Editor’s note: This is a recurring post with regularly updated card details.
The best secured business credit card can help build or improve your credit, has manageable fees, and provides an easy application process. Those offering rewards on purchases are a plus. Keep in mind that you need to make a security deposit, which is usually equal to or higher than your credit limit, to qualify. We included personal secured credit cards that can also be used for business purposes, so long as you don’t commingle your personal and business finances. We also recommended a few corporate charge/prepaid cards with no personal credit checks as alternatives.
Here are our seven best business secured credit cards:
- Valley Visa® Secured Business Credit Card: Overall best secured business credit card with 0% annual percentage rate (APR) and fixed-rate cash back
- First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card: Best for high credit limit option and interest on security deposits
- Discover it® Secured Card: Best personal credit card for premium gas and dining rewards
- Capital One Quicksilver Secured Cash Rewards Credit Card: Best personal secured credit card with 1.5% cash back
- First Tech Platinum Secured Mastercard®: Best for low ongoing APR and fewer fees
- OpenSky® Secured Visa Credit Card: Best personal credit card with no credit check and no bank account requirement
- First Progress Select Platinum Mastercard® Secured Credit Card: Best personal credit card with rewards for payments
Top two corporate charge or prepaid cards that can be used as alternatives:
- Brex Card: Best for daily or monthly payment options with ongoing rewards
- Ramp Card: Best for large businesses that need higher credit limits
Best Secured Business Credit Cards At a Glance
Best For | Security Deposit | Annual Fee | Ongoing Rewards | ||
---|---|---|---|---|---|
Valley Visa® Secured Business Credit Card | Overall best secured business card with 0% APR and fixed-rate cash back | Up to $27,500 (equivalent to 110% of your desired credit limit) | $0 | Unlimited 1% cash back | |
First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card | High credit limit option | $2,200 to $110,000 (equivalent to 110% of your desired credit limit) | $39 | None | |
Discover it® Secured Card | Personal credit card for premium gas & dining rewards | $200 to $2,500 | $0 | Up to 2% cash back | |
Capital One Quicksilver Secured Cash Rewards Credit Card | Personal secured credit card with 1.5% cash back | Starts at $200 | $0 | 1.5% cash back | |
First Tech Platinum Secured Mastercard® | Low ongoing APR and fewer fees | $500 and $25,000 | $0 | 1x points per dollar on all purchases | |
OpenSky® Secured Visa Credit Card | Personal secured credit card with no credit check and no bank account requirement | $200 to $3,000 | $35 | None | |
First Progress Select Platinum Mastercard® Secured Credit Card | Personal credit card with rewards for payments | $200 to $2,000 | $39 | 1x points per dollar of payment | |
Brex Card | Daily or monthly payment options with ongoing rewards | None—load limits vary on your payment option, starts at 30% of your Brex Cash balance | $0 | Up to 7x points | |
Ramp Card | Large businesses that need higher credit limits | None—but requires at least $75,000 in cash in any US business bank account linked to the Ramp account | $0 | 1.5% cash back |
Valley Visa® Secured Business Credit Card: Overall Best Secured Business Credit Card With 0% APR & Fixed-rate Cash Back
Valley Visa® Secured Business Credit Card
BEST FOR:
Those who need a secured business credit card with fixed-rate cash back rewards
- 1% unlimited cash back on all purchases
Pros
- Customers with limited credit history or credit issues can still qualify
- Offers 0% APR on both purchases and balance transfers for six billing cycles
- $0 annual fee
- Offers 1% unlimited cash back on all purchases
Cons
- Credit limits are up to $25,000 only
- Requires a security deposit equivalent to 110% of requested credit limit
- Up to 25 free employee cards only
- Online account access
- Immediate fraud protection alerts for suspected fraudulent transactions
- Visa purchase alerts
- The card reports account information and transactions to major credit bureaus each month, helping users build credit with responsible use
- 1% unlimited cash back on all purchases
Pros
- Customers with limited credit history or credit issues can still qualify
- Offers 0% APR on both purchases and balance transfers for six billing cycles
- $0 annual fee
- Offers 1% unlimited cash back on all purchases
Cons
- Credit limits are up to $25,000 only
- Requires a security deposit equivalent to 110% of requested credit limit
- Up to 25 free employee cards only
- Online account access
- Immediate fraud protection alerts for suspected fraudulent transactions
- Visa purchase alerts
- The card reports account information and transactions to major credit bureaus each month, helping users build credit with responsible use
Why we like it: We selected this card as our overall best secured business credit card because of its 0% introductory APR offer on both purchases and balance transfer transactions for the first nine billing cycles after opening an account. Not only that, but it also lets you earn 1% cash back on all purchases, regardless of spending categories. These combined features, along with $0 annual and overlimit fees, are what make this card unique among all other secured credit cards on this list. Also, you can get up to 25 employee cards at no additional cost.
