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Amex Business Checking Review: What You Need to Know…Really

Key Takeaways

Amex Business Checking earns 1.3% APY on balances up to $500K (and a longstanding 30K-point intro bonus for meeting account requirements).
No monthly maintenance fees and free MoneyPass™ ATM access.
Rewards debit card earns 1 point for every $2 spent, to help you accumulate rewards.
High deposit limits accommodate balances up to $5 million, surpassing many competitors.
No QuickBooks integration, no cash deposits, and limited support for Android users.
Competitors like Bluevine and Novo offer higher APY, cash deposits, and additional features like virtual cards.

I first came across Amex’s new business checking account in a private Facebook group post back in 2023. While the company has been around for decades, American Express previously only serviced credit card and travel-related offers. Now, they’ve got a checking account that earns interest on up to $500K with enticing introductory bonus points for new accounts.

So, let’s explore the new offer in full, and find out what you need to know whether this is the right checking account for your business.

Here’s what’s in store:

Amex Company Overview
The Amex Business Checking Account
Amex Business Checking Competitor Overview
Frequently Asked Questions
The Takeaway

So, let’s get to it!

Amex Company Overview

Is Amex good for a business checking account?

So, why is Amex so popular? Well, this NY-based institution has been around since 1850, servicing consumer and business credit, expense management, and travel products. The founders were Henry Wells, Irene Tserkovny, John Butterfield, and William Fargo.

Do any of these names sound familiar? As you might have guessed while reading (if you didn’t already know), Butterfield, Wells, and Fargo are the same people who founded Wells Fargo in the mid-1800s.

While big banks don’t tend to inspire everyone’s confidence, the fact that the company has been around for over a century is telling. Amex is a trusted name in American finance, and the odds are that they’re going to stick around for many years to come; this is important in an age where new, cutting-edge financial products are in and out of existence after a year or two in the marketplace.

Currently, American Express is a publicly-traded, for-profit global financial services company led by CEO Stephen Squeri. They’re best known for their credit cards, charge cards, and traveler’s checks. Lately, their checking accounts are quickly rising in reputation.

You might also like: A Complete, Unfiltered Amex Business Gold Card Review

The Amex Business Checking Account

In short, an Amex business account gives you the opportunity to earn interest and introductory rewards with free, online checking. Since every business needs a bank account, it may seem like you’ve nothing to lose by signing up.

And, while there are some great features with Amex business checking, there are some missing features…not all contemporary online checking accounts are the same. Read everything below to weigh the pros and cons for yourself.

The Introductory Bonus

American Express business checking login

One of the most hyped benefits of an Amex business checking account is the intro offer. Currently, they’re giving away 30K rewards points (worth about $300 total) with qualifying activities on a new account. And, this offer has been in play since 2023, so they may stick with it.

Here’s what you’ll have to achieve to get the bonus points:

Account balance of $5K within 30 days of opening your account
An average account balance of $5K for the following 60 days
5 or more “qualifying transactions” within 60 days of opening your account

If you apply, are approved, and meet these requirements, the points should be distributed to your account at the end of the 90-day wait. Keep in mind that the intro offer is likely to change — some people got in when they promised 20K points and others were offered 60K.

So, what are “qualifying transactions?”

✅ Mobile deposits

✅ Check deposits by mail

✅ Electronic/online transactions (ACH, wire, and bill payments)

And, what are not qualifying transactions?

❌ Business debit card transactions

❌ Deposits using the “Redeem for Deposits” feature

We’ve seen other brands like Wells Fargo and Chase offer anywhere from $200 to $500 for new individual and business accounts with qualifying activities. The key difference with this offer is that Amex is delivering an online bank account, which is best compared to offers like Bluevine and Novo.

You might be wondering how hard it would be to get 5 or more qualifying transactions within 60 days (if this won’t be your primary account), and the answer is, ‘it would be pretty easy.’

All you would have to do is divide your deposit amount requirement ($5K) by the number of transactions you need (5) and make the appropriate number of mobile, check, or ACH payments into your new account (5 X $1K deposits) within the first month of opening the account.

But, don’t get ahead of yourself trying to work the system…you might actually decide to keep your account once you get in and realize the benefits.

Amex Checking Account Features

In a word, Amex checking accounts have some pretty cool benefits:

Earn interest on checking account balance
Get 1 Amex point for every $2 spent
Pay no monthly maintenance fees
Gain fee-free MoneyPass™ access
Take advantage of high deposit limits
Get free, fast outgoing ACH
Send free eChecks and use fee-free checkbooks
Keep your Amex MR points alive

Just for fun, let’s explore the offer a bit more in-depth.

In addition to the intro points offer, Amex business checking accounts earn 1.3% variable APY on balances up to $500K.

So, you have a chance to earn a bit — an account with an average balance of $5K could be earning $65 each month. While most savings accounts offer the opportunity to earn, this isn’t a standard feature with checking accounts. With that said, Bluevine offers a 2% fixed APY on accounts that carry up to $100K, so that part of their offer outshines Amex.

Amex is the only popular online bank account with a rewards debit card that earns 1 point for every $2 spent. If you use your debit card to spend $200, you can earn $1. This may not sound like a lot, but rewards can add up quickly.

Plus, you’ll pay no monthly maintenance fees for an Amex business checking account. While most business bank accounts charge anywhere from $10 — like NorthOne, for example — to $30 per month, Amex checking is free (note: so are Novo and Bluevine’s offers).

