you know whether the investigation has resulted in a removal of the items you requested or not.

4. Dispute Entries in Your Experian Business Report

The best way to execute Experian business disputes is to print your full, updated report, circle the incorrect information, and write-in the reason you are disputing each item.

Scan and email the edited report to businessdisputes@experian.com, along with any additional documentation you have to support your request for information removal.

Alternatively, you can open an account with Experian business, then call in to initiate a dispute: (888) 397-3742. When you place the call, have your list handy so that you can accurately indicate which items you want the bureau to investigate.

5. Dispute Entries in Your Equifax Business Report

Equifax disputes can be handled online or via mail, email, or phone. Recently, I’ve seen email disputes resolved within about one week.

Equifax Inc.

P.O. Box 740249

Atlanta, GA 30374-0249

commercialdisclosures@equifax.com

(800) 727-8495

Download business credit dispute template PDF

6. Reach Out Directly to Creditors

After you’ve waited about a month after initiating your dispute(s), or you’ve heard back from the bureaus, are there any red flags still on your reports? If so, it might be worth reaching out to the creditor directly.

In some cases, you may be able to negotiate a deal to get negative information removed from your account. For example, if an account shows unpaid, you might be able to get the creditor to report the account paid in full with a lump sum payment.

If you do negotiate a deal like this, be sure that you get the agreement in writing, including the date by which the creditor will report to the credit bureaus.

7. Establish New, Healthy Accounts

A crucial ingredient for a strong business credit score is to have healthy accounts. If your credit profile is sparse, it might be a good idea to add a few accounts that report on-time payments to the business credit bureaus.

After your reports have been cleaned up, you might benefit from opening new accounts — depending on how established your business credit profile is.

To get started, see our list of 41+ Companies That Help Build Business Credit.

Be sure to keep any revolving accounts below 30% utilization for an optimal impact to your credit score. For example, if you have a revolving business credit card with a $30K limit, never use more than $10K at a time. Better yet, pay the card off in full each month.

Ask for credit limit increases on revolving accounts. From time to time, some creditors will automatically increase your spending limit. Other creditors require that you make the requests for increases yourself. If you can request an increase from your account dashboard, go ahead — if not, pick up the phone and call customer service and ask if you qualify for a higher spending limit.

8. Continue to Monitor Your Business Credit

Like personal credit, it’s important to monitor your business credit and keep an eye out for inaccuracies. If you haven’t already, sign up for a Nav account.

Nav can help you monitor your business credit… and more.

Get actionable insights into credit and cash flow
See relevant financing recommendations
Research customer and partner credit profiles
Boost your chances of obtaining business credit

It doesn’t hurt to maintain accounts with all three bureaus, but you can accomplish most of what you need from a single dashboard with Nav alone.

Final Thoughts

Credit repair is important when you want to increase your business financing limits. Start by reviewing your reports from the three major business credit bureaus. Then, dispute any inaccuracies you find on your reports. If you need to, reach out to creditors directly to clean up any accounts in poor standing. After that, maintain healthy accounts, and monitor your business credit to watch for new inaccuracies or mistakes.

To learn how to obtain $100K in business credit in 30 days, join Business Credit Workshop today.

14 Best Credit Monitoring Services for Scores, Reports, & ID Theft Protection

August 22, 2022 By Joe

Credit monitoring is a crucial part of building and maintaining your credit. Through monitoring, you can view your credit score, watch for signs of fraud, and receive suggestions on how to increase your odds of getting financing with higher limits at lower rates.

In a study conducted by Consumer Reports, 10.31% of those surveyed said that they found it “difficult” or “very difficult” to access their credit reports. If you’re one of these people, this list might have the solution you’re after.

Gone are the days that consumers need to request their reports directly from credit bureaus. Fortunately, monitoring can now be done through a plethora of third-party services that provide daily alerts, funding opportunities, tips for boosting credit scores, and more.

Today, we’ll explore the costs, features, and highlights of the best credit monitoring services of 2022. Here’s everything that’s covered:

What to Look for in a Credit Monitoring Service
- Online Credit Monitoring Service Features
The Best Credit Monitoring Services of 2022
Conclusion

Now, let’s get to it!

This is What to Look for in a Credit Monitoring Service

What you should look for in a credit monitoring service, at its core, depends on your personal needs and wants.

First, why are you interested in credit monitoring? Are you trying to maintain or boost your credit score so that you can apply for a loan? Do you want to make sure someone isn’t using your identity or inaccuracies haven’t been reported by your trade line issuers? Or, do you want recommendations for lenders that are likely to finance you?

Next, what’s your budget? There are several monitoring services that you can access for free. Keep in mind that the providers have to make money somehow and will likely try to sell you something. In most cases, that “something” is a push to apply for a loan or line of credit that you may not necessarily need. Some of the best credit monitoring services, on the other hand, are a bit spendy.

