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The best secured business credit card can help build or improve your credit, has manageable fees, and provides an easy application process. Some cards offer valuable features like ongoing rewards on purchases, introductory 0% APRs Annual Percentage Rate , and fewer fees. To qualify for these cards, you need to make a security deposit, which is usually equal to or higher than your desired credit limit.
Here are our eight best business secured credit cards:
- Hello Alice Small Business Secured Mastercard: Overall best secured business credit card with 0% APR, $0 annual fee, and introductory and ongoing rewards
- Valley Visa® Secured Business Credit Card: Best for 0% APR and fixed-rate cash back
- Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card: Best for 1.5% cash back and $0 annual fee
- First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card: Best for earning rebates and interest on security deposits
- Capital One Quicksilver Secured Cash Rewards Credit Card: Best personal secured credit card with up to 5% cash back
- Discover it® Secured Card: Best personal credit card for premium gas and dining rewards
- 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
Top three corporate charge or prepaid cards that can be used as alternatives:
- Ramp Card: Best for large businesses that need higher credit limits
- Rho Card: Best for daily or monthly credit terms with exclusive partner rewards
- Mercury IO Mastercard®: Best for no personal credit check and no personal guarantee
Looking for robust expense management Business Cards? Check out Ramp Today |
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Overview of the Best Secured Business Credit Cards
Best For | Security Deposit | Annual Fee | Ongoing Rewards | ||
|---|---|---|---|---|---|
 Hello Alice Small Business Secured Mastercard | Overall best secured business credit card with 0% APR, $0 annual fee, and introductory and ongoing rewards | Starts at $2,000 | $0 | Up to 4x points | |
 Valley Visa® Secured Business Credit Card | 0% APR and fixed-rate cash back | Up to $27,500 (equivalent to 110% of your desired credit limit) | $0 | Unlimited 1% cash back | |
 Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card | 1.5% cash back and $0 annual fee | Starts at $1,000 | $0 | Unlimited 1.5% cash back | |
 First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card | Earning rebates and interest on security deposits | $2,200 to $11,000 (equivalent to 110% of your desired credit limit) | $39 | None | |
card_name | Personal secured credit card with up to 5% cash back | Starts at $200 | annual_fees | Up to 5% cash back | |
 Discover it® Secured Card | Personal credit card for premium gas & dining rewards | $200 to $2,500 | $0 | Up to 2% cash back | |
 First Tech Platinum Secured Mastercard® | Low ongoing APR and fewer fees | $500 to $25,000 | $0 | 1x point 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 |
Alternatives to the Business Secured Credit Cards
Best For | Security Deposit | Annual Fee | Ongoing Rewards | ||
|---|---|---|---|---|---|
 Ramp Card | Large businesses that need higher credit limits | At least $25,000 in any US business bank account linked to the Ramp account | $0 | Up to 1.5% cash back | |
 Rho Card | Daily or monthly credit terms with exclusive partner rewards | Not disclosed | $0 | Over $600,000 in exclusive partner perks | |
 Mercury IO Mastercard® | No personal credit checks and no personal guarantee | At least $25,000 in a Mercury account | $0 | 1.5% cash back on all settled transactions |
Hello Alice Small Business Secured Mastercard: Overall Best Secured Business Credit Card With 0% APR, $0 Annual Fee, and Introductory & Ongoing Rewards
Hello Alice Small Business Secured Mastercard
- 4x points for every $1 spent on eligible wireless telephone service & business software purchases
- 3x points for every $1 spent on eligible office supplies & shipping purchases
- 2x points for every $1 spent on eligible rideshare & restaurant purchases
- 1.5x points for every $1 spent on all other purchases
Pros
- Builds personal and business credit
- $0 annual fee
- Offers intro 0% APR
Cons
- Low intro rewards
- High minimum security deposit of $2,000
- Boost personal credit
- Improve business credit
- Periodic account review for qualification to regular business credit card
- 4x points for every $1 spent on eligible wireless telephone service & business software purchases
- 3x points for every $1 spent on eligible office supplies & shipping purchases
- 2x points for every $1 spent on eligible rideshare & restaurant purchases
- 1.5x points for every $1 spent on all other purchases
Pros
- Builds personal and business credit
- $0 annual fee
- Offers intro 0% APR
Cons
- Low intro rewards
- High minimum security deposit of $2,000
- Boost personal credit
- Improve business credit
- Periodic account review for qualification to regular business credit card
Why We Like It
We chose the Hello Alice Small Business Secured Mastercard, issued by First National Bank of Omaha, as our overall best secured business credit card because it offers valuable perks that business owners would enjoy. For $0 annual fees, you can take advantage of 0% introductory APR on both purchases and balance transfers for the first six billing cycles after opening an account. Plus, you’ll receive a $50 statement credit when you spend at least $1,000 in the first three billing cycles of card ownership. What’s more, you’ll earn ongoing rewards on your purchases:
- 4x points for every $1 spent on eligible wireless telephone service and business software purchases.
