business line of credit

6 Best 0% APR Business Credit Cards to Check Out

As a business owner, there’s no end to how you can use credit to grow your business. But, one of the downsides to using credit versus cash is the fact that it can cost you. If you fail to pay credit in full each billing cycle, annual percentage rate (APR) interest can add up fast—But, not if the APR is 0%.

0% APR business credit cards can save you a ton of interest, if used responsibly. But, where can you find them? There are needles in a haystack with no interest ever, and others you can leverage at 0% introductory rates. Simply put, here are the top business credit cards with 0% APR that I know of right now.

This is what’s in store:

What is a Good APR for a Business Credit Card?
- Can You Get a Credit Card with 0% APR?
The Best Business Credit Cards With 0% APR
Frequently Asked Questions
Final Thoughts

Now, let’s roll!!

What is a Good APR for a Business Credit Card?

Generally speaking, the lower the APR on a business credit card the better — this is if you plan to carry a balance. The lower the rate, the less you’ll pay. Think of it like this: With credit cards, you’ll be charged interest on any money that you owe at the end of a billing cycle.

So, if you spend $1,000 on your credit card, and you only pay $100 at the end of the month, you will still owe $900 to the card issuer. The issuer will charge interest on that $900. The lower the interest rate/APR the less you will pay.

According to data collected by the Federal Reserve, the average interest rate on credit cards issued by commercial banks was 21.47%, which increases over time – So, anything lower than this might be considered a “good” APR. However, this doesn’t account for cards issued by credit unions nor separate business products from those issued to consumers.

Keep in mind, if you pay the balance on your business cards in full each month, you won’t have to worry about APR.

You might also like: 3 Best Credit Unions for Small Business Banking in 2024

Can You Get a Credit Card with 0% APR?

You can absolutely get a credit card with no annual interest rate—Both 0% APR business credit cards and 0% APR consumer credit cards can be found on the market.

In most cases, when a business credit card comes with no annual fee, this is an introductory rate…A 0% introductory rate means that you will pay no interest for a specified period, which is usually 6, 12, 18, or 24 months. After this, the interest rate will revert back to its normal rate. At this point, you will be charged the full interest for any balance still owed, no matter when the debt accrued.

Another business financial product that people sometimes refer to as a business credit card is a corporate card. Many corporate cards come with 0% APR, and several even offer cash back on purchases. However, a corporate card is not technically a business credit card.

You might also like: Corporate vs Business Credit Card: What’s the Difference?

The Best Business Credit Cards With 0% APR

Let’s take a look at the top business credit cards you can get today with 0% APR.

Note: Credit cards rates can vary – always check with the card issuer before you apply.

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

1. PNC Cash Rewards Visa Signature Business

0 apr business credit cards no annual fee

The PNC Cash Rewards Visa Signature Business Credit Card offers a $400 bonus when you open a new account and make at least $3,000 in qualifying purchases within the first three billing cycles—It also features an introductory 0% APR for the first 9 billing cycles (9 months), with a variable APR of 19.24% to 27.24% afterward.

With this card, you earn 1.5% cash back on net purchases, with no limits on your earning potential. You can easily manage your account online with various tools provided. Additionally, as a Visa Signature cardholder, you’ll enjoy travel benefits and purchase protection.

There’s no annual fee, and for balance transfers, you’ll pay either $5 or 3% of the transfer amount, whichever is greater. Cash advance fees are either $10 or 4% of the advance amount, with a maximum fee of $75. Late payment and over-the-credit-limit fees may apply.

A noteworthy perk: if you have a PNC business checking account, using this credit card could help offset your monthly maintenance fee.

2. U.S. Bank Business Platinum Card

The U.S. Bank Business Platinum Card offers a 0% introductory APR on purchases and balance transfers for 18 billing cycles (a year and a half), making it ideal for managing expenses and consolidating debt. After the introductory period, a variable APR applies.

This card comes with a low annual fee and provides cards for both you and your employees–This U.S. Bank business credit card gives you access to a dedicated domestic servicing center with 24/7 customer support, which ensures assistance whenever you need it.

With Visa Spend Clarity™, you can track spending and manage expenses more effectively. The card has received honors, including being named Best 0% APR Credit Card by WalletHub and Best Business Cash Back Card for Gas by Forbes.

Furthermore, the U.S. Bank Business Platinum Card allows you to pay over time with U.S. Bank ExtendPay® Plan, and new cardmembers can take advantage of a $0 fee offer on ExtendPay Plans opened within the first 60 days after account opening.

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

3. Capital One Spark Business 1.5% Cash Select

The Spark 1.5% Cash Select credit card from Capital One is tailored for businesses with good credit. It offers unlimited 1.5% cash back on all purchases, with no category restrictions, and an additional unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.

There’s a $0 annual fee, and for the first 12 months, there’s a 0% introductory APR, followed by a variable APR ranging from 21.24% to 29.24%, based on your creditworthiness.

The card provides benefits like:

Automatic payments
$0 fraud liability
Year-end summaries for simplified budgeting and tax preparation
Account managers for assistance with purchases and payments
Purchase record downloads in various formats
Virtual card numbers for enhanced online security

The application process takes about 10 minutes, and decisions are typically made in seconds.

To apply, you’ll need to provide information about all business owners, including legal names, addresses, and Social Security Numbers, as well as details about your business, such as its legal name, address, and tax identification number (EIN).

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

4. BofA Business Unlimited Cash Rewards

The BofA Business Unlimited Cash Rewards credit card by Bank of America offers a $300 online statement credit bonus after spending at least $3,000 within the first 90 days of opening an account. It allows you to earn unlimited 1.5% cash back on all purchases, with no annual cap and no expiration on rewards.

Moreover, if you have a Bank of America business checking account and qualify for the Preferred Rewards for Business Platinum Honors tier, you can earn up to 75% more cash back, up to an unlimited 2.62% cash back on purchases.