Online Credit Monitoring Service Features

You can expect some or all of the following features from a credit monitoring service:

Free credit score (VantageScore or FICO Score)
Transunion credit report
Equifax credit report
Experian credit report
Identity theft monitoring
Recommended financing offers

So, what is the best credit monitoring service? The answer, frankly, depends on what you need and how much it’s worth to you. Here, read a breakdown of the top credit monitoring services with costs and features.

The Best Credit Monitoring Services of 2022

If you’re ready to find out what to expect with credit monitoring and decide which service is best for you, take a look. The table below shows the highlights from the best credit monitoring services. Below, you’ll find a complete, truthfully unbiased summary of each offer.

1. ExtraCredit

Credit.com offers a full-featured credit monitoring service, ExtraCredit. Build, guard, track, and restore (available in select locations) your credit, plus uncover your chances to earn up to $2.5K in rewards.

ExtraCredit has a few standout features. First, you can access 28 different FICO scores — home lenders may not see the same score as credit card lenders. But, with this service, you’ll know what each type of lender will see.

Next, you can use this service to legitimately build credit with the bills you’re already paying every month. Get credit for paying your for your monthly phone, gas, and water bills, and even your rent on-time.

Cost: $24.99 per month

2. Credit Karma

Certainly the most popular consumer credit monitoring service is Credit Karma. The platform is absolutely free and user-friendly. But, is Credit Karma worth using?

With Credit Karma, you can access daily, real-time information from your TransUnion and Equifax credit reports as well as estimates of your two credit scores. For free?… sure! You will be prompted to apply for quite a lot of credit cards and loans from their partners. So, proceed with caution, and don’t apply for every offer.

Note: Your Experian score isn’t accessible through Credit Karma, which is why some people use Experian’s free monitoring and Credit Karma to see the whole picture.

In addition to credit monitoring and financing recommendations, Credit Karma offers financial tools. For example, a user favorite is the Credit Score Simulator, which shows what might happen to your credit score should you take certain actions like get a new loan or increase the limit on an existing credit line.

Cost: Free

3. Identity IQ

Another widely-accepted choice for consumer credit monitoring is Identity IQ. This service costs from $9.99 to $29.99 per month, depending on the subscription level. You can use Identity IQ’s services to access up to 12 credit reports per year from all three credit bureaus (Transunion, Equifax, and Experian) with select plans.

According to Identity IQ’s terms & conditions, VantageScore or FICO may be delivered, based on the proprietary model used by the third-party data provider.

With this service, you can obtain identity theft insurance, dark web monitoring, family protection, real-time monitoring for suspicious activity, and identity restoration in the case of fraud or inaccurate reporting. As part of an Identity IQ plan, you can also access Bitdefender VPN for secure browsing on multiple devices.

Cost: $9.99 to $23.99 per month

4. MyFico

MyFICO provides another trusted credit monitoring service that you might want to leverage. Here, you have a couple of options.

First, MyFICO Free Score Estimator allows you to answer questions about your circumstances to make an educated guess as to what your FICO score is likely to be.

Next, MyFICO subscription plans range from $19.95 to $39.95 per month. Here’s where you can access helpful features like three-bureau monitoring that updates monthly or quarterly, FICO scores, and identity monitoring and restoration. You can also access one-time reports for $19.95 (one-bureau) to $59.95 (three-bureau).

Note: If you’re simply interested in a single credit report from each bureau for the year, I recommend you grab it for free from annualcreditreport.com.

Finally, anyone interested in learning how to obtain new financing and leverage their existing lines of credit to improve their credit, MyFICO Forums can be invaluable. Members frequently ask and answer questions and share credit building anecdotes to help one another.

Cost: $19.95 to $39.95 per month

5. LifeLock

Officially, LifeLock is an identity theft protection service. You can leverage the platform to easily lock your credit file, safeguard your home title, and “take back your online privacy.” Yet, for $9.99 to $23.99 per month, you can also access one-bureau or three-bureau credit monitoring.

One-bureau credit monitoring features in LifeLock plans are isolated to Equifax monitoring. And, you will need to successfully identify yourself through the bureau using your social security number to access credit features.

Cost: $9.99 to $23.99 per month

6. CreditWise

CreditWise is a credit monitoring service from Capital One, though you don’t have to have a credit line open with the bank to access it — it’s free to everyone. Get instant access to your Transunion credit report and score when you sign up and verify your identity.

Use CreditWise’s Score Simulator to make informed choices and boost your credit score, see historical score changes, and receive alerts to monitor your credit. As time goes on, CreditWise will also send you personalized product suggestions (credit cards, loans, etc.) and insights with topics that focus on your credit journey.

Cost: Free

7. Experian

You can access one of the most popular free credit monitoring services directly through Experian (one of the top three consumer credit bureaus).

