BLID

BLID Deposit-secured business credit cards may seem like the only option for small business owners without extensive credit history.

Unfortunately, there aren’t many secured business credit cards—only two made our list.

10.Yes. Secured business credit cards payment records and other relevant info will typically be reported to at least one...
22/02/2022

10.Yes. Secured business credit cards payment records and other relevant info will typically be reported to at least one of the major credit agencies. This means a good payment record will build credit, but also means that skipped payments or defaults will lower your credit score.

9.A secured business card works like any other credit card with one major difference: Your credit limit will be determin...
22/02/2022

9.A secured business card works like any other credit card with one major difference: Your credit limit will be determined by the amount of cash you put in a deposit account to guarantee the credit line.

8.A secured business credit card is a business credit card backed by a security deposit. Before approval, an applicant w...
22/02/2022

8.A secured business credit card is a business credit card backed by a security deposit. Before approval, an applicant will have to deposit money into a bank account and will be unable to access it while the account is open and remains secured. Cardholders are provided a credit limit equal to the amount of the deposit. When an account holder closes the account in good standing or is determined eligible for an upgrade to an unsecured card, the deposit should be returned.

7.Rebuild your credit first. It likely makes more sense to work on improving credit before applying for a business credi...
22/02/2022

7.Rebuild your credit first. It likely makes more sense to work on improving credit before applying for a business credit card. More (and much better) personal secured card options exist for building credit. Consider the best business credit cards after building credit.

6.Check for fees and read the fine print. Make sure to check for fees hidden in the fine print. Some secured credit card...
22/02/2022

6.Check for fees and read the fine print. Make sure to check for fees hidden in the fine print. Some secured credit cards charge an application fee and an annual fee and many charge a monthly maintenance fee. The cards on this list are free of hidden fees which is a big part of why we chose them and not others we reviewed.

5.Make sure any card you’re considering reports to all three credit bureaus. The value of a secured credit card is the o...
22/02/2022

5.Make sure any card you’re considering reports to all three credit bureaus. The value of a secured credit card is the opportunity to build credit, which is why making sure your card reports your credit movement to the three credit bureau agencies is critical. Both cards on this list report your payments and balances to the credit bureaus.

4.Check minimum and maximum deposit amounts. Check minimum deposit amounts to ensure you have the cash to deposit availa...
22/02/2022

4.Check minimum and maximum deposit amounts. Check minimum deposit amounts to ensure you have the cash to deposit available. Verify that the spending you intend to charge to a secured card won’t surpass 30% of the total amount you plan to deposit if you only have the one card. This will avoid high credit utilization and the subsequent negative impact on a credit score. Also ensure a maximum deposit amount won’t become a limiting factor on spending, even if you do plan to exceed the recommended 30% credit utilization.

3.How to Choose a Secured Business Credit CardStrive to avoid annual fees. While some secured business credit cards char...
22/02/2022

3.How to Choose a Secured Business Credit Card
Strive to avoid annual fees. While some secured business credit cards charge an annual fee, we suggest looking at a secured card that doesn’t charge any fees first. Any upfront fees you pay will eat away at initial credit limit bank deposit and force you to start your credit building journey with less credit available.

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