With an Amex business checking account, you’ll incur no ATM fees within the MoneyPass™ network. You might, however, have to pay third-party fees. Note that Novo bank refunds third-party ATM fees at the end of each billing cycle, though there’s no telling how long this reimbursement offer will last since the company is in the earlier stages.

Furthermore, they have high deposit limits, which we can’t say for other online bank accounts and neobanks; most online checking offers are capped at $1K or $5K per day while Amex won’t cap your deposits — You can keep up to $5 million in your account.

And, you’ll never pay the typical fees you see with business checking accounts. So far, users have been satisfied with outgoing ACH, citing that it’s fast (usually same-day) and free to send money to external accounts. Checks are also free, and there are no fees for NSF, stop pay, billing inquiries, replacement cards, late fees, or admin processing.

Finally, you can save your existing Amex reward points, even if you plan to close out credit card accounts to bypass annual fees. Automatically redeem existing MR points in your Amex checking account.

All-in-all, an Amex checking account could save you some money while it expands opportunities to earn and grow your business.

What is the Downside of American Express Checking?

As with all financial offers, there are some downsides for Amex checking account holders.

One of the most glaring issues for me is that there is no Quickbooks integration with an Amex checking account yet. However, you can connect an Amex account to Quickbooks online. 🤷

Furthermore, if you want to deposit cash, you’ll first have to exchange it for a money order or check, then transfer the funds to your account. No cash deposits could be extremely inconvenient for cash businesses. You can withdraw cash from an Amex account via ATM using your debit card.

And, as with all online bank accounts, you won’t be able to walk into a branch — they don’t exist. If this is important to you, choose a local branch to open your business bank account.

There’s also a rumor floating around that Amex checking accounts don’t offer wire transfers, but it isn’t true; incoming wires are free while outgoing wire transfers cost $20. And, this price is pretty typical.

Where Amex checking accounts actually fall short is in the fact that they facilitate no INTERNATIONAL wire transfers. If you really want to go with Amex, you can look into solutions from Wise or Plastiq for this — these platforms are more user-friendly than your typical wire process anyway.

Finally, if your business credit card is serviced through Amex, and you have any issues that arise at no fault of your own (overdrafts, chargebacks, etc.), these could negatively impact your credit accounts.

Some business owners opt to use different institutions for business credit and business banking because of this, though I recommend a different approach.

Amex Business Checking App

The Amex business checking app is only available on iOS (they do have an Android app for credit accounts), so any Android users will need to access their account from another device.

As a Google Play person myself, this seems a bit silly to me — there are lots of apps available for Apple while unavailable on Android, but I would think an online banking account would see the importance of serving customers across all devices.

But, if you’re an iOS user, keep reading…

The Amex business checking app allows you to create and schedule payments on the go, and it’s pretty slick. In addition to the usual app features like mobile deposits, transfers, and payments, you can manage and redeem Amex rewards points.

I mentioned this previously, but you may have missed it: existing Amex rewards members’ rewards points are automatically added to your checking account. I think this is pretty cool.

With this said, the app doesn’t have the best user ratings, so I have a quick tip for ya: if you find that your two-factor authentication is wonky, delete and reinstall the app — this seems to be solving the issue for existing app users (Plus, my bet is that the developers are getting this worked out as we speak).

Amex Business Checking Competitor Overview

The two brands with the closest offers to Amex’s current small business checking are Novo Bank and Bluevine. So, let’s look at how these three accounts stack up next to one another:

Amex Business Checking Competitors — Amex vs Bluevine vs Novo

The most enticing competitive advantage is that Amex currently has the highest deposit limit. If you’re earning more than $5K via a website, app, or your POS, then neither Novo nor Bluevine will work for you — In this case, Amex would be a natural choice.

If you’re earning a little less, Bluevine might give you the opportunity to earn more on your monthly balance with 2% interest vs 1.3% with Amex; plus, they are the only solution that offers cash deposits.

And, Novo’s got the monopoly on virtual cards, reimbursed third-party ATM fees, and built-in invoicing (for now).

Keep in mind, you don’t have to choose an online business checking account. In fact, I typically recommend small business owners bank with small, local community banks for the best business credit opportunities (among additional interpersonal benefits).

Frequently Asked Questions

Does Amex business checking pull credit?

No. When you apply for an Amex business checking account, you’ll be shown a consumer reporting disclaimer. This does not mean that opening an account will affect your credit score.

Does American Express business checking use Zelle?

No. Most business checking accounts are incompatible with Zelle. However, Bank of America and PNC Bank might be Zelle-compatible. Please check with the Banks for an up-to-date answer.

Can you use Venmo with American Express?

Yes! You can use the Send & Split™ feature in the Amex app to send money with Venmo.

How do I deposit cash into my American Express business checking account?

Unfortunately, American Express doesn’t support cash deposits. So, you will have to somehow convert any cash into a check or money order to make a deposit into an Amex checking account.

How much is 60K Amex points worth?

60,000 Amex points are worth roughly $600. Though, they can be redeemed for more through American Express’ promotional and travel offers.

Final Takeaway: Is Amex Worth the Hype?

If you’re an Android user, you run a cash business, or you expect a Quickbooks integration with your account, American Express might not be your top choice for business checking—But, it does have some pretty cool features.

If you’ll be depositing tens of thousands of dollars into your account, Amex is clearly the best online banking option, though I still recommend local community banks and credit unions where you can walk into a branch and build a relationship with the banker.

If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

A Full Skip Review: Business Grants, Funding, and More

By Joe

At first glance, Skip seems like a really cool new way to get business funding. It’s nothing like your run-of-the-mill business loan marketplace. And, they seem legit. Naturally, had to learn more about them, so I dove in and analyzed the offer under my microscope.