IdentityWorks is a paid identity theft protection program from Experian. You can try it free for one month, then pay monthly thereafter. Essentially, it is an ID theft insurance offer for $500K to $1M that costs $9.99 per month and $19.99 per month respectively. It also offers features like dark web monitoring, lost wallet assistance, and access to a US-based fraud resolution specialist.

Experian Boost is a popular promotional offer, which claims to increase users’ credit scores immediately upon joining. Note that this only applies to the Experian FICO Score, and does not affect Transunion or Equifax credit scores.

For a one-time payment of $39.99, Experian can provide you with a 3-bureau credit report with FICO scores.

Cost: Free to $19.99 per month

8. IdentityForce

Branded as an identity theft protection service, IdentityForce is a pretty powerful credit monitoring service for individuals and businesses. For personal credit monitoring, sign up for the UltraSecure+Credit Monitoring plan.

In addition to the base UltraSecure identity theft features, you will get three-bureau credit monitoring, reports, scores, and access to the score tracker and simulator. The credit score tracker is a month-to-month graph that shows visual changes to your credit scores. And, the simulator can help you explore how various financial decisions can impact your score, hypothetically.

Cost: $23.99 per month

9. Identity Guard

Another identity theft protection service, Identity Guard also offers credit monitoring and bank account protection with insurance up to $1M. This offer also includes a family plan for a few extra bucks per month.

While the service monitors your reports from all three bureaus, they provide your VantageScore from just one bureau, Transunion.

Identity Guard has an excellent TrustPilot rating. The most common complaint is that users are sometimes charged when they thought they had cancelled their subscription. So be sure to read the fine print and cancel immediately if you don’t want to continue with your plan.

Cost: $8.99 to $29.99 per month

10. Credit Squad

Credit Squad offers yet another credit monitoring service with ID theft protection for individuals and families. The competitive edge that they tout is that they compile a seven-year history on users for a bigger picture view of credit — this is why they made the list.

While the price is comparable to other similar offers, I have to caution against this service… for now. The thing is, I couldn’t find any glaring negative reviews or anything to send up a major red flag. Still, the company is not as transparent as they could be.

Nothing on Credit Squad’s website states which score (FICO or VantageScore) is reported to users. And, when you call the phone number listed on the website, you’re taken to a recording that quickly spouts a customer service email address.

I reached out and did not find the answers to my questions.

Cost: $14.99 to $29.99 per month

11. PrivacyGuard

With Privacy Guard, you have three fundamental options:

Identity theft monitoring
Credit monitoring
Identity theft and credit monitoring (Total protection)

This service continually monitors your credit with all three bureaus and keeps track of your scores. With ID theft monitoring, like most services, they also monitor the dark web and provide you with updates about breaches.

You’ll get email and text alerts, access to your own, dedicated fraud prevention specialist, and a suite of financial calculators to help you keep your score on-track.

Cost: $19.99 to $24.99 per month

12. Credit Sesame

Similar to Credit Karma, Credit Sesame is a free monitoring service, designed to help users take control over their finances while offering financial service recommendations from their partners.

You can see your credit score in real-time (refreshed daily). They offer a “credit report card,” which is essentially a credit report summary, and help you find more offers in alignment with your credit history.

The standout feature is their suite of financial tools. My Debt and My Assets help you take control over debt repayment and asset monitoring to give you a bird’s-eye view of your finances.

Cost: Free

13. Complete ID

Complete ID is an exclusive credit monitoring service available to select Costco members. Executive members can sign up for $8.99 and up, while Business & Gold Star members can join for $13.99 per month. Additional family members and entire families can be added to a Complete ID account for a few extra bucks per month (see pricing).

Complete ID also comes with $1M in identity theft insurance. The platform is powered by Experian.

While most of the features are standard with this type of service, the stand-out offer is the savings, which is in alignment with most other Costco member benefits. So, if you’re already a Costco member or you want to become one, this is definitely a good option.

Cost: $8.99 to $13.99 per month

14. ID Watchdog

Our final contender here is ID Watchdog, an ID theft and credit monitoring service from Equifax. This service is commonly offered as an employee perk. So, check with your employer before you sign up, because they may already have this covered for you.

There are two tiers: Select and Premium. The Select plan offers one-bureau (Equifax) monitoring and a monthly score update. And, the Premium plan offers daily score updates (Equifax-only) with three-bureau monitoring.

Both offers can be upgraded to include families and come with $1M identity theft insurance. The Premium offer includes an additional $1M 401K and stolen funds reimbursement.

Cost: $14.95 to $21.95 per month

Bottom Line

Anyone interested in accessing loans or lines of credit — for any purpose — will benefit from keeping an eye on their credit. You can do this the old fashioned way by requesting an annual report from each bureau, or you can sign up for monitoring through one of the services above.

