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

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AtoB business gas card review

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

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

Here’s the breakdown: 

Now, learn what this offer has in store.  

What is the AtoB Gas Card? 

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

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

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

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

AtoB gas card reviews

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

Where is AtoB Located? 

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

Who Owns AtoB Fuel Card? 

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

Harshita Arora, AtoB Co-Founder
Harshita Arora
Tushar Misra, Co-Founder of AtoB
Tushar Misra
Vignan Velivela, Co-Founder & CEO of AtoB
Vignan Velivela

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

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

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

AtoB Fuel Card Highlights (Beyond Savings & Ease)

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

1. It’s Completely Free… Really

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

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

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

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

AtoB Fuel Card Reviews

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

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

Furthermore, AtoB has additional offers that generate revenue. 

Extra Offers From AtoB

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

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

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

2. Get On-Time Payments Reported to Experian Business

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

Does A to B fuel card report to credit bureaus?

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

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

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

AtoB fuel card reddit

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

4. See the Best Nearby Stations to Buy Fuel 

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

Where can I use atob gas card?

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

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

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

6. Control Spending to Prevent Card Misuse

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

A to B fuel card discounts

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

Here’s How to Apply for an AtoB Gas Card

AtoB fuel card application

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

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

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

A to B fuel card application financial information

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

AtoB fuel card requirements

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

The Secured Card Option From AtoB

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

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

Answers to Related Questions

Will a gas card help build credit?

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

Is there a “universal gas card?”

AtoB Fuel Card

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

Is fuel cheaper with a fuel card?

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

What fuel card can be used anywhere?

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

What business gas card is easiest to get?

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

How do I apply for a gas card?

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

Final Thoughts

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

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

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

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

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Capital on Tap

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

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

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

What is a Capital on Tap Business Credit Card? 

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

Capital on Tap login

Capital on Tap Card Features & Benefits 

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

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

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

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

Regular Rewards vs Founder Rewards

Capital on Tap USA

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

Regular Rewards vs Founder Rewards

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

Does Capital on Tap Require a Personal Guarantee? 

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

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

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

Who Owns Capital on Tap?

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

Capital on Tap Complaints

Capital on Tap Complaints

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

  • High interest rates
  • Poor customer service
  • Excessive junk mail

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

Capital on Tap Competitor Overview

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

Capital on Tap vs Amex vs Capital One

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

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

Conclusion: Is Capital on Tap Any Good? 

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

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

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I mentioned Brex in my last post about the best business credit cards for startups (high on the list, I might add). That’s when it dawned on me that we haven’t covered the Brex corporate card offer yet. And, this is something you need to see. 

The two top highlights for the Brex card are that there is no personal guarantee (underwriters don’t look at your personal credit score) and it’s free. Not every business will qualify for one of these cards. But, if you are able to, it’s definitely worth looking into. 

This is what’s in store: 

Keep reading to learn everything you need to know about the Brex corporate card and find out if this offer is too good to be true or right for your business.

Brex Card Overview

The Brex card, issued through the Brex financial operating system, is a corporate credit card, which means it’s designed for businesses with multiple employee spending (in this case, tech, life sciences, and eCommerce companies). However, corporate cards don’t have to be used by several staff members. In fact, some applicants qualify for a single corporate card with a $1K limit for individual business spending. 

Brex corporate credit card

Most corporate cards don’t require personal guarantees. Instead, applicants whose companies demonstrate a high probability to repay the funds are extended credit. The Brex card works the same way. So, if you own a company and you have a low FICO score, it shouldn’t affect your ability to obtain credit. 

Now, the most impressive feature of this card is that it’s free. Cardholders pay no annual fee, no interest, and no other costs. 

Who Owns Brex? 

Brex was co-founded by Henrique Dubugras and Pedro Franceschi in San Francisco, California. The pair previously co-founded the online payment system, Pagar.me before selling in 2016 to Brazilian credit card processor, Stone. According to Forbes, the pair moved to the bay area to attend Stanford before dropping out after just a few months. Entrepreneurship seems to favor them. 

Brex Account Offers

When you sign up for a Brex account, you will have the option to apply for three different offers: Cash, Card, or Cash & Card. 

Brex Cash vs Brex Card Accounts

A Cash account is similar to a checking account, though the website explicitly states that it is not a bank account. Still, you can use a Brex Cash account to deposit money, make payments without fees, and earn rewards. Using your “daily pay” account, you can earn rewards on all your spending.