Now, I want to share my findings with you. Discover what you can get with a Skip membership and whether or not it’s worth the monthly investment to get funding for your business.

This is what’s in store:

What is Skip?
- How Much Does Skip Cost?
- Company Overview
Who Are Skip’s Funding Partners?
What Does Skip Do?
Frequently Asked Questions
Conclusion: Is Skip Legit?

Now, let’s bounce in!

What is Skip?

In a nutshell, Skip is a platform designed to help entrepreneurs and small businesses find funding and growth opportunities. Essentially, it serves as a marketplace where you can search for various funding options like grants, loans, and other financing opportunities in the US.

The platform advertises a large database of funding sources, which can help you discover opportunities you might not have known about otherwise.

One of the key features of Skip seems to be its ability to provide insights and tips on applying for funding quickly.

With a Skip membership, you can:

Learn about funding opportunities for your business
Get advice on how to apply
Use AI to apply successfully
See potential eligibility for loans or grants based on your business profile

And, Skip offers support through specialists who can assist you with questions about funding or business growth strategies—This combination of technology and human expertise seems like it could streamline the funding process for small business owners & entrepreneurs.

If you’re looking to start, fund, or grow your business and need help navigating the world of funding options, Skip might be a smart platform to consider.

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How Much Does Skip Cost?

The cost of a Skip membership varies depending on the level of service and support you choose.

Here’s a breakdown of the different membership options and their associated costs:

Skip Free – With a free account, you can see funding opportunities, funding matches, save grant application answers, and test the AI.
Skip Plus – Starts at $9.99/month (when billed annually) for access to funding insights, reminders, opportunities, and AI features.
30-minute call – Starts at $33.33 per call for personalized assistance on various business and funding topics.
Skip VIP – Starts at $199/month, includes access to all funding opportunities, a dedicated client success manager, and business evaluation.
Skip Platinum – Starts at $499/month, offers everything in Skip VIP plus hands-on funding assistance and customized grant help.
Skip Diamond – Starts at $999/month, includes all features of Skip Platinum along with personalized funding and growth solutions, business coaching, and strategy discussions.

Each tier provides increasing levels of support to help with your funding and growth needs. Choose the membership that aligns best with your business goals and situation.

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Company Overview

Skip, aka YoGovernment Inc, is a San Francisco-based, seed-stage, for-profit company that was founded in 2016 by Ryder Pearce. According to the California Secretary of State, the listed agent is Walker Vanyos.

Pearce is sort of a serial entrepreneur – he’s founded a few companies since 2012, including Pogoride (commute app) and SherpaShare (rideshare app). Before this, he was a strategic planner at Translink and graduated from Harvard with a Master’s in Urban Planning & Design.

I wonder if Pearce didn’t discover all of these grant opportunities when founding the transportation apps, and decide to make them more accessible to other entrepreneurs.

Skip maintains a 4.6-star rating on the Trustpilot platform, and I noticed at least one of the negative reviews is likely a mix-up – they had something negative to say about ‘incompetent drivers?’ I mean, what’s not to love about a platform that shares how to get free money to grow your business?

As of today, Skip isn’t accredited with the BBB, and has an A- rating on the platform. But, with no user reviews, it’s too early to know if this is relevant.

Now, I did run across some DMV-related information about Skip and YoGov, which isn’t as delightful. If we’re being skeptical, we could say that this might be a red flag concerning the company leadership. But, it sounds like these offers are so different (transportation vs business funding), that I can’t speak confidently on the subject.

Unfortunately, the Reddit forums didn’t clear up any of my confusion.

It seems like Skip was originally a rebranded version of YoGov, some kind of driving platform, and has more recently shifted to focus on business funding. As far as trustworthiness, I’d say the company is at least ‘fair to middling,’ if not better.

Maybe the jury is still out? 🤷

Hopefully, learning more about the offer will help you decide for yourself.

Who Are Skip’s Funding Partners?

While Skip hasn’t updated the partner page on their website (yet), we do know who some of their funding partners are; I’m pretty familiar with a handful of them.

Here’s what I can tell you about Skip’s advertised funding partners:

Funding Circle – A platform that connects small business owners with investors. Investors use the platform to invest in growing businesses, create portfolios, and negotiate equity in profits. It’s an alternative way to obtain business funding pretty quickly.
Fora Financial – A reputable alternative lender (despite their high rates, which I typically wouldn’t recommend unless absolutely necessary). However, one advantage is that Fora doesn’t charge prepayment penalties, unlike many other online lenders.
Newtek – A free business banking provider with interest-earning checking and savings accounts. They also offer term loans from $1,000 to $15 million and revolving lines of credit up to $5 million.
Bluevine – I recommend their business checking for digital-focused businesses. Their line of credit, backed by Celtic Bank, uses personal FICO scores for credit evaluation, which I don’t prefer. But, I love that Bluevine reports to Dun & Bradstreet (D&B).
Accion Opportunity Fund – They offer business loans with flexible payments and provide business coaching. Over 90% of their clients are underrepresented communities. And, they reinvest loan payments to support other small businesses, which is cool!
LiftFund – Works with owners with limited credit, collateral, or experience. They can help you get various business loans for commercial real estate purchases, equipment, inventory, supplies, vehicles, and working capital. Their geographic scope is limited.
Paintbrush – Provides up to $50K for early-stage business ideas with quick eligibility checks and applications. This loan doesn’t require ownership of your company and can convert to income-driven repayment if needed, based on earnings.
Live Oak Bank – Digital bank without branches. They offer checking with Treasury Services, high-yield savings with a 4.00% APY, and high-yield CDs for predictable returns. Live Oak Bank’s funding includes SBA loans, USDA loans, and commercial loans.