Other Important Information:
- Security deposit requirement: 110% of your desired credit limit
- Credit limit: Up to $25,000
Consider the Valley Visa® Secured Business Credit Card if you:
- Need to make a large purchase or transfer a balance from another credit card
- Prefer to earn unlimited cash back without having to track spending categories
You can qualify for the card even with poor or limited credit history. It is also recommended as one of our top business credit cards for real estate agents, ideal for those who have low credit scores.
First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card: Best for High Credit Limit Option & Interest on Security Deposits
First National Bank of Omaha Business Edition® Secured Mastercard® Card
BEST FOR:
Secured credit lines of as much as $100,000
- While FNBO does not offer any rewards for their new and existing cardholders for this card, you can still earn rewards through Mastercard Easy Savings®, where cardholders are able to save on purchases with automatic rebates from over 40,000 participating merchant locations available.
Pros
- Available for those with very poor to good scores
- Can set credit limits from $2,000 to $100,000
- Offers free management reports
Cons
- With annual fee
- Charges foreign transaction fee
- No introductory and ongoing rewards
- Requires a security deposit of 110% of the credit limit required
- TurboTax discount: Get a discount of up to $20 on TurboTax federal products when using First National Bank of Omaha Business Edition® Secured Mastercard®.
- QuickBooks Online or QuickBooks Self-Employed discount: Receive either a 30% off of a 12-month subscription on QuickBooks Online (Simple Start, Essentials, Plus, or Advanced) or a 30% off of a 12-month subscription on QuickBooks Self-Employed. This is applicable only to new QuickBooks Online customers.
- Free management reports: First National Bank of Omaha provides free management reports to help track expenses, monitor spending, note tax deductions, prepare tax filings, and predict costs easily.
- Zero liability: FNBO guarantees that you won’t be held responsible for any fraudulent charges made with both your card and account information.
- While FNBO does not offer any rewards for their new and existing cardholders for this card, you can still earn rewards through Mastercard Easy Savings®, where cardholders are able to save on purchases with automatic rebates from over 40,000 participating merchant locations available.
Pros
- Available for those with very poor to good scores
- Can set credit limits from $2,000 to $100,000
- Offers free management reports
Cons
- With annual fee
- Charges foreign transaction fee
- No introductory and ongoing rewards
- Requires a security deposit of 110% of the credit limit required
- TurboTax discount: Get a discount of up to $20 on TurboTax federal products when using First National Bank of Omaha Business Edition® Secured Mastercard®.
- QuickBooks Online or QuickBooks Self-Employed discount: Receive either a 30% off of a 12-month subscription on QuickBooks Online (Simple Start, Essentials, Plus, or Advanced) or a 30% off of a 12-month subscription on QuickBooks Self-Employed. This is applicable only to new QuickBooks Online customers.
- Free management reports: First National Bank of Omaha provides free management reports to help track expenses, monitor spending, note tax deductions, prepare tax filings, and predict costs easily.
- Zero liability: FNBO guarantees that you won’t be held responsible for any fraudulent charges made with both your card and account information.
Why we like it: It offers a high credit limit option up to $100,000, subject to approval. While it doesn’t come with ongoing rewards on purchases, you can take advantage of automatic rebates from over 40,000 merchants through Mastercard Easy Savings®. It also lets you earn interest on your security deposit. It charges annual and overlimit fees of $39.