This card features flexible redemption options, including depositing cash rewards into your Bank of America checking or savings account, receiving a statement credit, or getting a check mailed to you.

There’s no annual fee, and it offers a 0% introductory APR on purchases for the first 9 billing cycles, followed by a variable APR ranging from 18.49% to 28.49%—The card provides various features to manage cash flow, online and mobile access for account management, travel and emergency services including travel accident insurance, free access to business credit scores, security measures such as zero liability protection and fraud monitoring.

Notable: It also offers Balance Connect® for overdraft protection when linked to a Bank of America business checking account.

5. Chase Ink Business Unlimited

The Ink Business Unlimited® Credit Card from Chase offers a substantial new cardmember bonus of $750 cash back after spending $6,000 on purchases within the first 3 months of opening an account. With no annual fee, this Chase business credit business card allows you to earn unlimited 1.5% cash back on every purchase made for your business.

For the first 12 months from account opening, there’s a 0% introductory APR on purchases, which then transitions to a variable APR of 18.49%–24.49%. You can redeem your rewards on this card for cash back, gift cards, travel, and more through Chase Ultimate Rewards®.

Employee cards come at no additional cost and allow you to set individual spending limits while helping you earn rewards faster. Additionally, until March 2025, you can earn a total of 5% cash back on Lyft rides with your Chase Ink Unlimited card, which includes an extra 3.5% on top of the 1.5% you already earn on travel.

Chase also offers referral incentives for existing cardholders, allowing them to earn up to 200,000 points per year by referring businesses for any Chase Ink® Credit Card.

You might also like: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis

6. Amex Amazon Business Prime

The Amazon Business Prime Card, offered by American Express, comes with a $0 annual fee and offers a $125 Amazon.com Gift Card upon approval. It features a variable APR ranging from 19.49% to 27.49% on purchases, based on creditworthiness.

This card rewards your business with:

5% cash back or 90-day terms on select U.S. purchases at Amazon Business, AWS, Amazon.com, and Whole Foods Market, with a cap of $120,000 in purchases each calendar year with eligible Prime Membership, and 1% back thereafter.
2% cash back on U.S. purchases at restaurants, gas stations, and wireless phone services purchased directly from service providers.
1% cash back on all other eligible purchases.

Additional benefits include Amazon Business Enhanced Data Views for detailed expense tracking, Amazon Shop with Points for flexible reward redemption, and no foreign transaction fees.

You can manage expenses efficiently with features like Account Manager, Employee Cards with spending limits, and integration with QuickBooks® for auto-expense categorization – Moreover, cardholders receive baggage insurance, car rental loss and damage insurance, extended warranty protection, purchase protection, and access to Amex Offers for additional rewards.

Frequently Asked Questions

What credit score do you need for 0% APR?

Typically, you need a good to excellent credit score (usually 670 or higher) to qualify for a 0% APR offer on a credit card. Each card issuer has their own underwriting and qualification terms.

Why 0% APR offers might not be good for your credit?

0% APR offers can impact credit negatively if not managed properly. They may encourage overspending, leading to higher debt levels. Additionally, opening new credit accounts can temporarily lower your credit score due to inquiries and reduced average account age.

Is 23% APR high for a credit card?

Yes, a 23% APR is slightly above the average for credit card APRs, which was around 21.47% according to Federal Reserve data.

Is 29% APR high?

Yes, a 29% APR is significantly higher than the average credit card APR, indicating high-risk lending.

Final Thoughts

Leveraging 0% APR business credit cards can be a savvy financial move for entrepreneurs – It provides a valuable opportunity to manage expenses without accruing interest. With a clear understanding of what constitutes a good APR for a business credit card, the availability of 0% APR cards, and the top options currently on the market, you’re better equipped to make informed decisions tailored to your business needs.

Remember to consider factors like introductory periods, ongoing APR rates, and additional perks and benefits when selecting the right card for your business. With careful management and responsible use, these cards can serve as valuable tools for financial flexibility and growth.

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!

Can You Open a SoFi Business Account? SoFi at Work Review

By Joe

So, you’re looking to open a business account…No doubt SoFi® has come up on your radar, especially if you already have a personal account with them. Maybe you’re launching a new company or you’ve been operating awhile and need financial products.

Either way, you’re here because you wanna know what business services you can get. Well, SoFi® doesn’t offer traditional business checking or savings accounts, but they do have a cool product called SoFi at Work®. And, they offer business funding — Let’s talk about both.

This is what’s in store:

What is SoFi®?
- Company Overview
SoFi at Work® Features
SoFi® Small Business Funding
- Application Requirements
Frequently Asked Questions?
Final Takeaway

Now, let’s get poppin!

What is SoFi®?

SoFi® is a bank known for its personal checking, savings, and loans. With personal loans ranging from $5,000 to $100,000 and fixed rates from 8.99% APR to 29.49% APR, members can consolidate high-rate debt or fund projects. But, the institution offers a much wider variety of financial products.

SoFi® personal loans come with no fees—no origination fees, late fees, or prepayment penalties—and flexible repayment terms from 2 to 7 years. Plus, with options for student loan refinancing, private student loans, mortgages, investments, insurance, and more, SoFi® provides broad solutions to meet a spectrum of financial needs.

Today, we’re going to focus on their business offers: SoFi at Work® and small business funding.

You might also like: An Unbiased LendingClub Review for Borrowers and Investors

Company Overview

Before we explore how you can leverage SoFi® as a business owner. Let’s learn a bit more about the company itself.

SoFi®, aka Social Finance, Inc., is a San Francisco-based, public, for-profit company with headquarters scattered across the U.S. The company was founded in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. At the time, these guys were graduate students at Stanford.

The current CEO of SoFi® is Anthony Noto, who served as the Chief Operations Officer of Twitter until 2018. Before that, he was the Co-Head of Global TMT Investment Banking at Goldman Sachs—The man is experienced in the right ways.