What’s cool about Skip’s partners is that many of these financial brands don’t come up on my radar when looking at “barely-reputable” or unduly expensive business funding offers.

Plus, it seems like they’re building partnerships with government agencies, which probably means more business grant offers are coming.

Note, this is a lot different than your typical loan marketplace—there’s more to a Skip membership than the typical loan-matching platforms. I’m really digging it.

What Does Skip Do?

So, if you decide to sign up and see what it’s all about, what can you expect? As far as whether or not you will qualify for funding, I can’t say – this will depend quite a bit on your business structure, ownership, and operations. Still, I can tell you all about what’s inside the platform.

1. Business Grant Opportunities

One of the first reasons you might want to explore Skip’s offer is to get free money – who wouldn’t want it, right? Well, I expected to see maybe a handful of grant opportunities because business grants are a needle in a haystack.

However, once I got in there, I saw that there were many listed opportunities. Of course, as you’d expect, they all have stipulations – it reminded me of applying for state college scholarships.

For example, there are grants for veterans to start a business, some require that you employ at least 20 staff members, and some are open solely to nonprofits.

A majority of the opportunities I explored seemed to have a lottery-type approval process without overly-extensive applications to fill out—this is convenient, but may lead to a ton of applicants and make the awards more competitive.

What I liked best about the grant section of the platform is that it is super easy to navigate – compared to other legitimate business grant sites like the SBA’s grant directory and Grants.gov, the Skip platform is remarkably user friendly.

One thing I didn’t love about the platform is that once you express interest in a loan or grant, it is added to your progress bar with no way to remove it.

Let me just note that this is in no way a dealbreaker.

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2. Business Loans & Financing

In addition to grants, Skip connects you with loans from various partners and government-affiliated sources.

Some examples include:

SBA 7(a) loans
Bluevine lines of credit & business checking
Black Ambition Prize (possibly internal)
Fora Financial working capital
Funding Circle financing
Paintbrush startup loans

These seem to align with what I would expect after seeing their list of partners. I’m looking forward to seeing what new partners they may add in the future.

You might also like: Bluevine Review: Free, High Yield Small Business Checking! Are They Serious?

3. Deadline-Based Sorting

Grants tend to have periodic deadlines. The Skip platform allows you to sort your matches by the application due date.

This can help make sure you see the most time-sensitive offers first and never miss an opportunity. It’s not the most technologically advanced feature I’ve ever seen, but I thought it was worth a mention.

You might also like: Free, Printable Business Credit Application Template (Plus, How to Use it Correctly)

4. Multiple-Business Financing Matching

Get grants and loans for multiple businesses

Another feature (which is so cool) is that you can add multiple business profiles to one Skip account.

You answer some questions about your business like:

Business name
Date started
Location
Annual revenue or pre-revenue status
Owner’s gender and ethnicity – for underserved groups
Owner’s credit score

The platform seems to match based on personal credit score, not your business credit score—this is pretty typical. Then, they show you a list of funding and grant opportunities that the selected business is likely to qualify for.

By allowing you to add multiple businesses, they seem to go above other business funding marketplaces that I’m familiar with.

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5. Skip AI™

While many of the grant applications require longform answers in the application process, the writing isn’t as in-depth as traditional grant writing. Still, as an applicant you can take advantage of Skip AI™ – the platform’s bespoke AI writing assistant – to help you with your wording.

Even if you don’t upgrade to a paid account, applications include tips to make your answers stronger and more engaging.

And, if you do, it can take your words and improve them in a matter of seconds. This could save you a ton of time in otherwise lengthy application processes – hours, even.

You might also like: How to Use NAV to Quickly Get Funding!

6. The Skip App

The Skip app is available on iOS and Android. This enables you to fund your business on-the go. It maintains a 4.6-star rating on the Google Play Store and 4.8 on the iOS marketplace.

Users seem to really appreciate its comprehensive and informative business funding and government assistance content. Positive feedback highlights its clear explanations and timely updates. However, occasional negative reviews mention technical issues like broken links and disappearing information, as well as complaints about unexpected charges and difficulty canceling subscriptions.

Overall, while the app offers valuable resources, persistent usability and customer service issues have led to varied user satisfaction.

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7. Educational Resources

On the front-end, Skip’s blog has a lot of “getting started” info for business owners: “How to Start a Business…” and “How Much Does it Cost to Start an LLC?.” The blog also features a lot of news about upcoming grants, approaching deadlines, and other stuff you might need to know as you apply.

In the user dashboard, there’s a lot of video content, which is also primarily news about funding opportunities.

The content is easy to understand. While it’s not all that comprehensive, I think that makes sense, since the core idea is to provide accessible solutions. And, if nothing else, the simple topics can give you an idea what you may need to research next on your entrepreneurial path.

8. Business Plan Generator

If I hadn’t got into the platform to poke around at the features, I might have missed the fact that the Skip platform offers some neat tools. Head over to the “Funding Ready Checklist,” and you’ll find more than just a place to upload your business docs.

Skip can help you generate a business plan if you don’t already have one. And, the tool is super easy to use. You will need to upgrade your account to the $9.99/month Plus plan to access it.

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9. Referral Program

While I can’t speak to the Skip affiliate program’s reliability or how easy it might be to make referrals, the platform promises to offer a one-time $20 to $200 per referral.