Now, we don’t think you should stop there. In fact, we teach how you can transform your life with business credit (for real).

Are you ready to learn how to obtain $100K in business credit in 30 days? We break it down for our members in a way that’s super easy to understand — join Business Credit Workshop today to learn a simple, 7-step process.

Read This Before You Hire a Business Credit Coach [Quick Guide]

September 16, 2021 By Joe

You’ve probably landed here because you’re thinking about hiring a business credit coach. In most small business owner/startup scenarios, we recommend you do because business credit can help you obtain the working capital you need to improve, grow, and scale your operations. But, before you take the leap, you need to know a few things including alternative options and what to expect.

Here, you’ll learn everything you need to consider before you hire a business credit coach. This is what’s covered:

What is Business Credit?
What are Your Alternatives for Business Capital?
What is a Business Credit Coach and How Can They Help?
Frequently Asked Questions
Are You Ready to Pull the Trigger?

What is Business Credit?

Business credit refers to a company’s ability to access credit cards, lines of credit, and loans. It is based on the business’ creditworthiness, which is typically determined by a business credit score. Business credit bureaus and business divisions within consumer credit bureaus measure business credit separately from personal credit.

What are Your Alternatives for Business Capital?

Most small US businesses are launched and operated using personal capital, which includes personal cash, savings, and credit. Business credit frees up more opportunities for growth. But, it’s not your only option. You should know what alternatives are available before you invest in something you might not necessarily need.

So, here’s a quick list of your options and summaries of what each entails.

Personal debt financing – A high FICO score through consumer credit bureaus can give business owners access to personal loans, lines of credit, and credit cards that can be used to fund business ventures. Funding amounts are typically lower than with business credit.
Working capital loans & merchant cash advances – Short-term loans can be accessed through certain lenders based on business income or accounts receivable for urgent funding needs. Interest rates and fees are usually especially high.
Venture capital (VC) & angel investing – Funding can be obtained through private investors and VC firms. In most cases, these investors take partial ownership over the business, or at least a share of future profits, in exchange for funding.

Business credit is the only funding option (aside from reinvesting profits) that helps owners maintain freedom and control over their business with reasonable costs and is not limited by personal credit.

What is a Business Credit Coach and How Can They Help?

Now, what do credit coaches do? A business credit coach will learn about your current financial situation and hear your struggles. They will help you set business credit goals and lay out a plan for you to achieve them. A good coach will then help you take the steps needed to get to the end goal and help you overcome any obstacles that you might encounter along the way.

From establishing your business properly to getting business credit-ready and obtaining large lines of credit, capable business credit coaches know the ins and outs of the business credit world. They can help you ensure that you file the right paperwork, stay in compliance with regulations, and tell you when and how you need to take action.

Frequently Asked Questions

Before we wrap up, let’s take a look at brief answers to some of the most common questions that I hear from my business credit coaching clients.

Can you repair business credit?
- Yes, as with consumer credit, business credit restoration can help you improve your credit score and increase your business’ creditworthiness.
Can you get business credit with an LLC?
- Yes, you can get business credit with an LLC or any other corporation. In some cases, you can get business credit with Sole Proprietorships, but we always recommend that our clients establish their company as a corporation.
Can I use my EIN to apply for credit?
- Yes, many business credit applications ask for an EIN. We also teach how to actually get business credit with just an EIN.
Is business credit linked to personal credit?
- Yes, most (not all) business credit lenders require a guarantor who will be responsible to repay the debt if a business fails to do so. The guarantor on a business line of credit, loan, or credit card is usually the owner… but not always.

Are You Ready to Pull the Trigger?

At Business Credit Workshop, we’re not like some of the other coaches. There are a few ways that we go above and beyond for our clients. For example, we have a large database of thousands of local community banks and credit unions that offer business credit. And, we have interviewed every one of them.

Next, we have a support system made up of Business Credit Workshop students and clients. In our network, those seeking business credit help each other out. Here, you can learn from real people who are actually seeing success.

Finally, we use a trusted 7-step process to get clients $500K+ in business credit without ever having to walk into a bank. If you’ve made it this far and you’re 100% certain that you’re ready to pull the trigger, complete your business credit coaching application today.

41 Companies That Help Build Business Credit [Beyond Net 30 Vendors]

August 2, 2021 By Joe

Countless SMB owners and startups are on the hunt for companies that help build business credit. With a quick Google search, it’s pretty easy to find lists of vendors that report on-time payments to business credit bureaus. But, once these vendors are discovered, there’s not a ton of information that explains precisely how to leverage these vendors to improve your business credit score and obtain large credit lines.

Surely, that’s what you’re looking for. The process of building business credit isn’t difficult, but it is complex and requires guidance. So, are there companies that can actually help you build business credit? And, where can you find them?

