Best Secured Business Credit Cards

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• Ideal applicants for secured business credit cards
• Our picks
• How we picked the best secured business credit cards
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Secured business credit cards are best for small business owners and authorized representatives, such as officers or executives, whose personal credit history is damaged to the extent that they have a “bad” credit score, below 640. Approval for a business credit card depends mainly on your personal credit history and disposable income, and you’re unlikely to get an unsecured business credit card with bad credit.

In addition, a secured business credit card is an especially good fit for applicants who don’t mind placing a refundable security deposit but do plan to pay the card’s bill in full every month. A secured card’s spending limit typically equals the amount of the cardholder’s security deposit, and secured cards aren’t known for low interest rates.

OpenSky® Secured Visa® Credit Card
 

Why We Like It: The OpenSky® Secured Visa® Credit Card is one of the best secured credit cards for business because there is no credit check for new applicants. Even entrepreneurs with a recent bankruptcy on their credit report can get approved, for example. Cardholders can also build the credit needed to qualify for a good credit card branded for business use in the future.

 

What We Don’t Like: OpenSky has a $35 annual fee.

 

Who Should Get It: Consider applying for OpenSky if you have severely damaged credit and you want a card with high approval odds that can help you rebuild your credit standing.

 

Alternatives to Consider: A few other credit cards are available with no credit check, but they tend to have higher fees and higher APRs.

 

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First Progress Platinum Prestige Mastercard® Secured Credit Card

 

Why We Like It: The First Progress Platinum Prestige Mastercard® Secured Credit Card is the best low APR secured credit card for business because its regular interest rate is just 14.99% (V). Most secured cards charge much higher rates than First Progress Platinum Prestige. Plus, there’s no hard inquiry into your credit history when you apply for First Progress Platinum Prestige, making it easy to get approved.

 

What We Don’t Like: First Progress Platinum Prestige has a $49 annual fee.

 

Who Should Get It: The First Progress Platinum Prestige Card can be helpful for business owners who happen to carry a balance from month to month at some point in the future. But it’s important to remember that secured credit cards generally are not the best for financing. Your spending limit equals the amount of your deposit, after all, so you’re essentially paying interest to use your own money.

 

Alternatives to Consider: You’re unlikely to get a low APR on an unsecured credit card until you have good credit or better, but you can keep costs low in the meantime by getting a secured card with no annual fee and paying the bill on time and in full every month.
 

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Business Advantage Unlimited Cash Rewards Secured credit card

 

Why We Like It: The Business Advantage Unlimited Cash Rewards Secured credit card is the best secured business credit card because it has a $0 annual fee, no monthly fees, and good rewards. Cardholders earn 1.5% cash back on all purchases.

 

What We Don’t Like: The Business Advantage Unlimited Cash Rewards Secured credit card requires a large security deposit: $1000 at a minimum. On the bright side, the amount you put down doubles as your credit limit, so you’ll have a good amount of spending power to work with.

 

Who Should Get It: Apply for the Business Advantage Unlimited Cash Rewards Secured credit card if you can afford the refundable security deposit and you want to earn rewards on your company’s spending.

 

Alternatives to Consider: The First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card is another good option. You may also want to consider a general-consumer secured card with rewards and no annual fee.
 

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First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card

 

Why We Like It: The First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card doesn’t charge monthly fees but it does pay interest on the amount of your security deposit. Plus, cardholders can get discounts on QuickBooks subscriptions and TurboTax products. 
 

What We Don’t Like: The First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card has a $39 annual fee. It also requires a minimum deposit of $2200. Furthermore, your spending limit will be less than your deposit amount.  

 

Who Should Get It: Apply for the First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card if you can afford the refundable security deposit and you want to earn interest on the amount you put down.

 

Alternatives to Consider: The Business Advantage Unlimited Cash Rewards Secured credit card is a good option, too.

 

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Very few secured business credit cards are available to new applicants right now. As a result, if inexpensive credit improvement is your top priority, you should definitely consider secured cards branded for personal use along with business-branded cards. Using a personal credit card for business never increases your individual liability, and that’s especially true when you can’t spend more than your security deposit.

Our editors compared both corporate and consumer-branded offers to identify the best secured credit cards for small business owners of all types. You can find a recap of their selections listed by main feature below.

Best Secured Credit Cards for Business Comparison

Your goal in finding a secured business credit card, other than minimizing refundable fees, should be to graduate to a higher credit tier and a better offer as quickly as possible. To do that, you must use your card responsibly – by making on-time payments and keeping your credit utilization low – and keep tabs on your credit score.


 

To identify the best secured credit cards for business, WalletHub’s editors compare all of the secured cards in our database of more than 1,500 credit card offers. We consider secured cards branded for business use as well as those intended for consumers, given that using a general-consumer card will not increase a small business owner’s personal liability. In addition, considering secured credit cards for businesses and consumers alike dramatically increases a small business owner’s card selection. This ultimately helps applicants find the best card for their needs and maximize their savings as they improve their credit standing.

In particular, the best secured credit cards for business use have low annual fees, good rewards and monthly credit-bureau reporting. We prioritize such features when comparing offers and selecting the best options for different types of applicants.

WalletHub’s picks for the best secured credit cards for business are based on our proprietary database of 1,500+ credit card offers, which is kept up to date as offers change. This database makes card comparison and market-wide analysis very easy. We also supplement this information with thousands of user ratings and our own experiences, which provide valuable insights into what it’s actually like to use each card.