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What are the Best Business Credit Cards for Travel?

February 13, 2024 By Joe

The best business credit card for travel really depends on your needs. International travel varies from domestic, and you may prefer hotel perks or airline perks…some cards even offer the best of both worlds.

Here, I’ll share what factors you should consider before you apply for any travel business credit cards. Then, I’ll give you my top five picks to consider and share tips recommendations along the way.

This is what’s in store:

Before You Apply, Check Your Priorities
The Best Business Credit Cards for Travel
Frequently Asked Questions
Final Takeaway

Now, let’s roll!

Before You Apply, Check Your Priorities

When it comes to business credit cards for travel, you can check out the lists from Forbes and CNN, but just because you get a recommendation from an expert doesn’t mean a card is going to be right for you.

So, before you even start your research, you gotta ask yourself some questions:

Will you be traveling internationally?
Will you spend enough to make it worth paying an annual fee?
Do you want a card that gives you airport lounge access?
Are there any airlines that you want to boycott? (Especially if you’re traveling economy, some airlines’ seating can be brutal for old backs!)
Would you prefer air travel perks or accommodation perks?

If you’ll be traveling internationally, look at cards that don’t charge foreign transaction fees. Many of them do not, but you need to be sure because these can eat away at your funds quickly with a lot of overseas spending.

Some travel rewards cards come with hefty annual fees. For example, it costs $695 per year to use the Amex Business Platinum card. With enough spending, annual fees can certainly be worthwhile. But, if you won’t be spending enough to outweigh an annual fee, you should avoid it.

Several credit cards offer airport lounge access – this is something you might want to take advantage of, particularly if you tend to get stuck with layovers. Shop around and make sure that you’re getting airport lounge access if this is what you want.

There might be an airline or two that you don’t want to travel with – maybe its because you don’t like their food, they could be overpriced, or their seating might be unpleasant. No matter the reason, if you don’t want to travel with a certain airline, don’t get their business credit card (even if the rewards are stellar).

Finally, think about whether you’re more interested in hotel or airfare rewards – if you’re looking to earn United Airlines miles, the Hilton Honors Business credit card isn’t going to be the best fit.

You might also like: How to Convert Credit Cards into Cash

The Best Business Credit Cards for Travel

With the above considerations in mind, and in the spirit of sharing a variety of options to suit various needs, here’s the list I came up with. These are some of the best business credit cards for travel and travel-related expenses.

Chase Ink Business Preferred®	Amex Business Platinum®	Marriott Bonvoy Business™ by Amex	Capital One Spark Miles for Business	CitiBusiness® AAdvantage® Platinum Select®
Chase	American Express	American Express	Capital One	Citi
Visa	American Express	American Express	Visa	Mastercard
$95	$695	$125	$0 intro for 1st year, then $95	$99 (waived for 1st 12 months)
15.99% – 20.99%	N/A (Charge Card)	15.74% – 24.74%	20.99% (variable)	15.99% – 24.99%

Learn more about the perks of each card below.

1. Chase Ink Business Preferred® Credit Card

Chase Ink business preferred for travel rewards

The Chase Ink Business Preferred® Credit Card is one of the best small business credit cards for travel rewards. It’s issued by Chase on the Visa network and carries an annual fee of $95. It offers a variable APR ranging from 15.99% to 20.99%. This card is ideal for businesses with significant travel and advertising expenses.

It earns 3 points per $1 on the first $150,000 spent in combined purchases each year on:

Travel
Shipping purchases
Internet, cable, & phone services
Advertising purchases on social media and search engines

Plus, points are worth 25% more when redeemed for travel through Chase Ultimate Rewards, and the card also includes cell phone protection.

2. American Express Business Platinum Card®

best business credit card for international travel

The American Express Business Platinum Card® from American Express comes with a hefty annual fee of $695 and runs on the American Express network. As a charge card, it requires full payment each month.

However, for this cost, businesses gain access to premium travel benefits, including:

Centurion Lounges
Priority Pass lounges
Delta Sky Club access (when flying Delta)

Cardholders also receive a $200 airline fee credit and earn 5x Membership Rewards points on flights and prepaid hotels booked through amextravel.com. This card is best suited for businesses seeking top-tier travel perks and are willing to invest in a higher annual fee.

You might also like: 7 Best Cash Back Corporate Credit Cards to Explore

3. Marriott Bonvoy Business™ American Express® Card

The Marriott Bonvoy Business™ American Express® Card issued by American Express has an annual fee of $125 and a variable APR ranging from 15.74% to 24.74%. It runs on the American Express network and is tailored for businesses frequently staying at Marriott properties.

Cardholders earn 6x points at participating Marriott Bonvoy hotels, receive an annual free night award, and enjoy automatic Silver Elite Status. Plus, it offers travel-related assurances and more.

4. Capital One Spark Miles™ for Business

CapitalOne Spark Miles for Business travel

The Capital One Spark Miles for Business, issued by Capital One on the Visa network, has a $0 intro annual fee for the first year, then $95 thereafter. It carries a variable APR starting from 20.99%. This card is suitable for businesses seeking simple rewards with flexibility in redemption options.

Cardholders earn unlimited 2x miles per dollar on every purchase, with no foreign transaction fees and the ability to transfer miles to several airline partners. Miles can be redeemed across a range of hotel chains and airlines.

You might also like: What are the Best Unsecured Business Credit Cards for Startups?

5. CitiBusiness® AAdvantage® Platinum Select® Card

Best small business credit cards for travel

The CitiBusiness® / AAdvantage® Platinum Select® Mastercard® is issued by Citi on the Mastercard network and comes with an annual fee of $99, waived for the first 12 months. It offers a variable APR ranging from 15.99% to 24.99%.

This card is ideal for businesses loyal to American Airlines, as it earns 2x miles on eligible American Airlines purchases and provides perks such as the first checked bag free on domestic American Airlines flights and preferred boarding.

You might also like: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth

Frequently Asked Questions

Which credit card has the best travel benefits?

The best credit card for travel perks depends on your specific preferences and travel habits. Cards like the Chase Ink Business Preferred, American Express Business Platinum, and Capital One Spark Miles offer a range of benefits like lounge access, travel insurance, and bonus points on travel purchases. Look for the card that aligns with your needs and preferences.

Is it better to travel with a Visa or Mastercard?

Both Visa and Mastercard are widely accepted globally, so you can’t go wrong with either. They offer similar acceptance rates and security features. However, some Visa and Mastercard products may have different travel perks like rental car insurance or travel assistance services. Check the card benefits and consider carrying both for more chance of acceptance.

Which card is best for international travel?

For international travel, look for cards with perks like no foreign transaction fees, travel insurance coverage, and access to airport lounges to pass the time during long layovers. Be sure to choose a card that fits your spending habits and travel preferences.

Do business credit cards have better benefits?

Business credit cards tend to come with perks tailored to business needs, like higher rewards on business purchases and employee spending controls. While some offer great travel benefits and rewards, it depends on the card and your business operations.

What is the best credit card for business class travel?

The best credit card for business class travel depends on factors like airline preferences and desired perks. Cards such as the American Express Business Platinum, Chase Ink Business Preferred, and CitiBusiness AAdvantage Platinum Select Mastercard offer various benefits like priority boarding and rewards tailored to business travel. Consider what matters most to you when making your choice.

Final Takeaway

Finding the best business credit card for travel boils down to your unique needs and preferences – with the surplus of options available, consider factors like:

International versus domestic travel
Preferred perks such as hotel or airline benefits
Your spending habits

Before diving into the ocean of business credit cards for travel, take a moment to assess your priorities and ask yourself the right questions. Whether you’re seeking lounge access, rewards on travel purchases, or specific airline perks, there’s a card out there to suit your needs.

From the Chase Ink Business Preferred to the American Express Business Platinum and beyond, each card offers its own set of benefits designed to enhance your travel experience. So, keep your priorities in check, explore your options, and get ready to jet set with confidence!

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!

BHG Money Review: Did You Know They Offer Business Loans Too?

February 4, 2024 By Joe

BHG Money is super well known in the lending world – they offer substantial loans with more than reasonable repayment terms. And, for the most part, borrowers are happy with their services. And, while there are a ton of bloggers sharing their insights about the offer, most BHG Money reviews focus on the personal products.

So, let’s chat about BHG Money’s business loans and services – if you’re in the market for funds to grow your business, this could be the solution for you. Take a look here to find out what you can expect if you decide to apply.

This is what’s in store:

What is BHG Money?
- BHG Company Overview
BHG Money Business Loans
Frequently Asked Questions
Final Thoughts: Is BHG a Legitimate Company?

Now, let’s dive in!

What is BHG Money?

BHG Money positions itself as a provider of “premium” loans, and offers customized solutions tailored to individual financial goals. The company takes a customer-centric approach, offering funding for major milestones with flexible terms and a concierge service.

The lending services extend to both business and personal needs, with business loans reaching up to $500K and personal loans up to $200K.

According to BHG, the application process is user-friendly with three simple steps:

Getting started with the guidance of a dedicated team
Reviewing qualifications without affecting credit scores
If approved, receiving prompt funding for a custom loan solution

BHG Money presents itself as a trusted financial partner, claiming $15 billion in loans funded, an A+ BBB rating, and 150,000+ customers.

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options

BHG Company Overview

BHG Money is owned by BHG Financial, also known as Banker’s Healthcare Group LLC. They’ve been offering business loans since the company was founded in 2001 by Bobby Castro, Eric Castro, and Al Crawford. The business is currently registered to Al Crawford.

Unfortunately, BHG Financial is part of an ongoing class action lawsuit that alleges the company illegally disguises consumer loans as business loans. We won’t know the validity until the case either settles or is tried in court – these things usually take years.

While the legality of their business loan offer is up in the air, we can still look at what we know about the company.

First, they do have accreditation and an A+ BBB rating. However, that’s paired with 522 complaints closed in the past three years, 173 of those being in the past 12 months. The A+ rating might change in time if the class action holds any merit.

BHG is listed on the INC. 5000, which indicates that they’re ranked as one of the fastest-growing companies in America. And, they aren’t lying about BHG Money’s high Trustscore™ on Trustpilot®.

So, overall, their clients are satisfied with their loans and service. This really says a lot for any financial offer. Most people head over to public review sites when they’re unhappy with an offer, not to praise it – especially in the financial industry. Now, let’s find out what their business loans entail.

BHG Money Business Loans

BHG Money offers loans for businesses in amounts from $20K to $500K with repayment terms as long as 12 years. They emphasize a user-friendly process with no application fees, commitment, or impact on personal credit during the estimation stage. Find out if BHG can really simplify the lending experience with a dedicated US-based concierge service.

BHG Money Interest Rates & Terms

With BHG Money’s business loans, you can access financing ranging from $20,000 to $500,000 with repayment terms extending up to 12 years. Now, they don’t publicly share their interest rates, but I did some digging to get an idea what they might be.

Based on one Reddit discussion, it seems BHG offers loans with varying interest rates. I know that their interest rates are negotiable, which might enable you to secure terms that align with your goals.

In the original post, a borrower negotiated terms down to a fixed interest rate of 16.49% (I think this is high) on a $50K loan with a monthly payment of $1,022.21 over an 84-month term — there was also a $750 documentation fee. This borrower said they were annoyed with the initially-proposed high interest rate and the persistent follow-up calls, but were considering signing.

On this loan, the estimated total repayment amount would be approximately $101,878 – this is more than twice the original loan amount.