Other Important Information:
- Security deposit requirement: 110% of your requested credit limit in multiples of $50—for example, if you want a credit limit of $100,000, you need to make a security deposit of $110,000
- Credit limit: $2,000 to $100,000, subject to approval
Consider the First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card if you:
- Need a high credit limit
- Don’t mind not earning rewards on all your purchases
The card is selected as one of our leading high-limit business credit cards because of its high credit limit option. Keep in mind, however, that it does not have a welcome bonus or an introductory APR offer.
Discover it® Secured Card: Best Personal Credit Card for Premium Gas & Dining Rewards
Discover it® Secured
BEST FOR:
Business owners who need help rebuilding credit
- Earn cash back and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus: Equifax, Experian, and TransUnion.
- Establish your credit line by providing a refundable security deposit from $200 to $2,500 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at eight months to see if we can transition you to an unsecured line of credit and return your deposit.
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. In addition, earn an unlimited 1% cash back on all your other purchases―automatically
- Get 100% US-based customer service & get your free Credit Scorecard with your FICO® Credit Score
- We match all the cash back you've earned at the end of your first year automatically.
- Receive Free Social Security number alerts—Discover will monitor thousands of risky websites when you sign up.
Pros
- With cash back rewards for new and existing cardholders
- Does not charge annual fees
- Offers automatic monthly account review
Cons
- No 0% annual percentage rate (APR) period on purchases and balance transfers
- High ongoing APR
- Updated FICO credit scores: You can get FICO® credit score, key factors, and other credit information on Discover.com and your statement.
- Data privacy: Remove personal information from selected people-search sites that may sell your data.
- Freeze it®: Freeze your account within seconds in the event you have misplaced your physical card
- Earn cash back and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus: Equifax, Experian, and TransUnion.
- Establish your credit line by providing a refundable security deposit from $200 to $2,500 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at eight months to see if we can transition you to an unsecured line of credit and return your deposit.
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. In addition, earn an unlimited 1% cash back on all your other purchases―automatically
- Get 100% US-based customer service & get your free Credit Scorecard with your FICO® Credit Score
- We match all the cash back you've earned at the end of your first year automatically.
- Receive Free Social Security number alerts—Discover will monitor thousands of risky websites when you sign up.
Pros
- With cash back rewards for new and existing cardholders
- Does not charge annual fees
- Offers automatic monthly account review
Cons
- No 0% annual percentage rate (APR) period on purchases and balance transfers
- High ongoing APR
- Updated FICO credit scores: You can get FICO® credit score, key factors, and other credit information on Discover.com and your statement.
- Data privacy: Remove personal information from selected people-search sites that may sell your data.
- Freeze it®: Freeze your account within seconds in the event you have misplaced your physical card
Why we like it: This is a personal credit card that’s best for those who have frequent gas and dining expenses. It offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and 1% cash back when the cap is met and on all other qualifying purchases. As a welcome offer, you’ll receive an automatic dollar-for-dollar match of all the cash back you earn at the end of your first year without caps or limits. It has no annual fee, and it offers a special balance transfer rate of 10.99% for 6 months from date of first transfer.
Other Important Information:
- Security deposit requirement: $200 to $2,500, in increments of $100
- Credit limit: Equivalent to your security deposit amount
Consider the Discover it® Secured if you:
- Don’t need a credit limit of more than $2,500
- Frequently spend on gas and dining but your expenses on these categories don’t exceed $1,000 per quarter
It is also one of our leading credit cards for bad credit. Starting at the seventh month of your account membership, Discover will review your account monthly. If you have made on-time payments for the past six billing cycles, including other loans, the issuer will refund your security deposit and you may qualify for an unsecured credit card.