A Card is the Brex credit card. Essentially, this is a way to get funding with net 30 terms, which means your account must be paid in full at the end of each month. Traditionally, credit cards offer users the ability to make a “minimum payment” each month. Brex terms are a little different. So, if you’re looking for a way to fund a large purchase and pay it off slowly over time, this card isn’t for you. 

But, you can use a Brex Card to boost cash flow while you earn rewards. Furthermore, the company claims that tech companies specifically can get 10-20X higher limits than they will with other cards. 

Cash & Card is the best of both worlds. Boost your cash flow with the Brex Card while you handle business transactions through Brex Cash. 

How Does Brex Make Money? 

Rather than charge interest rates and annual fees, Brex earns a percentage from merchants for each transaction. Cardholders are offered attractive rewards on spending with partners and given incentives to pay daily rather than monthly like most other credit cards. Shorter payment terms for users frees-up cash flow for the brand, allowing them to offer attractive terms.  

Brex Card Rewards Summary

Above, I mentioned that Brex caters to tech, life sciences, and eCommerce businesses. While being in one of these industries isn’t a requirement to obtain credit, those that fall under this umbrella will benefit the most. In addition to being a free card with no fees or interest, here are the benefits of using Brex for your business spending.

Up to 30K in Introductory Bonus Points

Brex is the only corporate card with zero fees that currently offers an introductory bonus. Just for linking your new Brex credit card account to Brex Cash, you will earn 20K bonus points. In addition, when you spend $3K on your card in the first 3 months, you’ll earn 10K bonus points. 

Earn 1-8X Points Per Dollar on Spending

All Brex spending has the potential to earn you points. 

With a Brex Cash account, you can earn 8X points on rideshare apps, 5X points with Brex travel partners, 4X on dining at restaurants, 3X on recurring software subscription payments, and 1X on everything else.  

And, with a Brex Card, you can earn 7X points on rideshare apps, 4X points with Brex travel partners, 3X on dining at restaurants, 2X on recurring software subscription payments, and 1X on everything else. 

Points can be redeemed through Brex travel, via gift cards and cash back, or as statement credit (for cardholders who don’t use Brex Cash). 

$150K Worth of Partner Perks

Brex partners include big names like AWS, Slack, and Google Ads. If you were to utilize all of the savings offered as a Brex cardholder, you could redeem up to $150K in perks. 

  • AWS – $5,000 credit and up to $100,000 in AWS Activate, depending on eligibility
  • Slack – 25% off 12 months of eligible Slack paid plans
  • Carta – 20% discount on first year and waived implementation fees, plus 10,000 Brex Points
  • Zoom – 20% discount on annual Zoom subscription
  • Quickbooks – 40% off your first 12 months of QuickBooks
  • Google Ads – Up to $150 in Google Ads credit
  • Dropbox – Get 50% off on all Dropbox Business, Standard, or Advanced plans
  • Gusto – Get 50% off any plan for 12 months

Note that many of Brex’s competitors offer similar perks. 

Built-In, Real-Time Expense Tracking  

Essentially, Brex expense management tools enable you to put your expenses, including employee spending, on autopilot. Upload receipts and the software will match spending in your accounting platform. You may be able to cut reconciliation time by up to 50% and spend up to 75% less time chasing receipts. 

Brex Expense Tracking

You can also set up monthly spending limits for each card, which can give employees more flexibility and management more time freedom. 

Another key feature of Brex expense management are the virtual cards. Divvy has a similar offer, which means your employees don’t have to wait for a physical card to be issued. The technology seems to be a hit amongst users. 

Consultant, Accountant, and Travel Agent Connections 

When you book your trips via Brex Travel, you can access experienced corporate travel agencies for free. Travel agents are available 24/7 to help you redeem points and book with 30% to 60% discounts. 

Looking to hire an agency to help you with consulting services? Brex cardholders can access a directory of vetted agency and accounting partners that you can leverage to help you scale your business. Take advantage of the opportunity to work with service providers experienced with Brex expense tracking. As far as I know, other credit card companies don’t offer anything like this. 

How to Qualify for a Brex Card

Brex isn’t super transparent about their qualification terms, but here’s what we do know: 

  • You must have an EIN for a US-based business
  • You must have a business bank account
  • You will need to verify your identity with photos of your government-issued ID

Furthermore, here’s what we think, based on anecdotes from existing cardholders. 