According to Glassdoor, a majority of employees are satisfied with the company. 62% of employees would recommend them to a friend, and 77% approve of Noto as the CEO. While this isn’t the most enthusiastic rating I’ve seen on Glassdoor, at 3.6 stars, the team seems to have a generally positive experience in-house…this says a lot.

SoFi® is verified with a 4.6-star rating on Trustpilot, which is impressive for a financial offer. 82% of the more than 8,104 reviewers give the bank 5 stars. According to this, account holders are even more satisfied with the platform than staff, which is everything.

Some loyal members will go so far as to say the only people leaving negative reviews of SoFi® are those who may be doing shady trade with their account. But, one legitimate potential downside is that it’s an online-only bank, which usually infers limits on cash deposits. In sum, even Redditors have nice things to say.

Now, depending on how ethically-conscious you are, you may want to know that SoFi® filed a lawsuit against the Department of Education in March 2023. According to NASFAA, Their stance was that the Biden administration’s extended pause on student loan repayment was unlawful and caused harm to their business. However, they withdrew the lawsuit when the bipartisan ceiling debt deal was signed into place and a clear timeline for payment reopening was presented.

All in all, I think SoFi® appears to be a great bank for personal financial products. But, I always recommend you do your due diligence before you sign-on to any offer. Now, let’s explore exactly what they can offer small business owners.

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SoFi at Work® Features

Again, SoFi® doesn’t offer business checking or savings accounts (yet). However, this may change in the future—one Reddit moderator for the company said that business banking is a common request and insinuated that the company might be mulling over the idea…But, they do offer something called SoFi at Work®.

In a nutshell, SoFi at Work® is an employee benefits platform from SoFi®.

As a business owner, SoFi at Work® can be a valuable resource for your employees’ financial well-being. With this program, you can provide a range of perks to support your team in managing their finances.

For starters, your employees can access various financial products like:

529 college savings
Emergency savings
Retirement products
Student loans
Personal loans
Home loans

Moreover, SoFi at Work®, offers financial education resources and access to financial planners, giving your employees the tools they need to achieve financial freedom and reduce stress. The program also includes contribution benefits like student loan and 529 contributions, which can serve as attractive incentives.

And, they do it all in one dashboard — you can make it easier for your staff to save for education, plan for retirement, get financing, or prepare for unexpected expenses.

By offering financial benefits, you can demonstrate your commitment to supporting your employees’ financial well-being, which can lead to workplace satisfaction and loyalty within your team.

You might also like: Gusto Review: Let’s Really Evaluate This Famed Payroll Platform

1. Student Loan Verification & Repayment

In mid 2023, SoFi at Work® rolled out a cool new thing called Student Loan Verification (SLV) to help you and your employees tackle student loan debt while still saving up for retirement. Basically, Congress passed SECURE 2.0 in 2022, which lets employers match student loan payments with contributions to retirement plans.

So, SLV makes it super easy for you to link up those matching contributions with your employees’ loan repayments. It’s all about dealing with the impact of student loan debt on retirement savings, which has been a big issue lately.

By teaming up with financial groups and record keepers, SoFi at Work® handles the nitty-gritty to make sure eligible loan payments are verified and retirement contributions are sorted.

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2. 529 College Savings Program

The SoFi at Work 529 College Savings Program offers a tax-advantaged investment opportunity for employees, demonstrating your commitment to supporting their families’ financial futures—By investing in a 529 plan, staff can potentially see greater gains over time while enjoying the benefit of federal tax-free earnings.

The program provides a low-cost and hassle-free way for employees to save, with automatic payroll deductions and no extra administrative burden for you as the employer. With SoFi at Work handling the setup and management, including plan design and reporting, your team can easily link and contribute to existing 529 plans.

You might also like: How to Raise Money for Real Estate Investment: A Beginner’s Guide

3. Emergency Vault™ Savings

sofi business savings account interest rate

The SoFi at Work® Emergency Vault™ is a comprehensive emergency savings program designed to alleviate financial stress for both you and your employees. It provides powerful financial tools, knowledge, and support to help employees build emergency savings effectively.

With easy setup, automated processes, and stress-free administration managed by SoFi at Work, the Emergency Vault ensures a resilient workforce with reduced financial stress and improved mental well-being. Additionally, the program includes activity reporting for program evaluation and active engagement to enhance employee benefit awareness.

4. Education Assistance Benefits

The education assistance benefits platform by SoFi at Work ® offers a comprehensive solution for employers who want to support their employees’ educational needs. This platform consolidates various educational benefit and contribution programs into one user-friendly interface—this grants streamlined access for both employers and employees.

With a focus on speed, cost-effectiveness, and compliance, the platform offers:

End-to-end education assistance
Digital plan design
Account administration

You can leverage SoFi at Work® to provide low-cost solutions for funding student debt, tuition expenses, and future education investments.

SoFi® Small Business Funding

As a small business owner, SoFi’s® small business loans marketplace offers you a streamlined and efficient way to access the capital you might need to grow your business—You can easily see personalized loan offers without worrying about impacting your credit score, which allows you to explore your options freely.

They provide convenient access to loans up to $2 million with same-day approval potential. Terms and fees will vary based on the lender(s) you’re matched with.

Business loan offers include:

Equipment loans
Working capital
Payroll financing
Startup financing
Expansion loans

With this type of loan, you typically pay a factor rate in place of an interest rate – these loans are typically much more expensive than traditional business loans in the long run.

However, they are convenient. You can sometimes pay back factored loans as a percentage of daily sales.

You might also like: No-Doc Business Loans: Get Funds Without Proof of Income

Application Requirements

When you apply for a loan through the SoFi® marketplace, the platform will ask for some basic contact information before they prequalify you (which should have no impact on your credit score).

There will be a soft pull to your personal credit report during the application process. SoFi doesn’t seem to check business credit.

