Full Shopify Credit Review: Are the Cashback Rewards Legit? 

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Shopify Credit Review

If you landed here, you may have received an invitation to apply for a “Shopify credit card.” And, since this offer was only unveiled a few months ago, you’re not going to find a lot about it on Reddit or other forums. 

Not only this, but if you try searching for details about the card, you’ll mostly see Shopify’s own marketing content, reviews that may have been written by affiliates, and information about Shopify Capital (which is a separate offer)

…This is probably going to change in the future as the Shopify Credit offer has time to spread its wings. Still, you need to know more about the card before you apply or accept an offer.

→ Recommended: 7 Best Cash Back Corporate Cards to Explore

So, here, I’m going to explain the offer and a little bit about the company, share some features and benefits of the card, and compare it to some close competitors. Then, I’ll answer a few of the top questions people are asking. 

Here’s what’s in store: 

 Let’s dive in! 

What is Shopify Credit? 

Shopify Credit login

Shopify Credit is a pay-in-full, so-called “business credit card” tailored for entrepreneurs — It offers a straightforward and transparent financial solution with no fees, no interest, and up to 56 days to pay for purchases. 

Considering the way the card is set up, it’s actually a corporate card, not a business credit card (more on that in a minute). 

Shopify Credit is designed to support business cash flow with a flexible spending option for everyday business expenses, such as: 

  • Marketing and Advertising
  • Shipping and Fulfillment
  • Wholesale

Shopify sellers can easily check their eligibility online and receive quick decisions based on business performance rather than credit scores. And, they can enjoy the convenience of a Visa®-branded card accepted pretty much everywhere globally (i.e. wherever Visa is accepted). 

The card also comes with the added benefit of cashback rewards, allowing users to earn up to 3% cashback on eligible purchases in their top spend category and 1% on the other two categories. With no catch and a focus on simplicity, Shopify Credit aims to empower businesses by providing a reliable and rewarding financial tool.

Recommended: Best eCommerce Credit Cards (Online Seller’s Guide)

Business Credit vs Corporate Cards

Business credit cards and corporate cards serve distinct purposes in the realm of business financing. Business credit cards are typically designed for small to medium-sized enterprises and individual business owners, offering a convenient and flexible means of covering day-to-day expenses. They often come with features like cashback rewards and expense tracking. 

On the other hand, corporate cards are generally intended for larger enterprises and are issued to employees for company-related expenses. Corporate cards may come with more extensive expense management tools and customization options tailored to the specific needs of large organizations. 

Shopify credit gives you the best of both worlds. Still, the offer is more closely related to contemporary corporate card offers than business credit cards, which allow you to carry a revolving balance.  

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

Shopify Company Overview

Shopify Finaning for Merchants

Established back in 2004, the Canadian powerhouse known as Shopify (aka Shopify Payments or Shopify Data Processing, if you’re feeling fancy) has grown into a publicly-traded juggernaut valued at $1.3+ billion. 

Every online merchant has heard about their game-changing online sales platform that’s been rocking the eCommerce scene. Now, I won’t dive too deep into the intricacies of Shopify’s credit card processing capabilities or the Shopify credit card reader. 

Instead, let’s shine a quick spotlight on the backstory of Shopify Credit. 

Shopify’s initiatives kicked off in April 2016, when they started offering merchant cash advances, and since then, they’ve pumped out billions in funding for sellers worldwide. Shopify Credit was launched more recently in July 2023.

It’s worth noting that all the financial mojo behind Shopify Capital comes courtesy of WebBank, a player affiliated with the likes of Dell Business Credit, LendingClub, and Capital on Tap (not my favorite business funding offers). 

Meanwhile, Shopify Credit is issued courtesy of Celtic Bank, a modest brand with a tremendous reach. 

Recommended: Shopify Capital Review: What are the Benefits & is it Worth it? 

Shopify Credit Features & Benefits

Okay, are you ready to dive into the details? Here’s a summary of who can qualify for Shopify Credit and everything you can expect if you pull the trigger on this one. 

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

Shopify Credit Card Terms & Fees

Shopify Credit Card Fees

Shopify Credit is essentially free:

  • No annual fee
  • No foreign transaction fees
  • No setup fees

This offer is all about straightforward transactions to help keep more money in your business.

