5 Best Secured Business Credit Cards in 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Benilyn has over a decade of experience as a banking officer. Her expertise is featured throughout Fit Small Business in personal finance, credit card, and real estate investing content.
This article is part of a larger series on Best Small Business Credit Cards.
Editor’s note: This is a recurring post with regularly updated card details.
If you couldn’t qualify for a regular business credit card because of low or limited credit, then a secured business credit card can help build or improve your credit. It’s also an easier option as you only need to make a security deposit, which will serve as collateral. The best secured business credit cards have manageable fees and an easy application process, and those that offer rewards on purchases are a plus.
Here are our five best business secured credit cards:
- Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card: Overall best secured business credit card
- First National Bank of Omaha Business Edition® Secured® Visa Card: Best for high credit limit option
- Union Bank® Business Secured Visa® Credit Card: Best for low APR
- Discover it® Secured Card: Best personal credit card for gas and dining rewards
- OpenSky® Secured Visa Credit Card: Best personal credit card with no credit check
To see how these cards stack up against others we have reviewed on our site, click Add to Compare on a card below and select up to two additional cards for comparison.
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card: Overall Best Secured Business Credit Card
Business Advantage Unlimited Cash Rewards Secured Credit Card
Intro APR
None
Regular APR
24.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- No annual fee
- Unlimited rewards
- Builds business credit
Cons
- Security deposit is required
- No sign-up bonus
- No 0% Intro APR
- Cash flow management tools
- Travel and emergency services
- Online and mobile access
- Balance Connect™ for overdraft protection
- Zero liability protection
Intro APR
None
Regular APR
24.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- No annual fee
- Unlimited rewards
- Builds business credit
Cons
- Security deposit is required
- No sign-up bonus
- No 0% Intro APR
- Cash flow management tools
- Travel and emergency services
- Online and mobile access
- Balance Connect™ for overdraft protection
- Zero liability protection
Why we like it: The Bank of America® Business Advantage Unlimited Cash Rewards Secured is our overall best business secured credit card because it can help you build or improve your business credit while earning unlimited 1.5% cash back on all purchases. With no annual fee, you can also save on credit costs. It only requires a security deposit of at least $1,000—your security deposit will determine your credit limit.
You can redeem your rewards as a deposit into your Bank of America® checking or savings account, a card statement credit, or a check mailed to you. There’s no limit on the rewards you can earn, and your rewards don’t expire. When you make consistent on-time payments, you can build your credit and eventually qualify for unsecured business credit cards.
First National Bank of Omaha Business Edition® Secured® Visa Card: Best for High Credit Limit Option
First National Bank of Omaha Business Edition Secured Visa Card
BEST FOR:
Secured credit lines of as much as $100,000
Intro APR
None
Regular APR
22.49% Variable
Annual Fee
$39
Credit Needed
N/A
- Request your own credit limit between $2,000 and $100,000―multiples of $50―when you apply, subject to credit approval.
- Security deposit is 110% of the amount of your credit limit, between $2,200 and $110,000―multiples of $50―subject to credit approval.
- $39 annual fee
- Earn interest on your security deposit.
- Variable 19.99% APR on purchases and balance transfers based on the prime rate.
- Get automatic rebates with Visa SavingsEdge® on purchases that you make at qualified merchants.
- United States citizenship isn’t required but you must have a valid Social Security number or individual taxpayer identification number (TIN) and a valid US address.
- Online access to view transactions, pay your bill, view up to seven years of prior statements, and more.
Pros
- Accepts a wide range of credit scores
- You can set your own credit limit
- Offers user-friendly management reports
- You’ll earn 0.05% annual percentage yield (APY) on your security deposit account balance
Cons
- Requires an annual fee
- Charges a foreign transaction fee
- Doesn’t offer rewards
- Automatic discounts: Good on purchases you make at qualified merchants. Rebates will be applied as statement credits.
- Visa Zero Liability: It covers you when fraudulent charges are made with either your card or your account information.
- Free management reports: Be able to track your expenses and spending, identify tax deductions, prepare tax filings, and predict costs with ease
Intro APR
None
Regular APR
22.49% Variable
Annual Fee
$39
Credit Needed
N/A
- Request your own credit limit between $2,000 and $100,000―multiples of $50―when you apply, subject to credit approval.
- Security deposit is 110% of the amount of your credit limit, between $2,200 and $110,000―multiples of $50―subject to credit approval.