Gather the following info before you apply:

Name, address and contact info
Business name, address, and info
Type of business (sole proprietorship, LLC, etc.)
Business industry info
Credit score range

You will need to provide permission for access to your credit report, but this should be a soft pull. Once you’re matched with a lender, you’ll still have to apply (think of Credit Karma’s® referral program, but with business loan offers). And, this is when your actual FICO credit score will likely be pulled.

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

Frequently Asked Questions

Is my money safe in SoFi Bank®?

Yes, your money is safe with SoFi Bank®—as safe as in any other bank. It’s FDIC-insured, offering protection for your deposits up to the maximum amount allowed by law.

What bank is SoFi® associated with?

SoFi® was granted a national bank charter by the Office of the Comptroller of the Currency (OCC) in January 2022. In February 2022, SoFi® acquired Golden Pacific Bancorp, the parent company of Golden Pacific Bank®.

Does SoFi® have a business account?

Yes, SoFi offers business accounts tailored for small business owners via SoFi at Work® (an employee benefits platform) and their business funding platform, Relay.™ They do not offer business checking or savings accounts.

What is the downside of SoFi®?

While SoFi® offers competitive rates and features, it may have a narrower range of products compared to traditional banks, and eligibility requirements for some services can be stricter. Plus, they currently have no business banking.

Does SoFi® have a business card?

No, SoFi® does not have a business credit card. They do provide a personal credit card with cashback and travel rewards, no annual fees, and expense tracking tools.

Final Takeaway

While SoFi doesn’t offer traditional business checking or savings accounts, it provides financial products for business owners through SoFi at Work® and its small business funding platform.

SoFi at Work® offers a range of financial products and educational resources to support employee financial well-being. It could be pretty cool for the right company.

The small business funding platform provides streamlined access to loans of up to $2 million with possible same-day approval. However, the loans are likely to come with factor rates instead of interest rates, which can make them more expensive in the long run.

While SoFi® may have a narrower range of products compared to traditional banks, its innovative approach and generally high consumer opinion make me think the company is reliable overall.

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

Should You Take Fora Financial Reviews With a Grain of Salt?

By Joe

Fora Financial is a pretty well-known source of small business funding. And, according to Trustpilot and other review sources, they’re also super well-rated. But, you and I both know that you can’t necessarily trust that all user reviews you see online are real…and not all online loans are legit.

So, let’s dive deep into Fora Financial’s offer, and see if we can get to the bottom of the issue. Find out if Fora’s offer is right for you.

Here’s what’s in store:

What is Fora Financial?
- Fora Financial Loan Requirements
- Is Fora Financial a Real Company?
What Does Fora Financial Do?
Frequently Asked Questions
Conclusion

Now, let’s go!

What is Fora Financial?

Fora Financial is a financial services provider or alternative lender that specializes in funding solutions for small and medium-sized businesses — They provide options like small business loans with fixed payback schedules and revenue advances that adjust based on sales.

The application process is straightforward, typically involving an online application followed by a discussion with a “Capital Specialist” and, upon approval, receiving funds within a few days.

Their funding amounts range from a few thousand dollars up to $1.5 million (with no restrictions on how you use it). You might be able to qualify for 75 percent to 125 percent of your monthly gross sales.

And, you’ll probably pay between 15 and 20 cents per dollar with their repayment terms.

Fora Financial caters to various industries and business needs, including cash flow management, equipment purchases, expansion, and more. Overall, they provide accessible financing options for businesses looking to address their funding needs.

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Fora Financial Loan Requirements

Like other alternative funding, and compared to traditional business loans, Fora Financial’s requirements are fairly relaxed. You do need to meet some requirements, but the appeal is that these loans are pretty easy to get (In exchange, you pay higher fees over the duration of the loan).

You will need a personal credit score of at least 500 (with no open bankruptcies) to qualify. Most people can meet this requirement easily.

And, according to anecdotal evidence (what I found in various forums), your business must have at least $12K to $15K in gross monthly income and to have been established for at least three months.

Some lenders require several years in business, so their business requirements are nice. However, conventional business loans look at your business credit score, so there’s no impact to your personal credit utilization as long as you pay as agreed.

Is Fora Financial a Real Company?

I was surprised that people are wondering if the company is real. This one is easy to answer – yes, Fora Financial is an established business.

In fact, New York-based Fora Financial LLC was founded in 2008 by Daniel Smith and Jared Feldman. Back then, it was called Paramount Merchant Funding LLC (no relation to Paramount Payment Systems), and the name was changed in 2013.

Today, it’s a private-equity backed company that seems to be thriving.

Feldman is the current CEO of Fora, where he’s been for almost 16 years. Smith is also still with the company and previously spent 7 years as a board member of the Small Business Finance Association.

And, according to Glassdoor, most of Fora’s employees would refer a friend to the company and even more approve of company leadership.

Fora Financial employee reviews Glassdoor

How employees view a company really says a lot about its practices and overall internal ethics – in general, this one seems to have strong leadership.

But, how customers see a business can tell us even more. With that said, Fora maintains a 4.5-star rating on Trustpilot, where most of the poor reviews come from people who don’t have loans with the company.

On this platform, the most common complaints are the loan interest rates and difficulty getting in touch with a representative.

Now, when you check out Fora Financial’s standing with the Better Business Bureau, you’ll find that they are an accredited business with an A+ Rating. They have had seven customer complaints in the past three years (this is a relatively low number).

In sum, they appear to have a legit offer that could be worth checking out if you’d have trouble with approval from a more conventional lender.

But, before you take that as a green light to go apply, you should know that – as of January 2024 – there is an open class action against Fora in which a data breach is being investigated.

In Fora’s defense, one of the world’s largest banks and even one of the three major credit bureaus have suffered data breaches.

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What Does Fora Financial Do?

In a nutshell, Fora offers small business loans and revenue advances quickly through a fast application and approval process. But, let’s take a closer look at each major facet of the offer so you can understand exactly what you’re considering signing up for.