With up to 56 days to settle bills (net 56) and zero late fees, Shopify Credit offers a relaxed payment period, giving you ample time to manage your business finances. This can help you manage your finances pretty easily.  

Many tradelines like this report on-time payments to credit bureaus. I couldn’t find out any information on the Shopify website about whether on-time payments are reported to credit bureaus. So, I first reached out to Celtic Bank who referred me back to Shopify. 

Does Shopify Capital run your credit?

According to Shopify’s AI chat assistant, on-time payments on the Shopify Credit card are not reported to business credit bureaus. I’m not 100% confident in the accuracy of this answer, so if you know otherwise, please let me know. 

FInally, over time, you can watch your credit limit expand as your business succeeds – Periodic reviews ensure your credit line grows with your business, which offers some financial flexibility without constant paperwork.

You might also like: Using 30 Day Net Vendors to Build Your Business Credit Score 

Cashback & Bonus Offer

Shopify Credit Cashback rewards

In addition to being a free card, Shopify Credit offers cashback and bonuses. 

With this card, you can earn rewards customized to your business essentials: 

  • 3% cashback on your top spending category
  • 1% on the other two, recognizing your business efforts.

There is a catch here, though — a pretty big one. In order to earn rewards, you must use your card for spending in the three approved categories (marketing and advertising, shipping and fulfillment, and wholesale). 

How Does Shopify Credit earn money?

Card spending must take place with one of Shopify’s partners to qualify for cashback: 

CategoryProviders
Marketing & advertisingGoogle, Meta, TikTok, Pinterest, Snap, Twitter, Microsoft, Shopify Email, Klaviyo, Mailchimp, Instafeed, Yotpo SMSbump, Yotpo product reviews and UGC, Yotpo subscriptions, Yotpo loyalty and rewards, Loox, Privy
Shipping & fulfillmentUSPS, UPS, DHL Express, Flexport, Pirateship, Shopify Shipping, Shopify Fulfillment Network, Shipsurance, Shipstation, Shippo, Aftership order tracking, Aftership shipping + labels, Aftership returns, Parcel Panel Order Tracking
WholesaleFaire

Chances are, if you’re successfully selling on Shopify, you are spending with some of these brands — so, the Shopify Credit card gives you a chance to earn/save on some of that spending. 

Shopify also advertises a $2K Shop cash welcome bonus for eligible spending — as of today, this is still up on the website: 

Shopify Credit $2000 intro offer

Sadly, this offer expired on October 31, 2023…if you accept a card offer after this date, you will not qualify for the $2K welcome bonus (I triple-checked). 

Shopify Credit welcome bonus has expired

As with most corporate and credit cards, there will probably be more introductory offers in the future – be sure to keep your eyes peeled…and always read the fine print. 

You might also like: This is How to Leverage Business Credit to Transform Your Life 

Shopify Credit Requirements

Shopify Credit eligibility requirements

You might be pleasantly surprised to learn that Shopify does not do a credit check. Shopify Credit is offered by Shopify to eligible merchants. Merchants don’t necessarily have to seek it out actively; instead, Shopify may extend offers to qualified merchants based on their business performance, so you don’t need a particular credit score to qualify. 

But, you do need a few other things: 

  • 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 

You may receive notifications or invitations to apply for Shopify Credit, and the application process is typically straightforward. Eligibility is based on your business performance, and decisions can be made within minutes.

Shopify Credit Alternatives

Shopify Credit card alternatives

I’ve reviewed quite a few free corporate fintech cards here on this blog, and a handful of them are very close contenders with Shopify Credit: 

  1. While I don’t like to play favorites, my favorite corporate card is Divvy – I have this card, I use it, and I love it because of its user-friendly features and expense management tools.
  2. Brex is another super popular corporate card. You’ll need a high-performing business to qualify. And, if you get this card, you’ll have the opportunity to save on business expenses like travel and online advertising.
  3. Next, Stripe Corporate is a close contender and may be a better fit if most or many of your Shopify store transactions are run through the Stripe payment platform. This card offers features tailored for Stripe users, but it’s available by invitation only, with specific requirements.
  4. This list would be complete without Ramp, which focuses on providing real-time insights into your company spending and helps control costs.
  5. While the next card wouldn’t be my top choice for most online sellers, Bank of America’s Corporate Card is worth mentioning here because of its benefits and rewards, especially if you’re already using BoA for business banking.