Another Redditor shared that they were able to negotiate 9.99% interest on a $150K loan with 96-month repayment terms. They apparently paid a $1,750 documentation fee and a $3,750 reimbursable service fee. They confirmed that it took a lot of back and forth to get these terms, but that the company was willing to compromise.

The estimated total repayment amount over the 96-month period on this one calculates to approximately $193,561 – this time, nearly twice the original loan amount.

These loans do, according to a few borrowers, include a lockout period, which means you can’t necessarily make extra monthly payments on your loan unless you are paying it off in full.

You might also like: The Payoff Loan Review: Is This the Debt Consolidation Option for You?

Several Types of Loans

BHG Money provides a diverse range of loan solutions tailored to meet various business needs.

Their loans might help you:

Consolidate debt
Invest in your business
Establish a new income stream
Grow your medical practice

In sum, you might be able to use a BHG loan to effectively manage your debt or upgrade your operations and grow your business. If you’re a medical practitioner (doctor, dentist, veterinarian), this offer might be a great fit because it could help you acquire, develop, or expand your practice.

It’s important to note that BHG Money does not specify restrictions on the usage of funds, allowing businesses the flexibility to allocate capital according to their unique requirements and strategic priorities.

I think it’s worth noting that, while lots of people think that BHG Money offers consumer credit cards and business credit cards – they don’t. But, they do have handy spending cards that you can use with your BHG Money loan funds.

You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors]

US-Based Concierge Service

BHG Money takes pride in its dedicated US-based concierge service, designed to enhance the overall borrowing experience for elite professionals – This service ensures that businesses receive personalized attention and guidance throughout the loan process.

With a commitment to responsiveness and understanding, the concierge service aims to address individual needs promptly and efficiently. A level of customer support like this is particularly beneficial for businesses, offering a reliable point of contact and assistance in navigating the intricacies of the loan application, approval, and funding stages.

The US-based concierge service aligns with BHG Money’s commitment to providing not just funds but a comprehensive and supportive financial partnership for businesses.

You might also like: A Deep-Dive National Funding Review: Should You Accept an Offer?

Frequently Asked Questions

Does BHG require collateral?

No, Bankers Healthcare Group (BHG) offers unsecured loans. This means borrowers are not required to provide collateral such as personal assets or property to secure the loan.

Are BHG loans secured?

No. BHG loans are typically unsecured, meaning they are not backed by specific assets or collateral. This allows qualified borrowers to access funds without risking personal assets.

Can you pay off a BHG loan early?

Yeah, BHG typically allows borrowers to pay off their loans early. However, you’ll need to review the terms and conditions of the specific loan agreement because their loans are known to have lockout periods, prepayment penalties, and restrictions.

What credit score do you need for a BHG loan?

BHG considers a range of factors during the loan application process, and credit score is one of them. While the exact credit score requirement may vary, BHG often works with borrowers who have good to excellent credit scores.

Is BHG Financial a bank?

No, BHG Financial is not a traditional bank. It is a financial institution that specializes in providing customized financial solutions, including loans, to healthcare and licensed professionals. BHG is known for its focus on the healthcare industry and tailored financing options.

Final Thoughts: Is BHG a Legitimate Company?

So, BHG Money is an established company that’s been in the lending game for over two decades now. They are an established, legitimate business, but there’s definitely more than one red flag here.

First, there’s an open class action alleging that they’ve illegally disguised personal loans as business loans with borrower testimonies floating around to verify this. Next, I think their interest rates sound high and I don’t love that they implement lockout periods on repayment. Lastly, BHG Money might be in a gray area where transparency is concerned – they don’t share their rates publicly, and it took work to track down their business registration (but it is current).

Now, on the bright side, they have tons of satisfied borrowers that they’ve worked with over the past two decades. And, if you know someone who’s taken a loan with them, it might be worth asking about their experience. Weigh your needs against the offer, and shop around before you sign anything.

Do you want to learn how to get up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Is BHG Financial Legit? Personal & Business Loans, VC, & More

February 4, 2024 By Joe

While not a new company, BHG Financial started becoming wildly more popular than ever in 2022. Since then, they’ve been garnering attention with rumors that owners can get pre-revenue ($0 income) business loans with no personal guarantee. While applicant’s can expect a ton of phone calls from the moment they share their contact info with the company, this is true for most modern lenders.

Most of all, people want to know if BHG Financial is legit. Keep reading to get the answer.

Here’s what’s in store:

What is BHG Financial?
- Is BHG Financial Legit?
What Does BHG Financial Do?
Frequently Asked Questions
Conclusion: Is BHG a Legitimate Company?

Now, let’s get down to it!

What is BHG Financial?

BHG Financial is a financial company that offers various solutions for small and medium-sized businesses (SMBs) as well as consumers across the U.S.

Their approach involves using data analytics and technology to market and underwrite small business and unsecured consumer loans. They claim to be a disruptor in the industry, with a focus on providing innovative financial solutions. BHG operates with a proprietary online auction platform to sell loans to a large network of bank members.

Is BHG Financial Legit?

According to the company website, BHG Financial started back in 2001 with a modest $25K and a small team. Fast forward to today, they’ve grown significantly. The numbers they highlight include over $15 billion in loan solutions, processing around 31,000 applicants each month, with 1,450 bank members and a team of 1,500 employees.

According to Crunchbase, BHG Financial (aka “BHG Financial LLC”) is a Ft. Lauderdale, Florida-based, for-profit company. 🚩However, according to Sunbiz.org (Florida’s Division of Corporations website), no such-named business is registered in the state.

However, Banker’s Healthcare Group LLC. (per bngfinancial.com Terms & Conditions) is active and registered to Albert (Al) Crawford in Davie, Florida. Crawford is the current Co-Founder, Chairman, and CEO at BHG Financial where he’s been since the company’s humble beginnings.

Bankers Healthcare Group is known to directly lend funds and offer financing, credit cards, and patient financing tailored for healthcare professionals for the past 20+ years.

🚩 In digging deeper, I found that, as of November 2023, Bankers Healthcare Group is facing a proposed class action lawsuit that alleges they disguise consumer loans as business loans to cover up unlawful lending practices. If you follow along, you might be able to find out if this allegation has legs – it will be interesting to find out.

Despite 522 complaints in the past 3 years (175 closed in the past 12 months), BHG Financial maintains an A+ rating with the Better Business Bureau (BBB), where they’ve been accredited since 2018.

Now, if the class action previously mentioned happens to stick, this rating might go down.

As reported by at least Redditor, as a lender, BHG reps might try high-pressure tactics to get someone to take a loan offer, but they’re legit and their financial products are negotiable.

In all, the company has been around for over 20 years with its original leadership (they haven’t sold out), and they have no founded legal issues that indicate they’re going to take your money and run.

You might also like: Torro Business Funding Review: Is This “Zero Hassle” Offer Legit?

What Does BHG Financial Do?

BHG Financial is a parent company with several brands under their umbrella, including BHG Money and several other financial offerings. Let’s take a quick look at each of BHG’s brands and how they serve consumers and businesses. As they put it themselves, they “bring a diverse set of innovation solutions to the market.

And, two of their brands offer financing for small business, so I’ll touch on them first.

1. BHG Money Loans

BHG Money positions itself as a versatile financial solution, offering swift and hassle-free services for individuals and professionals. Whether you’re in need of business, personal, startup, or SBA 7(a) loans, or exploring credit card options, BHG Money caters to a diverse range of needs.

BHG Money’s business loans include:

Up to $500K with flexible terms up to 12 years
Debt consolidation loans
Existing business investment loans
New business opportunity loans
Medical practice loans (naturally)
Working capital loans

What’s cool is that these loans can be approved in as little as 24 hours, and they don’t require personal collateral, a business loan, or pro forma to qualify.

This offering is particularly well-suited for individuals and professionals seeking efficient and convenient financing with a focus on prompt access to funds for various purposes.

2. Fund-Ex Solutions Group Loans

As one of the 14 non-bank SBA 7(a) lenders, Fund-Ex Solutions Group provides rapid and flexible financing for small businesses.

Fund-Ex Solutions Group caters to businesses with several loan options:

Up to $5M with repayment terms up to 25 years
Commercial debt consolidation
Real estate
Start up or acquisition
Equipment purchase
Renovation or expansion
New location

Like BHG Money, Fund-Ex Solutions doesn’t require personal collateral, and these loans won’t impact your personal credit. You can use their loans for a variety of business purposes and there are no balloon payments at the end of the loan.

This offering could be advantageous for small business owners aiming to access efficient and tailored financing solutions, supporting their growth and development endeavors.

3. BHG Bank Network

Tailored for financial institutions, BHG Bank Network provides a cutting-edge loan delivery platform. This platform not only allows banks to view but also to purchase top-performing assets.

Ideal for banks looking to bolster their loan portfolio, BHG Bank Network leverages state-of-the-art technology to streamline the acquisition process of high-performing assets. This can enhance overall operational efficiency.

4. NaluPay

NaluPay distinguishes itself as a merchant-centric point-of-sale financing platform. Designed specifically for healthcare, home improvement, and retail businesses, NaluPay strives to make customer purchases more affordable.

This offering is beneficial for businesses (in these sectors) that want to offer flexible financing solutions, to foster increased sales, and enhance customer satisfaction through accessible payment options.

5. Risk Management Solutions Group

The Risk Management Solutions Group concentrates on delivering regulatory, compliance, and risk management services. Targeted at financial institutions, this offering is designed to assist these entities in staying ahead of industry changes.

It might be great for institutions navigating the complex landscape of regulations and effectively mitigating risks to ensure compliance and operational stability.

6. BHG Connect

BHG Connect introduces a co-branded end-to-end lending program, simplifying the process for companies to seamlessly offer loans online.

This program is an excellent fit for businesses looking to integrate lending options into their services effortlessly, providing customers with convenient online access to loans and enhancing the overall customer experience.

7. BHG VC

Operating as a Corporate Venture Capital fund, BHG VC supports disruptive fintech founders and contributes strategic resources. BHG VC aims to facilitate rapid growth in the financial technology sector by providing comprehensive support to promising startups.

BHG VC might be suited for fintech entrepreneurs seeking both financial backing and strategic guidance for their innovative ventures.

You might also like: Y Combinator: Fast Track to Success or Waste of Time?

Frequently Asked Questions

What credit score do you need for BHG?

BHG typically requires a credit score in the good to excellent range, often around 680 or higher. However, specific credit score requirements may vary depending on the type of loan and individual circumstances.

What type of loan is BHG?

BHG offers a range of loans, including business loans, personal loans, startup loans, and SBA 7(a) loans. The diversity of loan options caters to both professionals and businesses with varying financial needs.

Does BHG require collateral?

For many of its loan products, BHG is known to provide unsecured loans, meaning they generally do not require collateral. This can be beneficial for borrowers who prefer not to pledge specific assets.

What is the BHG business loan rate?

BHG’s business loan rates can vary based on factors such as the type of loan, the borrower’s creditworthiness, and prevailing market conditions. I’ve seen them range from 10% to 16%+. Contact BHG directly or visit one of their websites for the most accurate and up-to-date information on loan rates.

Do BHG loans affect credit?

Yes, like any other loan, BHG loans can impact your credit. When you apply for a loan, BHG typically performs a hard inquiry on your credit report, which may have a temporary impact on your credit score. Timely repayments can positively influence your credit history, while late payments or defaults may have a negative effect. And, most of their business loans are likely to carry a personal guarantee (you’re responsible to pay it back if your business defaults).