- $39 annual fee
- Earn interest on your security deposit.
- Variable 19.99% APR on purchases and balance transfers based on the prime rate.
- Get automatic rebates with Visa SavingsEdge® on purchases that you make at qualified merchants.
- United States citizenship isn’t required but you must have a valid Social Security number or individual taxpayer identification number (TIN) and a valid US address.
- Online access to view transactions, pay your bill, view up to seven years of prior statements, and more.
Pros
- Accepts a wide range of credit scores
- You can set your own credit limit
- Offers user-friendly management reports
- You’ll earn 0.05% annual percentage yield (APY) on your security deposit account balance
Cons
- Requires an annual fee
- Charges a foreign transaction fee
- Doesn’t offer rewards
- Automatic discounts: Good on purchases you make at qualified merchants. Rebates will be applied as statement credits.
- Visa Zero Liability: It covers you when fraudulent charges are made with either your card or your account information.
- Free management reports: Be able to track your expenses and spending, identify tax deductions, prepare tax filings, and predict costs with ease
Why we like it: If you have substantial expenses and need a high credit limit, the First National Bank of Omaha Business Edition® Secured® Visa Card is a good option. The issuer allows you to request a limit ranging from $2,000 to $100,000, subject to approval, but you need to make a security deposit of $110% of your requested limit. The good news is that you can earn interest on your security deposit. Plus, the card comes with a low annual fee of $39.
It’s important to note that it doesn’t offer rewards. However, you can earn rewards through Visa SavingsEdge, a feature that allows cardholders to save on business expenses with Everyday Offers. You also need to enroll in Visa SavingsEdge to access Activate Offers, which are discount offers available directly from merchants’ websites.
Union Bank® Business Secured Visa® Credit Card: Best for Low APR
Union Bank® Business Secured Visa® Credit Card
Intro APR
None
Regular APR
16.24% variable for purchases and balance transfers
Annual Fee
$30
Credit Needed
Bad to Excellent
- Grow your company with a secured credit limit of up to $25,000.
- With a low $30 annual fee, keep your company’s money at work where it matters most.
Pros
- Low annual fee
- Owners with bad credit can apply
- Fixed ongoing APR
Cons
- With security deposit
- No interest-free financing option
- No rewards for new and existing cardholders
- High balance transfer and cash advance fees
- Mobile access: Enjoy 24/7 access to mobile site to allow you to access your account wherever and whenever safely and securely
- Swipe smarter: This card features advanced technology for enhanced safety and protection against fraud
- Customized account alerts: Tailor your banking experience to include customized account alerts keeping you updated and informed
- Auto rental collision damage: You’re covered for damage due to collision or theft
- Zero fraud liability: You won’t be held responsible for unauthorized charges made with your account or account information
Intro APR
None
Regular APR
16.24% variable for purchases and balance transfers
Annual Fee
$30
Credit Needed
Bad to Excellent
- Grow your company with a secured credit limit of up to $25,000.
- With a low $30 annual fee, keep your company’s money at work where it matters most.
Pros
- Low annual fee
- Owners with bad credit can apply
- Fixed ongoing APR
Cons
- With security deposit
- No interest-free financing option
- No rewards for new and existing cardholders
- High balance transfer and cash advance fees
- Mobile access: Enjoy 24/7 access to mobile site to allow you to access your account wherever and whenever safely and securely
- Swipe smarter: This card features advanced technology for enhanced safety and protection against fraud
- Customized account alerts: Tailor your banking experience to include customized account alerts keeping you updated and informed
- Auto rental collision damage: You’re covered for damage due to collision or theft
- Zero fraud liability: You won’t be held responsible for unauthorized charges made with your account or account information
Why we like it: Among all the cards on this list, the Union Bank® Business Secured Visa® Credit Card has the lowest ongoing APR of 15.49%, making it a great option if you plan to carry a balance from time to time. You can choose a credit limit of anywhere from $500 to $25,000, which will be based on the amount of your security deposit.
The card comes with a low annual fee of $30, although it doesn’t offer ongoing rewards. However, similar to the First National Bank of Omaha Business Edition® Secured® Visa Card, you can earn rewards through Visa SavingsEdge, which offers discounts on selected merchants. You’ll also enjoy other features such as zero fraud liability protection and auto rental collision damage insurance.