The best card for you is going to depend on your current setup, whether or not you’re willing to make some changes, and how quickly you need access to a corporate card. 

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

Frequently Asked Questions

How does Shopify give you money?

Shopify offers two types of merchant funding: Shopify Capital and Shopify Credit. Shopify Capital provides funding through merchant cash advances based on sales history, with repayments tied to a percentage of daily sales. Shopify Credit, on the other hand, offers a fee-free credit card with cashback rewards, providing additional funds for business expenses based on sales performance. Both options give eligible merchants access to capital to support their business growth.

Does Shopify Credit affect your ability to qualify for Shopify Capital?

No, applying for Shopify Credit does not impact your Shopify Capital eligibility. The two operate independently, allowing merchants to leverage both financial tools to support different aspects of their business needs.

What is the Shopify Credit card fee?

The Shopify Credit card is fee-free, with no annual fees, foreign transaction fees, or setup fees. This transparent fee structure aims to provide simplicity for merchants, allowing them to focus on their business without concerns about additional charges.

Will a Shopify Credit card help you build business credit? 

No. Shopify Credit is not technically a credit card and on-time payments made toward your account balance will not be reported to business credit bureaus. 

Conclusion: Is This Card Offer Worthwhile? 

Wrapping it up, Shopify Credit and its cashback rewards seem to be a pretty legit deal under the right circumstances — The card offers a straightforward, fee-free experience with up to 56 days to settle bills, and zero late fees. 

While the card is relatively new and might not be buzzing just yet, it offers simplicity, quick eligibility check, and no credit score hassles. These features make it a solid choice for some online sellers. 

The cashback adds a nice touch, providing cardholders with tangible benefits for their business spending – but it’s a shame they’re still advertising the bonus offer when it’s actually unavailable. And, I am not stoked that the card doesn’t report payments to credit bureaus.  

With that said, I still like Divvy, and I would choose it over Shopify Credit, depending on whether or not my operations were the right fit. In full transparency, I’m not a Shopify seller, I’m a business credit coach and investor. 

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!

Bank of America Corporate Cards: A Complete, Uncut Review

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Bank of America Corporate Card

Bank of America is one of the largest banks in the United States, with robust financial offers for consumers and businesses. One popular business product from Bank of America is their corporate cards — here, we examine this offer in full (note: we’re not talking about the small business credit cards). 

We’ll look at the benefits and the downsides of BoA’s corporate cards, and, by the time you’re done reading, you’ll know whether it’s right for you (or if you should explore other offers). 

Here’s what’s covered: 

Now, let’s begin. 

What is a Corporate Card? 

Before we dig into Bank of America’s offer, how do corporate cards work? 

Typically, businesses with substantial revenue can obtain corporate cards to improve cash flow and track spending. With corporate cards, credit lines are issued to a corporation or business entity, not the business owner. 

Not just any business can get a corporate card, though. The requirements are typically strict, based on revenue (usually in the millions) and expenses (typically in the hundreds of thousands), creditworthiness (credit score), and sometimes require several cardholders to qualify. 

Recommended: Corporate vs. Business Credit: What’s the Difference?

In many ways, corporate cards are like other credit cards. Businesses might need a corporate card in order to keep track of expenses and employee spending, and/or to get quick or easy access to funds to grow or maintain operations. 

Corporate cards vary from personal cards in the way that the business, not the individual is responsible to maintain the account and pay the balance. And, corporate card terms often require that the balance is paid in full each billing cycle, whereas most traditional personal credit cards have revolving terms. 

When corporate card payments are reported to credit bureaus, corporate credit cards can impact the business’ credit score, for better or worse. On-time payments on a corporate card typically help increase the company’s business credit score(s). 

Finally, corporate cards should typically not be used for personal expenses. While using a business card to pay a personal expense is not always illegal, there can be tax implications and it could be a violation of the cardholder’s fiduciary duty to the company. 

Now, let’s look specifically at Bank of America’s corporate card offer. 

You might also like: Using 30-Day Net Vendors to Build Your Business Credit Score 

What is the Bank of America Corporate Card? 