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1. Simple Application Process

The application process with Fora Financial is straightforward and designed for convenience. First, you’ll need to fill out their easy online application form, which only takes a few minutes. Shortly after submitting your application, expect a call from one of their Capital Specialists to discuss your funding request in detail.

It’s important to note that Fora Financial will conduct a credit check as part of their review process, but only upon pre-approval.

2. Speedy Turnaround

Within four to 24 hours of your application submission, if you seem to be a good candidate, Fora Financial will provide you with a funding recommendation. Once approved, you can expect to receive your funds in a lump sum within 24 to 72 hours – This allows you to start utilizing the funds for your business needs straight away.

Be sure to read terms and conditions carefully for any offer Fora might send. You need to be sure your business has the ability to pay back the loan on-time as agreed.

3. Convenient Online Portal

When it comes to applying and repayment, Fora has a convenient online portal that you can access through their website.

An online portal is convenient for business borrowers because it offers easy access to loan information, application processes, and account management from anywhere with internet access.

This means you can apply for loans, check your account status, and manage payments without needing to visit a physical location or wait on hold for customer service. It saves time and offers flexibility.

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4. Repayment Terms up to 15 Months

Fora offers loans from $5K to $1.5M and repayment terms up to 15 months. This means that you will have over a year to either repay your loan or find a way to refinance it through a lower-interest lender.

And, Fora doesn’t penalize early repayment – in fact, Fora rewards responsible payment behavior. If you pay off your loan early, you’ll save money in most cases.

While this seems like a loan feature that should be standard, it’s not something you see with all online loans.

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5. Small Business Loans

Fora Financial offers small business loans that can turn your entrepreneurial dreams into reality. With loan amounts ranging from $5K to $1.5 million in working capital, you have the financial flexibility to pursue opportunities and grow your business.

What’s great is that they don’t do hard credit pulls; just one soft inquiry when you apply, saving you from potential credit score damage. Plus, they offer pre-payment discounts and the chance to increase your borrowed amount after paying at least 60% of the original loan, providing ultimate flexibility.

And, you’re free to use the funds for almost any business expense, whether it’s expanding your operations, hiring more staff, or investing in equipment.

Recommended: How to Get an SBA Business Loan

6. Revenue Advances

Fora Financial’s Revenue Advance is designed to provide flexible terms for businesses experiencing variable cash flow. With this option, you can borrow anywhere from $5K to $1.5 million against your future revenue.

The repayment structure is tailored to your business’s sales performance, making it easier to manage during both prosperous and lean times.

Here’s how it works:

Instead of fixed monthly payments, you repay a fixed percentage of your daily or weekly sales.
When your sales are booming, you’ll pay off your advance faster, but during slower periods, you’ll benefit from reduced payments (this gives you breathing room when you need to navigate challenging times).

In essence, this is a working capital loan or merchant cash advance. Again, I only recommend this type of financing if you have no other option.

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Frequently Asked Questions

Does Fora Financial do credit checks?

Fora Financial conducts a soft credit inquiry when you apply for financing. This inquiry does not impact your credit score. However, they do not perform hard credit checks, so your credit score remains unaffected during the initial application process.

Is Fora Financial a direct lender?

Yes, Fora Financial is a direct lender. This means that they provide funding directly to borrowers without involving intermediaries or brokers. Working with a direct lender like Fora Financial can often streamline the loan process and offer more personalized service.

How do I get approved for financing with Fora Financial?

To get approved for financing with Fora Financial, you can start by filling out an online application on their website. Your personal credit score must be at least 500. The application process is straightforward and typically requires basic information about your business, such as revenue history and desired loan amount. Approval is based on various factors including your business’s financial health and creditworthiness.

Does Fora Financial report to credit bureaus?

No, Fora Financial does not report your payment history to major credit bureaus. This means that your loan with Fora Financial will not impact your business or consumer credit profile (unless you default on your loan).

Conclusion

As far as alternative lenders go, Fora is one of the good ones. While their rates are way too high for me to recommend the offer (I never recommend this type of loan unless the situation is so urgent and dire that there is no other choice).

This may seem like a natural benefit if you’re not versed in alternative loans, but the fact that Fora doesn’t have a prepayment penalty is fantastic – many online lenders will penalize you if you pay off your loan before the repayment date.

*Which is why it’s so important to read the terms and conditions.

Ready to learn how to obtain 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

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

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?

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!

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

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!

Corporate vs Business Credit Card: What’s the Difference?

By Joe

I regularly review business credit cards and corporate card offers on this blog, and I often need to clear up the difference when I’m describing a corporate card offer. Here, I decided to create a resource that explains the differences between corporate vs business credit cards to refer readers and coaching students to.

I’ll explain the differences in a way that’s super easy to understand, and point you to some relevant content so that you can learn more about specific card offers. And, I’ll answer the questions that I hear most often from my coaching students.

This is what’s in store:

The Difference Between Corporate Cards & Business Credit Cards
The Advantages of a Corporate Card
- Can a Small Business Get a Corporate Credit Card?
The Advantages of a Business Credit Card
- Is Your Business Card a Corporate Card?
Frequently Asked Questions
Final Thoughts

Let’s go!

The Difference Between Corporate Cards & Business Credit Cards

Right out the gate, there is one core difference between corporate cards and business credit cards. What is the difference between a corporate card and a business credit card?

While both are used by businesses to improve cash flow, and may come with a line of credit to improve cash flow, the key distinction is in the payment terms:

Business credit cards have a revolving credit line, so you can carry a balance each month and make a minimum payment if you choose.
Corporate cards must be paid in full each billing cycle, whether that be every 30 days (net 30), 60 days (net 60), or a different time frame.

At first glance, it may seem like an easy choice if you’re deciding which card to apply for. Who wants the obligation to pay off your balance when you could have the freedom to pay it off over time?

…Right?

Well, it’s not that simple — Corporate cards are not inferior to business credit cards by any means. Let’s look closer.