Capital One Quicksilver Secured Cash Rewards Credit Card: Best Personal Secured Credit Card With 1.5% Cash Back
- 1.5% cash back on every purchase
Pros
- Unlimited rewards
- No annual fee
- Security deposit as low as $200
Cons
- No sign-up bonus
- High ongoing APR
- Fair credit score required
- $0 fraud liability
- Automatic credit line reviews after 6 months
- Can upgrade to unsecured credit card with responsible use
- 1.5% cash back on every purchase
Pros
- Unlimited rewards
- No annual fee
- Security deposit as low as $200
Cons
- No sign-up bonus
- High ongoing APR
- Fair credit score required
- $0 fraud liability
- Automatic credit line reviews after 6 months
- Can upgrade to unsecured credit card with responsible use
Why we like it: It is a personal secured credit card that lets you earn fixed-rate 1.5% cash back on all purchases without the need to monitor expense categories. It has no annual, foreign transaction, authorized users, and replacement card fees. However, it comes with a high ongoing APR, so it’s best to pay your balance in full each month to avoid paying this unnecessarily high interest expense. It’s also worth noting that you need a fair credit score to qualify.
Other Important Information:
- Security deposit requirement: Minimum of $200
- Credit limit: At least $200 (will depend on your security deposit)—however, you can be automatically considered for a higher credit line within six months with no additional security deposit
Consider the Capital One Quicksilver Secured Cash Rewards Credit Card if you:
- Have a minimum of fair credit score (580 to 669)
- Can pay your entire balance each month so you won’t be charged with a high APR
Note that with responsible card use, the issuer may refund your security deposit and you could upgrade to an unsecured Capital One credit card.
First Tech Platinum Secured Mastercard®: Best for Low Ongoing APR & Fewer Fees
First Tech Platinum Secured Mastercard®
BEST FOR:
Members of First Tech FCU who want to build their credit
- 1x point per dollar spent on everyday purchases
Pros
- Has low starting APR
- Enjoy $0 annual, foreign transaction, balance transfer, and cash advance fees
- Lets you earn rewards on purchases
Cons
- Has no welcome offer
- Does not offer a 0% introductory period
- You need to become a First Tech member to open an account
- Purchase assurance: When an item you bought with your covered card is damaged or stolen within 90 days of purchase, you may be eligible for benefits under this coverage
- Mastercard Global Service™: Provides worldwide, 24-hour assistance with Lost and Stolen Card Reporting, Emergency Card Replacement, and Emergency Cash Advance
- Mastercard ID Theft Protection™: This is a theft resolution service in case you become a victim of identity theft
- Ongoing rewards: Earn unlimited 1x points per dollar spent on purchases and redeem your rewards for travel, merchandise, gift cards, and more—plus, your rewards don’t expire
- 1x point per dollar spent on everyday purchases
Pros
- Has low starting APR
- Enjoy $0 annual, foreign transaction, balance transfer, and cash advance fees
- Lets you earn rewards on purchases
Cons
- Has no welcome offer
- Does not offer a 0% introductory period
- You need to become a First Tech member to open an account
- Purchase assurance: When an item you bought with your covered card is damaged or stolen within 90 days of purchase, you may be eligible for benefits under this coverage
- Mastercard Global Service™: Provides worldwide, 24-hour assistance with Lost and Stolen Card Reporting, Emergency Card Replacement, and Emergency Cash Advance
- Mastercard ID Theft Protection™: This is a theft resolution service in case you become a victim of identity theft
- Ongoing rewards: Earn unlimited 1x points per dollar spent on purchases and redeem your rewards for travel, merchandise, gift cards, and more—plus, your rewards don’t expire
Why we like it: This personal secured credit card offers several opportunities to save on credit cost. For starters, it has no annual, balance transfer, cash advance, or foreign transaction fees. Plus, it has the lowest ongoing APR among all other cards on this list, making it an ideal option if you need to carry a balance from time to time. On top of that, it lets you earn 1x point per dollar spent on all purchases, which you can use for travel, merchandise, gift cards, and more.