Bank of America services several business credit cards — a handful of small business credit cards and a commercial prepaid credit card. The commercial prepaid card is the most similar to a typical corporate card, but it is not really a line of credit. Cash must be deposited to the card before the funds can be accessed.  

You may have received a pre-approval offer from BoA for a business credit card, which is how you ended up here. In this case, note that we’re exploring an entirely different offer. 

Bank of America Business Credit Card Preapproval

The idea behind prepaid is that businesses can leverage digital payments for purchases anywhere Mastercard or Visa cards are accepted, withdraw cash at ATMs, and go about their day without carrying large amounts of cash while protected from fraudulent financial activity via BoA’s zero liability policy.  

Bank of America’s prepaid cards are widely used in government programs like unemployment and child support, and the fees are a little steep. The bank tends to charge $2-5 per transaction, which is determined on a case-by-case basis, depending on your account needs. 

Unlike some corporate card programs, prepaid card use is not reported to credit bureaus, so if you opt to join the BoA commercial prepaid program, there will be no impact on your business’ credit score. 

Recommended: Brex Card Review: Is This Corporate Card Too Good to be True? 

Benefits of BoA’s Commercial Prepaid Cards

If you have to pay in advance, and payments aren’t reported to business credit bureaus, why would you want to take advantage of a commercial prepaid card system? BoA offers more than a handful of benefits for companies and staff cardholders with its prepaid cards. Like corporate credit cards, BoA’s prepaid cards are intended to help you manage cash flow and come with other perks. 

If you choose to leverage BoA for this purpose, here’s what you’ll get. 

The business benefits: 

  • Comprehensive payables – Business owners who use Bank of America’s prepaid cards can utilize automation for their payables system, to save time. In turn, this feature can save companies a lot of money. 
  • Secure, fast purchases on the go – Take advantage of secure purchases using your mobile wallet platform with Bank of America prepaid cards to make in-person payments throughout North America, Europe, and Asia Pacific. 
  • Virtual travel cards – Virtual cards can be used with cardholders’ mobile wallets and make it easier for travel coordinators to implement spending limits and access travel data for accounting and reports. 
  • Complete accounts payable – Members also get access to Bank of America Complete AP, which automates the entire accounts payable cycle, from invoicing and receipts to payment processing. The platform can be integrated into your enterprise resource planning system to help reduce paper and manual processes.  

If your business involves travel, especially for multiple staff members, you can see how these cards might be a great idea, even if they come with no traditional line of credit. 

The cardholder benefits: 

  • Global card access – Cardholders get visibility, convenience, and control with Bank of America’s Global Card Access, and can manage their prepaid cards from anywhere they can connect to the internet. 
  • Contactless payments – When it comes time to pay for goods and services, BoA prepaid cards can be used with any functioning contactless payment system — these systems continue to grow in demand and implementation. 
  • Executive Explorer Card – For an additional $375 per year, executives at your company can leverage advanced card perks, including $600 Lounge Access credit and $100 Airport Fast Track credit per year. 
  • Dining and entertainment perks – The “Benefits on Us” (just a catchy title) gives BoA commercial cardholders free access to over 225 cultural institutions across the US, and rebates on in-network dining via Dinova.™ 

The most notable perks seem to be dining and entertainment, so let’s explore those a bit further. 

Accounts Payable Automation Overview

Bank of America Complete AP

Bank of America’s “Complete AP” launched in April 2021, and is included with commercial prepaid accounts. According to BoA, the platform can easily be integrated with “nearly any” existing enterprise technology. 

I know for sure that the platform integrates with Quicken, Quickbooks, and MyPortfolio. If you use another technology, you might have to reach out to a sales rep to make sure that your platform will integrate easily. 

Next, with Complete AP as a standalone system, you have several automation options: 

  • Capture and digitize supplier invoices
  • Route invoices for coding and approval
  • Visibility & control of invoices & payments
  • Organized payment queues 
  • Payment approval alerts & audits 
  • Automated payments (via supplier’s preferred payment method)
  • Communication with suppliers
    • Account validation
    • Network enrollment
    • Payment preference controls
    • Payment research & support
  • Currency exchange
  • Cross-border payment tracking 

And, as of August 2022, Bank of America was scouting a new software integration developer. This tells me that the company is definitely building out its technology offer, and there will be more automation features and integrations to come.  