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

The Advantages of a Corporate Card

The point of a corporate credit card is to streamline financial transactions and manage expenses effectively. Rather than relying on personal credit cards for work-related costs, companies often issue corporate credit cards to employees.

This not only provides a level of convenience by eliminating the need for individuals to front their own money but also facilitates a smoother expense tracking system. A corporate card typically comes equipped with features that helps businesses:

Monitor and manage budgets
Ensure a transparent expense record
Simplify reimbursements
Separate personal and business expenses
Get accurate financial reporting, taxation, and accounting

Furthermore, companies can implement access controls by setting spending limits and specifying where the card can be used, thereby ensuring that expenditures align with approved purposes.

Business Credit card vs corporate credit card

In essence, a corporate credit card serves as a financial tool to enhance the efficiency of business operations, providing both convenience for employees and effective financial management for the company.

Plus, many corporate cards come with added perks like savings on software costs or ad spend. And, many of the newer corporate cards are completely free because of partnerships. So, obtaining one of these cards is like having a membership that offers exclusive access to discounts within a niche business network.

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

Can a Small Business Get a Corporate Credit Card?

There is a widely-believed myth that corporate cards are for enterprises and credit cards are for small businesses. The truth is that small businesses can, absolutely, obtain corporate cards.

Corporate cards are typically issued based on business income, not necessarily credit scores. So, if your small business meets the revenue requirements, and you want the card, you might as well apply.

Many corporate cards require at least $4 millions in annual revenue, but some of the newer corporate cards will accept you with as little as $5K per month.

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

The Advantages of a Business Credit Card

A business credit card is a line of credit crafted to meet the unique needs of a business. It functions similarly to a personal credit card but is tailored to streamline financial management for companies.

The primary objective is to offer businesses a convenient and efficient way to:

Make purchases
Cover expenses
Maintain financial control
Free-up your personal credit
Get access to substantial lines of credit

Like its corporate counterpart, a business credit card usually provides features such as detailed expense tracking and a streamlined reimbursement process, which contribute to effective financial oversight.

And, some business credit cards offer the ability to issue additional cards to employees with preset spending limits.

The inclusion of rewards and incentives, specifically designed for business-related expenses, adds another layer of appeal. Moreover, responsible use of a business credit card contributes to building the credit profile of the business itself, separate from the personal credit of the business owner.

In a nutshell, a business credit card is a tailored financial tool that enhances the efficiency of business operations by simplifying expense management and providing flexibility in financial transactions.

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

Is Your Business Card a Corporate Card?

As a business owner, if your credit card is in your company’s name, features detailed expense tracking, and you pay the balance in full each billing cycle, it’s likely a corporate card. However, if it’s in your personal or business name, issued by a bank, and involves revolving reimbursement, it’s probably a business credit card.

Keep in mind, if payments are due in full each billing cycle, it might be a secured business credit card – For clarification, check your card issuer’s information or contact customer service.

You might also like: The Ultimate Tillful Review (+New Secured Credit Offer for Businesses)

Frequently Asked Questions

Does a corporate card hurt your credit score?

No, a corporate credit card typically doesn’t impact your personal credit score. Since it’s usually issued in the company’s name and is the responsibility of the business for repayment, your personal credit history remains separate. However, if you do not pay as agreed, and the card comes with a personal guarantee, this could have a negative impact on your score.

Who is eligible for a corporate credit card?

Businesses that meet the revenue requirements, which may be as high as $4 million per year, are eligible for corporate card accounts. The businesses can then implement their own eligibility requirements and spending limits for staff and employees.

Can I use my corporate credit card for personal use?

Using a corporate credit card for personal expenses is generally discouraged. Corporate cards are intended for business-related transactions. Mixing personal and business expenses can complicate accounting. And, it’s super important to follow company policies regarding card usage.

Who pays for the corporate credit card?

The company is responsible for paying the expenses incurred on a corporate credit card. Corporate cards are issued by the company to streamline business-related transactions, and the company covers the costs directly.

What's a good credit card for a small business?

There are several options for small business credit cards. Popular choices include the Chase Ink Business Preferred and several options from Bank of America. Some of my favorites are from small community banks and credit unions. The best card depends on your business’s specific needs, such as rewards, expense management features, and credit limits. See the best credit cards for entrepreneurs.

Final Thoughts

So, corporate cards and business credit cards are a bit different. Business credit cards let you carry a balance, but corporate cards need full payment each month.

Corporate cards are awesome—they make business money matters smooth, help track expenses, and even come with cool perks. And, small businesses, not just big ones, can get corporate cards.

Business credit cards are cool too—they’re like personal cards but for your business. They’re handy for buying stuff, covering expenses, and earning rewards.

Check out different cards based on what your business needs. Got questions? We’ve got answers, from credit scores to who foots the bill. Whether you go corporate or stick with business, there’s a card for every business owner’s wallet.

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

Full Shopify Credit Review: Are the Cashback Rewards Legit?

By Joe

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:

What is Shopify Credit?
- Business Credit vs Corporate Cards
- Shopify Company Overview
Shopify Credit Features & Benefits
Shopify Credit Alternatives
Frequently Asked Questions
Conclusion: Is This Card Offer Worthwhile?

Let’s dive in!

What is Shopify Credit?

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.

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

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.

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 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.

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

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).

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

Category	Providers
Marketing & advertising	Google, 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 & fulfillment	USPS, 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
Wholesale	Faire

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:

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

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

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:

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.
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.
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.
This list would be complete without Ramp, which focuses on providing real-time insights into your company spending and helps control costs.
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.

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!

9 Best eCommerce Credit Cards (Online Sellers’ Guide)

By Joe

eCommerce is a fast-paced industry – On top of managing your inventory and making sales, you have to handle logistics, maintain relationships with suppliers, and keep your customer service on point while you maintain momentum. In the meantime, you need the right financial tools. Business credit cards and corporate cards can streamline your money operations.

So, what are the best credit cards for eCommerce?