Other Important Information:
- Security deposit requirement: Ranges from $500 to $25,000
- Credit limit: Equal to your security deposit
Consider the First Tech Platinum Secured Mastercard® if you:
- Cannot pay your balance in full every billing cycle
- Prefer to earn points instead of cash back (this is because most other secured credit cards that offer rewards in this guide let you earn cash back)
Note that you need to become a First Tech member to apply for the card. To become a member, you need to meet any of the following requirements:
- You have a family or household member who is already a First Tech member
- You or a family member work for an innovative company on First Tech’s partner list or for the State of Oregon
- You work or live in Lane County, Oregon
- You belong to the Computer History Museum or the Financial Fitness Association
Call (855) 855-8805 if you don’t meet any of the criteria above and a representative from First Tech will help you navigate your options.
OpenSky® Secured Visa Credit Card: Best Personal Credit Card for No Credit Check & No Bank Account Requirement
OpenSky® Secured Visa® Credit Card
BEST FOR:
Business owners with a credit score below 580
- No credit check needed to apply—OpenSky® won’t pull your credit so there’s no impact on your credit score.
- You can set your own credit limit by making a refundable deposit ranging from $200 to $3,000.
- OpenSky® reports your activities to credit bureaus including Equifax®, Experian® and TransUnion® to help you build or improve your credit score.
Pros
- Reports to the three main credit bureaus
- Low annual fee
- Can qualify with limited or bad credit history
Cons
- Doesn’t offer 0% introductory APR
- Doesn’t offer rewards for their new and existing cardholders
- Protection against lost, stolen, or damaged cards: Call (800) 859-6412 and report your card was either lost or stolen. OpenSky® will immediately block your card and issue a replacement card with a new card number.
- Flexible Pay: You can change your due date once per year by contacting the customer service department on the phone number found on your billing statement.
- Zero liability protection: You’re protected from unauthorized use of either your card or account information. Call (800) 859-6412 and contact Capital Bank’s customer service department to report suspected fraud.
- No credit check needed to apply—OpenSky® won’t pull your credit so there’s no impact on your credit score.
- You can set your own credit limit by making a refundable deposit ranging from $200 to $3,000.
- OpenSky® reports your activities to credit bureaus including Equifax®, Experian® and TransUnion® to help you build or improve your credit score.
Pros
- Reports to the three main credit bureaus
- Low annual fee
- Can qualify with limited or bad credit history
Cons
- Doesn’t offer 0% introductory APR
- Doesn’t offer rewards for their new and existing cardholders
- Protection against lost, stolen, or damaged cards: Call (800) 859-6412 and report your card was either lost or stolen. OpenSky® will immediately block your card and issue a replacement card with a new card number.
- Flexible Pay: You can change your due date once per year by contacting the customer service department on the phone number found on your billing statement.
- Zero liability protection: You’re protected from unauthorized use of either your card or account information. Call (800) 859-6412 and contact Capital Bank’s customer service department to report suspected fraud.
Why we like it: This is another personal credit card that you can use for business purposes. What makes it unique is that a personal credit check is not required during the application process, meaning you can qualify no matter how low your credit score is. Moreover, while most secured credit cards require a bank account to get started, OpenSky® makes it easy if you don’t have an existing bank account or couldn’t qualify for one. Instead, you can use a money order for your security deposit. Keep in mind that it comes with an annual fee of $35.
Other Important Information:
- Security deposit requirement: $200 to $3,000
- Credit limit: Equivalent to your security deposit
Consider the OpenSky® Secured Visa Credit Card if you:
- Don’t want the card application process to affect your credit (because the card does not perform a credit check)
- Don’t mind not earning rewards on your purchases and won’t need to use balance transfer services
With good payment habits, you can qualify for credit line increases every six months. Since it does not require a personal credit check, even those with bad credit scores can qualify—this is the reason why it is one of our top-recommended credit cards for bad credit.