Yes, there are — And, you’ve found the [ultimate] list! Here, you’ll find net 30 vendors, business credit coaching & services, and business credit monitoring companies that can help you build business credit. The companies listed here are dedicated to helping you establish, build, and procure business credit; they can play a crucial role in your credit building journey, if that’s what you’re after.

Here’s what’s in-store:

First, Learn About Net 30 Vendors [+List of 31]
Next, Business Credit Monitoring Companies
Finally, Business Credit Coaching & Service Companies

Get ready to find out exactly where to turn when you want to establish, build, and obtain large lines of business credit.

First, Learn About Net 30 Vendors [+List of 31]

If you’re not familiar with net 30 vendors, they are merchants that allow you to essentially buy products and services now and pay later via business tradelines — typically 30 days later. In the business credit building world, you’re looking for companies like this that also provide the opportunity to have on-time payments reported to business credit bureaus.

Companies like Staples and HD Supply can actually report on-time, net 30 payments made on behalf of your business to business credit bureaus. We have a list of 31 (and growing) companies that you can order products and supplies from, and pay on time to boost your business credit. You can find it here: Using 30 Day Net Vendors to Build Your Business Credit Score

Next, Business Credit Monitoring Companies

When building your business credit score, you’ll need to see what’s happening with your business credit report. In order to do this, you need to know which companies can help you monitor business credit. There are more than a handful of reputable brands who do just that.

First, which business credit bureaus are used by lenders? The three top credit bureaus for business loans and lines of credit are Dun & Bradstreet (D&B), Experian Business, and Equifax Business. A couple of the following companies monitor reports from all three bureaus while the rest monitor reports from just one or two.

1. Dun & Bradstreet’s CreditSignal™

D&B is the top business credit bureau. Most reputable lenders will use your D&B report to determine your company’s creditworthiness. Naturally, you can monitor your D&B credit score through D&B. While you can not monitor Experian nor Equifax reports and scores with these tools, I always recommend that businesses create an account and claim their business (once a company is business credit-ready, of course).

2. Experian Business

Experian is another credit bureau that is dedicated to personal and business credit. Businesses can monitor their reports using Experian’s online business tools. This is pretty cut and dry.

3. Equifax Business

Like Experian, Equifax is a credit bureau that monitors both personal and business credit. And, you can claim your business listing online when you want to monitor your business credit report.

(Note: Transunion does not currently offer business credit monitoring.)

4. Nav

Nav is the tool I recommend my clients use for business credit monitoring. With their free tools, you can monitor business credit from all three credit bureaus: D&B, Experian, and Equifax. The company has both paid and free plans for all business credit monitoring needs.

5. Credit Suite

While the platform is not as robust as Nav, Credit Suite has a credit monitoring plan that costs $24 per month and empowers companies to monitor reports from all three business credit bureaus. The monitoring software is also available as a white label product for resellers.

Read more about Credit Suite’s full offer below.

Finally, Business Credit Coaching & Service Companies

Now, you’re ready for the meat and potatoes. These companies actually work one-on-one with you to establish and build your business credit score so that you can obtain the large lines of credit that your business needs.

By the end of the programs, they might teach you how to build credit so that you can use the right tools and tactics to successfully apply for large business lines of credit. Others will help you secure funding through their partners.

1. Credit Suite

Yes, Credit Suite was already mentioned above as a credit monitoring company. But, monitoring is not their core service. In fact, Credit suite is a “consultation service” and software system designed to help businesses build credit. The system is also offered as a white label option for software sellers.

For more information about costs and to read a full overview, read Expert Weighs in on Credit Suite Reviews: Is the Service Worthwhile?

2. Fund & Grow

Fund & Grow is a consulting program designed to help small business owners, startups, real estate agents, and self-employed individuals build credit. The program seems to be very well organized and claims to help businesses with every step of the process from boosting their credit score through applying for a loan. They do charge origination fees.

3. LenCred

LenCred is more of a funding acquisition partner than a business credit builder, but they offer financial reviews, education, and access to startup loans and working capital. All of their advisors are “FICO-certified.”

4. Business Credit Builders

The first offer from Business Credit Builders is a free business credit building audio, which they value at $97. Their program teaches companies to be credit ready, separate personal and business credit, and build business credit reports and scores. The goal is to help you get lines of credit and cash loans.

5. Midwest Corporate Credit

Midwest Corporate Credit caters to new businesses, established companies, and real estate investors. Their program helps clients get the funding they need and teaches them how to best use the capital to their advantage. In all, they’ve helped businesses secure over $250M in small business loans and lines of credit.

6. Business Credit Workshop (Me)

Business Credit Workshop started as an in-person workshop to teach business owners how to build business credit the right way. Materials cover a comprehensive, seven-step process for establishing your business, getting business credit-ready, net 30 vendors, how to set up banking accounts, and applying for credit. Learn how to build business credit the right way.