Conclusion: Is BHG a Legitimate Company?

Yep! BHG is a bona-fide financial technology company that offers not only consumer and business loans, but risk management, point of sale (POS) solutions, venture capital for startups, and more.

There is an open class action proposal (as of January 2024), but the allegations haven’t been proven. And, according to the language, the claims against the company are likely to affect consumer loans, but not business loans.

In all, if you’re looking at taking a loan with BHG, just be ready to negotiate ideal terms and ask for interest rates that you can comfortably work with.

Do you want to learn how to get up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

3 Best Business Credit Cards for a New LLC +More Resources

January 27, 2024 By Joe

So, you’ve started a new LLC, and you’re interested in getting business credit cards. But, since your business is new, you haven’t established business credit yet. So, what are the most promising cards for you to apply for?

Here, I’ll tell you what cards you might qualify for (along with their requirements), and explain exactly what I would do in your position. As a new business, you don’t automatically have business credit, so you may want to establish it now.

Here’s what’s in store:

What Are Business Credit Cards?
- Can a Newly-Formed LLC Get a Credit Card?
Best Business Credit Cards for New LLCs
Corporate Cards to Consider
- 1. Bill Spend & Expense (Formerly Divvy)
- 2. PEX Expense
Best Loans for New Businesses
- 1. Credibly
- 2. LenCred
Frequently Asked Questions
Final Thoughts

Now, let’s roll!

What Are Business Credit Cards?

Before we look at the cards you might qualify for, let’s make sure you’re clear on what you want. More often than not, business owners get other spending cards confused with business credit.

Business credit cards are revolving lines of credit that can be used for business spending. Only a percentage of the total amount spent is required to be paid each billing cycle. Business credit cards accrue debt on any balance left unpaid.

Meanwhile, corporate cards are either prepaid or must be paid in full at the end of each billing cycle. Corporate cards typically supplement robust business expense management software and tools.

So, if you need funding, look at the credit cards below. And, If you need expense management, consider the recommended corporate cards.

Can a Newly-Formed LLC Get a Credit Card?

So, how soon can you apply for a business credit card and do brand new LLCs get business credit?

Getting a business credit card for a brand new LLC depends on factors like the business’s creditworthiness and the personal credit history of the owners. Typically, credit card issuers have a waiting period before a new business can apply, often a few months to a year (but this isn’t always the case).

As a new LLC, it’s important to establish a clear separation between business and personal finances by:

Obtaining an EIN
Opening a business bank account
Maintaining distinct records

The likelihood of approval is higher if the owners have a good personal credit score. As the business operates and builds a positive credit history, it becomes easier to qualify for business credit cards. Check with specific credit card issuers for their policies and requirements.

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options

Best Business Credit Cards for New LLCs

Here, I’ll lay out my favorite business credit cards for new LLCs. You’ll see a summary of each offer (why I like it) and how long your business must be in operation before you apply.

If you can’t get a business credit card yet, and you’re in need of immediate funding, scroll down to the loans section. Or, join Business Credit Workshop to learn how to get up to $100K in business credit in as few as 30 days.

1. Chase Ink Business Preferred

credit cards for new businesses with no credit history

The Chase Ink Business Preferred card stands out as one of the top small business credit cards, thanks in part to its impressive sign-up bonus. Although it doesn’t offer a 0% APR and comes with an annual fee, there’s significant potential for savings and rewards. If you believe your business meets the qualifications, I recommend this one.

To qualify for the Chase Ink Business Preferred credit card, you don’t need a specific annual income or business history, but your revenue should cover the minimum monthly payment.

Other requirements include:

A FICO score of 670 or higher
A minimum credit limit of $5,000

Chase evaluates your application using your personal credit score, with a recommended FICO score of 670 or higher. Keep in mind that while a good credit score is important, it doesn’t guarantee approval or denial. Whether you’re an incorporated business (LLC, corporation, partnership, non-profit, etc.) or a sole proprietor, you’re eligible to apply for the Chase Ink Business Preferred credit card.

2. Bank of America Executive Explorer

Startup business credit cards for new llc

Next, consider looking into the Bank of America Executive Explorer card. Despite its $375 annual fee, the card’s perks more than justify the cost. For instance, you receive a $600 Lounge Access credit annually and a $100 Airport Fast Track credit every four years. Moreover, you gain access to the Benefits on Us and Dinova Rewards programs.

While a new LLC could be approved, it’s important to note that this isn’t a revolving credit line; rather, it functions as a “corporate credit card” that must be paid in full. To qualify, you must be an executive or owner of your company, and while there’s no minimum business history requirement, having an excellent credit score is crucial.

Owners with FICO scores of 740 or higher stand the best chance of getting approved for Bank of America business credit cards.

3. Marriott Bonvoy Business

I believe Marriott boasts one of the top hotel rewards card programs. The appealing part is that while you travel for work, the Marriott Bonvoy Business credit card helps you build business credit. If you meet the criteria, applying for and using this card is a smart move.

Keep in mind that the Marriott Bonvoy Business Credit Card is exclusive to business owners and authorized representatives with a credit score of 700 or higher.

Approval considerations also include factors like:

Annual income
Existing debts

Start earning travel rewards on your next hotel stay by applying now.

Corporate Cards to Consider

If you’re looking for a spend card mainly to help with expense management, and you’ve got some revenue to back your account, a corporate card might be a better choice at this point – especially if your LLC is brand new, and your credit hasn’t been established.

Now, my favorite thing about modern corporate cards is that many of them offer cash back on spending (some more than others). So, with these cards, you have a chance to earn on transactions that you or your employees make. Cool, right?

Here are the two cards I would recommend…I’ll explain why.

1. Bill Spend & Expense (Formerly Divvy)

business credit cards for new llc without personal guarantee

Bill Spend & Expense, formerly known as Divvy, comes with its own set of advantages and disadvantages. If you’re considering whether to take advantage of this offer, reflect on the following questions:

Is your monthly business spending more than $5K?
Does your business have multiple staff members with spending privileges?
Can you pay your expenses in full each month?

If you answered “yes” to these questions, the Bill Spend & Expense card could be an excellent fit for you. Now, to meet eligibility requirements, a business owner must have a minimum personal credit score of 580, and having a score of 640 or higher increases the chances of approval. Additionally, a higher annual revenue enhances the likelihood of approval.

I personally highly recommend checking it out, specifically for the tiered cashback rewards. Sign up on the Bill.com website to find out the credit line you may qualify for.

2. PEX Expense

PEX is another solid corporate card with some cool features, making it a good pick for businesses and nonprofits looking to manage expenses smoothly. It’s got prepaid and dynamic credit cards, throws in 1% cash back, and has a handy app that fits different industry needs.

The user experience is made even better with seamless integrations, virtual/physical cards, and customizable controls, backed by PEX’s positive company vibe.

While PEX is a great choice, if you’re running a startup or an e-commerce gig, you might want to check out alternatives like Brex, Bill Expense, or Shopify Credit that could be more spot-on for your needs. Always a good move to weigh your priorities and compare a few options when it comes to any financial stuff.

Oh, and PEX cards are designed for businesses and organizations, and the cool part is you can get them without worrying about minimum funding requirements—they can even be issued inactive. Nice, right?

Best Loans for New Businesses

Now, if you’re looking for the funding aspect of a credit card, but you haven’t established business credit, you still have options. While your repayment terms aren’t ideal on most of the options available to you right now, you can use one of these offers in a pinch.

Note: I don’t typically recommend factoring-type financing or loan brokers. The problem is that the rates are typically very high. Still, I know that sometimes you gotta do what you gotta do to pay for emergencies to seize an opportunity to grow your business. I have thoroughly reviewed the following loans, and I’ll tell you the truth about them.

Recommended: How to Get an SBA Business Loan

1. Credibly

Business credit cards for new llc ein only

Credibly’s rates, covering everything from interest and factor rates to origination fees and admin fees for merchant cash advances, lean towards the higher side. If your business is on the newer side, your credit isn’t stellar, and you’re pulling in at least $15,000 per month, Credibly might be a viable option for securing the funding needed to keep your business going or expand.

It’s a relatively young company, but it’s legit, with enough satisfied customers indicating it’s doing something right. However, I won’t strongly recommend their loans unless your business is in a tight spot, and if it is, be cautious about the personal guaranty—it can be risky.

Before committing to Credibly or any other company, it’s a good idea to shop around for quotes. You might be able to find comparable loans with better rates, especially if your business is more established or you have a solid credit score.

2. LenCred

business credit cards for new llc with bad credit

If you’re in need of working capital or startup funds, and you’ve got solid credit but aren’t in a position for traditional funding options, LenCred could be the solution you’re looking for – It’s especially handy if you’re not keen on unconventional routes like crowdfunding and are okay with dealing with a 9% origination fee.

LenCred’s financing services might just be the boost you need.

However, if you’re aiming to build up your business credit and prefer securing funding without hefty origination fees, LenCred might not be the best fit. Since they don’t use your business credit profile in the funding process, their lenders are unlikely to report to the business credit bureaus. So, it’s a trade-off to consider.

Frequently Asked Questions

What is the fastest way to get business credit for an LLC?

You first need to make sure the owner’s personal credit is in check and the business is properly established for “credit readiness.” Then, open a bank account and establish relationships at the bank. After that, make sure the business has a DUNS number, establish your first tradelines of credit, and pay your accounts at the right time. Finally, you just need to monitor your business credit before you apply for a new loan or line of credit.

Download our free Business Credit Checklist to start building business credit.

Can a single-member LLC build credit?

Yes, a single-member LLC can build business credit with an EIN and a DUNS number.

Can you get a business credit card with no revenue?

The short answer is no. However, there are exceptions, for example, you may be able to get a business credit card with a personal guarantee if your income meets underwriting requirements.

Do LLCs start out with good credit?

When LLCs are initially registered, they have no business credit. In this case, credit decisions may be based on the owner’s personal credit. Businesses can build credit by establishing their business properly, setting up accounts with the right tradelines, and paying accounts on-time as agreed.

What happens if an LLC defaults on a credit card?

If an LLC defaults on a credit card, the creditor can go after business assets, send debts to collections, and sue to liquidate the company. If the credit card has a personal guarantee, the creditor may hold the business owner personally liable to repay the debt.

Final Thoughts

Now that you’ve explored the best business credit cards for your new LLC, consider all options like the Chase Ink Business Preferred and PEX Expense to find what suits your business needs. Distinguish between business credit and corporate cards, with corporate options like Bill Spend & Expense offering a smooth ride for your expense management.

For loans, check out Credibly and LenCred, weighing perks and alternatives.

Are you ready to learn how to get up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

The PEX Card: Is it the Best Corporate Card for Your Business?

January 14, 2024 By Joe

The PEX Card is one of the most popular non-big-bank corporate cards on the market today. While the offer is legit, it’s not your only option. Before you sign up for any financial service, you should know exactly what you’re getting into.

Here, I’ll break down the PEX offer in full (the good, the bad, and the ugly), and I’ll point you out to other options that may or may not be a better fit for your operations.

This is what’s in store:

What is a PEX Card Used For?
PEX Card Features & Benefits
Frequently Asked Questions
Conclusion: Is PEX a Good Idea?

So, let’s break it down!

What is a PEX Card Used For?