First Progress Select Platinum Mastercard® Secured Credit Card: Best Personal Credit Card With Rewards for Payments
- 1% cash back on payments made to your credit card account
Pros
- Helps build your credit score—reports to all three credit bureaus
- Free online reporting with Spend Analysis
Cons
- No sign up bonus
- No ongoing rewards
- Branches are limited to selected states only (Texas, Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico)
- Reports to all three major credit bureaus
- Pay six months on time and apply to get a second credit card
- Easy, free access to credit education in the First Progress Card Mobile App
- Enrolled automatically in First Progress Rewards upon approval
- Expedited processing service option
- 1% cash back on payments made to your credit card account
Pros
- Helps build your credit score—reports to all three credit bureaus
- Free online reporting with Spend Analysis
Cons
- No sign up bonus
- No ongoing rewards
- Branches are limited to selected states only (Texas, Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico)
- Reports to all three major credit bureaus
- Pay six months on time and apply to get a second credit card
- Easy, free access to credit education in the First Progress Card Mobile App
- Enrolled automatically in First Progress Rewards upon approval
- Expedited processing service option
Why we like it: Most credit cards either reward you for your purchases or don’t offer rewards at all—but this is a personal secured credit card that rewards you every time you make payments on your card. You get 1x point per dollar of payment made to your account, which is equivalent to 1% cash back in First Progress Rewards. Accumulate 500 points and redeem them as a $5 statement credit.
Other Important Information:
- Security deposit requirement: $200 to $2,000
- Credit limit: Equivalent to your security deposit
Consider the First Progress Select Platinum Mastercard® Secured if you:
- Need motivation to make on-time payments.
- Want to access your credit score easily—you will see your VantageScore® and access Credit Education in the First Progress Card Mobile App.
Build your credit score when you use the card responsibly, as First Progress reports your transactions and payment behavior to the three major US credit bureaus: Equifax, Experian, and TransUnion. Also, you may qualify for another First Progress credit card when you make on-time payments for at least six consecutive months.
Recommended Alternatives to Secured Business Credit Cards
Brex Card: Best for Daily or Monthly Payment Options with Ongoing Rewards
Brex CardBEST FOR: Those who want daily or monthly payments | |
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Spending Limit | Load Limit |
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|
Costs | |
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Why we like it: It can be used as a charge card or a prepaid card—you have the option to pay your balance in full each month or have your purchases directly deducted from your Brex Business account balance. It offers rewards that vary, depending on your chosen payment option and these three rewards variations:
Variations of the Brex Exclusive Program | Specific Rewards |
---|---|
Brex Exclusive Life Science Rewards |
|
Brex Exclusive Daily Payments Rewards | Advertising
Software
Life sciences
|
Brex Exclusive Custom Rewards | This is for companies that have more than 50 Brex users and that can meet minimum spending commitments. Contact any Brex Sales Representative to learn more about it. |
Other Important Information:
- Security deposit requirement: None, but you need to open a Brex Business Account if you choose to pay daily or link another bank account if you choose to pay monthly.
- Credit limit:
- Credit limit for monthly payment option: 5% to 20% of your aggregate bank balance plus 30% of your Brex Cash balance.
- Load limit for daily payment option: 100% of your Brex Cash account balance—however, your balance on your connected bank accounts won’t be considered.
Consider Brex Card if:
- Your business is related to life sciences and technology (so you can take advantage of its high rewards rate on these categories).
- You need to build your business credit as Brex reports your payment history to business credit bureaus.
Note that it doesn’t charge annual or monthly fees. Also, you can get exclusive discounts on Brex partners, such as Amazon, Apple, QuickBooks, Freshworks, Slack, and Experian. It is one of our top-rated purchasing cards because of its flexible payment options and lucrative rewards. To learn more, read our in-depth Brex Card review.
Ramp Card: Best for Large Businesses that Need Higher Credit Limits
- Unlimited 1.5% cash back on purchases, regardless of spending categories
Pros
- Offers rewards for new and existing cardholders
- Does not charge additional fees
- Offers direct integrations to notable accounting tasks
Cons
- Requires paying balances in full each month
- Ramp is not available to sole proprietors and unincorporated businesses
- Travel and emergency assistance services: Call the Benefit Administrator at (800) 397-9010 if you are in the United States or (303) 967-1093 if you are outside of the US if you need emergency assistance.
- Purchase security: Receive a maximum of $10,000 per claim and $50,000 per cardholder in cases of theft or damage to purchases made with your card.
- Auto rental collision damage waiver: When using this card for renting a car, you can be reimbursed for damages caused by theft or collision up to the Actual Cash Value of most rented cars. Note that rental periods of 31 consecutive days are covered.