- 3x points for every $1 spent on eligible office supplies and shipping purchases.
- 2x points for every $1 spent on eligible rideshare and restaurant purchases.
- 1.5x points for every $1 spent on all other purchases.
You can redeem your rewards to access Hello Alice events and workshops, or as gift cards or cash back on eligible purchases.
- Security deposit requirement: Starts at $2,000
- Credit limit: From $2,000—same as your security deposit, subject to credit approval
Valley Visa® Secured Business Credit Card: Best for 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
- 110% percent of your approved credit limit
- $1,000 to $25,000, based on customer request
Pros
- Applicants with poor or limited credit history 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
- Report to major credit bureaus
Cons
- Credit limits are capped to $25,000
- Requires refundable security deposit of 110% credit limit
- Up to 25 free employee cards only
- Charges foreign transaction fee
- Online account access: Manage your account conveniently through online access.
- Fraud protection alerts: Immediate alerts for suspected fraudulent transactions.
- Visa purchase alerts: Receive near real-time notifications via email or text message for transactions made with your enrolled Visa card.
- Report to major credit bureaus: 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
- 110% percent of your approved credit limit
- $1,000 to $25,000, based on customer request
Pros
- Applicants with poor or limited credit history 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
- Report to major credit bureaus
Cons
- Credit limits are capped to $25,000
- Requires refundable security deposit of 110% credit limit
- Up to 25 free employee cards only
- Charges foreign transaction fee
- Online account access: Manage your account conveniently through online access.
- Fraud protection alerts: Immediate alerts for suspected fraudulent transactions.
- Visa purchase alerts: Receive near real-time notifications via email or text message for transactions made with your enrolled Visa card.
- Report to major credit bureaus: The card reports account information and transactions to major credit bureaus each month, helping users build credit with responsible use.
Why We Like It
Valley Visa® Secured Business Credit Card offers 0% APR on purchases and balance transfers for the first six months after opening an account. On top of that, it charges $0 annual fee and lets you earn 1% cash back on all purchases, regardless of spending categories.
- Security deposit requirement: 110% of your desired credit limit
- Credit limit: Up to $25,000
Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card: Best for 1.5% Cash Back and $0 Annual Fee
Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card
N/A
- 1.5% cash back on all purchases
Pros
- $0 annual fee
- Minimum of $1,000 security deposit only
- Helps build credit
Cons
- No introductory rewards
- No 0% APR offer
- Cash Flow Management Tools
- Travel and emergency services
- Free access to business credit scores
- Balance Connect® for overdraft protection
- Zero Liability Protection and Fraud Monitoring
N/A
- 1.5% cash back on all purchases
Pros
- $0 annual fee
- Minimum of $1,000 security deposit only
- Helps build credit
Cons
- No introductory rewards
- No 0% APR offer
- Cash Flow Management Tools
- Travel and emergency services
- Free access to business credit scores
- Balance Connect® for overdraft protection
- Zero Liability Protection and Fraud Monitoring
Why We Like It
With the Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card, you can earn unlimited 1.5% cash back on your purchases while paying $0 annual fees. Plus, with consistent on-time payments and responsible use, you can build or improve your credit over time, allowing you to access a wider range of business financing options.
