4 Best Secured Business Credit Cards for 2023
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.
A secured business credit card can help build or improve your credit, and to qualify, 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. We have also recommended a few personal secured credit cards to help you find one that best fits your needs.
Here are our four best business secured credit cards:
- First National Bank of Omaha Business Edition® Secured® Visa Card: Best for high credit limit option
- Discover it® Secured Card: Best personal credit card for premium gas and dining rewards
- 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
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.
First National Bank of Omaha Business Edition® Secured® Visa Card: Best For High Credit Limit Option
First National Bank of Omaha Business Edition® Secured Mastercard® Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Secured credit lines of as much as $100,000
Intro APR
None
Regular APR
25.49% Variable
Annual Fee
$39
Credit Needed
Very Poor to Good
- 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 between $2,000 and $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.
Intro APR
None
Regular APR
25.49% Variable
Annual Fee
$39
Credit Needed
Very Poor to Good
- 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 between $2,000 and $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: 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. For example, if you need a credit limit of $100,000, your security deposit should be at least $110,000. The good news is that you can earn interest on your security deposit.
While the card comes with a low annual fee of $39, it doesn’t offer introductory and ongoing rewards. However, you can earn rewards through Visa SavingsEdge, a feature that allows cardholders to save on business expenses with its exclusive offers. You also need to enroll in Visa SavingsEdge to access Activate Offers, which are discount offers available directly from merchants’ websites.
Due to its high credit limit option, the First National Bank of Omaha Business Edition® Secured® Visa Card is also one of our leading high-limit business credit cards.
Discover it® Secured Card: Best Personal Credit Card for Premium Gas & Dining Rewards
Discover it® Secured
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
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. It offers 2% cash back rewards on gas station and restaurant purchases of up to $1,000 in combined purchases each quarter 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 (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 credit 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. Because of this, it’s one of our top choices for the best business credit cards for bad credit.
OpenSky® Secured Visa Credit Card: Best Personal Credit Card for No Credit Check & No Bank Account Requirement
OpenSky® Secured Visa® Credit Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Business owners with a credit score below 580
Intro APR
N/A
Regular APR
21.64% variable
Annual Fee
$35
Credit Needed
Poor to Average
- 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.
Intro APR
N/A
Regular APR
21.64% variable
Annual Fee
$35
Credit Needed
Poor to Average
- 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: 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. 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.
OpenSky reports to the three major credit bureaus, Equifax, Experian, and TransUnion. As such, when you continue to use the card responsibly and make consistent on-time payments, you can grow your credit score and build your credit history—eventually helping you qualify for a traditional business credit card. It’s worth noting that it doesn’t offer a sign-up bonus and ongoing rewards on purchases.
OpenSky® Secured Visa is also one of our leading credit cards for bad credit.
First Progress Select Platinum Mastercard® Secured Credit Card: Best Personal Credit Card With Rewards for Payments
First Progress Select Platinum Mastercard® Secured Credit Card
Intro APR
N/A
Regular APR
18.49%
Annual Fee
$39
Credit Needed
Bad, limited
- 1% cash back on payments made to your credit card account
Pros
- No annual fee
- Long 0% APR on both purchases and balance transfers
- 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
Intro APR
N/A
Regular APR
18.49%
Annual Fee
$39
Credit Needed
Bad, limited
- 1% cash back on payments made to your credit card account
Pros
- No annual fee
- Long 0% APR on both purchases and balance transfers
- 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 the First Progress Select Platinum Mastercard® Secured credit card 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 as a $5 statement credit. Your rewards don’t expire for as long as the account remains active and in good standing.
Similar to the OpenSky® Secured Visa Credit Card and Discover it® Secured Card, the First Progress Select Platinum Mastercard® Secured card is a personal credit card that you may use for business purposes. To qualify, you need to make a security deposit of anywhere from $200 to $2,000. First Progress reports your transactions and payment behavior to the three major US credit bureaus: Equifax, Experian, and TransUnion.
With responsible use, you can build your credit score and qualify for unsecured business credit cards. If you make on-time payments for at least six consecutive months, you may qualify for another First Progress credit card.
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 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 features that may be useful for business owners.
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. 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 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. 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. 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 options, check out our best prepaid business cards.