- Extended warranty protection: Extend warranties for eligible purchases made with your covered account and/or rewards programs associated with your account.
- Unlimited 1.5% cash back on purchases, regardless of spending categories
Pros
- Offers rewards for new and existing cardholders
- Does not charge additional fees
- Offers direct integrations to notable accounting tasks
Cons
- Requires paying balances in full each month
- Ramp is not available to sole proprietors and unincorporated businesses
- Travel and emergency assistance services: Call the Benefit Administrator at (800) 397-9010 if you are in the United States or (303) 967-1093 if you are outside of the US if you need emergency assistance.
- Purchase security: Receive a maximum of $10,000 per claim and $50,000 per cardholder in cases of theft or damage to purchases made with your card.
- Auto rental collision damage waiver: When using this card for renting a car, you can be reimbursed for damages caused by theft or collision up to the Actual Cash Value of most rented cars. Note that rental periods of 31 consecutive days are covered.
- Extended warranty protection: Extend warranties for eligible purchases made with your covered account and/or rewards programs associated with your account.
Why we like it: This corporate charge card offers 1.5% cash back on purchases. It doesn’t charge user, annual, late payments, and additional card/card replacement fees. It also comes with a robust expense management system that allows you to monitor and control employee spending seamlessly.
Other Important Information:
- Security deposit requirement: None, but your company must have a minimum of $75,000 in cash in any U.S. business bank account linked to Ramp card.
- Credit limit: Up to 20x higher credit limits than traditional options.
Consider Ramp Card if your company:
- Can deposit at least $75,000 in your business bank account
- Prefer to use Ramp as your primary financial management tool
Ramp Card is one of our best corporate cards because of its straightforward rewards program and robust financial system. Keep in mind that since it is a charge card, you need to pay your balance in full each month.
How We Selected the Best Secured Business Credit Cards
We considered secured business credit cards that come with reasonable fees. We also took into account the ease of the application process, introductory and ongoing rewards, and whether or not the issuer will report transactions to the major credit bureaus. Since there are only a few business secured credit cards available, we included some personal secured credit cards with unique features that may be useful to business owners. We also added two corporate charge cards with no personal credit check as alternatives.
Frequently Asked Questions (FAQs)
A secured credit card is a type of credit card that requires a collateral account (checking or savings account) where you should keep your security deposit. The amount of the required deposit is usually equal to your credit limit. For example, if your collateral account contains $500, then your credit line is also $500. Some secured credit cards require a security deposit that’s higher than the credit limit. Note that security deposits are refundable, which means you’ll get them back once you fully pay your account balance and decide to discontinue using the card.
When used responsibly, a secured business credit card can help you build or improve your credit score as your transactions are reported to major credit bureaus. However, if you fail to make on-time payments, it can also adversely affect your credit, making it more difficult for you to get qualified for other business financing options in the future.
Secured business credit cards work like a regular credit card—you can use them to make purchases both in-store and online. When the bill is due each month, you’ll be responsible for making a payment on time. Your security deposit guarantees your credit line—it means that if you fail to pay your debt, the card issuer may debit your deposit account to cover your balance.
To choose the best secured business credit card, you need to consider your business’s unique needs and preferences. While some cards offer high credit limit options, not all of them let you earn rewards. Decide which benefits and features work best for you. On top of that, choose a card where you can save on costs.
Aside from what was already mentioned, another alternative to a secured business credit card is a business prepaid card, which needs to be funded so that you can use it for your business purchases. It does not require a personal credit check and a personal guarantee, though using prepaid cards will not affect your credit as your transactions are not reported to the credit bureaus. The difference between a prepaid card and a secured business card is that your expenses will be directly deducted from your load balance every time you use the prepaid card, meaning your business does not incur debt.
Bottom Line
All of these secured business credit cards as well as the prepaid card alternatives offer an easy approval process. If you’re unsure which one to select, consider the unique features that each card offers and identify which are important to you, such as a rewards program, high credit limit, or application without a credit check.