- Security deposit requirement: Minimum of $1,000
- Credit limit: Equivalent to your security deposit
First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card: Best for Earning Rebates & 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
While FNBO Business Edition® Secured Mastercard® Credit Card doesn’t offer ongoing rewards on purchases, you can take advantage of Mastercard Easy Savings®, which lets you earn automatic rebates at over 40,000 participating merchant locations. What’s more, you can also earn interest on your security deposit.
- Security deposit requirement: 110% of your requested credit limit in multiples of $100; for example, if you want a credit limit of $10,000, you need to make a security deposit of $11,000
- Credit limit: $2,000 to $10,000
card_name: Best Personal Secured Credit Card With up to 5% Cash Back
card_name
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Capital One Quicksilver Student Cash Rewards Credit Card
Pros
- Unlimited rewards
- $0 annual fee
- Security deposit as low as $200
Cons
- No welcome offer
- 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
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Capital One Quicksilver Student Cash Rewards Credit Card
Pros
- Unlimited rewards
- $0 annual fee
- Security deposit as low as $200
Cons
- No welcome offer
- 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
The card_name is a personal secured credit card that provides a straightforward rewards program and several ways to save on fees. It offers 5% cash back on hotels and rental cars booked through Capital One Travel, and 1.5% cash back on all other purchases. On top of that, it has annual_fees annual, foreign transactions, authorized users, and replacement card fees.
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
- Lets you enjoy $0 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
- Lets you enjoy $0 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
Discover it® Secured Card is another personal credit card and it’s best for those with frequent gas and dining expenses. You’ll get 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. It charges $0 annual fees and offers a special balance transfer rate of 10.99% for six months from the date of the first transfer.
- Security deposit requirement: $200 to $2,500, in increments of $100
- Credit limit: Equivalent to your security deposit amount
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
- Earn 1 point per $1 spent on eligible purchases
- Minimum $500, which determines your credit limit (up to $25,000)
- No fees for foreign transactions, cash advances, or balance transfers
- Reports to major credit bureaus
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
- Earn 1 point per $1 spent on eligible purchases
- Minimum $500, which determines your credit limit (up to $25,000)
- No fees for foreign transactions, cash advances, or balance transfers
- Reports to major credit bureaus
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
First Tech Platinum Secured Mastercard® is also a personal secured credit card that offers several opportunities to save on credit costs. It comes with $0 annual, balance transfer, cash advance, or foreign transaction fees, and lets you earn 1x point per dollar spent on all purchases, which you can use for travel, merchandise, gift cards, and more. What’s best about this card aside from its cost-saving features is that it also comes with a low ongoing APR compared to most other business credit cards.
- Security deposit: Ranges from $500 to $25,000
- Credit limit: Equal to your security deposit
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
- New Feature! Earn up to 10% cash back* on everyday purchases at over 40,000 participating merchants.
- No credit check needed to apply—OpenSky® won’t pull your credit so there’s no impact on your credit score.
- No bank account required—OpenSky® won’t require you to have an existing or new traditional bank account with Capital Bank.
- Reports your payment and usage behavior to all three major credit bureaus (Equifax®, Experian®, and TransUnion®), helping you build or rebuild credit.
Pros
- No credit check to apply
- No bank account needed
- Report to all 3 major credit bureaus
- Low APR
Cons
- Requires a security deposit
- No 0% introductory APR
- Annual fee applies
- Flexible deposit funding: Use a debit card, wire transfer, check, or money order to fund your security deposit, starting from $200 up to $3,000.
- Pay security deposit in installments: Pay your OpenSky® Secured Visa® deposit in installments, but complete it within 60 days to avoid reapplying (terms apply).
- Free online access to FICO® score: You can monitor your credit health by accessing your FICO® score online for free.
- New Feature! Earn up to 10% cash back* on everyday purchases at over 40,000 participating merchants.
- No credit check needed to apply—OpenSky® won’t pull your credit so there’s no impact on your credit score.
- No bank account required—OpenSky® won’t require you to have an existing or new traditional bank account with Capital Bank.
- Reports your payment and usage behavior to all three major credit bureaus (Equifax®, Experian®, and TransUnion®), helping you build or rebuild credit.
Pros
- No credit check to apply
- No bank account needed
- Report to all 3 major credit bureaus
- Low APR
Cons
- Requires a security deposit
- No 0% introductory APR
- Annual fee applies
- Flexible deposit funding: Use a debit card, wire transfer, check, or money order to fund your security deposit, starting from $200 up to $3,000.