In our content and via our workshop and coaching, we share the answers to the following questions and more:

How can I improve my business credit score?
What credit score do I need to get a business loan?
What is a bad business credit score?
Can I build business credit without a DUNS number?
How much should it cost to run a D&B report?

Now, if you’re ready to learn precisely how to obtain $100K in business credit in 30 days with NO origination fees, join Business Credit Workshop.

A Complete Torpago Business Credit Card Review

July 12, 2021 By Joe

Torpago is a newer player in the corporate credit card game. And, they’re starting to pick up some traction in the business credit world. So, we’ve decided to examine their corporate credit card offer under a microscope and share our findings so that you can decide if this is the right option for you.

Here’s what we’re going to cover:

What is the Torpago Business Credit Card?
Competitor Overview: Torpago vs Divvy
Final Thoughts

Now, let’s get to it!

What is the Torpago Business Credit Card?

For those who haven’t heard of it, the Torpago Business Credit Card is a corporate credit card and expense management platform. Corporate credit cards like this are designed for companies with multiple employees to enable staff to use a line of credit on authorized spending.

When I first landed on Torpago’s website, it put me in mind of Divvy — both have a corporate credit line, expense management, and virtual cards among other shared features. You’ll see a side-by-side comparison of the two offers before we wrap up.

Who Owns Torpago?

Torpago was founded by Brent Jackson in October 2018. Before launching this company, Jackson worked as the Operations Manager at Accrualify for a year and as a Senior Consultant at Deloitte for nearly half a decade. Jackson has a strong background in the business and finance industry.

Torpago Business Credit Card Benefits

In addition to 1% cash back on all spending, Torpago partners with other brands to deliver savings to their cardholders. So, if you use Quickbooks, Carta, Plastiq, or Doordash, and pay for these services with a Torpago card, you can get added discounts from 2.25% up to 40%.

The company will likely continue to partner with more brands, so users will be able to access more markdowns on other future services (though, we’re not certain what those will be).

As mentioned above, Torpago gives cardholders both physical and virtual cards. Physical cards are Visa credit cards that can be assigned to multiple staff members for each corporate account. Virtual cards are digital credit cards that can be assigned instantly without the need to wait for a physical card to arrive in the mail. And, both physical and virtual cards can be assigned to an unlimited number of staff members (as long as the credit limit is not exceeded).

Automated expense tracking is another highlight that should get account holders excited. Each time a Torpago card is ran, data is sorted, synced, and accounted for. So, ideally, manual expense reports are eliminated.

Since the company is new, you can probably expect to see more future benefits.

Torpago Expense Management Features

One of the highlights of Torpago’s expense management platform is that it integrates with four other financial management platforms.

Quickbooks Online
Oracle Netsuite
Financial Force
Acumatica

So far and to my knowledge, no other corporate credit line and expense management platform has this many integrations (aside from maybe Stripe).

Torpago Customer Service

I did call the Torpago customer service number to ask if they have plans to add Quickbooks desktop to their integrations list. On that note, the Torpago phone number was a bit tricky to track down. If you are looking for it, they can be reached at 1 (650) 623-5429.

I was disconnected the first time I tried calling in, but only spent a few seconds on the phone. The second time I called, I was told that I was the next caller in line. There was an option to leave a voicemail, which I didn’t take advantage of.

After about 12 minutes of holding, I opted to reach out via the instant messaging option on the Torpago website. The reply time was advertised to be “under 6 hours.” I left my email address in the chat box (1:21 pm) and went back to what I was doing.

I only ended up waiting 20-30 minutes for the first reply, but I still had more questions — I should have asked everything in one swoop. The user answering my questions was named Brent (I assume it was the founder himself, which leads me to believe the company is still very small).

By the next morning around 10:30 am, all of my questions had been answered.

How to Qualify for a Torpago Corporate Card

If you are ready to try to obtain a Torpago corporate credit account, first look over the qualification terms. First of all, only US registered companies (sole proprietors, LLPs. LLCs, S-Corps, or C-Corps) can apply. So, if your company isn’t organized, you won’t be able to get a credit line.

Next, you need an EIN and business checking account. Your account will be linked to the Torpago platform to verify businesss income. At this point, Torpago wants to see your monthly business income, but they do not publicly state the amount needed to qualify. My assumption is the higher the better… I wouldn’t apply without at least $10K in documented monthly revenue.

Finally, you must not participate in prohibited activities.

Sale of Schedule-I or Schedule II-V controlled substances without a pharmaceutical license
Production, sale, or distribution of marijuana, guns, ammunition, or other weapons
Gambling, betting, lottery, sweepstakes, or games of chance
MLM, cryptocurrency, counterfeit products, escort services
Professional services including law and consulting

See the full explanation in the above link if you aren’t sure or your business tends to fall into a gray area. Torpago seems to be designed for tech startups, but many other businesses can still qualify for an account.