PEX is a corporate expense management platform that offers a range of financial tools, including corporate charge cards (PEX Cards) with dynamic credit lines and 1% cash back – These cards are designed to help you manage:

Employee spending
Payments to vendors
Fund distribution for various programs

PEX Cards provide businesses and nonprofits with a high degree of control and flexibility, which enables easy administration through automated reporting, mobile receipt capture, and real-time tracking. The platform includes features such as prepaid expense cards, virtual vendor cards for bill payments, and grants disbursement cards.

While they’re powered by Visa,® PEX “Expense” cards are not credit cards, they are prepaid, corporate cards. The platform also offers PEX “Credit” cards with dynamic limits based on the cash flow in and out of your connected business bank account, which I’ll explain more below.

For a better understanding of the difference between the two types of spending, explore an in-depth comparison between credit cards and corporate cards.

The PEX card also offers rewards and incentives cards for employee recognition. The PEX API allows you to customize and integrate solutions, generating cards and spending rules on the fly.

As a brand, PEX Cards cater to a variety of industries and organizations, providing a comprehensive and adaptive financial management solution to streamline processes, eliminate paperwork, and simplify expense reports.

Where Can You Use a PEX Card?

The PEX platform emphasizes the convenience and flexibility of its cards for various use cases, such as:

Travel
Bill payments
Other on-the-go expenses

The PEX Visa® Commercial Cards are designed to be accepted internationally (wherever Visa cards are recognized). So, you can use a PEX card at a wide range of merchants, both online and offline, that accept Visa® payments globally.

Worldwide acceptance makes these cards suitable for businesses and organizations with international operations or employees who need to make purchases or payments abroad.

It’s important to check with individual suppliers or service providers during international transactions to ensure that they accept Visa cards, as specific acceptance may vary at the discretion of the merchant.

How Much Does a PEX Account Cost?

For PEX card accounts, the monthly subscription fees vary based on the account type.

Credit accounts have a $0 monthly subscription fee, while prepaid accounts have different fees:

$0 for accounts with monthly spending over $50,000
$75 for up to 20 card accounts
$200 for up to 100 card accounts.

Additional card accounts for prepaid accounts incur extra charges, ranging from $2 to $8 per month, depending on the account type and the number of additional cards.

Virtual Vendor Cards have no additional fee, and custom cards are available for an extra charge regardless of the account type.

PEX Company Overview

According to Crunchbase, Toffer Grant founded the New York-based financial services company, Prepaid Expense Card Solutions, Inc. (PEX), in 2007. The company does business as At the time the company was established, Grant – who is the current CEO of PEX – had been working in the prepaid card industry for 7 years, and had previous experience in entertainment and advertising.

The company was successful enough to inspire Emburse to compete when they launched their corporate card offer in 2014; both expense management platforms and cards are still going strong today.

PEX is a private, for-profit corporation (still owned and operated by Grant) that has received at least $4.9M in funding from at least four investors including New York Angels and Inovia Capital.

According to Glassdoor and based on 27 reviews, almost everyone who works for PEX approves of the CEO, and most of them would recommend this company to a friend – the way staff feels about a company is super telling of its general ethics, and 100% CEO approval is impressive.

PEX is also accredited by the Better Business Bureau (BBB) with an A+ rating. The BBB lists only one complaint about the company since at least 2011 (also wildly impressive). Combined with the satisfied staff, this tells me they’re an honorable company – I’d give them my trust.

You might also like: Meet the Emburse Card: An Inclusive Cash Back Corporate Card

PEX Card Features & Benefits

Now, explore the functionalities of PEX Cards, the corporate expense management platform offering practical solutions. Whether you’re a small business or a larger enterprise, PEX offers a super flexible solution for streamlined and controlled expense management…Find out how, and exactly what you can expect.

1. Prepaid & “Credit” Card Flexibility

As you know, PEX offers business prepaid expense cards and business “credit” cards.

The PEX Expense cards are paid in advance for business owners who want to manage employee expenses. Meanwhile, the PEX Credit cards are offered with a dynamic spending limit based on business cash flow.

While the Credit card does provide a buy now, pay later (BNPL) offer, it is not a traditional business credit card – PEX does not check your personal or business credit, they do not report your company’s payments to business credit bureaus.

So, you won’t get a business credit boost with Dun & Bradstreet or any other business credit bureau, but PEX will give you the chance to either prepay or pay monthly.

2. 1% Cash Back on All Purchases

While some of PEX’s advertising claims that you can get up to 2% cash back on eligible expenses, the card’s terms and conditions don’t mention this rate – this is actually a promotion that’s happening with the virtual cards and credit cards.

PEX Credit Expense offers a compelling 1% cash back on all eligible purchases, providing businesses with a tangible incentive for using the platform. This cashback feature is applicable to a range of expenses, contributing to overall savings. The offer is designed to benefit businesses of all sizes, which makes it an attractive proposition for those looking to maximize the value of their corporate spending.

You might also like: Have You Heard About the Free Stripe Corporate Card Cashback Benefits?

3. The PEX App

The PEX Card App is available on both GooglePlay and the iOS marketplace – it enhances the user experience by providing a convenient, efficient way to manage expenses on the go.

With real-time monitoring and authorization capabilities, cardholders can effortlessly submit receipts and accounting codes directly through the mobile app. This feature ensures that users have instant access to their financial data, enabling them to stay in control of their expenses anytime, anywhere.

And, the app gets great ratings, with a 4.7 for both Android and Apple devices.

The app’s user-friendly interface simplifies the expense management process, reducing the time and effort spent on reconciliation.

You might also like: In-Depth Divvy (BILL) Credit Card Review: Read This Before You Apply

4. Integrations & API

PEX’s seamless integration with accounting systems streamlines financial operations for businesses. The system integrates with over 60 popular software platforms, including Quickbooks.

By syncing transactions with existing accounting software, the PEX platform automates:

Expense reporting
Allocations
Reconciliations

This integration not only saves time but also enhances accuracy by minimizing manual data entry. The deep reporting options provided by PEX ensure that businesses have comprehensive insights into their financial activities, fostering better decision-making and financial management.

And, if you don’t see your app in the PEX marketplace (for example, there aren’t a lot of payroll systems on the list), you can access the PEX application program interface (API) to make it happen.

5. Virtual & Physical Cards

PEX enables businesses to distribute both physical and virtual cards, offering flexibility in how expenses are managed. Physical cards can be given to staff and management, while virtual cards are ideal for bill payments, travel arrangements, and recurring expenses.

This dual card option caters to diverse spending needs, providing a versatile solution for businesses. The ability to manage both types of cards seamlessly from desktop or mobile devices adds an extra layer of convenience.

You might also like: 6 Best Fintech Credit Cards to Apply for (Consumer & Business)

6. Customizable Rules & Spend Limits

PEX allows businesses to set customizable rules and spending limits for each card or group. This feature provides granular control over how funds are utilized, ensuring that expenses align with organizational policies.

Tailoring approved categories and spending limits allows businesses to adapt the platform to their specific needs, whether for individual employees or departments. PEX’s focus on customization empowers businesses to maintain financial discipline and allocate resources effectively.

You might also like: Should You Open a Citibank Commercial Card Account?… It Depends!

7. Simplified Grants Disbursement for Nonprofits

Moreover, PEX simplifies grant fund distribution with physical and digital Prepaid Visa® Cards. Administrators gain control through customizable rules, easy cardholder management via the mobile app, and bulk uploads for efficient card distribution.

PEX’s transparency allows tracking of spending, major categories, and fund duration, ensuring effective grant program management.

Frequently Asked Questions

When should you not use PEX?

If you’re looking to make personal purchases or handle transactions unrelated to your business or organization’s expenses, PEX may not be the right fit. PEX is designed for managing corporate spending and isn’t meant for personal use.

Can you use a PEX card at an ATM?

No, you can’t use a PEX card at an ATM. PEX cards are specifically designed for making purchases, payments, and managing expenses. If you need cash, it’s best to use other methods like a traditional bank debit card.

What is PEX payment?

PEX payment refers to the financial transactions made using PEX cards. These cards are part of the PEX expense management platform, offering businesses a streamlined way to handle corporate spending, vendor payments, and other financial transactions.

How old do you have to be to use a PEX card?

To use a PEX card, you generally need to be at least 18 years old. PEX cards are designed for businesses and organizations, and they are not typically issued for personal use by individuals who are under 18.

Conclusion: Is PEX a Good Idea?

PEX is an excellent corporate card with robust features, making it ideal for businesses and nonprofits seeking streamlined expense management. The platform’s prepaid and dynamic credit cards, 1% cash back, and versatile app cater to various industry needs.

Seamless integrations, virtual/physical cards, and customizable controls enhance the overall user experience. PEX’s positive company overview adds to its credibility.

While PEX is a great choice, businesses with specific needs, such as startups or e-commerce ventures, might find alternatives like Brex, Bill Expense, or Shopify Credit more tailored to their requirements. It’s always a good idea to evaluate your priorities and compare several options for any financial offer.

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!

Is United Capital Source Legit? A Complete, Uncut Breakdown

January 4, 2024 By Joe

I ran across United Capital Source’s offer, which appears to be pretty popular in the business community. While I typically don’t recommend offers in this branch of finance (call me biased), I know that tons of business owners want to know if they should trust this company.

Here, I’ll help you find out — We’ll explore the offer in-depth, including company leadership and the features and benefits of United Capital Source’s funding products. I’ll direct you to some closely-related and not so closely-related offers and answer some common questions.

This is what’s in store:

What is United Capital Source?
- United Capital Source Company Overview
Features & Benefits
United Capital Source Alternatives
United Capital Source Alternatives
Frequently Asked Questions
Conclusion: Is United Capital Source Legit?

Let’s go!

What is United Capital Source?

United Capital Source is a financial service that caters to small and mid-sized businesses – they dish out a variety of funding options including business lines of credit, term loans, and more.

Their website boasts a breezy application process, promising quick approvals and funds in just a few days for most programs. Apparently, business owners can snag up to $5 million in financing, and what’s cool is you get to choose between secured and unsecured options without having to throw in a personal guarantee.

However, it’s important to note that most of the funding offered by United Capital Source is considered alternative:

Invoice receivables
Merchant cash advances
Working capital loans
Equipment financing
Revenue-based business loans

This means that they are not subject to usury laws because they are not technically “loans.” It’s like this: you’re selling the money you expect to get in the future for a bit less cash right now. This setup is often seen as a factoring deal.

Hence, the “factor rates” can be equivalent to 100% to 150% or higher interest rates – I never recommend this type of financing unless you are in a bind and have no other possible solution.

Still, United Capital Source claims to have hooked up funding for over $1.2 billion to small businesses, which is no small feat. Just keep in mind, as with any financial offer, it’s wise to dive into the nitty-gritty of the company and terms and conditions before you hitch your business to their funding train.

So, let’s do just that.

United Capital Source Company Overview

With a home base in New York, United Capital Source Inc. was founded by Jered Weitz in 2011. Weitz is the current owner and CEO of the company.

In addition to his role at United Capital Source, Weitz is a co-chairman of the Small Business Finance Association and an official member of Forbes Finance Council (both credible organizations).

Despite a couple of complaints from unsatisfied business owners, United Capital Source maintains an A+ rating with the Better Business Bureau.

