The best prepaid business credit card is the Wells Fargo Business Secured Credit Card, thanks to its 1.5% cash back rewards rate and $0 annual fee. However, “prepaid business credit card” is actually a misleading term. Technically, there is no such thing. There are business credit cards, business debit cards, and business prepaid cards, but those are all separate and fulfill different needs. A secured business credit card is the closest thing you’ll find because your spending limit equals the amount of the refundable security deposit you have to place, which means you’re basically pre-paying for your purchases.
Business credit cards require a credit check when you apply, may allow you to borrow money, and will relay account information to your personal credit reports. As with credit cards for personal use, secured cards offer the highest approval odds for applicants with bad credit.
Business debit cards won’t help you build credit and can’t be used to finance purchases, but they do allow business owners and employees with the necessary permissions to access money in a business checking account. Business debit cards can be used to make purchases at the point of sale or for ATM withdrawals.
Business prepaid cards are like debit cards for business but without the checking account. On top of that, not all business prepaid cards can be used at ATMs, so they are primarily for employee purchases. Many of the best business prepaid cards allow you to add multiple cards on the same account without any extra fees.
If a business prepaid card sounds like what you need, you should check out the Bento for Business Visa. It has some of the lowest fees and a tiered pricing structure. So as you add more cards to the account, the cost-per-card goes down. The Bento for Business Visa also has special features, like the option to set spending restrictions by the day or by the category.
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