Does Torpago Report to Business Credit Bureaus?

Most of my students and clients want to know if Torpago reports to business credit bureaus like Dun & Bradstreet. The reason this is important is because when on-time payments are reported to credit bureaus, it has a positive effect on a company’s business credit score.

According to Torpago, on-time payments are reported to business credit bureaus. This is good news for anyone looking to build their business credit score.

Competitor Overview: Torpago vs Divvy

Both Torpago and Divvy are free corporate lines of credit that require no personal guarantee, a rare offer. And, while they share these commonalities, they aren’t one in the same. Below are the key differences between the two offers.

If you’re interested in one of these credit lines because of the automated expense management, you might look at available integrations. For now, Torpago is the clear winner on this front if you use either Financial Force or Acumatica. However, Divvy currently offers the best rewards by a long shot.

Learn about corporate card offers from Ramp, Amazon, Brex, Stripe, and Divvy.

Final Thoughts

While Divvy has a similar offer with higher rewards, a more established partner base, and a more robust customer service team, Torpago is still a new player and has plenty of time to catch up. While I might not recommend applying for this credit line above other contemporary corporate offers, I wouldn’t rule them out as a legit and convenient option for business cash flow management.If you want to learn how to obtain $100K in business credit in 30 days, join the Business Credit Workshop today.

A Complete Capital on Tap Review: Is This Business Credit Card Any Good?

June 18, 2021 By Joe

Since March 2021, when the UK-based company launched their US business credit card, Capital on Tap has been a hot topic for business owners looking to obtain funding. They’re offering business credit lines up to $50K with cashback on all purchases. Sounds enticing, right? But, should you hop on this train or explore other options.

We’ve done all of the research so that you don’t have to. Here’s what’s in store:

What is a Capital on Tap Business Credit Card?
Capital on Tap Competitor Overview
Conclusion: Is Capital on Tap Any Good?

Now, learn everything you need to know about the Capital on Tap business credit card so you can decide if it’s right for you.

What is a Capital on Tap Business Credit Card?

A Capital on Tap business credit card is a line of credit geared for small businesses. In the US, They offer lines of credit from $5K to $50K and up to 2% unlimited cashback on all spending. They boast that you can apply for a line of credit in as little as two minutes and get approved within 48 hours.

Capital on Tap Card Features & Benefits

Before you think about applying, why would you want to? Capital on Tap has features and benefits that, when compared to other offers, will help you make a decision about whether or not this is the right card for you.

Unlimited Cashback – 1-2% cashback on all spending can be redeemed instantly to help repay your card balance
Bonus Cashback Intro Offer – $50 to $199 cash back when you spend $5K to $15K in the first three months
Competitive Credit Limits – Credit lines from $1K to $50K
Fee-Free – No foreign transaction fees or ATM charges
Employee Cards – Up to 20 supplementary cards for employee spending
Spend Management – Budgeting tools to monitor employee spending
No Annual Fee – Restrictions apply

In addition, the card advertises, “no interest if you pay your card in full each month.” But, this isn’t super special. If you pay a credit card balance right away, you can usually avoid interest anyway. Actual interest for Capital on Tap cards ranges from 9.99% to 34.99% APR.

*Furthermore, while there is no initial fee for ATM use, your interest rate may increase when you pull cash from your balance at an ATM.

Regular Rewards vs Founder Rewards

In a nutshell, if you qualify for Founder Rewards through Capital on Tap, you’ll reap higher unlimited cashback and a more generous introductory offer. Here, see a full breakdown.

One great aspect of the offer is that you can eventually upgrade from Regular Rewards to Founder Rewards. Account reviews happen regularly and can lead to higher credit limits and decreased interest rates.

Does Capital on Tap Require a Personal Guarantee?

Yes, Capital on Tap requires a personal guarantee and will require that you (or a guarantor) submit your SSN, along with your business EIN, when you apply. This means that business debts acquired via Capital on Tap will be subject to personal collection if they fall into delinquency.

However, the inquiry is a “soft pull,” which means it won’t affect your credit score. So, if you do apply, you aren’t taking a risk with your scores.

Not all business credit cards require a personal guarantee. However cards that do not require a personal guarantee are rare and typically come with higher business income stipulations. Recommended: Here’s How to [Actually] Get Business Credit With Just an EIN

Who Owns Capital on Tap?

While the name sounds like an offer that could be akin to Capital One, the two companies are unrelated. Capital on Tap was co-founded in 2012 by David Luck and George Karibian. Luck, Capital on Tap’s current CEO, has a history in business management, VC, and private equity funding. Karibrian is a serial entrepreneur with PaymentSense, Judo Payments, and Euroffice currently under his umbrella of businesses.

