First National Bank of Omaha Business Edition® Secured Mastercard® Review
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.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
This article is part of a larger series on Best Small Business Credit Cards.
First National Bank of Omaha Business Edition® Secured Mastercard® is a secured business credit card best for small business owners needing to improve or establish their credit score—they only need a credit score between 300 and 719 to be eligible. It should be noted, however, that while FNBO doesn’t have any existing rewards for its new and existing cardholders, the Mastercard Easy Savings® program will help you save on purchases with automatic rebates.
If you wish to compare one card over another, choose a maximum of three cards on this page and click Add to compare to view the details in a side-by-side comparison.
First National Bank of Omaha Business Edition Secured Mastercard® Credit Card
BEST FOR:
Secured credit lines of as much as $100,000
Intro APR
None
Regular APR
23.99% 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
23.99% 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
How We Evaluate Secured Business Credit Cards
When grading secured business credit cards like the First National Bank of Omaha Business Edition® Secured Mastercard®, we first consider the annual fee and ongoing annual percentage rates (APRs). We also take into account the rewards, security deposit requirements, introductory APR, other fees, and additional features.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Annual Fee | 20 | 25 |
Ongoing APR | 20 | 25 |
Ongoing Rewards | 0 | 10 |
Introductory Rewards | 0 | 10 |
Security Deposit | 5 | 10 |
Other Fees | 8 | 10 |
Introductory APR | 0 | 5 |
Additional Features | 3 | 5 |
Total Score | 56 | 100 |
Who the First National Bank of Omaha Business Edition® Secured Mastercard® Is Best For
- Those who need to rebuild their credit: Business owners with bad credit history may want to consider getting this credit card to help them regain their credit standing so that they can apply for other unsecured small business credit cards.
- Those who want to establish their credit: Business owners who are starting out and need to establish their business credit may want to consider this card, as it welcomes those with poor to fair credit.
If this doesn’t fit your business needs, check out our guides to the best secured business credit cards and top small business credit cards.
First National Bank of Omaha Business Edition® Secured Mastercard® Fees
APR
- Introductory APR: None
- Ongoing APR for purchases and balance transfers: 22.49% variable—adjusts with the prime rate
- Cash advance APR: 27.49% variable—adjusts with the prime rate
- Due date: At least 20 days after the close of each billing cycle
- Minimum interest charge: $1.75
Fees
- Annual fee: $39
- Security deposit: 110% of the amount of your credit limit, which can be between $2,200 and $110,000 (multiples of $50)
- Monthly fee: None
- Balance transfer fee: Either $10 or 5% of the amount of each transfer, whichever is greater
- Cash advance and cash equivalent transaction fees: Either $15 or 5% of the amount of each cash advance/cash equivalent transaction, whichever is greater
- Foreign transaction fees: 3% of each transaction in US dollars
- Late payment fees:
- $35 if the new balance is less than $500
- $39 if the new balance is equal to or greater than $500
- Over-the-credit-limit fee: $39
- Returned payment fee: $35
First National Bank of Omaha Business Edition® Secured Mastercard® Credit Rewards
While FNBO doesn’t offer any rewards, First National Bank of Omaha Business Edition® Secured Mastercard® cardholders can save on purchases with automatic rebates from more than 40,000 participating merchant locations with Mastercard Easy Savings®.
How To Make Payments on the First National Bank of Omaha Business Edition® Secured Mastercard®
- Online: Log in to your account and make payments online from any device. Credit card payments are usually posted to your account on the same day if they were processed before 5 p.m. CT. If the payment was made after 5 p.m. but before 11:59 p.m. Central time these will be processed on the next banking day and will be credited for the date of payment.
- AutoPay: When enrolling your account in AutoPay, your payment is made automatically every month on either the due date or a date you indicate. For AutoPay to work, you’ll need to select an FNBO checking or savings account to make your payment from and set the amount to be deducted.
