Does Discover have a secured business credit card?

First National Bank of Omaha and Bank of America are among the banks that offer secured business credit cards. However, it is worth noting that secured business credit cards are pretty rare. Banks are far more likely to offer general-consumer secured cards or unsecured business credit cards.

Banks That Offer Secured Business Credit Cards… read full answer

Even though there are so few banks that offer secured business credit cards to small business owners with bad credit, that doesn’t mean those are the only options. Standard secured cards like the OpenSky® Secured Visa® Credit Card can also work for business owners with a personal credit score of 300 or little-to-no borrowing experience.

Whether you’re approved for a secured business credit card or a consumer card, it’s important to pay your monthly bill on time and keep your spending in check. As long as you practice this type of responsible card use, you should be able to qualify for better business credit cards in the future.

A 700+ credit score is needed to get most Discover credit cards, but there’s no minimum credit score needed for a few Discover cards. You can get the Discover it® Secured Credit Card with a bad credit score (below 640). And college students don’t need a credit score, or any credit experience, to get one of Discover’s two student credit cards. But you need at least good credit for all the other offers, including Discover it® Miles and Discover it® Cash Back, two of the most popular options. Some Discover offers listed here are not currently available on WalletHub and may be out of date.… read full answer

If you’re not sure how your credit is doing, you can check your latest credit score for free on WalletHub, the only site where credit scores and reports update daily.

Whether your finances aren’t so great or they’re right on track, you should be able to find a Discover card that works for you. Let’s take a look at Discover’s offers and what score you need to get approved.

Here’s the minimum credit score needed for each Discover card:

• Discover it Secured Credit Card: No minimum score, applicants with bad credit are eligible for approval (below 640).
• Discover it® Student Cash Back: Available to applicants with limited credit (less than 3 years of credit history).
• Discover it® Student chrome: Available to applicants with limited credit (less than 3 years of credit history).
• Discover it Cash Back: Good credit (700+) required.
• NHL® Discover it®: Good credit (700+) required.
• Discover it® chrome: Good credit (700+) required.
• Discover it Miles: Good credit (700+) required.

There aren’t any Discover cards that flat-out require excellent credit, currently. But we recommend a score of at least 700, which is toward the top of the good credit range, for the cards that require 700 credit for approval.

With that being said, it’s not just your credit score you should worry about. For example, Discover will consider other factors, such as how your income compares to your debt, along with your employment status, whether you own or rent your home, how many loans and lines of credit you already have open, and more.

The starting credit limit for the Discover Business credit card is $500. But each business' credit limit will be determined based on a number of factors, such as:

• Personal credit score
• Business credit score
• Income
• Existing debts
• Credit history

Usually, you could request a higher credit line after at least 6 months of responsible credit utilization. But currently Discover doesn’t accept requests for credit limit increases for their business accounts.… read full answer