The company website showcases a solid 5-star Google rating with heaps of positive reviews that highlight efficient service and helpful reps like Matt Weimann and Sean Hutchinson – Since it’s not easy to trust brand advertising, I like to turn to Trustpilot and Reddit for more unbiased reviews.

And, since most Redditors advising on financial offers don’t recommend any type of factoring, I turned to the users posting on Trustpilot. Surprisingly, United Capital Source has maintained a 4.8-star rating on the platform (very impressive for any financial offer).

Keep in mind that, while Trustpilot aims to maintain an accurate overview of every company on the platform, no online reviews are 100% reliable. Still, in this case, I find the 4.8 star rating to be reasonable since other ratings for United Capital Source tend to be in the same range.

What Does United Capital Do?

Is this the moment you’ve been waiting for? Either way, take a look at a breakdown of the features and benefits you can expect from United Capital Source funding (so you can figure out if this is the right funding for your business). From their factor rates to speed of funding and beyond, here’s what the offer is all about.

1. Competitive Factor Rates

First off, United Capital Source offers factor rates as low as 1% (on their business lines of credit), which is competitive in the factoring realm. But, let’s put this number into perspective.

If you’re looking at a $5,000 loan with a 1% monthly factor rate, paid off over 6 months, the total cost would be calculated by multiplying the factor rate (1%) by the loan amount ($5,000) for each month. So, for the first month, it would be $50. Over six months, you’d end up paying $300 in fees.

Now, for a $50,000 loan with the same 1% monthly factor rate over 6 months, the fees would be higher at $500 per month, totaling $3,000 over the loan term.

To put this in perspective, let’s compare it with a traditional business loan with an 11% annual interest rate — The interest on a $5,000 loan over 6 months would be significantly lower than the factor rate, costing approximately $275. For the $50,000 loan, the interest would amount to around $2,750.

Plus, not all borrowers will qualify for the lowest factor rates – United Capital Source’s factor rates are typically 1.1% to 1.5%, which means you’ll likely pay even more than the examples above.

While factoring can provide quick access to funds, it usually results in higher overall costs compared to traditional business loans with lower interest rates – Carefully consider your financial situation and weigh the pros and cons of each financing option before you make a decision.

You might also like: Shopify Capital Review: What are the Benefits & is it Worth it?

2. Quick & Easy Access to Cash

United Capital Source prides itself on providing swift and hassle-free approvals for business owners in need of financial support — Their online application process is designed for efficiency, allowing businesses to submit their information quickly and easily.

So, you can get from $10K to $5M in a short time.

The emphasis on quick approvals is particularly beneficial for businesses that face urgent financial needs or time-sensitive opportunities. By streamlining the approval process, United Capital Source aims to provide you with timely access to funds, which can enable you to take the next step in your operations without unnecessary delays.

However, you need to review the terms and conditions carefully to ensure that the funding solution aligns with your specific requirements and financial goals — As a matter of fact, do this before you accept any financial offer.

You might also like: 6 Best Fintech Credit Cards to Apply for (Consumer & Business)

3. A Variety of Factoring Offers

Technically, United Capital Source is not a lender (they don’t finance the offers themselves). With connections to over 75 lenders, United Capital Source broadens the spectrum of choices for businesses — This means that United Capital Source can have your back with a bunch of funding options to fit any business need.

Here are the ways they might be able to help you:

Got a rocky credit history? Check out their Bad Credit Business Loans.
Need cash flexibility? The Business Line of Credit lets you draw funds as you go.
Ladies in business, they’ve got special financing for you with Business Loans for Women.
For a lump sum upfront with predictable payments, there are Business Term Loans.
Need new equipment? Equipment Financing’s your go-to.
Sorting out cash flow? Invoice/Receivables Financing and Merchant Cash Advance give you quick liquidity.
Want your repayments linked to your revenue? Revenue-Based Business Loans are the way to go.
Small Business Administration (SBA) backing for favorable terms? Yup, they’ve got SBA Business Loans.
Short on operational funds? Grab a Working Capital Loan.

Whether it’s bad credit or big dreams, United Capital Source probably has a factoring solution.

You might also like: What is the Best Credit Card for Ad Spend? Expert Insights

4. United Capital Source “Grants” (ERC)

So many people are interested in grants when researching this company, that I want to address this. While United Capital Source does not actually provide grants, they do offer help accessing Employee Retention Tax Credits (ERTC) for qualifying businesses. I think this is what business owners are looking for when they have this query.

So, let me explain.

ERTC is a tax break from the U.S. government to encourage businesses to keep their staff during tough times, like the COVID-19 pandemic. Essentially, eligible employers get a credit against certain employment taxes based on the wages they pay to employees and health plan expenses.

To qualify, businesses need to meet specific criteria, such as facing a significant drop in gross receipts or dealing with pandemic-related shutdowns – The goal is to provide financial support to businesses, helping them retain employees despite economic challenges.

Of course, details can change year by year, so it’s good to stay updated or consult a tax professional for the latest info. And, United Capital Source may be able to help you in this realm.

You might also like: Behind the Scenes of Become.co: A Comprehensive Review

United Capital Source Alternatives

There are plenty of funding sources, outside of factoring, that you can use to grow your business. Take a look at this list of funding channels without the immediate financial pressures associated with traditional factoring.

As you consider these alternative funding sources, choose the option that aligns with your specific needs, growth stage, and risk tolerance.

Business Credit Cards

Business credit cards are my favorite method to manage expenses. Businesses owners can use credit cards for immediate access to funds, with the flexibility to carry a balance over time.

While they provide quick access to capital, it’s important to note that credit card interest rates can be comparable to factoring if you don’t pay your account off right away. To avoid this, look for cards with introductory low or 0% interest — it will give you more time to settle up.

Venture Capital & Angel Investors

Venture capital (VC) is an option where external investors provide funding in exchange for equity in the business. This form of financing is particularly suitable for businesses with high growth potential and a robust business model.

Angel investors are individuals who invest their personal funds in businesses — like VC funding —- typically in exchange for equity or convertible debt. This funding option is well-suited for startups and early-stage businesses with promising ideas.

While these options offer substantial funding without immediate repayment obligations, they come with the trade-off of relinquishing a portion of ownership to the investors. Still, it typically has the payoff of fresh insights and investors not only provide financial support but often offer valuable mentorship.

Asset-Based Loans

Both a Home Equity Line of Credit (HELOC) and a Real Estate Investor Line of Credit allow homeowners to leverage the equity in their homes as collateral for a line of credit — Both require a high credit score and property ownership.

On these loans, the rates are lower than most other loan types, so they’re great for debt consolidation and big purchases.

HELOCs are available to homeowners with sufficient home equity. They generally come with lower interest rates compared to some business loans. However, they involve the risk of using personal assets as collateral. A Real Estate Investor Line of Credit is similar, but doesn’t require that the property you borrow on is owner-occupied.

Crowdfunding

Crowdfunding involves raising funds from a large number of individuals through online platforms. This method is accessible to businesses with compelling stories or products that resonate with the public. Crowdfunding minimizes immediate financial burden as funds are pooled from multiple contributors.

However, the success of a crowdfunding campaign depends on effective marketing and a compelling pitch, and it can take longer to access your funds.

Check out platforms like Indiegogo, Kickstarter, and Crowdcube to get a better idea how it works.

Frequently Asked Questions

What is a capital source?

A capital source refers to the origin or provider of funds that businesses use for various purposes, such as operations, expansions, or investments. It can include traditional sources like banks, alternative lenders, investors, or financial institutions that offer capital to businesses in the form of loans, credit lines, or other financing solutions.

How can I find out if a loan company is legitimate?

Verifying the legitimacy of a loan company is critical. Start by checking if the company is registered and licensed to operate. Look for customer reviews and ratings on trusted platforms, such as the Better Business Bureau. Legitimate companies are transparent about their terms, fees, and conditions. Avoid companies that ask for upfront fees or seem overly aggressive. Verify their contact information and physical address, and consider seeking recommendations from trusted sources or industry experts.

How many businesses has United Capital Source funded?

United Capital Source has funded a significant number of businesses. While the exact count may vary, they proudly showcase their extensive track record with over $1.2 billion funded to small businesses through their marketplace. This information reflects the impact they have had in support of businesses with their factoring options.

Is United Capital a hedge fund?

No, United Capital Source is not a hedge fund — It’s a financial service provider that offers funding solutions for small businesses. Unlike hedge funds that primarily engage in investment and capital appreciation, United Capital Source focuses on providing businesses with cash flow through various factoring options like loans, merchant cash advances, and other financial products.

Conclusion: Is United Capital Source Legit?

Yeah! United Capital Source is an (impressively) well-rated factoring platform. If you don’t mind the hefty fees involved with this type of business funding, I think this is one of the more trustworthy “lenders” in the realm.

However — unless you have no other option or you’re going to miss an important window if you don’t get a loan now — you might do best to look into solutions that come with lower long-term costs.

I prefer either business credit cards or traditional term loans (including asset-based) because you can access substantial credit lines with your business credit and you don’t have to give up control or ownership of your company.

Are you ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Meet the Emburse Card: An Inclusive Cash Back Corporate Card

December 29, 2023 By Joe

The Emburse card, aka Emburse Spend Card, is a cashback corporate card offered by a business expense management platform. If you use the platform or if you are on the hunt for a corporate card, you may have come across the name. Now, you’re probably wondering if this is a good offer for you.

I’m here to help you decide – let’s explore the Emburse card offer, look at the cash back and other features, and see if it’s what you need. In the meantime, I’ll point you to various other offers you might like as well.

Here’s what’s in store:

What is an Emburse Card?
- Emburse Company Overview
What Benefits Does Emburse Offer?
Frequently Asked Questions
Conclusion

Let’s take the plunge!

What is an Emburse Card?

The Emburse card is a smart and flexible solution for companies (of all sizes) to handle their spending – It comes in virtual and physical forms, making it easy for employees to buy things they need.

What’s cool is that it has some built-in rules to keep spending in check, so you don’t have to worry about staff going over their budgets. Trusted by companies worldwide, the Emburse card doesn’t just help with transactions; it also makes keeping track of expenses super easy.

You can use it with Apple Pay for quick and safe payments. And, the card does a bunch of other helpful things too. For example, it can capture receipts on your phone, set different permissions for users, automatically sort expenses into categories, and protect against fraud.

Plus, through a partnership with Wise, Emburse offers reimbursements on international transfers. Overall, it’s a handy tool for different parts of a company, like the human resources and finance teams.

And here’s a cool bonus – for every dollar you spend, you get 1% back! So, it’s not just a card; it’s a whole system that makes spending money smarter and more rewarding.

Emburse Company Overview

Emburse Inc. is Los Angeles based, but was originally formed in Delaware. Delaware’s Division of Corporations website is a bit of a challenge to navigate, but I was able to see a merger on file (with Chrome River in 2019). The business’ first verified California business registration and the oldest online record of emburse.com are in 2015.

I found out that Emburse went through Y Combinator in 2015, and – according to Crunchbase – they were founded in 2014. So, the company has been around for about a decade now. This is plenty of time to establish trust in the marketplace.

Originally, Emburse’s core offer was prepaid business spend cards with the edge that expense tracking would integrate between multiple software and tools. Since then, they’ve grown to encompass a complete expense management platform. The features have been amplified with multiple travel-related tech acquisitions and feature additions.