You’ve landed on a deep dive here, which you can use to determine exactly what card is right for you and your online store. If you don’t already know, you’ll learn the difference between business credit cards and corporate cards, find out what to look for in a card, and browse a list of the best cards for business owners in the online sales niche.

(Quick note: we’re not talking about consumer credit cards for online shopping.)

Here’s what’s in store:

Navigating the Plastic Jungle: Business Credit vs. Corporate Cards
Best Business Credit Cards for eCommerce
Best Corporate Cards for eCommerce
Frequently Asked Questions
Final Swipe: Master Your Business Finances

Now, let’s jump in!

Navigating the Plastic Jungle: Business Credit vs. Corporate Cards

Alright, buckle up — it’s decision time. You’ve got your eye on that shiny piece of plastic, but should it scream “business” or “corporate”? Let’s break down the rumble between these heavyweights.

Business credit cards are designed for companies who need a line of credit that can carry a balance each month. You would choose a business credit card over a consumer credit card because of the tailored rewards and features and the ability to obtain larger lines of credit…The transition to business credit can change your life.

Meanwhile, corporate cards typically have to be paid in full each month and tend to come with a range of advanced features like real-time expense tracking, budget controls, and integration with your business tools and software.

In a nutshell, both types of cards may offer rewards like cash back or discounts with technology partners (though this is a fairly new offering from contemporary corporate cards). So, you might get a business credit card when you need a cash flow boost for your company and a corporate card when you need better financial management – And, many businesses use both.

Best Business Credit Cards for eCommerce

Opting for a business credit card is a savvy move, especially for eCommerce ventures. It provides the flexibility needed to navigate the dynamic landscape of online businesses.

Look for a business credit card tailored to eCommerce that offers rewards and benefits specifically relevant to your industry.

Focus on features like:

Bonus points for online advertising
Shipping perks
Cash-back options for your predominant business expenses

Generally, a good business credit card for eCommerce should align with your spending patterns and provide valuable rewards that can be reinvested or used to enhance your online operations.

Now, let’s take a look at the best eCommerce best credit cards.

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

1. Amazon Business Prime Card from Amex

The Amazon Business Prime American Express Card is a fantastic choice for Amazon sellers looking to maximize their business expenses. With this card, you enjoy flexible payment terms, allowing you to carry a balance if needed.

The Annual Percentage Rate (APR) is competitive, offering financial convenience.

What makes this card stand out are the rewards – you earn 5% back or 90 days interest-free on U.S. purchases at:

Amazon Business
AWS
Amazon.com
Whole Foods Market

Additionally, you earn 2% back at:

Restaurants
Gas stations
Wireless telephone services

For the online seller crowd, this card is a boon, especially for those heavily invested in the Amazon ecosystem. The 5% back on Amazon Business purchases can significantly boost your bottom line, making it a go-to choice for Amazon sellers looking to make the most out of their business spending (it might be the best card for those with an Amazon seller account).

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

2. Amex Business Gold Card

The American Express® Business Gold Card is a solid choice for online sellers, offering flexibility and rewards tailored to business needs. While it’s no Centurion (the credit card the Kardashians use), with this card, you enjoy a dynamic payment structure, allowing you to carry a balance when necessary.

The APR is competitive, ensuring financial convenience. What sets this card apart are the rewards – you earn 4X Membership Rewards® points on two select categories where your business spent the most each billing cycle, up to the first $150,000 in combined purchases from these two categories each calendar year.

The U.S. reward categories include:

Airfare purchased directly from airlines
Purchases for advertising in select media
Purchases at gas stations
Purchases at restaurants
Purchases for shipping
Computer hardware
Software
Cloud computing purchases

These perks make it a great fit for a variety of online sellers, including those invested in advertising, travel, and technology. The flexibility in reward categories makes it adaptable for a range of business expenses, making it an attractive option for Etsy sellers, Shopify sellers, and those using various online platforms.

3. Chase Ink Business Preferred Credit Card

Best credit card for online sellers United States

The Ink Business Preferred® Credit Card from Chase Bank is a stellar choice for online sellers, particularly those with diverse business expenses. With this card, you enjoy favorable payment terms and a competitive APR for financial flexibility.

The standout feature is the generous rewards program – you earn 3 points per $1 on the first $150,000 spent on combined purchases in categories like:

Travel
Shipping
Advertising

The points are worth 25% more when you redeem for travel through the Chase Ultimate Rewards® program. For online sellers, this card is especially appealing because of its broad reward categories, making it suitable for various business expenditures.

Whether you’re into advertising on social media, frequently shipping products, or managing travel for business purposes, the Chase Ink Business Preferred® Credit Card caters to a wide range of online sellers, including those using payment platforms like Shopify and Stripe.

4. Chase Ink Business Unlimited Credit Card

Can you get a business credit card for an Etsy shop?

The Chase Ink Business Unlimited® Credit Card is a straightforward and rewarding choice for online sellers seeking simplicity and flexibility. This card comes with uncomplicated payment terms and a competitive APR, offering financial ease.

What makes it appealing is the straightforward rewards structure – you earn 1.5% cash back on every purchase with no limit.

This flat-rate cash back is particularly beneficial for online sellers who want a hassle-free way to earn rewards on all their business expenses. Whether you’re selling on Amazon, Etsy, or running your own Shopify store, the simplicity of earning a consistent 1.5% cash back on everything can be a real advantage.

It’s an excellent fit for those who prefer a no-frills approach to rewards and want to maximize their earnings across the board without worrying about category restrictions.

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

5. The Amex Blue Business® Plus Credit Card

Best eCommerce credit card for small business

The Blue Business® Plus Credit Card from American Express is a fantastic choice for online sellers looking for flexibility and rewards. With this card, you enjoy a 0% introductory APR on purchases for the first 12 months, providing a cushion for business expenses.

After the introductory period, a competitive APR comes into play.

The standout feature is the Membership Rewards® program, where you earn 2X Membership Rewards® points on the first $50,000 spent annually, and 1X points thereafter.