Lounge Access Overview

Bank of America Business Debit Card benefits

Many business travelers stop in at airport lounges for more comfortable layovers, including snacks, beverages, and showers (some of them even have swimming pools, massage, and fitness centers). Lounge Access with a BoA Executive Explorer Card is limited, but the lounges that credit may be spent on are some of the most popular: 

  1. Admiral’s Club by American Airlines
  2. Alaska Lounge by Alaska Airlines
  3. Delta Sky Club by Delta Airlines
  4. United Club by United Airlines 

If your executives utilize any of the above lounges, and individual spending is in excess of $375 per calendar year, you could save hundreds by taking advantage of the Explorer Card offer alone. 

Airport Fast Track Credit Overview 

BoA Business Advantage Credit Card perks

The $100 Fast Track statement credit per Executive Explorer card, per year can be used for a few different airport purposes.

  1. TSA Precheck
  2. Global Entry  
  3. Nexus
  4. Registered Traveler

Again, this perk is only available with the Executive Explorer card, which costs $375 per year — it is not included with every business prepaid card from BoA. So, while it’s a great perk to offer, it is best leveraged by individual staff members who will also take advantage of Lounge Access credits. 

Arts & Culture Benefits Overview

Global Access Card Bank of America Benefits

Available with all BoA prepaid cards, Arts & Culture benefits are fun for anyone who might find interest in visiting museums on pitstops while traveling for business. With a BoA, cardholders get complimentary access to hundreds of museums and cultural centers in the United States. 

For a full, updated list of participating organizations, visit BoA’s Museums on Us participant roster. 

Note that this perk can be leveraged by any BoA cardholder during operating hours and can only be used during certain weeks each month — you’ll have to check with the facility to find out if your travel aligns with the dates and times that you can cash in on the perk. 

Dinova™  Rebates Program Overview

Bank of America Global Access Card Login benefits

There are over 20K restaurants in Dinova’s network. And, with BoA prepaid cards, businesses earn rebates on all in-network cardholder spending, and cardholders can earn individual points that can be exchanged for gift cards. 

There’s no need to offer incentives to staff to take advantage of these perks, since BoA does that for you through their individual rewards program. And, Executive Explorer cardholders (owners and executives) get 2X points. 

Bank of America Business Credit Cards

At this point, if you’re not interested in a prepaid card, you might find what you’re looking for with one of BoA’s business credit cards. Here’s a quick summary of what’s available. 

APRAnnual FeeRewardsIntro Offer
15.99 to 25.99%$01.75% to 5.25%0% APR for 9 mos$300 bonus
15.99 to 25.99%$01.5% unlimited0% APR for 9 mos$300 bonus
15.99 to 25.99%$01.5 points per $130K bonus points
19.74% to 27.74%$50 +$25 per card$121 Companion Fare™ Free checked bag3 miles per $140K bonus miles

For even more options, see the full list of BoA small business credit cards. 

Frequently Asked Questions

Is it hard to get a Bank of America card?

Generally, a BoA credit card account requires a credit score of 750 or higher. However, there are quite a few perks to be leveraged with prepaid or “corporate” cards, which have no credit score requirements. Of course, you must be at least 18 years old and have a valid SSN or ITIN. 

Which FICO score does Bank of America use?

Typically, BoA uses Experian to pull credit but can get some information from Equifax and Transunion as well.  

What credit score is needed for a Bank of America business card?

A personal credit score of 750 may be required, even for a business credit card. However, corporate prepaid cards have no strict credit score requirements. 

Final Thoughts

Bank of America has quite a few options for business owners looking to optimize their corporate cash flow. If you’re a high-revenue company, interested in perks related to travel, arts & culture, or dining, they may have a corporate offer for you by way of their prepaid cards system. If you’re looking for lines of credit, there might be a BoA business credit card that would be great for you. 

BoA’s business offer is pretty traditional, but there’s nothing boring about it. If you liked what you learned here, and saw something that would be beneficial for you, I recommend you chat with a BoA sales rep to find out what might be best for you at this time. I can’t knock the offer. 

But, if you are interested in a corporate card offer that’s more innovative — maybe something with more tech perks — I’ve done a handful of reviews of other corporate cards that you may want to see: 

And, if you want to learn how to obtain up to $100K in business credit (won’t affect your personal credit) in as few as 30 days, join business credit workshop today.

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