Is there a secured business credit card from American Express?

This question is about American Express Credit Cards

ROBERT SAMBRICK, FinTech entrepeuner

@robsam 11/09/20 This answer was first published on 10/03/19 and it was last updated on 11/09/20.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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No, there is no secured business credit card from American Express. Amex doesn’t offer secured consumer credit cards either. In fact, the easiest American Express credit cards to get require at least good credit for approval.

Amex is not the end of the road for those who want a secured business credit card, however. The Wells Fargo Business Secured card is one of the best options. It gives 1.5% cash back for every $1 spent, and it charges a $0 annual fee. The minimum deposit is $500, and whatever amount you deposit becomes your credit limit. It’s also one of the only secured business cards that reports to the business credit bureau Dun & Bradstreet. That can help if you’re trying to build your business’s credit history, though business credit reports aren’t as influential as personal reports.

Secured business credit cards are an option for business owners with bad credit or limited credit history. But business owners don’t need to get a secured business credit card for company expenses. You’ll find lots more secured credit card offers for individuals than businesses. Personal secured credit cards also generally come with lower minimum deposits than secured business cards, and the best ones have no annual fee.

The best secured consumer credit card out right now is the Discover it Secured card because it has no annual fee and gives 1 - 2% Cash Back on purchases. And all the cash back you earn in the first year will be doubled. Considering many secured credit cards don’t even offer rewards, it’s a nice cherry on top.

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People also ask

Is there an American Express secured credit card?

No, there is currently no secured credit card offered by American Express, as the USAA® Secured American Express® Card was discontinued.

But if you are looking for a secured credit card, there are plenty of other choices you might want to check out, like the Discover it® Secured Credit Card. It gives 1 - 2% cash back on purchases and doubles the rewards you earn in the first 12 months. Moreover, this card has a $0 annual fee.… read full answer

Another choice could be the Citi® Secured Mastercard®, if you’re looking for a secured card with a low deposit ($200) and $0 annual fee.

There is also the OpenSky® Secured Visa® Credit Card which has no credit check; the main approval requirement is having enough income to afford monthly bill payments and a refundable security deposit of at least $200. But this card has a $35 annual fee.

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What's the easiest business credit card to get?

There are several easy approval business credit cards. That’s because the easiest business credit cards to get only require fair or bad credit. They include Capital One Spark Classic for Business, the Staples Business Credit Card, and the Wells Fargo Business Secured Credit Card. It’s also worth noting that while you must have a business to get one of these cards, your personal credit history matters a lot more than your company’s.… read full answer

Here are your options for easy approval business credit cards:

Limited Credit: Capital One Spark Classic for Business
You’ll get 1% cash back on all purchases. There’s no annual fee, and the purchase APR is 24.24%.

Fair Credit: Staples Business Credit Card
You’ll save $50 on a purchase of $150 or more made within 45 days of opening your account. You’ll also get 5% back in Staples credit for each purchase. There’s no annual fee. Your APR will be somewhere between 14.99% and 23.99%, depending on credit worthiness.

Bad Credit: Wells Fargo Business Secured Credit Card
You’ll get 1.5% cash back on purchases. The annual fee is $25. The minimum security deposit is $500. And the APR is 16.40%. The BBVA Compass Business Secured Card is another good option.

Personal Option: Discover it Secured Credit Card

You’ll get 2% cash back on the first $1,000 you spend at gas stations and restaurants each quarter. You’ll get 1% cash back on all other purchases. Discover matches the cash back you earn the first year. There’s no annual fee, the APR is 24.24%, and the minimum deposit is $200.

There are a few easy approval business credit cards, so you shouldn’t let limited or damaged credit prevent you from getting the card your business needs. And remember, if you pay your bills on time and keep your credit utilization ratio low, your credit should steadily improve over time.

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