Secured Business Credit Card. The money or part of it becomes the credit limit that you can borrow against. A secured business credit card works just like any other credit card but to get the card you must put down a security deposit.
As this takes away pretty much all the risk for lenders you re often able to get one even if your business is very new or your credit score isn t great. Secured business credit cards provide business owners with the convenience of charging company expenses to a credit card as well as the opportunity to build or rebuild their credit score. Secured business credit cards work just like regular credit cards but require you to put down an initial cash deposit which will then become your credit limit.
After you ve applied and been approved you ll make a refundable cash deposit.
Some banks also offer high interest low limit unsecured credit cards to customers with poor credit. As this takes away pretty much all the risk for lenders you re often able to get one even if your business is very new or your credit score isn t great. Secured business credit cards provide business owners with the convenience of charging company expenses to a credit card as well as the opportunity to build or rebuild their credit score. A business credit card gives you the convenience of a credit card for business expenses.