Capital on Tap Complaints

All business funding options come with their fair share of complaints. So, what do the people say is wrong with Capital on Tap’s offer? Only 3% of Trustpilot reviews have had a bad experience. Here’s a summary of what unsatisfied cardholders and others don’t like.

High interest rates
Poor customer service
Excessive junk mail

Note that most complaints mention the company’s advertising in one way or another — most do not mention the actual product. Keep in mind that financial “pre-approvals” are rarely a guarantee that you will qualify for a funding offer.

Capital on Tap Competitor Overview

Capital on tap is popularly compared to Amex and Capital One’s business credit card offers. So, let’s take a look at how they stack up side-by-side. For this case, we’ll compare the Capital on Tap Founder Rewards Card with Amex Blue Business Cash and Capital One Spark Business Cash specifically.

All of the cards come with their own set of pros and cons. For example, a Capital on Tap Founder Rewards Card comes with the lowest possible interest rates (9.99%) on regular spending… and also comes with the highest (up to 34.99%). Spark Business Cash and Amex Blue Business offer the best introductory offers (Up to $500 with qualified spending). And, neither the Founder Rewards card nor the Amex Blue Business card will charge an annual fee.

You’ll need to decide what’s most important to you when you make a credit card application decision.

Conclusion: Is Capital on Tap Any Good?

From what I can tell, the Capital on Tap offer stacks up well against the competition and offers some decent benefits for a business in the right position. As you know, it’s not your only option. While it’s not my favorite business credit card, it’s definitely not the worst. If you’d like to learn how to obtain $100K in business credit in 30 days, join Business Credit Workshop.

What is a Credit Strong Account?

How Does Credit Strong Work?

Credit Strong Terms & Fees

Personal Terms & Fees

Business Terms & Fees

Credit Strong Account Requirements

Personal Requirements

Business Requirements

Frequently Asked Questions

Does Credit Strong Raise Your Credit Score?

Does Credit Strong do a hard pull?

Is Credit Strong a tradeline?

Does Credit Strong report to Dun & Bradstreet?

How many points does Credit Strong give you?

What happens if you stop paying Credit Strong?

Credit Strong Company Overview

Credit Strong Competitors: Side-by-Side Comparison With Self & Kikoff

More Answers to Related Questions

What is considered a good credit score?

What is an excellent credit score?

How long does it take to build credit to 700?

How can you raise your credit score by 200 points in 30 days?

How long does it take to build credit from 500?

How fast can you build credit?

How fast can you rebuild credit?

How can you raise your credit score in 90 days?

How long does it take to build credit to buy a house?

Conclusion: Is Credit Strong Legitimate?

What is the AtoB Gas Card?

Where is AtoB Located?

Who Owns AtoB Fuel Card?

AtoB Fuel Card Highlights (Beyond Savings & Ease)

1. It’s Completely Free… Really

If it’s Free, How Does the AtoB Fuel Card Make Money?

Extra Offers From AtoB

2. Get On-Time Payments Reported to Experian Business

3. It’s Universal: Use Your Card Anywhere Visa is Accepted

4. See the Best Nearby Stations to Buy Fuel

5. Use Your Card to Pay Insurance, Maintenance, Tolls, & More

6. Control Spending to Prevent Card Misuse

Here’s How to Apply for an AtoB Gas Card

The Secured Card Option From AtoB

Answers to Related Questions

Will a gas card help build credit?

Is there a “universal gas card?”

Is fuel cheaper with a fuel card?

What fuel card can be used anywhere?

What business gas card is easiest to get?

How do I apply for a gas card?

Final Thoughts

First, What is a Business Gas Card?

Frequently Asked Questions

How Does a Business Gas Card Work?

What Credit Score is Needed for a Gas Card?

Can’t You Just Use a Regular Business Credit Card for Gas?

Are Company Fuel Cards Worth it?

What Are the Benefits of Having a Fuel Card?

What Business Gas Card is Easiest to Get?

11 Easy-Approval Business Gas Cards That Can Help Boost Your Business Credit Score

1. AtoB Business Gas Card

2. Shell Small Business Card

3. Comdata Universal Mastercard

4. Sunoco Universal Fleet Card

5. Exxon Mobil FleetPro™ Card

6. Conoco Universal Card

7. Chevron and Texaco Business Card

8. BP Business Solutions & Business Solutions Plus

9. Valero Fleet Fuel Cards

10. Speedway Business Fleet Card

11: Wex Small Business Fuel Cards

Bonus: Business Fuel Card Advice

Final Thoughts

Download Your Free, Business Credit Application Template

What is a Business Credit Application?

Fundamentals of a Business Credit Application

Here’s How to Create an Online Credit Application Form

i. Use Google Forms

ii. Use Jotform

iii. Use Your Website’s Form Builder

How Should You Ask a Customer to Fill Out a Credit Application?