  • You should have $50K to $100K in the bank at all times

If you bank with a smaller community bank or credit union, you will need to upload your two most recent bank statements. The process is quick and painless, but applications can take up to 15 days to review. 

Brex vs Ramp vs Stripe vs Divvy

Now, here’s how Brex stacks up side-by-side with its top competitors: Ramp, Stripe, and Divvy. 

Brex vs Ramp vs Stripe vs Divvy

Each of the corporate cards is free and comes with some alluring rewards. Some of the key value indicators when we compare are that Brex is the only card that seems to offer an intro bonus. Next, in order to qualify for Stripe’s corporate card, you must use their software and either wait or ask for an invitation. 

Final Thoughts

Brex has an impressive corporate card offer for tech, life sciences, and eCommerce companies. If you can qualify and you’ll take advantage of the rewards, I’m sure it’s worthwhile – you can’t really go wrong with free. But, if you aren’t able to qualify, you have plenty of other options. Want to learn how to obtain $100K in business credit in 30 days? Join Business Credit Workshop today! 

Chase Ink Business Preferred Credit Card: A Deep Dive Analysis

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Chase Ink Business Preferred Review

As a multinational investment bank and financial services provider, Chase has been a major player in the lending game for centuries. In 2000, the bank merged with JP Morgan and evolved into what it is today. 

While I usually endorse smaller community banks and credit unions for their flexible business loan and credit card underwriting requirements, today I want to share everything I know about the Chase Ink Business Preferred card — it’s definitely worth learning more about. 

Here’s what we’ll cover: 

Chase Ink Business Credit Cards Overview

Chase Ink Business Preferred is one of three Ink Business Visa credit cards offered through Chase, each of which have their own set of rewards. 

  1. Chase Ink Business Unlimited – Earn unlimited 1.5% cash back and up to $750 bonus cash back. 
  2. Chase Ink Business Cash – Earn up to 5% cash back in select categories and up to $750 bonus cash back. 
  3. Chase Ink Business Preferred – Earn up to 100,000 bonus points equal to $1,000 cash back or $1,250 in travel rewards. 

Chase also offers travel rewards cards for Southwest and a United travel reward card. For now, I want to share a quick side-by-side comparison of the three Ink cards before diving deeper into the Business Preferred card.

Chase Ink Business Credit Cards

With Chase Ink Business Preferred, 1 point is equal to roughly 1 cent cash back or 1.25 cents worth of travel rewards. For businesses with higher spending, because of the higher reward caps, Preferred is the Chase Ink card to strive for. 

How to Upgrade an Unlimited or Cash Card to a Preferred Card

When you meet the qualifications for a Chase Ink Preferred card, you may be able to upgrade an existing Unlimited or Cash card. Your Unlimited or Cash card must have been open and in good standing for at least a year and you will need to pay the $95 annual fee. 

Furthermore, when you make a product change, you won’t be eligible for the sign on bonus for new Preferred cardholders. 

To upgrade, simply call Chase using the phone number on the back of your card and ask for an account review or contact the company via the secure messaging platform inside your account dashboard. 

Chase Ink Business Preferred Under the Microscope

Now, let’s take a closer look at the pros and cons of the Chase Ink Business Preferred Card. We’ll start with credit reporting, since that’s the lifeblood of what we do here at Business Credit Workshop. Then, we’ll explore more about the benefits of using a Chase Ink Preferred card and when it might be better to try other channels for business cash flow. 

Does Chase Report On-Time Business Credit Card Payments to Dun & Bradstreet? 

Dun & Bradstreet (D&B) is the monarch of business credit reporting agencies. While there are rumors floating around online credit forums that Chase doesn’t report to to D&B, this simply isn’t true. 

Does Chase Ink Report to D&B?

The fact is that Nav — a highly reliable source — reached out to the major banks late last year to see which ones report payment activity to business credit bureaus. They found that Chase and Citi are the only big banks in the United States that report business financing payment activity to all four of the top bureaus (D&B, Equifax, Experian, and SBFE). 

Which Banks Report to D&B?
[Image Source: Nav]

So, on-time payments and responsible credit use on a Chase Ink Business Preferred card can help you improve or maintain your business’ PAYDEX score. 

