Secured Business Credit Cards

Dani Alderman

Dani Alderman

Updated Jun 30, 2016

Is a Secured Business Credit Card Right for You?

Secured business credit cards are designed to help fund your small to mid-sized business, just like regular business credit cards. If you have fair or bad credit, these cards give you an opportunity to improve it while gaining a line of credit for your business. The main point about secured cards is that they require a security deposit when you’re approved, and this deposit will determine your credit limit.

Secured cards are meant to help you build up your credit, so they don’t usually come with the best rates and rewards. But eventually, as you use the card responsibly, you’ll improve your credit score and will be able to qualify for better, unsecured cards with higher rewards and more valuable features.

Business cards and secured cards are both a bit different than regular credit cards, so be sure to understand exactly what these cards will do for you before you apply.

Secured cards may not be the flashiest or cheapest cards on the market, but they’ll get the job done and will help you improve your credit. If you’re paying an annual fee or dealing with a high interest rate (which you can easily avoid), keep in mind that this is meant to be a temporary situation to improve your credit.

How Do Secured Business Cards Improve Your Credit?

It’s very simple. Just like regular credit cards, secured business credit cards will usually report your account activity to the three credit bureaus: Equifax, Experian, and TransUnion.

As long as you use the card responsibly – paying off your bills on time, not making late or returned payments, and not going over the credit limit – you’ll be improving your credit score, and eventually you’ll be able to qualify for great cards with much better rewards and truly valuable extra benefits.

Just be sure that any secured business card you use will definitely report to the credit bureaus, and contact customer service if you’re not sure. This is usually true for most cards, but in some cases business credit cards can work a bit differently.

Insider Tip: Building business credit is a different process than building personal credit, and it’s not as simple or straightforward. Business cards are designed to meet the needs of businesses, and they can simplify your spending, but you can still fund businesses with other cards. Click here to learn more about how to build business credit with credit cards.

Secured Business Credit Card Offers

Currently, there aren’t many major issuers who offer secured business cards. We put together a list of all the cards we could find so you can decide if any of these cards are the right option for you.

Wells Fargo® Business Secured Credit Card

For People with
No Credit

  • Annual Fee: $25 per card
  • Interest Rate: 18.99% (Variable)
Quick Card Facts
  • 10 Cards For You & Employees
  • Wells Fargo Business Card Rewards®: Earn rewards if you want by paying $50 per year to participate, expect the first year which is $0.
  • $10 Cash Rewards Bonus: Every time you spend $1,000.
  • 10% Points Bonus: When you redeem online.
  • More Bonus Points:  When you shop online or in person at the Earn More Mall.
  • Card Design Studio®: Design your own card.

BBVA Compass Business Secured Visa Credit Card

For People with
No Credit

  • Annual Fee: $0 the first year, then $40
  • Interest Rate: 16.24% (Variable)
Quick Card Facts
  • Earn 2-3 points for every $1 spent in select categories
  • Earn 1 point for every $1 spent on all eligible purchases

Business Edition® Secured Visa® Card

For People with
Bad Credit

  • Annual Fee: $39
  • Interest Rate: 18.24% *Variable
Quick Card Facts
  • Request your own credit line between $2,000 and $100,000
  • Provide a security deposit of 110% of your requested limit
  • Shopping and travel benefits
  • $39 annual fee
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