So, how big is Emburse? As of 2022 and according to multiple sources, Emburse employs around 1,000 people – they’re a large company. Still, they are privately-held (no sock ticker here), so not as massive as some of the other names you see in the corporate financial world like JP Morgan and

Emburse Inc. is about as legit as it gets, but –according to Glassdoor – their employees aren’t necessarily thrilled to work for them.

On the other hand, over half of their users are pretty satisfied with the platform and features.

From a potential user standpoint, I wouldn’t say I see any major red flags, and that Emburse seems to be a solid offer – no scam signals here.

You might also like: Y Combinator: Fast Track to Success or Waste of Time?

What Benefits Does Emburse Offer?

I want to focus on the Emburse cards and Emburse Spend, but these offers are so closely tied to the overall offer, that I need to point out some of the expense management platform features (this is where you’ll get the most benefit).

So, let’s dive in and look at what you can expect with Emburse.

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1. Low-Risk Free Demo

Emburse extends a low-risk free trial, requiring users to go through sales onboarding for a guided introduction to the platform. While online sign-up isn’t an option (this is very typical with corporate expense management), the sales is designed to provide a firsthand experience of Emburse’s features…while weeding out the users it’s definitely a bad fit for.

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2. Corporate Cash Back (1%)

Emburse offers a flat 1% cashback on all spending, providing a corporate benefit for users. This cashback incentive serves as a potential saving mechanism for businesses, offering a financial perk for routine expenditures. The structure of the cashback program is straightforward, aligning with a practical, results-oriented financial management.

3. Virtual & Physical Card Flexibility

Emburse provides flexibility with both virtual and physical card options, catering to different transaction preferences. This versatility allows users to adapt their payment methods based on the nature of their transactions, which contributes to a pragmatic approach to expense management.

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4. Real-Time Spend Management & Customizable Rules

Emburse emphasizes real-time visibility into team spending, aiming to facilitate better budget management. The platform positions itself as a tool for instant tracking of transactions, aligning with a need for efficiency in expense monitoring.

The pre-loaded spending rules on Emburse cards are highlighted as a feature, allowing users to customize parameters to match company policies. This customization capability is presented as a practical solution for businesses seeking tailored spending controls.

5. Mobile Receipt Capture & Permissions

Emburse offers mobile receipt capture and reminders as a means to simplify expense tracking. This feature is portrayed as a pragmatic tool, eliminating the need for manual organization and introducing a user-friendly approach to managing receipts.

Recognizing the varying needs for control, Emburse introduces role-based permissions and approval flows. This customization option is a practical means to maintain order in the expense management process.

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6. Detailed Insights & Reporting

Emburse promotes real-time insights and reports on spending patterns as a tool for informed decision-making. The feature is positioned as a data-driven approach to optimize budgets and enhance spending strategy.

7. Tons of Integrations

Emburse highlights seamless integrations with various tools, emphasizing compatibility with existing workflows. The extensive list of integrations, including popular platforms like Netsuite, Slack, and QuickBooks, is objectively presented as a practical aspect of Emburse’s adaptability to diverse business environments.

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Frequently Asked Questions

What are the restrictions on the Emburse card?

The restrictions on the Emburse card can be customized by the account administrator. These restrictions may include spending limits, merchant category restrictions, and other parameters to align with your company’s spending policies.

Is Emburse a credit card?

No, Emburse offers both virtual and physical prepaid cards. It is not a traditional credit card. The prepaid nature of the card helps control and manage expenses in real-time, eliminating the need for reimbursement.

Does Emburse have an app?

Yes, the Emburse Spend app is available in the iOS App Store and Google Play. The app is user-friendly and provides convenient access to manage expenses, view transactions, and more.

Will QuickBooks work with the Emburse prepaid card?

While compatibility may depend on specific features or versions of QuickBooks, Emburse prepaid cards are designed to work with various accounting systems, and they do have a Quickbooks integration. It’s recommended to check with Emburse support or QuickBooks for the most accurate information on integration and compatibility.

How do I add an Emburse card to Apple Pay?

To add your Emburse card to Apple Pay, open the Apple Wallet app, tap the “+” button to add a new card, and follow the prompts to input your Emburse card details. Once added, you can use Apple Pay for secure and convenient transactions.

How do I check the balance on my Emburse card?

To check the balance on your Emburse card, log in to the Emburse online portal or mobile app – Your balance info should be readily available in your account dashboard.

Conclusion

Emburse has an interesting offer, as far as corporate spend management and cards goes. Is it the best? I really can’t say – the best corporate credit card for your business will depend on your needs, your company revenue, and your spending habits.

The bottom line is that this is a legit offer that has grown rapidly since its inception. If you’re looking for an expense management platform with staff cards and spend limits, check it out.

Keep in mind, the Emburse card isn’t a business credit card – it’s a corporate card, which is more like a buy now pay later (BNPL) arrangement.

For credit cards, financing, and other cash flow boosters, you’ll want to look into business credit – you may find our business credit checklist helpful.

Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

7 Best Cash Back Corporate Credit Cards to Explore in 2024

December 28, 2023 By Joe

It wasn’t that long ago that it seemed completely revolutionary to offer corporate cards and expense management solutions for free. Traditionally, setups like this came with hefty annual fees, and the main benefit was expense tracking. With the absurdly quick technology evolution of recent years, the corporate cards entering the market have started to deliver impressive discounts and rewards.

But, what are the best cash back corporate credit cards on the market?

While there are surely some newbies that I don’t know about, I’ve explored most of the major options, selected my favorite, and even listened to my colleagues’ and business credit coaching students’ experience with many corporate card offers. Here, I lay out the corporate cards that I like the most.

This is what’s in store:

What is a Cash Back Corporate Credit Card?
The Best Cash Back Corporate Credit Cards
Frequently Asked Questions
Final Thoughts: Which Corporate Card Should You Choose?

Now, let’s dig in!

What is a Cash Back Corporate Credit Card?

A cash back corporate credit card is a type of spending/expense management card specifically designed for businesses – this kind of card allows companies to earn a percentage of their spending back in the form of cash rebates or rewards.

Corporate cards are not, by definition, credit cards. The key differences are that credit cards carry a revolving balance while corporate cards are paid in full daily, weekly, or monthly.

The cash back on a corporate card typically comes as a percentage of the total purchases made using the card and is usually credited to the account or provided as a check or statement credit. Not all corporate cards offer cash back.

best cash back business credit cards reddit

Cash back corporate cards come with benefits, including:

Cash back rewards
Categories and bonuses
Various redemption options
Expense tracking
Employee cards

As you explore your options, it’s a good idea to carefully review the terms and conditions of any offer, including interest rates, fees, and any limitations on rewards. The benefits of a particular card will depend on your business spending patterns and financial needs.

The Best Cash Back Corporate Credit Cards

Now, let’s explore some of the best cash back corporate cards currently on the market. We’ll look at the qualification requirements, perks and cash back rewards, and the

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1. Bill Spend & Expense

Best cash back corporate credit cards no annual fee

To qualify for a Bill Spend & Expense card (formerly Divvy), you need at least $20,000 in an active U.S. bank account, a “good” to “very good” credit score, and your business must be based in the United States. Revenue and time in business requirements vary among applicants.

Bill’s cash back rewards are structured into three tiers based on payment frequency.

Weekly rewards include:

7X on restaurants
5X on hotels
2X on recurring software subscriptions
1.5X on everything else

Semi-monthly rewards offer:

4X on restaurants
3X on hotels
1.75X on recurring software subscriptions
1X on everything else

Monthly rewards comprise:

2X on restaurants
2X on hotels
1.5X on recurring software subscriptions
1X on everything else

These points can be redeemed for Divvy travel, gift cards, a statement credit, or cash back – And, exclusive partner discounts further enhance the reward program.

A standout feature of Divvy is its unique credit limit determination; the system analyzes your business’s cash flow and offers a credit limit of approximately 30% of your monthly revenue. Initial lower limits may increase with consistent on-time payments.

2. Stripe Corporate

Best cash back corporate credit cards for startups

To qualify for the Stripe Corporate Card, you must be an existing Stripe Payments user and maintain a high volume of sales processed through the payment gateway. You can request an invitation on the company website if you already use Stripe for business.

The Stripe Corporate Card offers a compelling cashback program. Cardholders pay 0% interest and zero fees, including late fees, annual fees, and foreign transaction fees.

With $5,000 in spending, you can access $50,000 in free transactions on the platform. Additionally, cardholders earn 2% cash back on spending in their top two categories, automatically credited to their monthly bill.

The Stripe Corporate Card runs on an invitation-only model. YOu can upload your logo to create a branded credit card within minutes. The card is available in both virtual and physical forms, with virtual cards accessible instantly and physical cards arriving within a few days.

Moreover, Stripe Issuing enables users to originate their own credit cards to offer to customers, providing a unique customization option.

3. Brex

To qualify for the Brex Card, you must have a US-based business with an Employer Identification Number (EIN), a business bank account, and verify your identity through government-issued ID photos. While the specific financial criteria are not explicitly stated, anecdotal evidence suggests maintaining $50,000 to $100,000 in the bank at all times may increase your odds of qualifying.

The Brex Card offers an impressive cash back rewards program, making it a lucrative choice for tech, life sciences, and eCommerce businesses. Cardholders can earn up to 30,000 introductory bonus points by linking their Brex credit card account to Brex Cash and spending $3,000 in the first three months.

The rewards structure includes:

8X points on rideshare apps
5X points with Brex travel partners
4X on dining at restaurants
3X on recurring software subscriptions (Brex Cash)
1X on all other expenses

The Brex Card requires no personal guarantee and no annual fees, interest, or other costs. This is particularly advantageous for businesses in tech, life sciences, and eCommerce, as it allows them to access credit without relying on personal credit scores.

Additionally, the built-in, real-time expense tracking tools streamline financial management, and the card provides exclusive partner perks with companies like AWS, Slack, and Google Ads, potentially offering up to $150,000 in savings.

4. Ramp

Ramp Corporate Credit Card eligibility is not explicitly detailed, but the application process involves no credit checks or founder guarantees. While transparency is limited, factors such as the number of employees, average monthly card spending, and maintaining over $250,000 in the business account seem to influence underwriting decisions.

Ramp offers a compelling rewards program, featuring unlimited staff cards with customizable spending limits. The card stands out by providing 1.5% cash back on all spending, without imposing foreign transaction fees, late fees, interest fees, annual fees, or costs per card.

This straightforward cash back structure allows businesses to earn rewards across various spending categories, making it a versatile choice.

Businesses can issue unlimited staff cards, each with individual spending limits. The card’s algorithm actively identifies potential savings opportunities, such as duplicate subscriptions or lower pricing plans with software vendors.

Plus, Ramp distinguishes itself by offering $175,000 in partner rewards (competitive with Brex). Cardholders can leverage exclusive offers from Ramp’s partners, potentially saving substantial amounts on services and subscriptions.

5. Expensify

While specific qualification criteria for the Expensify Card are not advertised, you’ll definitely need an active Expensify account to access the card. Users interested in obtaining the card should initiate the request within the Expensify platform. The application process typically involves navigating through account settings or the designated card management section.

The Expensify Card offers a straightforward cash back rewards structure, providing users with the opportunity to earn up to 2% cash back on their purchases.

This rewards system comprises two components:

1% cash back on every swipe
Additional 1% cash back for monthly spending above $250,000

This cash back feature allows businesses to accumulate tangible benefits as they manage and optimize their expenses, providing financial incentives for their spending activities.