Recommended: Everything You Need to Know About a DUNS Number

Chase Ink Business Preferred Card Benefits

Some of the perks of using a Chase Ink Preferred card are summarized above. Now, let’s explore them further.  

Telephone Damage and Theft Protection 

If you pay your business phone bill with a Preferred card, you will be eligible for up to $600 per claim on damage and theft for you and your employees. This is a standout feature not offered by competitors’ credit cards. You will be eligible for up to three such claims per year, which will have a $100 deductible. 

Free Employee Cards

Once your account is approved, you can get employee cards at no cost. For each card, set spending limits to control your budget. All rewards will pool into the master account. This means that employee spending on a company Chase Ink Preferred card will count toward your bonuses and points. 

Auto Rental Collision Damage Waiver

When you rent a car and pay with your Business Preferred card, you don’t need to purchase insurance, because Chase automatically has  you covered with damage protection up to the actual cash value of the vehicle. This can save you quite a bit on business travel, especially when multiple employees rent cards when traveling for business. 

Trip Cancellation/Interruption Insurance

For prepaid, otherwise non-refundable travel fare, tours, and hotels, you won’t have to worry about losing your money if you need to cancel or delay a trip. When you pay for travel expenses using your Preferred card, they’re insured up to $5K per person and $10K per trip. Sickness, severe weather, and other covered reasons are covered when you need to take advantagee of this perk.  

Purchase Protection and Extended Warranties

If you buy a product with your Preferred card and it is stolen or damaged within the first four months after purchase, Chase will compensate you up to $10K per claim and $50K per account. This neans that you don’t need to insure every single item that you buy, instead, hold onto your receipts (or just keep track of transactions in your online account dashboard). 

Chase Ink Preferred Purchase Protection

Furthermore, any item that you buy with your Preferred card with a three year or less warranty, will be warrantied for an additional year. For example, if you were to purchase a computer with a two year warranty using your card, Chase would extend the warranty to three years. 

Transferable Points & Rewards That Never Expire 

As long as your account is open, you can redeem rewards points at any time. This means that you can save up points for years before you spend them. Furthermore, you can transfer your points at a 1:1 exchange with leading frequent flyer programs. 

100K Chase points are worth around $1K and 80K Chase points are worth roughly $800 when used in the Chase Ultimate Rewards program dashboard. Be sure to find out if your points will change in value when transferred since points/miles’ value can vary between programs. 

Login to your Chase Ultimate Rewards program dashboard or check with your frequent flyer program to find out for sure if your points would be transferrable — not all travel programs have a partnership with Chase. 

Chase Ink Business Preferred Preferred Card Downsides

As with most business credit cards from big banks, the Chase Ink Preferred Card does come with notable fees. Your APR on spending will range between 15.99% and 20.99%. We’ve reviewed cards from credit unions and community banks, as well as alternative modern funding sources, with interest rates below 10%, but they don’t typically offer the same level of rewards as the Preferred card. 

And, you will pay a $95 annual fee to maintain your account. This means that if you don’t plan to redeem your rewards, even if you pay your account in full every month to minimize interest payments, you could be out at the end of the year. However, an annual fee is typical of rewards cards in this tier. Amex, for example charges much higher annual fees than Chase. 

How to Apply for a Chase Ink Preferred Card

Before you apply, you must meet Chase’s requirements for this card. In addition to a 688+ FICO score (some recommend 700 to 740 and above), there are a handful of minimums you must meet. 

  • Less than 5 new credit cards opened in the past 24 months (Chase’s 5/24 rule)
  • No new Chase cards opened in the past few months 
  • Enough income/spending power to warrant a line of credit
  • A credit utilization ratio below 30%

Even if your credit is excellent and you meet all of the above requirements, there is not a guarantee you’ll be approved. But, if you can show these characteristics, your business is likely to appear less risky to the underwriters. And, you may up the odds if you have a Chase business checking account in good standing. If you’d still like to proceed, you can visit this page and sign in to apply or apply as a guest. If you’ve received an invitation to apply, visit getchaseink.com.   

Chase Ink Business Preferred Competitor Overview

The Chase Ink Business Preferred credit card, of course, has some competition in the marketplace. Amex Platinum and Capital One Spark are often considered by medium to high-earning small businesses looking for this type of rewards on spending. And, one of the alternatives might be a better fit for your situation.