This makes it an excellent option for online sellers with moderate to high business expenses, offering a solid return on everyday purchases. Whether you’re an Etsy seller, a Shopify entrepreneur, or use various online platforms, the Blue Business® Plus Credit Card is versatile.

With this card, you can earn points on a broad spectrum of business expenditures (it’s a valuable addition to any online seller’s toolkit).

You might also like: How to Get a Business Credit Card – The Ultimate Guide

Best Corporate Cards for eCommerce

Now, a corporate credit card is a strategic choice for larger eCommerce enterprises dealing with more substantial budgets and intricate financial needs.

If you’re going to go this route, you should opt for a corporate card that integrates seamlessly with eCommerce platforms, which facilitates efficient transactions.

Look for advanced features like:

Real-time expense tracking
Customizable spending limits
Integration capabilities with your eCommerce tools

Overall, a good corporate credit card for eCommerce should empower your business with tools for precise financial control, ensuring smooth transactions, and streamlining overall financial management.

Okay, time to level up your game…Let’s look at the top eCommerce corporate cards.

1. Stripe Corporate Card

Advantages and disadvantages of credit card in eCommerce

The Stripe Corporate Card is tailor-made for businesses, particularly those engaged in online transactions using the Stripe platform. With this card, online sellers benefit from a streamlined payment experience, as it’s directly integrated with the Stripe payment system.

The Stripe Corporate Card doesn’t charge annual fees, and it offers a straightforward cash back system — You earn 2% cash back on your top two spending categories each month, providing flexibility for different business needs.

This card is especially appealing to sellers using Stripe for payment processing, such as those with eCommerce stores, subscription services, or online marketplaces. The seamless integration with Stripe simplifies financial management, making it a practical choice for businesses heavily reliant on this payment gateway.

Whether you’re selling on Shopify, WooCommerce, or managing a subscription-based business, the Stripe Corporate Card can enhance your financial efficiency and provide rewards tailored to your spending habits.

2. Brex Corporate Card

The Brex Corporate Card is a standout choice for modern businesses, particularly those with a tech-savvy and entrepreneurial spirit. One of its most notable features is that it doesn’t require a personal guarantee, making it an attractive option for startups and online sellers with fluctuating income.

With Brex, you get a 60-day interest-free period, allowing some breathing room for cash flow management.

The rewards program is geared towards business expenses, offering:

8x points on rideshare
5x points on travel booked through Brex
4x points on Brex Travel
3x points on restaurants
1x points on everything else

This makes it an appealing option for online sellers who frequently travel, use rideshare services, or entertain clients. The tech-friendly nature of the card and its rewards structure align well with the needs of online businesses, particularly those utilizing platforms like Shopify.

In all, it caters to a range of expenses often associated with eCommerce and modern business operations.

3. Divvy Corporate Card

The Divvy Corporate Card is a game-changer for businesses looking to streamline expense management. This card offers a unique approach, with no annual fees and a 0% APR.

Divvy’s standout feature is its real-time expense tracking and budgeting tools, allowing businesses to stay on top of spending effortlessly – Users can allocate budgets to different teams or projects, making it a great fit for online sellers with diverse expenditure areas.

While it doesn’t offer traditional rewards points, the value lies in its smart financial tools, providing a comprehensive overview of expenses.

This card is particularly attractive to online sellers who value transparency and want to efficiently manage their budgets across various categories. Whether you’re selling on Amazon, Etsy, or running a business on Shopify, the Divvy Corporate Card can be a practical choice for those who prioritize real-time expense tracking and want to optimize their budget allocation.

4. Shopify Credit

While it’s called Shopify “Credit,” this offer is actually more akin to a corporate card. Shopify Credit is a straightforward and accessible financing option tailored for businesses operating on the Shopify platform.

With no interest or fixed payments, it’s an attractive choice for online sellers looking for flexibility. Shopify Credit is automatically available to eligible businesses, and the credit limit is based on the merchant’s sales history and account health.

This makes it a convenient option for Shopify sellers who may need extra capital to invest in inventory, marketing, or other business needs. The absence of traditional interest charges and fixed payments allows sellers to align repayments with their sales cycles.

Whether you’re a small boutique or a growing eCommerce enterprise, Shopify Credit provides a hassle-free way to access funds and invest in the growth of your online business.

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

Frequently Asked Questions

Which credit card is best for eCommerce?

It depends on your style. Amazon Business Prime Amex or Chase Ink Preferred offer perks for online sellers. If you prefer simplicity, Chase Ink Unlimited gives a solid 1.5% cash back on everything. Stripe or Shopify corporate cards are great if you’re deep into those platforms.

Which credit card do most millionaires use?

Millionaires dig premium perks. Think Amex Platinum or Chase Sapphire Reserve for travel benefits and VIP treatment.

What is the role of credit cards in eCommerce?

Credit cards make online shopping smooth and secure for customers. For businesses, they’re the go-to for flexible spending, earning rewards, and managing cash flow. Stripe and Shopify corporate cards add extra perks for online sellers.

How do I use credit cards for eCommerce?

Pick a card that fits your vibe. Use it for online buys, ads, shipping – the works. Track spending, set budgets, and if you’re on Stripe or Shopify, their corporate cards make life easier. Just keep it responsible to avoid any money headaches.

Final Swipe: Master Your Business Finances

In the dynamic world of eCommerce, where every click counts, having the right financial tools can be a game-changer. At this point, you should have an understanding of the intricate landscape of business and corporate credit cards.

Whether you’re diving into the flexibility of business credit cards tailored for eCommerce like Amazon Business Prime Amex or Chase Ink Business Preferred, or taking on the advanced features of corporate cards like Stripe or Brex, you’re now armed with the knowledge to make informed decisions.

Remember, it’s not about the flashiest card; it’s about the one that aligns with your business rhythm. So, choose wisely, swipe confidently, and let the perks roll in. Your financial adventure awaits!

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

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