Secured Business Credit Cards?             Click here to Print

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#Katrina - Says,

Does anyone know of any other Secured Business Credit Card programs like CSI Global MasterCard? (Which we just applied for and it is taking twice as long as expected.)

BOA and Wells Fargo have both suspended their secured business credit cards. But there must be other cards out there that report to D&B on the business EIN and not on your personal credit. Anyone know of any?

#Aaron - Says,

Hi,

There are various other companies too Capital One, Chase, American express that offer business credit cards. However, I am not sure if these are secured ones. I think it is better to talk to these card companies.

Thanks,

Aaron

#Katrina - Says,

Thanks Aaron!

In addition to researching an article, I am in the process of starting a new business (S Corp) and want to start building it's credit profile right away. From experience, I don't want to sign any personal guarantees for extensions of credit. I know it is possible if all the hard work is done in the beginning - but if not done properly, getting company's to take your name off later down the road is a real pain.

Our company hasn't gotten a Paydex yet and I don't think its credit file has even been opened at D&B at this time. We did receive our CSI secured cards yesterday, so should be reported fairly soon. But we have to be established for at least 2 years, a Paydex of 80+ and all the right mix of credit before we are eligible for Amex or Chase. Capital One will take us but they want a PG - and I'm not willing to tie my personal credit up with a business again.

#Aaron - Says,

Wow!!! That is great news Smile All the best.
#henry123 - Says,

You can use Payoneer Master Cards I have recently received one and I can say it is beneficial in each and every case.
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#Katrina - Says,

Payoneer is a Prepaid Credit Card - and would not be beneficial in my particular situation as it does not report to the business credit bureaus.
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#daffydatsun - Says,

The best place I have found to get a secure card is Public Savings Bank. You are guaranteed to get a card with them. Not like the others who put your application through a review process. The only drawback is they charge a $79.99 processing fee. But if you are trying to re-cover from BAD Credit it’s a good deal.

Good luck!

#Katrina - Says,

@ Daffydatsun - I actually put together a list of over 20 secured card issuers on a spread sheet (the thread w/ site info is here http://www.creditmagic.org/card/secured-comparisonchart.html). There are several that don't charge a processing fee and I even found one that offers reward points!

Unfortunately for this thread I believe there is only one secured card program for business credit at this time as I have still not found any current active sources.

#sdchargers_63 - Says,

WOW!! At least the forum knows what CC NOT to go with. Can you let us know what your experience is/was with them, please? Thanks.
#Vitri - Says,

I can understand why you'd what an unesruced credit card. The title itself implies you don't have to put down any of your money. This of course is very misleading.Stay away from unesruced credit cards for bad credit. It's true; in most cases you don't have to put down a dime..but when you get your 1st bill you'll most likely see a very large annual fee. I've seen unesruced credit cards with an $150 annual fee. I just think a secured credit card is better. At least if you ever close it, you'll get your deposit back. With the unesruced credit card for bad credit, your annual fee just goes to the bank. I do agree with a previous author. The Orchard Bank secured credit cards are pretty good ones. You may also want to try First Premier Bank. For people with bad credit, they have reasonable annual fees and pretty low interest rates.I used to have bad credit..and I had the Capital One Secured Card. It had a low max balance $300 but I always paid my bills and eventually, they sent me an application for the Cap One Platinum card. This had a $10K credit limit. The moral of the story is get a secured credit card from a reputable bank. Pay your bills online..maybe one day they'll offer you a better credit card.
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