- Pay security deposit in installments: Pay your OpenSky® Secured Visa® deposit in installments, but complete it within 60 days to avoid reapplying (terms apply).
- Free online access to FICO® score: You can monitor your credit health by accessing your FICO® score online for free.
Why We Like It
OpenSky® Secured Visa Credit Card is a personal secured credit card that does not perform credit checks nor require a bank account as part of the account opening process, making it easy to qualify for. For your security deposit, you can use a money order if you don’t want to open a bank account.
- Security deposit: $200 to $3,000
- Credit limit: Equivalent to your security deposit
How We Selected the Best Secured Business Credit Cards
We considered secured business credit cards that come with reasonable fees. We 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.
Recommended Alternatives to Secured Business Credit Cards
Ramp Card: Best for Large Businesses That Need Higher Credit Limits
Ramp Credit Card
BEST FOR:
Those who are using Ramp as their main financial management tool
- Up to 1.5% cash back on purchases, regardless of spending categories
Pros
- Offers rewards for cardholders
- Does not charge additional fees
- Integrates with accounting software, such as QuickBooks and Xero
Cons
- Requires paying balances in full each month
- Is unavailable 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.
- Up to 1.5% cash back on purchases, regardless of spending categories
Pros
- Offers rewards for cardholders
- Does not charge additional fees
- Integrates with accounting software, such as QuickBooks and Xero
Cons
- Requires paying balances in full each month
- Is unavailable 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 recommend it: Ramp Card is a corporate charge card that offers up to 1.5% cash back on all purchases. It doesn’t charge users annual, late payments, or additional card/card replacement fees. It also has a robust expense management system that allows you to monitor and control employee spending seamlessly.
- Deposit requirement: A minimum of $25,000 in cash in any US business bank account linked to Ramp card
- Credit limit: Up to 20x higher credit limits than traditional options
Rho Card: Best for Daily or Monthly Credit Terms With Exclusive Partner Rewards
Rho Card | |
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Qualifications | Terms |
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Costs | |
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Why we recommend it: Rho Card lets you access a seamless platform so you can easily manage expenses and cash flow. It has $0 annual and subscription fees, and you can choose either daily or monthly credit terms. It lets you earn cash rewards on eligible purchases, as well as over $600,000 in exclusive partner perks, including Stripe, Slack, Gusto, and Amazon.
- Deposit requirement: Not disclosed
- Credit limit: This will not be based solely on your cash balance or last year’s revenue—it will depend on several factors, including revenue growth, business spending patterns, and balance sheet liquidity. Your credit limit will increase as your business grows.
Mercury IO Mastercard®: Best for No Personal Credit Check & No Personal Guarantee
Mercury IO Mastercard®
- 1.5% cash back on all settled transactions
Pros
- No personal guarantee required
- Unlimited rewards on paid transactions
- Helps build business credit
Cons
- No introductory rewards/welcome offer
- $25,000 is required in a Mercury account
- Doesn’t support cash deposits
- No personal credit check needed
- 1.5% cashback for all settled transactions
- Free employee cards
- 1.5% cash back on all settled transactions
Pros
- No personal guarantee required
- Unlimited rewards on paid transactions
- Helps build business credit
Cons
- No introductory rewards/welcome offer
- $25,000 is required in a Mercury account
- Doesn’t support cash deposits
- No personal credit check needed
- 1.5% cashback for all settled transactions
- Free employee cards
Why we recommend it: Mercury IO Mastercard® is a business charge card that offers 1.5% cash back on all eligible spending. It doesn’t check your personal credit as part of the application process, and you won’t be required to provide a personal guarantee. This is a great way to keep your personal and business finances separate.
- Deposit requirement: At least a $25,000 balance in a Mercury account—this is not a security deposit and doesn’t act as collateral
- Credit limit: Will be based on your account balance
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 qualify for other business financing options in the future.
Secured business credit cards work like regular credit cards—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 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 corporate 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.
Fit Small Business has partnered with CardRatings for our coverage of credit card products. Fit Small Business and CardRatings may receive a commission from card issuers.