- Phone: Pay your bill by calling FNBO’s customer care line at (888) 295-5540. Note that if you want your payment to be credited to your account on the same banking day, you must call before 5 p.m. CT, Monday through Friday. You can also use the same number to make a rush payment.
- Mail: You can send your overnight credit card payments to:
Bankcard Payment Processing
Attn: Express Payments
1620 Dodge St.
Omaha, NE 68197-2210
First National Bank of Omaha Business Edition® Secured Mastercard® Features
- Digital payments: Your card can be used as a digital wallet, saving you time as you won’t have to insert your card manually or keep inputting account information.
- Free management reports: FNBO provides free management reports to help track expenses, monitor spending, note tax deductions, prepare tax filings, and predict costs easily.
- TurboTax discount: Get a discount of up to $20 on TurboTax federal products using this card.
- QuickBooks Online discount: Save up to 30% on QuickBooks subscriptions for 12 months.
Pros & Cons of the First National Bank of Omaha Business Edition® Secured Mastercard®
| PROS | CONS |
|---|---|
| Is open to anyone with credit scores between 300 and 719 | Has an annual fee of $39 |
| Set credit limits between $2,000 and $100,000 (using multiples of $50), subject to credit approval | Charges a foreign transaction fee of 3% for every transaction made in United States dollars |
| FNBO offers management reports that provide information to track your expenses and predict future expenses with ease | Lacks rewards for new and existing cardholders, but with Mastercard Easy Savings®, you can still save on purchases through automatic rebates |
| Requires a security deposit of 110% of the amount of your credit limit | |
First National Bank of Omaha Business Edition® Secured Mastercard® Alternatives
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card is our top-recommended secured business credit card as it’s one of the few secured credit cards that offer 1.5% cash back on all purchases. It doesn’t charge any annual fees and has a fixed, regular APR of 22.99% variable, which will be adjusted with the prime rate.
Earned rewards can be redeemed as a deposit to your Bank of America® checking or savings account, a card statement credit, or a check mailed to you. Note that it requires you to make a minimum security deposit of $1,000 to qualify for the card and that the amount of your security deposit will be used as a basis for your credit limit.
Business Advantage Unlimited Cash Rewards Secured Credit Card
BEST FOR:
Those who cannot qualify for unsecured business credit cards
Intro APR
None
Regular APR
26.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- Doesn’t charge annual and foreign transaction fees
- Lets you earn unlimited rewards
- Can help you build your business credit score
Cons
- Minimum $1,000 security deposit is required
- Has no 0% introductory APR on purchases and balance transfers
- No sign-up bonus
- Overdraft protection: An optional service available to cardholders who have a Bank of America® business checking account. If you opt-in, link your credit card to your checking account (done through Balance Connect®, their overdraft protection service).
- Free access to your business credit score: You can view and monitor your Dun & Bradstreet business credit score free via Business Advantage 360, Bank of America®’s Small Business Online Banking.
- Travel and emergency services: Offers travel benefits, including $100,000 in travel accident insurance. You’ll also have access to additional services, such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when traveling.
- Cash flow management tools: Bank of America® offers a suite of online services to help you manage your business.
- Zero liability protection: Protects you against unauthorized transactions. You’ll have additional protection for certain purchases against loss, damage, theft, and fire, and you can enjoy extended warranty coverage.
Intro APR
None
Regular APR
26.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- Doesn’t charge annual and foreign transaction fees
- Lets you earn unlimited rewards
- Can help you build your business credit score
Cons
- Minimum $1,000 security deposit is required
- Has no 0% introductory APR on purchases and balance transfers
- No sign-up bonus
- Overdraft protection: An optional service available to cardholders who have a Bank of America® business checking account. If you opt-in, link your credit card to your checking account (done through Balance Connect®, their overdraft protection service).
- Free access to your business credit score: You can view and monitor your Dun & Bradstreet business credit score free via Business Advantage 360, Bank of America®’s Small Business Online Banking.