One notable feature of the Expensify Card is its seamless integration with the Expensify app, which enables real-time transaction syncing. This integration ensures that transactions made with the Expensify Card are immediately and reliably imported into the Expensify app.

6. Shopify Credit

unlimited 2% cash back business credit card

Shopify Credit offers a straightforward application process with eligibility based on eCommerce performance rather than credit scores. Only sellers on the Shopify platform can use this card.

And, to qualify, merchants typically need:

A Shopify Payments account with a single owner
A bank account connected to the Shopify Payments account
A valid United States Social Security number
A business located in the United States or Puerto Rico

Shopify may extend offers to eligible merchants, and decisions are often made within minutes.

Shopify Credit provides cashback rewards as a notable feature of its offering. Users can earn rewards customized to their business spending in three approved categories:

3% cash back on top spending category
1% cash back on other two categories

It’s important to note that to qualify for cashback rewards, users must use the Shopify Credit card for spending with Shopify’s partners in the specified categories, including marketing and advertising, shipping and fulfillment, and wholesale.

Shopify Credit has a fee-free structure, which ensures that merchants can manage their business finances without incurring additional charges (as long as they keep paying responsibly). The card comes with no annual fees, no foreign transaction fees, and no setup fees. This transparent fee structure aligns with Shopify Credit’s focus on simplicity and aims to keep more money in the business.

7. Emburse Spend

Can you get cashback on a business card?

Emburse Spend offers a versatile spend management solution suitable for businesses of different sizes. To leverage Emburse Spend, businesses need to use the accounting platform or some aspect of it. The platform is priced according to company size and features enabled. You’ll need to reach out to Emburse for a quote.

Emburse Spend offers a flat, 1% cashback on eligible purchases. This straightforward cashback structure provides businesses with a consistent reward on their spending.

A standout feature of Emburse Spend is its automated reconciliation process. By capturing expense details at the point of transaction for immediate reconciliation, businesses can streamline their accounting processes – This not only reduces the burden on accounting teams and employees but also ensures expense management accuracy and efficiency.

Frequently Asked Questions

Does a corporate card hurt your credit score?

In most cases, corporate cards are not reported to personal credit bureaus, so your personal credit score is not directly impacted by corporate card usage or payment behavior. But, some corporate cards may require a personal guarantee, which would mean the business owner is personally liable and late payments would be reported.

Do corporate cards get cash back?

Corporate cards may offer rewards, but cash back is rare. Rewards on traditional corporate cards often come in the form of travel perks, expense management tools, or points for business-related expenses. But, cards like those listed here are diamonds in the rough,

Are cash back cards worth it?

The worth of a cash back card depends on your spending habits and preferences. If you frequently make business-related purchases, a cash back card can provide tangible benefits, putting money back into your business with each transaction.

What are the disadvantages of cash back credit cards?

Disadvantages of cash back credit cards may include high-interest rates if balances are not paid in full, potential annual fees, and limitations on cash back categories. It’s crucial to weigh the benefits against the associated costs and understand the difference between business credit and corporate cards.

What is the best cash back card for business?

Determining the best cash back card for business depends on individual preferences, spending patterns, and industry. For example, I would recommend different credit cards for truckers vs landlords. And, my favorite general corporate cash back card is the Bill Spend & Expense card.

Can I get a credit card with an EIN?

Yes, you can apply for a business credit card using your Employer Identification Number (EIN). Business credit cards help separate personal and business expenses, and the application process typically considers the business’s creditworthiness rather than personal credit history. It’s rare, but you can get credit cards with just an EIN.

Final Thoughts: Which Corporate Card Should You Choose?

If you’re selling with Shopify or Stripe, look into their branded cards. If you already use Emburse (or you’re in the market for new accounting software, you may want to check out Emburse Spend (though all of these corporate cards come with varying expense management features) . If your revenue is high or you’re looking for savings on tech spend, look into Brex.

I don’t like to play favorites, but my favorite cashback corporate credit card overall is Bill Spend & Expense. The bottom line, though, is that the best card for you is going to depend on what you can qualify for, how you spend, and what features you need and want – I like all of these cards for different business scenarios.

Are you ready to learn how to obtain up to $100K in business credit in as 30 days? Join Business Credit Workshop today!

Expensify Card Review: A Detailed Expense Tracking Analysis

December 15, 2023 By Joe

Expensify is a leading business expense management app with a (fairly new) corporate card offer for small businesses. And, as you know, finding the right corporate card is super important. In this review, I’ll touch on the Expensify app, then dive deep into the Expensify Card offer.

You can explore its features, benefits, and I’ll point you to a couple other corporate card offers you might want to compare.

Here’s what’s in store:

What is Expensify?
- Expensify Company Overview
- What is the Expensify Card?
Expensify Corporate Card Features & Benefits
Frequently Asked Questions
Conclusion

Now, let’s scrolll!

What is Expensify?

Expensify, at its core, is an expense management tool designed to simplify the intricate process of handling business expenditures. Its standout feature is the automated receipt tracking, allowing users to effortlessly scan receipts via the mobile app (which reduces manual data entry).

The platform also encompasses:

Expense reports
Simplified approval workflows
Travel benefits
Receipt scanning
Cost control measures
Staff reimbursements

Another distinctive feature of Expensify is its seamless integration between the Expensify Card and the app, facilitating real-time transaction syncing. This real-time connection enhances the overall efficiency of expense tracking and reporting.

Now, I always turn to Reddit for external opinions. This time, Redditors gave the app mixed reviews, but overall decent.

If you’re asking, “How much does Expensify cost?” you’ll be surprised – Most plans are free for up to 25 swipes per month, which gives you the chance to try it out and see if it’s right for you before you commit. After that, you’ll supposedly pay anywhere from $0 to $9 per month, depending on the plan you choose.

However, once you’re in the app, you’ll see that pricing can be a bit higher (though still affordable, and more in alignment with what I would expect to pay).

Overall, I’d say that, collectively, these features form a robust expense management solution for businesses of varying sizes and needs.

Recommended: 7 Best Cash Back Corporate Cards to Explore

Expensify Company Overview

Originally founded in 2008 by Davit Barrett, Expensify Inc. has become a prominent player in the expense management landscape. It’s a publicly-traded, for-profit company with a commitment to simplifying financial processes.

Barrett has served as the CEO of Expensify Inc. since 2009 – previously, he worked as an Engineering Manager at both Red Swoosh and Akamai.

According to Glassdoor (as of December 2023, anyway), employees would recommend Expensify to a friend and tend to approve of the CEO – This speaks volumes.

In all, I would say Expensify appears to be run by trustworthy leadership and that it’s a legit company. .

What is the Expensify Card?

The Expensify Card – released in 2019 – is a corporate credit card (so, technically not a credit card), designed to automate and simplify expense tracking. It serves as a central component of Expensify’s expense management solution.

★ With this card, you have the option to settle-up on your balance daily or monthly – the choice is yours. Since it’s a corporate card, it must be paid in full.

When employees use the Expensify Card, the associated transactions are automatically imported and accounted for within the Expensify app. This seamless integration enhances the overall user experience and efficiency in managing expenses.

The Expensify card is equipped with features such as Smart Limits, offering businesses control over employee spending, and real-time compliance checks through the Rogue Agent Detection system to ensure adherence to company policies and mitigate the risk of fraud.

The card also comes with perks, including:

Cash back rewards of up to 2%
Exclusive travel benefits
Access to higher credit limits without the need for a credit check.

With its automated features, real-time syncing, and additional benefits, the Expensify Card aims to streamline expense management and provide businesses with a practical and efficient tool for handling financial transactions.

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Expensify Corporate Card Features & Benefits

Corporate finance becomes more streamlined and advantageous when you take advantage of all of the features of your financial tools. Expensify and the Expensify Card offer an integrated solution, purpose-built to cater to evolving business needs — Let’s take a look at the card features and benefits.

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1. Benefit From Up to 2% Cashback Rewards

Expensify provides you with cashback rewards on every purchase made with your corporate card. The straightforward rewards structure offers 1% cash back on every swipe and an additional 1% for substantial monthly spending exceeding $250,000 across all Expensify Cards company-wide.

This cashback feature can provide tangible benefits as you spend, manage, and optimize your business expenses – For every $1,000 you spend, you can earn up to $20 (it may not seem like much, but it can add up fast).

2. Cash in on Exclusive Partner Discounts

Distinguishing itself through strategic partnerships, the Expensify Card unlocks exclusive perks and discounts from industry-leading partners. As a cardholder, you gain access to a variety of benefits, which can potentially result in substantial savings of up to $75,000.

This cashback structure positions the Expensify Corporate Card as not just a financial tool but a strategic asset for you, seeking cost-effective solutions through collaborative partnerships.

You might also like: Brex Card Review: Is This Corporate Card Offer Too Good to be True?

3. Get Streamlined Expense Reporting

Your Expensify Card goes beyond transactional benefits by offering streamlined expense reporting. The platform allows for seamless expense tracking and reporting, reducing the administrative burden on your finance teams. With an intuitive interface, you can efficiently manage and reconcile expenses, improving your overall financial efficiency.

4. Leverage Travel Benefits

Enhance your business trips with travel benefits, including Expensify Concierge, which includes:

Travel bookings
Free medical advisory
Emergency transport if needed

They offer a more comprehensive travel support system than I expected, which I think the company’s commitment to providing a holistic solution for businesses.

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5. Set Smart Limits on Spending

Your Expensify Corporate Card empowers you with Smart Limits, a nuanced approach to financial control. Tailor spending thresholds for your employees, ensuring financial responsibility and providing flexibility to set limits based on individual roles or departments.

Smart Limits promote conservative financial practices, which contribute to a more controlled and efficient expense management process.

6. Take Advantage of Virtual Cards

Expensify’s Virtual cards provide an additional layer of convenience, allowing for secure online transactions without the need for a physical card. Not only that, but you can generate new cards if/when you need them.

Virtual cards give you financial leeway while maintaining prudent spending practices.

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7. Integrate With the Expensify App & More

Expensify’s commitment to a seamless user experience is evident in the integration between the Expensify Corporate Card and the Expensify app. This integration ensures immediate and reliable syncing of your transactions, providing you with real-time insights into your financial activities.

Then, you can integrate Expensify with your other software tools, including accounting, finance, ERP, travel, and tax, providing seamless data transfer and collaboration between platforms.

The user-friendly experience ensures that you can efficiently track and report expenses without the delays associated with manual data entry.

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Frequently Asked Questions

What does the Expensify card do?

The Expensify Card is a corporate card designed to automate expense tracking. It offers features like Smart Limits, real-time compliance checks, and automatic daily or monthly settlement. Users can gain up to 2% cash back on purchases, and the card seamlessly integrates with the Expensify app for efficient expense management.

How do you request an Expensify card?

You can initiate the request within the Expensify platform, typically through the account settings or the designated card management section. The platform guides you through the application process for a quick and hassle-free experience.

How do you pay your Expensify card?

Payment for the Expensify card is conveniently handled through automatic daily or monthly settlement (your choice). The card balance is automatically paid in full each day or each month from the connected business bank account.

Is Expensify any good?

Expensify is widely regarded as a reliable expense management solution — Its features, including real-time compliance, receipt tracking, and the Expensify card’s benefits, contribute to its positive reputation. Many users like its user-friendly interface and seamless integration capabilities.

Is the Expensify card free?

