Union Bank® Business Secured Visa® Credit Card Review for 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.
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.
The Union Bank® Business Secured Visa® Credit Card is a secured business credit card best for businesses that can make a security deposit of up to $25,000. While it doesn’t offer any introductory and ongoing rewards, it lets you have access to the Visa SavingsEdge® program, where you can get discounts from various brands included in Everyday Offers. It charges a fixed regular annual percentage rate (APR) on purchases and balance transfers at 15.49% variable, which adjusts based on the prime rate.
If you wish to compare one card over another, select a maximum of three cards on this page and click Add to compare to view the details in a side-by-side comparison.
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
How We Evaluate Business Secured Credit Cards
When grading business secured credit cards like the Union Bank® Business Secured Visa® Credit Card, we first take into account the annual fee and ongoing APRs. We also consider the card’s rewards, security deposit requirements, introductory APR, other fees, and additional features.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Annual Fee | 22 | 25 |
Ongoing APR | 25 | 25 |
Ongoing Rewards | 0 | 10 |
Introductory Rewards | 0 | 10 |
Security Deposit | 8 | 10 |
Other Fees | 8 | 10 |
Introductory APR | 0 | 5 |
Additional Features | 5 | 5 |
Total Score | 68 | 100 |
Who the Union Bank® Business Secured Visa® Credit Card is Best For
- Those who can make a security deposit of up to $25,000: If you can make a security deposit anywhere from $500 to $25,000, then this is a good option.
- Those with bad credit: This is one of the few credit cards that accepts credit scores of 300, giving you the opportunity to grow your credit when using it for your business.
If you think this card doesn’t fit your needs, then see our guides to both the best secured business credit cards and the leading small business credit cards. You may also want to check our credit card marketplace for our evaluation of other business credit cards.
Union Bank® Business Secured Visa® Credit Card Fees
APR
- Introductory APR: None
- Ongoing APR for purchases and balance transfers: 15.49% variable, adjusts with the prime rate
- Cash advance APR: 26.75% variable, adjusts with the prime rate
- Penalty APR: None
- Due date: At least 21 calendar days after the close of each billing cycle
- Minimum interest charge: No less than $1.75
Fees
- Security deposit: $500 to $25,000
- Annual fee: $30
- Balance transfer and cash advance fees: Either $10 or 5% of the amount of each balance transfer/cash advance, whichever is greater
- Foreign transaction fees: 3% of each transaction in United States dollars
- Late payment fees: Up to $39
- Over-the-credit limit and returned payment fees: $39
Union Bank® Business Secured Visa® Credit Card Rewards
While the Union Bank® Business Secured Visa® Credit Card doesn’t offer card-specific rewards, it comes with the Visa SavingsEdge® program, where you can get discounts from various brands included in Everyday Offers. There’s no fee when enrolling in this program as you’ll register with your valid Visa Business credit card on the “Enroll” section of the website.
How to Make Payments on the Union Bank® Business Secured Visa® Credit Card
- Union Bank® – Mobile Banking: You can pay your credit card bills through its mobile app, which is available for iOS and Android users. Union Bank makes sure to update your account information by 6 a.m. Pacific time Tuesday through Friday and by 8 a.m. PT on Saturdays.
- Online: Set up automatic payments with Union Bank’s Auto-Pay. Go to the “Payments” tab, then under “Schedule Auto-Pay,” select to pay the minimum amount or the full statement balance from your checking or savings account.
- Phone: Call (888) 643-9800 and follow the prompts.
- Nearest Union Bank® branch: Visit any branch to pay your credit card bills in person.
- Mail: Send your check to the address below:
Union Bank
PO Box 650349
Dallas, TX 75265-0349
Union Bank® Business Secured Visa® Credit Card Features
- Auto rental collision damage: With it being a Visa card, you’re protected in the event damage occurs due to collision or theft. Use it to secure and charge your rental car and decline the collision damage waiver (or loss damage waiver) offered by the rental agency.
- Emergency card replacement and emergency cash disbursement: Allows you to get a replacement card and/or emergency cash at a convenient location quickly and easily.
- Lost/Stolen card reporting: You can report a lost or stolen card 24/7 from anywhere in the world. Simply call Union Bank® at (888) 643-9800 to process this.
- Zero fraud liability: Union Bank® won’t hold you responsible for unauthorized charges made with your account. In the event a fraudulent transaction occurs, Visa’s Zero Liability policy will take place.
- Swipe smarter: Features advanced technology to enhance safety and increase protection against fraudulent transactions.
Pros & Cons of the Union Bank® Business Secured Visa® Credit Card
| PROS | CONS |
|---|---|
| Low annual fee: It charges an annual fee of $30. | With security deposit: Union Bank® requires potential cardholders to make a security deposit of $500 to $25,000 to qualify. |
| Owners with bad credit can apply: Cardholders with as low as 300 (or bad credit) can apply. | No interest-free financing option: It doesn’t offer any interest-free financing for both purchases and balance transfers. |
| Fixed ongoing APR: It has a fixed low minimum ongoing APR for both purchases and balance transfers at 15.49% | No rewards: It doesn’t offer cardholders any unique rewards. |
| High balance transfer and cash advance fees: If you wish to do either a balance transfer or a cash advance, it will charge you either $10 or 5% of the amount of each transaction, whichever is greater. | |
Union Bank® Business Secured Visa® Credit Card 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 leading secured business credit card as it lets cardholders earn unlimited 1.5% cash back on all purchases, regardless of spending category. It requires a minimum security deposit of $1,000 and doesn’t offer any sign-up bonus and interest-free financing option for new cardholders. It also charges high balance transfer and cash advance fees at $10 or 4% of the amount of each transaction, whichever is greater.
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
Discover it® Secured Card
Consider the Discover it® Secured Card if you’re only able to make a minimum security deposit of $200. It made our list of the top business credit cards for bad credit and best secured business credit cards as it offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and an automatic unlimited 1% cash back on all other purchases. While it offers an introductory APR on balance transfers of 10.99% for the first six months, its regular APR is at a 24.99% variable, which will adjust with the prime rate.
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
First National Bank of Omaha Business Edition® Secured® Visa Card
First National Bank of Omaha Business Edition® Secured® Visa Card is one of our best business credit cards for bad credit and top-recommended secured business credit cards as it’s best suited for those wanting to start building credit or are in the process of rebuilding. It has a fixed regular APR at a 20.24% variable, offers rewards made possible by Visa SavingsEdge, and requires a security deposit of 110% of the amount of your credit limit.
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
Bottom Line
Consider the Union Bank® Business Secured Visa® Credit Card if you’re in need of a business credit card despite having bad credit history and if you can make a security deposit of $500 to $25,000. While it doesn’t have an interest-free financing option, it has a low minimum regular APR of 15.49% and charges a low annual fee of $30. However, it doesn’t have a card-specific rewards system, but you’ll be qualified for the Visa SavingsEdge® program, where you can get discounts from various brands offered in Everyday Offers.
If this card isn’t right for you, visit our Credit Card Marketplace to find one that’s a better fit.