Compared to other affiliate programs, I’d say this is competitive. Some solutions will give you lifetime commission, but this can equal anywhere from $0 to $10,000 per referral, depending on the product.

Why not refer people to a solution they need if you like it yourself? It’s definitely a step above the many funding platforms that don’t offer referral bonuses.

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Frequently Asked Questions

Can Skip guarantee funding for my business?

While Skip offers information and guidance on funding opportunities aligned with your business profile and preferences, it cannot guarantee funding approval. The decision to approve funding rests with the funding organizations and lenders. Skip’s objective is to assist you in navigating the funding landscape and enhancing your chances of discovering suitable options, yet the ultimate approval lies with the funding providers.

Is Skip available nationwide, or are there restrictions based on location or business type?

Skip is accessible across the nation without any limitations based on location or business type. Whether you’re a small business owner in California or a startup in New York, Skip is equipped to support you with funding opportunities.

How can I cancel my Skip account?

Send an email to hello@helloskip.com, and a member the Skip support team can help you cancel or modify your account and plan.

Conclusion: Is Skip Legit?

Yep! Skip seems to be a completely legitimate business with quite a bit of transparency into their leadership. The platform makes grants and loans accessible to small businesses, specifically to owners in underserved demographics — in all, I think it’s a fantastic funding marketplace.

I’m not in love with the fact that you need to reach out to support to cancel your account. Hopefully, the cancellation process will be improved at some point in the near future. And, it’s a little confusing that the original brand had an entirely unrelated offer.

Still, if you have 7 days to dedicate to exploring the grant opportunities alone, there doesn’t seem to be any risk in trying it out (as long as you make sure to cancel your account if you decide this isn’t the platform for you).

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!

6 Best Fintech Credit Cards to Apply for (Consumer & Business)

By Joe

Are you an individual considering a slick, new way to use credit? Or, a business owner looking to supercharge your finances with the perfect fintech credit card? Look no further!

Here, we’ll dive into the exciting world of fintech credit cards, introducing you to top contenders like Divvy, CredAI (the illustrious Unicorn Card), Bluevine, Stripe, Ramp, and Brex – essentially free credit cards for everyone.

Fintech is making credit cards weirder, but also a lot more fun…Whether you’re a student or seasoned entrepreneur, you can navigate the fintech card landscape, making sure you’re armed with the right knowledge to make the best decision for your situation.

Here’s what’s in store:

What is a Fintech Credit Card?
Explore the 6 Best Fintech Credit Cards
Frequently Asked Questions
Conclusion

Now, let’s get crackin!

What is a Fintech Credit Card?

In simple terms, a fintech credit card combines the innovation of financial technology (fintech) with the convenience and power of credit cards. Fintech credit cards often come with unique features, competitive rates, and advanced tools that empower business owners to manage their finances efficiently.

Explore the 6 Best Fintech Credit Cards

Let’s take a closer look at some of the leading fintech credit cards that are revolutionizing the way individuals and business owners manage their finances.

1. Brex – Your Stealthy Fintech Ally

For: Businesses seeking a free corporate card

The Brex Corporate Card is an enticing choice for businesses seeking a no-personal-guarantee credit card with rewards. The card, issued through Brex’s financial operating system, caters to tech, life sciences, and eCommerce companies. I

t’s characterized by its absence of annual fees, interest charges, and personal credit checks. Instead, creditworthiness is determined based on the company’s likelihood to repay funds. Brex offers various account options, including Cash, Card, and Cash & Card, tailored to different financial needs.

The card boasts rewards such as up to 30K bonus points, points per dollar spent, and partner perks, including discounts with industry giants like AWS, Slack, and Google Ads. With a focus on expense management, the card offers real-time tracking tools, virtual cards, and expense automation. Qualification requires a US-based business with an EIN and a business bank account.

Learn more: Brex Card Review: Is This Corporate Card Offer Too Good to be True?

2. Divvy – The Power Credit Card

For: Business owners

Divvy is not just a business credit card; it’s a comprehensive financial solution tailored for businesses of all sizes. With Divvy’s innovative features, you gain access to budgeting tools, virtual cards, and enticing rewards.

This high-tech card isn’t just a piece of plastic; it’s a gateway to efficient expense management, AP automation, and seamless spending control. Divvy’s user-friendly platform empowers businesses to allocate budgets, set spending limits, and automate payment approvals.

The virtual card feature adds an extra layer of security for online and high-risk transactions. Additionally, Divvy offers a tiered rewards system, giving you the opportunity to earn points for your spending habits. These points can be redeemed for travel, gift cards, statement credits, or cash back.

While Divvy’s customer service receives mixed reviews, the platform’s help center and communication tools aim to provide comprehensive assistance. If you’re a business owner seeking advanced financial tools that streamline your operations and enhance your financial management, the Divvy credit card might just be the power boost your business needs.

Learn more: In-Depth Divvy Credit Card Review: Read This Before You Apply

3. Bluevine – Fintech Business Checking & Credit

For: Small business owners

Bluevine presents a game-changing solution for small business owners with its high-yield free business checking account. With the ability to earn 50X the national average interest on balances up to $100K, this offering stands out in the financial landscape.

The account comes with no monthly fees or minimum deposits, making it particularly appealing for digitally-focused businesses, freelancers, and service providers. While Bluevine’s single-account holder policy and minimum requirements to collect interest might not suit all businesses, the benefits are noteworthy.