Yes, the Expensify card comes free with an Expensify account. It has no additional fees, no interest charges, and no commitment. Expensify users can leverage the card’s features and benefits at no extra cost.

Conclusion

In sum, the Expensify Card presents a compelling solution for businesses seeking efficient expense management. Its automation features, cash back rewards, and integration capabilities make it a strong contender in the corporate card landscape.

However, I need to note that Expensify does not report on-time payments to credit bureaus at this time. There are comparable corporate cards you can get that actually help you build business credit, which has the potential to transform your life.

Are you ready to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Amazon Business Prime Credit Card: Full Review +How to Get One

December 1, 2023 By Joe

The Amazon Business Prime Credit Card has been around for awhile now, and it’s convenient for business spending with Amazon, AWS, and Whole Foods. But, that isn’t the only reason why you would want one. Here, I’ll lay out the card benefits in full and explain how to get a business credit offer from Amazon and Amex.

For those who already have the card, I’ll explain how to get the most rewards with your spending and answer some common questions.

Here’s what’s in store:

What is the Amazon Prime Business Credit Card?
- Amazon Company Overview
Amazon Business Prime Credit Card Summary
Frequently Asked Questions
Wrapping Up

Let’s roll!

What is the Amazon Prime Business Credit Card?

The Amazon Business Prime Card is like a VIP pass for your business expenses. With no annual fee, you can snag a $125 Amazon.com Gift Card just for getting approved—nice, right?

The more you spend at Amazon Business, AWS, Amazon.com, and Whole Foods Market, the more you earn back, like 5% back or 90-day terms on eligible purchases with a Prime membership – Dining out, filling up at gas stations, and handling phone bills also get you some sweet 2% back. Everything else? You still get a cool 1% back.

Plus, the perks include:

No foreign transaction fees
Expense management tools
Baggage insurance for your travels

It’s like your business’s new best friend with benefits!

You might also like: Amazon Corporate Credit Line – The Ultimate Guide

Amazon Company Overview

If you haven’t heard of Amazon, it would surprise me. Still, for the sake of staying true to my comprehensive nature, here’s a quick rundown.

Amazon is the big dog of online everything…It started as a humble online bookstore in ’94, and look at it now—like the Godzilla of e-commerce. From A to Z, they’ve got it all, and I mean everything: Books, gadgets, groceries, cloud computing, streaming, you name it.

The founder, Jeff Bezos, turned a garage project into a tech empire over the course of the past 30 years. Fast shipping? Hello, Prime! They even got drones in the game. With fingers in so many pies, it’s hard to imagine a world without that iconic smiling arrow.

Amazon is a seattle-based company that now has a ton of subsidiaries including Xoox (future driverless, electric taxis), Whole Foods, Twitch, and IMDB.

The current CEO, Andy Jassy, had been with the company since 1997, founded AWS in 2006, and took over Amazon Inc. when Bezos stepped down in 2021.

At this point, there aren’t many industries Amazon doesn’t have their hand in. Still, their business credit card is serviced by Warren Buffet’s American Express (a Berkshire Hathaway company). The card doesn’t currently offer cashback on purchases with most subsidiaries, but they’re in an interesting position that would make this possible – I wonder if that’s something we could see in the future.

Amazon Business Prime Credit Card Summary

Looking to level up your business game? Enter the Amazon Business Prime Credit Card—a great tool for savvy business spenders. From a $125 welcome gift card to cash back rewards on your favorite business expenses, this card is a VIP pass to Amazon-related savings.

Let’s dive into the details!

How Does the Amazon Business Card Work?

So, how does this card work its magic? It’s all about the cashback game…Let’s review.

You earn 5% back or get extended 90-day terms on U.S. purchases (your choice) at:

Amazon Business
AWS
Amazon.com
Whole Foods Market

The 5% cashback offer is good for up to $120K in spending per year.

Dining out, fueling up, or sorting out your wireless bills? Enjoy 2% back—every other purchase scores you a solid 1% back. The more you spend, the more you earn. Simple as that.

Amazon Business Prime Credit Card review Reddit

Then, as an Amex cardholder, you can take advantages of even more benefits:

Gain deeper insights into your purchases for smarter decisions.
Simplify expense reconciliation with itemized, downloadable purchase details.
Earn rewards with no expiration, giving you flexibility in usage.
Redeem points on Amazon.com and Amazon Business (U.S.) or apply them to your balance.
Travel the world without worrying about foreign transaction fees.
Enjoy global card acceptance with American Express.

Plus, this card comes with no annual fee (they make up for this with your prime membership fee). If you play the game well, you can end up saving quite a bit.

Moreover, you can leverage extra protection on purchases made with the card:

Get an extended warranty on items you purchase with the card, up to one extra year.
Purchase protection guards your purchases for up to 90 days against theft or accidental damage.
Receive support with dispute resolution for any fraudulent or incorrect charges on your statement.

Hopefully, you won’t ever have to use them, but these perks will make life easier if you do.

You might also like: Marriott Bonvoy Business Credit Card Review & Comparison

Can Anyone Get an Amazon Business Prime Card?

The Amazon Business Prime Card is up for grabs for any business, but there are a couple things to note:

The basic requirements are that you are at least 18 years of age, own at least half of your business, and have a Prime or Business Prime account.
While there’s no minimum credit score posted on the door, a solid creditworthiness vibe is key – people I’ve known to be approved for this card had a score of 700 or above.
You may need an EIN set up with the IRS, a business bank account, and a business address.

Note: If you downgrade your Amazon Prime account, Amex may downgrade your cashback rewards structure, but this doesn’t seem to happen to everyone.

People often wonder about the APR, and here’s the lowdown: Your annual percentage rate will dance in the 19.49% – 27.49% variable rate range.

How to Get an Amazon Prime Business Credit Card

Pre-approval requirements for the Amazon Prime Business card are not crystal clear, but a decent credit score waltz will get you far. Keep those expenses in check, and you might just find this card in your wallet.

If you sign up for an Amazon account with a professional email account (name@yourbusinessname.com), Amazon will invite you to sign up as a business. From here, they run periodic checks and might send you an offer to apply.

To apply today without pre approval, you can do so on the Amex website. Apply, and you could get a decision in as fast as 30 seconds—once approved, enjoy the perks, the cashback, and that shiny new card in your hands.

💡 Business Credit Bonus Tip: Leverage In-App Amex Offers for More Savings

Keep an eye on Amex Offers through the American Express® App. These are personalized deals and discounts that Amex cardholders receive based on their spending habits. When you regularly check and activate these offers, you can enjoy extra savings on purchases from various merchants.

Frequently Asked Questions

Is the Amazon business credit card only for Prime members?

Yes, the Amazon Business Credit Card is available to Amazon Prime and Amazon Business Prime members. Hence, their ability to offer an Amex card with no annual fee.

How am I eligible for Amazon business?

Eligibility for Amazon Business typically involves having a business entity. You can sign up on the Amazon Business website using a professional email address (name@yourbusinessname.com).

Do you need a credit card to open an Amazon Business account?

No, having an Amazon Business account doesn’t require you to obtain an Amazon credit card or any other credit card. You can pay with a debit card. Amazon even accepts EBT cards for some food purchases in select locations. However, a credit card can be beneficial for making purchases and accessing card-specific benefits.

What's the credit limit on the Amazon credit card?

Credit limits are determined based on individual creditworthiness and financial factors. The assigned limit will be provided upon approval. Amex tends to extend credit limits in the tens of thousands range with responsible use, but they’re also known to decrease limits, without warning, at the first sign of irresponsible credit usage.

Is there an annual fee for the Amazon business card?

No, there is no annual fee for Amazon’s business credit card. However, you will need to pay $179+ annually for a Business Prime account to qualify.

Is Amazon business credit card a hard pull?

Yes, applying for the Amazon Business Credit Card will result in a hard pull on your credit report. It’s advisable to be mindful of your credit inquiries.

Wrapping Up

In a nutshell, the Amazon Business Prime Credit Card can be your business’s VIP pass, offering rewards and perks that go beyond convenience. From cashback on Amazon, AWS, and Whole Foods spending to added benefits like no foreign transaction fees and enhanced purchase protections, it’s not just a card—it’s a business ally.

Amazon’s evolution from an online bookstore to an e-commerce giant with global reach is awe-inspiring. As for the card, eligibility is straightforward, rewards are impressive, and the application process is hassle-free.

Whether you’re a seasoned user or contemplating joining the Amazon Business Prime Card club, remember: a good credit score dance can open the door to a world of benefits.

While I really do like this card, I tend to favor small community banks and credit unions (which you already know if you follow this blog). I tend to see businesses get larger lines of credit when they have the right rapport with smaller institutions.

If you’re ready to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today!

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Before You Apply, Check Your Priorities

The Best Business Credit Cards for Travel

1. Chase Ink Business Preferred® Credit Card

2. American Express Business Platinum Card®

3. Marriott Bonvoy Business™ American Express® Card

4. Capital One Spark Miles™ for Business

5. CitiBusiness® AAdvantage® Platinum Select® Card

Frequently Asked Questions

​​Which credit card has the best travel benefits?

Is it better to travel with a Visa or Mastercard?

Which card is best for international travel?

Do business credit cards have better benefits?

What is the best credit card for business class travel?

Final Takeaway

What is BHG Money?

BHG Company Overview

BHG Money Business Loans

BHG Money Interest Rates & Terms

Several Types of Loans

US-Based Concierge Service

Frequently Asked Questions

Does BHG require collateral?

Are BHG loans secured?

Can you pay off a BHG loan early?

What credit score do you need for a BHG loan?

Is BHG Financial a bank?

Final Thoughts: Is BHG a Legitimate Company?

What is BHG Financial?

Is BHG Financial Legit?

What Does BHG Financial Do?

1. BHG Money Loans

2. Fund-Ex Solutions Group Loans

3. BHG Bank Network

4. NaluPay

5. Risk Management Solutions Group

6. BHG Connect

7. BHG VC

Frequently Asked Questions

What credit score do you need for BHG?

What type of loan is BHG?

Does BHG require collateral?

What is the BHG business loan rate?

Do BHG loans affect credit?

Conclusion: Is BHG a Legitimate Company?

What Are Business Credit Cards?

Can a Newly-Formed LLC Get a Credit Card?

Best Business Credit Cards for New LLCs

1. Chase Ink Business Preferred

2. Bank of America Executive Explorer

3. Marriott Bonvoy Business

Corporate Cards to Consider

1. Bill Spend & Expense (Formerly Divvy)

2. PEX Expense

Best Loans for New Businesses

1. Credibly

2. LenCred

Frequently Asked Questions

What is the fastest way to get business credit for an LLC?

Can a single-member LLC build credit?

Can you get a business credit card with no revenue?

Do LLCs start out with good credit?

What happens if an LLC defaults on a credit card?

Final Thoughts

What is a PEX Card Used For?

Where Can You Use a PEX Card?

How Much Does a PEX Account Cost?

PEX Company Overview

PEX Card Features & Benefits

1. Prepaid & “Credit” Card Flexibility

2. 1% Cash Back on All Purchases

3. The PEX App

4. Integrations & API

5. Virtual & Physical Cards

6. Customizable Rules & Spend Limits

7. Simplified Grants Disbursement for Nonprofits

Frequently Asked Questions

When should you not use PEX?

Can you use a PEX card at an ATM?

What is PEX payment?

How old do you have to be to use a PEX card?

Which credit card has the best travel benefits?