Discover it® Secured Card: Best Personal Credit Card for Gas & Dining Rewards
Discover it® Secured
BEST FOR:
Business owners who need help rebuilding personal credit
Intro APR
N/A
Regular APR
25.24% variable
Annual Fee
$0
Credit Needed
N/A
- No annual fee, 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
- Ongoing cash back
- No annual fee
- Automatic monthly account review
Cons
- Security deposit is required
- No 0% APR period
- 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
Intro APR
N/A
Regular APR
25.24% variable
Annual Fee
$0
Credit Needed
N/A
- No annual fee, 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
- Ongoing cash back
- No annual fee
- Automatic monthly account review
Cons
- Security deposit is required
- No 0% APR period
- 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: If you’re a contractor, run a delivery service, or are often on the road, Discover it® Secured, a personal credit card, is a good choice—thanks to its 2% cash back rewards on gas station and restaurant purchases and 1% on all other qualifying purchases. Plus, its Cashback Max feature lets you get an automatic unlimited dollar match of all the cash back you earned and this reward is given at the end of your first year of card ownership.
It may also be a good option if you don’t need a high-limit card and couldn’t qualify for a business credit card. It doesn’t have an annual fee, and you’ll need to make a security deposit ranging from $200 to $2,500. Note that Discover reports credit history to the major credit bureaus and performs automatic card reviews to see if you can qualify for an upgrade to an unsecured credit card.
OpenSky® Secured Visa Credit Card: Best Personal Credit Card for No Credit Check
OpenSky® Secured Visa® Credit Card
BEST FOR:
Business owners with a credit score below 580
Intro APR
N/A
Regular APR
18.89% Variable
Annual Fee
$35
Credit Needed
No Credit Check
- 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
- No credit check required
- Helps build credit
- Low annual fee
Cons
- No introductory APR
- No rewards
- Requires security deposit
- Email alerts: Set up email alerts as a reminder to make a payment, or when you almost use up your credit limit.
- Automatic payments: You can set up recurring automatic payments to ensure your card is paid on time.
- All benefits of a Visa®: This card comes with all the benefits of a Visa® credit card, including worldwide acceptance and fraud protection.
Intro APR
N/A
Regular APR
18.89% Variable
Annual Fee
$35
Credit Needed
No Credit Check
- 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
- No credit check required
- Helps build credit
- Low annual fee
Cons
- No introductory APR
- No rewards
- Requires security deposit
- Email alerts: Set up email alerts as a reminder to make a payment, or when you almost use up your credit limit.
- Automatic payments: You can set up recurring automatic payments to ensure your card is paid on time.
- All benefits of a Visa®: This card comes with all the benefits of a Visa® credit card, including worldwide acceptance and fraud protection.
Why we like it: Just like the Discover it® Secured card, the OpenSky® Secured Visa Credit Card is a personal credit card but you can use it for any business purchase. Since a credit check isn’t required when you apply, your credit score isn’t part of the approval process. OpenSky reports to the three major credit bureaus, Equifax, Experian, and TransUnion so, as you continue to use the card responsibly and make consistent on-time payments, you can grow your credit score and build your credit history.
Your credit limit will be based on your security deposit, ranging from $200 to $3,000. Most secured cards require a bank account to get started, but OpenSky® makes it easy if you don’t have or qualify for a bank account. Instead, you can use a money order for the deposit to get the application going. Both Discover it® Secured and OpenSky® Secured Visa are among our leading credit cards for bad credit.
How We Evaluated 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.
What Is a Secured Business Credit Card?
A secured business credit card typically requires a deposit to a checking or savings account, called your collateral account. 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 $500.
However, the First National Bank of Omaha Business Edition® Secured® Visa Card requires a security deposit that is equivalent to 110% of your credit limit. For example, if you want a credit limit of $100,000, then you need to make a security deposit of $110,000.
When the bill is due each month, you’ll be responsible for making a payment on time. With secured cards, it’s especially important that you make prompt payments because the penalties for late payments are higher than unsecured cards. Also, if the issuer reports your credit history to the major credit bureaus, each late payment could affect your chances of getting an unsecured card in the future.
Bottom Line
All of these secured business credit cards offer an easy approval process and liability protection. 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 or application without a credit check. When used responsibly, you can build your credit history and become eligible for an unsecured credit card with higher limits, flexible payment dates, and richer rewards. For more tips on growing your credit score, check out our article on how to build business credit.
If you need to see other business credit cards, you may visit our Credit Card Marketplace or check out our best small business credit cards guide.