The platform’s integration of sub-accounts, dedicated account numbers, and unlimited fee-free transactions adds to its appeal. Bluevine’s strategic partnership with MoneyPass ATM network provides widespread access to surcharge-free ATMs. However, cash deposits made at ATMs incur a fee. The option to grant access to your account without sharing login credentials is a unique feature, enhancing collaboration with bookkeepers and accountants.

Moreover, Bluevine’s line of revolving credit up to $250K, coupled with competitive rates, can offer additional financial support for qualifying businesses. Overall, Bluevine’s innovative offerings make it a compelling choice for businesses that prioritize digital transactions and aim to make the most of their account balances.

Learn more: Bluevine Review: Free, High Yield Small Business Checking! Are They Serious?

4. Stripe Corporate Card – Cashback and More

For: Business owners using Stripe Payments

The Stripe Corporate Card offers a compelling credit card option for existing Stripe Payments users. This card comes with unique advantages, including no fees, 0% interest, and an appealing 2% cashback on spending in top two categories.

Notably, with a spending of $5,000 on the Stripe Corporate Card, users gain access to $50,000 in free transactions on the platform. Furthermore, the card allows users to customize their logo, create branded cards, and even originate credit cards for their customers.

The card is available as both virtual and physical options, with the latter delivered within days. Stripe’s innovative approach is fueled by its primary revenue source—transaction fees for processing payments, allowing them to offer these enticing features. However, the card is exclusively available to existing Stripe Payments users, requiring those interested to request an invitation.

In comparison to similar offerings like Brex, the Stripe Corporate Card stands out with its cashback rewards. Stripe’s broader suite of financial services and its reputation as a payment processor further contribute to the appeal of the Corporate Card. This review aims to provide a comprehensive overview for business owners seeking a flexible and rewarding credit card solution.

Learn more: Have You Heard About the Free Stripe Corporate Card Cashback Benefits?

5. Ramp – Redefining Fintech Credit Cards

For: Businesses seeking a frde corporate card

The Ramp Corporate Card, provided by Ramp Financial, is a corporate credit card designed to help businesses save money. With an emphasis on cost reduction and rewards, the card offers a range of features that can benefit businesses of various sizes. This review delves into the offerings and highlights of the Ramp Corporate Card.

The card allows businesses to issue unlimited staff cards, each with customizable spending limits. Additionally, Ramp’s algorithm identifies potential savings opportunities by analyzing spending patterns.

The Ramp Corporate Card comes with no foreign transaction fees, late fees, interest fees, or annual fees. It offers a flat 1.5% cashback on all spending, allowing businesses to earn rewards across various expense categories – Ramp has partnered with various service providers, offering potential savings of up to $175K for cardholders who leverage these partnerships. These rewards encompass a range of services, from advertising credits to discounts on software subscriptions.

While specific requirements are not fully transparent, Ramp’s underwriting process seems to consider factors such as business size, average monthly card spending, and the presence of over $250K in the business account.

Learn More: Ramp Credit Card Review: Is This the Corporate Card for Your Business?

6. Meet the Unicorn Card – CredAI

For: Consumers

Cred AI is not your average credit card – It’s a fintech sensation offering a premium, mobile, fee-free metal credit card that packs a punch. With innovative technology, Cred AI helps you manage finances, build credit, and guard against fraud.

You can spend like a debit card while building your credit score, and access your paycheck up to two days early. The virtual Stealth Card™ and High-Security Mode™ provide added protection. Backed by AI, Cred AI learns your spending patterns and safeguards you from overspending.

The Unicorn Card™ extends credit based on upfront deposits and pays off your monthly balance using those funds. With Cred AI, you’re not just getting a credit card; you’re getting a comprehensive financial tool that combines convenience, security, and credit-building opportunities.

Learn more: Cred AI Review: Are You Really Better Than Your Bank?

→ You might also want to check out: They Do What?! Is the X1 Card Just a Bunch of Hype…?

Frequently Asked Questions

What is a Stealth Card?

Operating under the radar with a minimalist design, a stealth card offers enhanced security by concealing sensitive information. Unlike traditional cards that display critical details like card numbers and CVVs, a stealth card keeps these particulars hidden until needed, thwarting potential security breaches and ensuring peace of mind during transactions.

How does fintech make money?

Fintech credit card companies’ revenue-generation strategies can include transaction fees incurred during financial activities and subscription models that offer premium services for a recurring fee. But, the key money-maker is strategic partnerships that cater to the unique financial needs of their clientele.

What are the Big 4 credit card networks?

The “Big 4” credit card networks refer to the major players that dominate the credit card industry: Visa, MasterCard, American Express, and Discover – Fintech credit cards (as of now), tend to fall outside the realm of these established networks;

Who is eligible for fintech credit cards?

Fintech credit cards cater to a diverse spectrum of individuals and business owners, spanning from students with no credit to fledgling startups to well-established enterprises. Nearly anyone at any stage of the credit journey can find a fintech card to suit their situation.

How do you qualify for fintech credit cards?

The criteria for qualifying for fintech credit cards can vary from one offer to another, reflecting each company’s individual assessment strategies. Generally, consumers and businesses that maintain a consistent and reliable income stream stand a strong chance of meeting the eligibility requirements. Lenders typically evaluate the money going into and out of the applicant’s bank account to see if they qualify.

Is Zelle a fintech company?

Absolutely! Zelle falls squarely within the realm of fintech companies (though they have no credit card offer). The pioneering digital payment platform epitomizes the convergence of finance and technology. Zelle’s core mission revolves around facilitating swift and secure monetary transfers between individuals and businesses.