- Travel and emergency services: Offers travel benefits, including $100,000 in travel accident insurance. You’ll also have access to additional services, such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when traveling.
- Cash flow management tools: Bank of America® offers a suite of online services to help you manage your business.
- Zero liability protection: Protects you against unauthorized transactions. You’ll have additional protection for certain purchases against loss, damage, theft, and fire, and you can enjoy extended warranty coverage.
Union Bank® Business Secured Visa® Credit Card
Union Bank® Business Secured Visa® Credit Card made it in our evaluations of the best secured business credit cards and leading business credit cards for bad credit since it lets you choose your credit limit of anywhere from $500 to $25,000, which will be based on the amount of your security deposit. However, it also charges an annual fee of $30 and doesn’t offer any rewards for new and existing cardholders.
Union Bank® Business Secured Visa® Credit Card
BEST FOR:
Low annual percentage rate (APR)
Intro APR
16.99%
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
16.99%
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
Capital One® Spark® Classic for Business
If your credit scores are between 580 and 669, consider getting the Capital One® Spark® Classic for Business, our top business credit card for fair credit. It’s the only regular unsecured business credit card that can be used anywhere and to strengthen your credit scores—provided that you make on-time payments consistently. You can earn unlimited 1% cash back on all business purchases and unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
Capital One® Spark® Classic for Business
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:
Those with fair credit
Intro APR
N/A
Regular APR
29.74% (Variable)
Annual Fee
$0
Credit Needed
Fair
- 1% cash back every time you swipe
- Build your business credit through responsible usage
- Issue employee cards for free
Pros
- Opportunity to build business credit
- Only requires fair credit to qualify
- Doesn’t charge annual and balance transfer fees
Cons
- Charges high ongoing APR
- Has no 0% introductory APR
- No sign-up bonus
- Automatic payments: Setting up AutoPay in the Capital One mobile app will save you from having to worry about signing in to your account every month
- $0 fraud liability: if your card is either lost or stolen, you can get an emergency replacement and cash advance.
- Purchase records: You can download all purchase records quickly and securely in multiple formats, including Quicken®, QuickBooks®, and Excel®.
- Extended warranty: Get free additional warranty and protection on eligible items purchased with your business credit card.
Free employee cards: You can create multiple employee cards, track employee spending, and customize spending limits while earning all the rewards from their purchases.
Intro APR
N/A
Regular APR
29.74% (Variable)
Annual Fee
$0
Credit Needed
Fair
- 1% cash back every time you swipe
- Build your business credit through responsible usage
- Issue employee cards for free
Pros
- Opportunity to build business credit
- Only requires fair credit to qualify
- Doesn’t charge annual and balance transfer fees
Cons
- Charges high ongoing APR
- Has no 0% introductory APR
- No sign-up bonus
- Automatic payments: Setting up AutoPay in the Capital One mobile app will save you from having to worry about signing in to your account every month
- $0 fraud liability: if your card is either lost or stolen, you can get an emergency replacement and cash advance.
- Purchase records: You can download all purchase records quickly and securely in multiple formats, including Quicken®, QuickBooks®, and Excel®.
- Extended warranty: Get free additional warranty and protection on eligible items purchased with your business credit card.
Free employee cards: You can create multiple employee cards, track employee spending, and customize spending limits while earning all the rewards from their purchases.
Bottom Line
First National Bank of Omaha Business Edition® Secured Mastercard® is a great secured business credit card if you’re looking to rebuild or establish your credit. You can set your credit limit—but a security deposit, which is 110% of the amount of your credit limit, is required.
However, not only does it charge an annual fee of $39, but it also has a foreign transaction fee of 3% for every transaction made in US dollars. What’s more, FNBO doesn’t offer any rewards for new and existing cardholders. However, you can still save on purchases with automatic rebates through Mastercard Easy Savings®.