So, let’s look at a summary of Chase Ink Preferred, Amex Platinum, and Capital One Spark next to one another to see the differences.

Chase Ink Preferred vs Amex Platinum vs CapitalOne Spark

In addition to what’s listed above, none of these cards have foreign tansaction fees. They provide various trip cancellation and delay insurance and reimbursement. And, they all have 

The Amex Platinum card certainly comes with the most benefits, but there’s a trade-off with the $550 annual fee, more than five times that of its competitors. If you only take advantage of the Fine Hotels & Resorts Perks,™ that cost will be covered.  

Final Thoughts

The Chase Ink Business Preferred card is acclaimed as one of the best small business credit cards, likely because of the huge sign on bonus. While you won’t get 0% APR and you will pay an annual fee, there’s still a lot of potential for savings and rewards here. If you think you business can meet the qualifications, I say go ahead and apply.

And, if you still need to learn how to build business credit and you want to learn to obtain $100K in business credit, join Business Credit Workshop today. 

3 Best Credit Unions for Small Business Banking in 2022

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Best Credit Union for Small Business 2020

As a small business owner or founder, where you choose to do your banking can have a major impact on your long-term operations. And, when researching the best bank or credit union for small businesses, you may have realized that you would rather work with a credit union. Now, let’s look at the top credit unions for small business banking. 

What you’ll find here: 

So, let’s get to it. 

First, Are Credit Unions Better Thank Banks? 

There’s a longstanding debate about whether banks or credit unions are “better.” And, it’s important to understand the difference to answer this question. A bank is a for-profit institution and a credit union is a nonprofit organization that provides comparable financial services. So, what are the advantages of credit unions? 

At most credit unions, the shareholders are the members while banks funnel their profits to up the chain to its owners. This means that there is more opportunity for members to save on services and earn a larger percentage of total interest accrued with savings accounts and other investments. 

As a credit union member, you typically end up with lower interest rates and fees (a major plus). On the flip side, major banks typically have more branch locations where customers can do business and invest more in apps and convenience services. So, you could say that which is the best is a matter of preference. 

But, I have a tie-breaker: credit unions have less stringent and often flexible qualification terms for credit. You can’t walk into a bank like Wells Fargo and negotiate the terms of business banking fees, loans, or credit cards. At a credit union, more than not, you can because credit union underwriters usually work in-house and can modify terms and conditions of business and individual financial services. 

So, I say that credit unions are in-fact better than banks. Now, let’s move forward. 

But, Are Credit Unions Better for Business Accounts? 

Best Bank for Small Business

Aside from the general advantages above, there is another aspect of business banking with credit unions worth considering. When you bank with a credit union, you can leverage the perks above when obtaining business credit. For this reason, we prefer to work with credit unions. Alternatively, small community banks can be better for businesses than large banks. 

How to Leverage Business Credit to Transform Your Life 

Now, the Best Credit Unions for Small Business 

You should have a solid understanding of why or why not a credit union might be best for your small business banking. And, here are the top credit unions to join. 

With tons of free ATMs sprinkled throughout the United States and several other countries, Navy Federal Credit Union was created for members of the armed forces, DoD, or the National Guard. While you don’t necessarily have to be an active member to join, you must have ties to the military. So, if you are an active member, veteran, or a spouse, parent, grandparent, sibling, child, or grandchild of someone who qualifies, you can qualify for membership. 

If you are not a service member, you will have to apply in-person at a branch location. Once you are approved for a personal account, you can then apply for a business membership. And, Navy Federal has excellent offers for businesses.

  • 3 types of checking accounts (Basic, Plus, & Premium)
  • 3 types of savings accounts (Basic and Jumbo Money Market & Certificate)
  • Real estate, vehicle, and term loans
  • Business lines of credit 

Navy Federal is one of the best credit unions with the lowest rates and fees. Minimum deposits for business savings accounts start as low as $100. And, transaction fees range from $0 to $0.25. And, all accounts earn dividends. 

2. Financial Resources Credit Union

With 13 branch locations in New Jersey and New York, Financial Resources Credit Union has been the top SBA Lender in New Jersey since 2013. So, you know their business financial services are dependable.   

Here’s what you can leverage with Financial Resources Credit Union:

  • 2 types of checking accounts
  • 3 types of savings accounts (Business Purple, Money Market, & Certificates)
  • Real estate, equipment, and term loans
  • Lines of credit 

So, whether you’re investing in real estate or you simply want checking and savings accounts to process your business finances, Financial Resources gives you options. Here, terms are flexible and you can get expedited approval on SBA-backed loans because the institution is a preferred lender. 