Conclusion

Congratulations, you’re now equipped with the knowledge to choose the best fintech credit card for your needs! Remember, these cards aren’t just about transactions; they’re about transforming the way you manage your finances.

So, why wait? Take the next step in boosting your business’s financial prowess by applying for one of these fintech credit cards today!

And, if you’re hungry for more credit knowledge, don’t forget to check out our Business Credit Workshop, where anyone can learn how to secure up to $100K in business credit within just 30 days…Your journey to financial empowerment starts now!

→ Join Business Credit Workshop today.

NorthOne Bank: A Comprehensive Look at the Pros & Cons

By Joe

When I was writing recent overviews of Novo Bank and Bluevine offers, NorthOne Bank kept popping up. So, I did some poking and saw that this is an offer worth looking into. While they don’t offer free banking, their business accounts cost only $10 per month… sort of. So, let’s see what value you can truly get for the low price.

Here’s everything I could dig up about the offer:

NorthOne Company Overview
What is a NorthOne Business Account?
How Does NorthOne Stack Up Against Rivals?
Frequently Asked Questions
Final Takeaway

Now, let’s get the ball rolling!

NorthOne Company Overview

Most people looking for info on NorthOne want to know if the offer is legit, among other things. I’ll share what I know and you can decide for yourself.

NorthOne is a New York-based, for-profit company, founded in 2016 by Eytan Bensoussan and Justin Adler. The company has received $90.3 million in equity funding since its launch seven years ago — serious investors believe in the offer.

Prior to co-founding NorthOne, Bensoussan graduated from McGill University and served in various positions with companies like McKinsey & Company, Ferst Capital Partners, and the Forbes Finance Council. At that time, Adler was studying Psychology at Concordia, then held various marketing positions with Frank And Oak, Keeward, and SourceKnowledge.

NorthOne is a finance technology (fintech) company, not a bank.

The team has a strong combined background that would traditionally make for a long-term, successful business relationship. From this, I’d say they look legitimate and trustworthy. What do you think?

You might also like: What’s the Best Payment Processor for a Small Business? Really

What is a NorthOne Business Account?

Like Bluevine and Novo, NorthOne is a “neobank.” Neobanks are usually serviced through established FDIC-insured institutions. In this case, the servicer is Bancorp Bank, which enables NorthOne to offer real-time payments, available as of a few weeks ago. This means that your business will have the ability to accept payments and receive funds instantly if you open an account.

NorthOne’s fee-free accounts give small business owners the opportunity to apply for and open an account in minutes, without the need to ever walk into a branch. They enable digital banking tools, send payments, deposit and withdraw, and automate budgeting.

Like Novo Bank, NorthOne is built with a profit-first-friendly framework. They provide a simple, business debit card for spending, accepting payments, and ATM access.

NorthOne Integrations

You can connect your NorthOne account to the financial tools you already use (if you’re using compatible products.

And, NorthOne connects easily to top accounting software like Expensify, Quickbooks, and Wave. And, accounts integrate with payment processors like Amazon Pay, PayPal, Shopify, and Stripe. While NorthOne doesn’t offer business credit options, using a NorthOne account in tandem with these payment processors could help you become eligible for a capital loan through one of the other companies.

Money Movement

Essentially, NorthOne accounts give your business a simple way to deposit, withdraw, pay, and get paid.

NorthOne enables cash deposits — not all online bank accounts do. With NorthOne, you can deposit cash through the GreenDot™ network, but there are some limitations.

Daily limit: 4 loads max, for a total of $1,500.00 per day
Weekly limit: 7 loads max, for a total of $3,500.00 per week
Monthly limit: 20 loads max, for a total of $5,000.00 per month

Note: GreenDot locations may elect to impose smaller caps on cash transfers, so check your local ATMs and locations for more details.

Remember when I said that NorthOne supports profit-first? Let’s explore how that works.

NorthOne Envelopes

NorthOne accounts have built-in “envelopes” that enable you to designate portions of your balance for specific, designated purposes. These envelopes are accessed on the mobile app or web app, to help you keep your money organized. You can set your account to send a set amount of money, either by amount or percentage, to each envelope from daily transactions.

This feature helps companies get a clear picture of where they’re spending, save, practice discipline, and avoid spending money they don’t have.

New, Real-Time Payments Network

Furthermore, just this year, NorthOne, along with Bancorp, joined the Clearinghouse’s new Real-Time Payments Network; this means that account holders are now at a competitive advantage with the ability to accept payments and receive funds instantly.

It sounds like a wire transfer-type situation because you have to give the sender your NorthOne routing and account numbers, but you will get the payment in seconds after they send it. Obviously, this is not a feature that you will be able to leverage with all of your customers because you shouldn’t share sensitive data with just anyone.

Note: the ability to send Real-Time Payments with a NorthOne account is coming soon, according to a customer service rep I spoke with.

No Peer-to-Peer Mobile Payments

On the other hand, if you need to process through Zelle, CashApp, or Venmo, the offer might not seem so cutting-edge. These types of instant transfer services are treated like ACH transactions, and take 1-3 days to process. This leaves some uninformed account holders with a bad taste in their mouth.

Currently, NorthOne does NOT have a Zelle integration to receive payments. They are working on adding a Zelle integration to their accounts, so keep checking back and follow the news for updates — they don’t have an expected date when this might happen.

With that said, you can use Cash App, Venmo, and the Real-Time Payments Network to receive funds quickly.

NorthOne Fees

As with most banks (though, not all neobank accounts) There are fees imposed with the offer.

