These are the Top 10 Secured Business Credit Cards

Small business owners often have a lot of financial considerations to make. You usually need to arrange financial sources for your new firm in addition to getting business insurance. Access to company credit cards can help you better manage your everyday business spending, while cash savings and loans can be great places to start.

One of the joint credit card advice is to look into secured business credit cards rather than their unsecured equivalents if your credit needs to be in better shape. There are, fortunately, many reliable solutions accessible. Check out the top 10 secured business credit cards for small businesses below.

1. Initial Progress Platinum Prestige

Consider the First Progress Platinum Prestige if you want a competitive APR while having little or no credit history. It has a variable APR of 12.24%, but it also has an annual fee of $49 and foreign transaction fees. It doesn’t offer rewards either, but it’s still a good choice if you want to establish credit while minimizing your APR.

2. BoA Business Advantage Unlimited Cash Reward Program

You won’t need to worry about an annual fee using the Bank of America (BoA) Advantage Unlimited Cash Rewards secured business credit card. Additionally, you can switch to an unsecured version of the card if your account is still in good standing and you meet the other requirements, and you can get 1.5% cashback.

The card has a 24.49% variable APR, so the interest rate is high overall. There is also a 3% foreign transaction fee. But with this card, you can obtain a credit line up to $10,000. Additionally, you may import transactions directly into QuickBooks and get great benefits like travel injury insurance, lost luggage help, and more.

3. The Secured Mastercard FNBO Business Edition

One of the highest-limit alternatives available, the FNBO Business Edition Secured Mastercard supports a secured credit line of up to $100,000 if you can make a sizable deposit. Although the minimum deposit is very high—110% of the credit limit—it can be a wise decision if a high credit limit is crucial to your company’s success.

The variable APR for this option is also higher; depending on the prime rate, it is often close to 22%. A $39 yearly charge and a 3% transaction fee are additional costs to be aware of.

4. OpenSky Secured

Due to the lack of a credit check, the OpenSkySecured card benefits those with bad credit. Although there is a $35 annual cost, it can be useful when your credit history improves.

Additionally, compared to some competitors, the minimal starting security deposit is $200, and the variable APR is 18.89%. Remember to watch for the $38 late fee and the 3% foreign transaction costs.

5. Ratchet Card

Although sole proprietorships and unincorporated enterprises are not eligible for the Ramp Card, all other types of businesses can benefit. You don’t have to pay any yearly or foreign transaction fees and can earn 1.5% cashback rewards. In addition, there is no personal guarantee or credit check, meaning anyone may be approved.

The only catch is that you must pay the bill each month. While you can save interest that way, it might be challenging if your company can’t handle this kind of cash flow at first. To be eligible, you must also have a minimum of $75,000 in the bank and spend at least $10,000 a month on corporate cards.

6. The Capital One Quicksilver Secured Cash Rewards program

The Capital One Quicksilver Secured Cash Rewards card can be your best option if you’re a small business owner with bad or no credit. Even if your credit score is in the “fair” range or you have a short credit history, your chances of approval are respectable. The interest rate is 26.99% variable, so be aware of that. Additionally, there is no annual fee and unlimited 1.5% cash back profits.

This card has lower restrictions than others, which is another excellent benefit. You can obtain a $200 credit limit if you can afford to start by paying a $200 deposit. The Capital One Quicksilver Secured Cash Rewards may be a great choice if you need to start small because other cards often have minimums of $500 or $1,000. You can repay your deposit as a statement credit if you borrow responsibly. Additionally, you can qualify for a bigger credit limit without increasing your warranty if you do so.

7. And finally, Wells Fargo Business Secured

Depending on the size of your deposit, you can have a credit limit of up to $25,000 with the Wells Fargo Business Secured credit card. The APR, which totals 11.90% plus the prime rate, is reasonable. And there is no yearly cost.

With the ability to add up to 10 employee cards, this choice is solid for small firms with staff. There is also a rewards program on top of that. You can get regular cash back, get 1.5% of your purchases reimbursed, or use points. Additionally, you may obtain a report on your company’s spending and sign up to get card notifications for any account activity.

8. Business Secured by Union Bank

It’s essential to have a lower APR if you frequently carry a balance. This choice is competitive because the Union Bank Business Secured card has a variable APR of 15.49%. There is a $30 annual fee, which you will only find with some credit cards. However, having a cap of up to $25,000 would make it worthwhile.

This card also includes an auto rental collision damage waiver, which could make it a good option for small firms where renting cars and going on business trips are typical. You can also set up personalized alerts to ensure you’re always aware of account activities.

9. Capital One Spark Classic for Business

The Capital One Spark Classic for Business secured credit card is a viable choice for small business owners with poor credit. Carrying a balance is not intelligent because the interest rate is currently 26.99% variable. No yearly or international transaction fees exist, so you can still be eligible even if your credit score is closer to 600.

You can get 1% cash back on all purchases with this card, which is an added bonus. A few attractive extras include extended warranties, free employee cards with specific spending limits, and roadside assistance.

10. Identify it

The Discover secured credit card is another choice for individuals with bad credit. While the usual APR is 24.49% variable, you can be qualified for six months of 10.99% introductory APR on balance transfers. This might make paying off debt easier already in place.

The ability to gain prizes is another advantage of this card. Additionally, there is no yearly cost; you can get started with as little as a $200 deposit. The card also submits credit information to the three main credit bureaus. This makes it possible to ensure that your wise spending practices improve your overall score.