3. Sound Credit Union

With 29 locations in the Puget Sound area of Washington State, Sound Credit Union is self-labeled “Washington’s Favorite Credit Union.” And, they stand out from most financial institutions in more than one way. 

For one, they cater to cannabis businesses, which isn’t common. Next, they offer low interest rates, cashback options on certain loans, and they do a lot to support the local community. Furthermore, they have over 5,000 shared branch locations and 30K+ free ATMs nationwide. 

And, businesses can take advantage of the following:

  • Checking accounts
  • Savings and certificate accounts
  • Cannabis (I-502 Analysis) business checking accounts 
  • Business loans
  • Business credit cards 

In addition, with Sound CU, you can access a full suite of business services that includes terminals and point of sale systems, eCommerce payment solutions, mobile card readers, payment acceptance, gift card, reward, and incentive programs, and mobile apps and software. The institution’s tech is as advanced as you can get with most major banks. 

+Honorable Mentions

Obviously, these three credit unions are only a small drop in the ocean of options. So, in case you aren’t able to select one of these three, I want to share four more credit unions that you can research yourself: 

Final Thoughts

The above-listed credit unions offer the best financial services for businesses. If you want your operations to run smoothly, you can’t go wrong with one of these choices. Find out which banks and credit unions we are currently working with to obtain lines of credit up to $100K in 30 days by enrolling in Business Credit Workshop today. 

Why choose a credit union instead of a bank?

Compared to a major bank, a credit union or small local community bank is likely to offer lower fees, increased savings, and more lenient qualification terms for lending. 

What are the disadvantages of credit unions?

Typically, credit unions run operations from their own funds, so they might offer less in the way of mobile apps, online banking features, and other conveniences. But, they still have many valuable perks. 

Are credit unions good for small business?

Yes. Credit unions provide similar benefits for business members as they do personal checking, savings, and lending. And, they are a great resource for business credit. 

Which bank is best for small businesses?

A small local community bank or credit union can be the best choice for small business banking. Fees are typically lower than those at major banks and lending qualification terms have more wiggle room. These institutions tend to have more control over their terms and conditions.  

How do I choose a bank for my company?

First, create a list of local small community banks and credit unions in your area. Then, call each institution on your list and ask about business checking and savings options as well as underwriting terms for business loans and lines of credit. Finally, choose the option that is the best fit for your operations and goals. 

Business Credit Cards without Personal Guarantee

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business credit cards without personal guarantee

You may be wondering if it’s still possible to obtain business credit cards without a personal guarantee. Well, it is still possible. But you are going to have to do some work first.

For starters you’ll need to establish business credit that is separate from your personal credit. To do this, you’ll need to create business credit profiles with Dun and Bradstreet (see How to Get a DUNS Number), Experian Business and Equifax Small Business.

Then you’ll need to establish business credit with trade vendors (NET 30 Accounts). The purpose of this is to get your business some credit quickly so that the three business credit bureaus will start to rank you. Trade vendors usually offer quick approvals if you are just starting out.

>>>We have a guide that shows you how to do exactly this. Click here to view it.<<<

Now that your business has established some business credit. You can apply for business credit cards without having to give a personal guarantee. Keep in mind though that if you are not willing to “give” a personal guarantee, you’ll need to “give” something else. This may be providing the lender some other form of collateral like Accounts Receivable, Equipment or another asset. It’s possible to receive unsecured lines of credit, but in the present lending environment, your company needs to be well qualified (think of the basic rules of lending: business credit rating, business revenue, business plan, business assets/cash.

Of course, there are some lenders that will offer you business credit cards if you are a brand-new business without any assets or qualifications, but these are more along the lines of store cards (like Home Depot, Lowes, Office Depot, Staples, etc) and Business Gas Cards. Can you obtain a business credit card that you could use anywhere, like a Visa or Mastercard? Yes. You can, but remember, you need to get your company qualified first. And, you may want to consider local lenders that have smaller programs catered towards the community businesses in their area.

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If you need additional help getting business credit cards, please give us a call at (888) 218-6354 for a free business credit consultation. We will work with you personally, with local lenders in your area to meet your business needs. (We have many references are available).

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