Monthly account fee: $10
Domestic wire fee: $15
Expedited card mailing: $25
Same-day ACH fee: $5
Digital check fee: $4 per check

And, NorthOne provides a virtual card, with a different 16-digit number than the physical card, that you can use while you wait for your debit card to arrive in the mail. You may only have one virtual card.

Mastercard Small Business Debit Card

NorthOne issues Mastercard Small Business debit cards that can be used anywhere Mastercard is accepted.

First of all, Mastercard is accepted at millions of merchants, suppliers, and utility companies worldwide. So, you won’t need to worry about where you will be able to use your card. Plus, Mastercard offers quite a myriad of benefits, even for basic debit cards.

All MasterCards come with zero-liability protection so you won’t pay for misuse or unauthorized purchases on your card. And, you can take advantage of free identity theft protection. If you opt-in, the system will monitor your credit and alert you to suspicious activity.

Mastercard’s Global Service provides 24/7 assistance for lost or stolen card reporting, emergency card replacement, and help finding an ATM if you need it.

None of this is beyond the norm for a business debit card, but it should bring you peace of mind, especially if you’re signing up with a neobank for the first time.

How Does NorthOne Stack Up Against Rivals?

I previously mentioned NorthOne’s top competitors, Novo and Bluevine. Let’s see how they contend next to one another.

NorthOne is the only bank of the three that charges a monthly fee. And, you can use a third-party app to send invoices from a NorthOne or Bluevine account, but this feature is built-in with Novo accounts.

None of these banks charge ATM fees themselves. With Novo, all third-party ATM fees will be reimbursed each month — NorthOne and Bluevine don’t currently offer reimbursement. Bluevine is the only account that enables you to earn interest on your business checking funds.

While NorthOne and Bluevine enable cash deposits, If you want to deposit cash into a Novo account, you’ll need to get a money order and then upload it through the app (not super convenient). And Bluevine is the only bank of the three that currently has a business credit offer, though NorthOne has stated that they plan to offer one in the future.

Frequently Asked Questions

Is NorthOne a real bank?

Yes and no; NorthOne is a real fintech company, also known as a “neobank,” and NorthOne accounts are serviced through Bancorp, an established, FDIC-insured bank.

Is NorthOne FDIC-insured?

Yes, NorthOne accounts are FDIC-insured via their servicer, Bancorp Bank.

Can you use Zelle with NorthOne?

As of today, NorthOne does not have a Zelle integration. However, according to one company representative, they are working on creating one. To receive funds, you can use Cash App, Venmo, or the Real-Time Payments Network.

Does NorthOne bank have checks?

At this time, NorthOne only allows account holders to send checks. The recipient would receive the check within 3-9 days, and the service costs $4.

Does NorthOne report to credit bureaus?

NorthOne doesn’t offer any credit products for individuals or businesses, so there is no need for them to report to credit bureaus. And, opening an account does not affect your credit score in any way.

id=”conclusion”Final Takeaway

NorthOne has an interesting offer, for sure. In particular, the Real-Time Payments Network seems to be a leading-edge technology. However, if real-time payments aren’t a feature you need, Bluevine seems to have a more robust offer, as of today.

With that said, I typically recommend small business owners bank with local community banks and credit unions for optimal access to substantial business credit lines.

If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

Key Takeaways

Amex Company Overview

The Amex Business Checking Account

The Introductory Bonus

Amex Checking Account Features

What is the Downside of American Express Checking?

Amex Business Checking App

Amex Business Checking Competitor Overview

Frequently Asked Questions

Does Amex business checking pull credit?

Does American Express business checking use Zelle?

Can you use Venmo with American Express?

How do I deposit cash into my American Express business checking account?

How much is 60K Amex points worth?

Final Takeaway: Is Amex Worth the Hype?

What is Skip?

How Much Does Skip Cost?

Company Overview

Who Are Skip’s Funding Partners?

What Does Skip Do?

1. Business Grant Opportunities

2. Business Loans & Financing

3. Deadline-Based Sorting

4. Multiple-Business Financing Matching

5. Skip AI™

6. The Skip App

7. Educational Resources

8. Business Plan Generator

9. Referral Program

Frequently Asked Questions

Can Skip guarantee funding for my business?

Is Skip available nationwide, or are there restrictions based on location or business type?

How can I cancel my Skip account?

Conclusion: Is Skip Legit?

What is a Fintech Credit Card?

Explore the 6 Best Fintech Credit Cards

1. Brex – Your Stealthy Fintech Ally

2. Divvy – The Power Credit Card

3. Bluevine – Fintech Business Checking & Credit

4. Stripe Corporate Card – Cashback and More

5. Ramp – Redefining Fintech Credit Cards

6. Meet the Unicorn Card – CredAI

Frequently Asked Questions

What is a Stealth Card?

How does fintech make money?

What are the Big 4 credit card networks?

Who is eligible for fintech credit cards?

How do you qualify for fintech credit cards?

Is Zelle a fintech company?

Conclusion

NorthOne Company Overview

What is a NorthOne Business Account?

NorthOne Integrations

Money Movement

NorthOne Envelopes

New, Real-Time Payments Network

No Peer-to-Peer Mobile Payments

NorthOne Fees

Mastercard Small Business Debit Card

How Does NorthOne Stack Up Against Rivals?

Frequently Asked Questions

Is NorthOne a real bank?

Is NorthOne FDIC-insured?

Can you use Zelle with NorthOne?

Does NorthOne bank have checks?

Does NorthOne report to credit bureaus?

id=”conclusion”Final Takeaway

Business Credit Blog

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