Category: Business Card Companies

BC credit union offers cannabis businesses pre-approved cards

Big banks still treat cannabis-sector entrepreneurs differently than counterparts in other sectors.

Big banks still treat cannabis-sector entrepreneurs differently than counterparts in other sectors, but the ability to conduct banking is slowly getting better.

Community Savings Credit Union today said that it is launching pre-approved business credit cards for its members who operate cannabis-related businesses. 

“This industry-first offer finally gives cannabis businesses in B.C. guaranteed access to credit cards, a long overdue change in the financial services available for the industry,” the credit union said in a news release.

Many business people involved with legal cannabis-related businesses are rejected by credit-card providers because they are active in the industry. 

Community Savings Credit Union CEO Mike Schilling told BIV last fall that he sees advocating for changes to cannabis legislation as his duty, which is why he went to Ottawa to speak at an industry summit, and meet with political staff in the prime ministers’ office and the office of the minister of finance. 

His Surrey-based, seven-branch credit union, which has about $900 million in assets under management, has more than 17,000 members, including 150 that are cannabis-sector companies, he said at the time.

“Cannabis businesses have been forced to operate without a fully functioning banking system for too long,” he said today. “The industry was legalized five years ago, but big banks have ignored this sector’s needs and credit unions like Community Savings have stepped in.”

Community Savings offers three business credit cards. One is its No Fee Cash Back Visa, which allows customers to earn cash back when purchases are made. Another is its Visa Low Rate Business Card, which charges an annual fee and has a comparatively low interest rate, when monthly balances are not paid in full. It also has the Visa Infinite Business Card, which offers

Read More ...

Best Business Credit Cards 2024

Business owners have a unique opportunity to turn their everyday business expenses into cash back, miles or points with the right credit card.

The best business credit cards offer valuable rewards, financing offers and other benefits at a reasonable cost. Choosing the right credit card for your business depends on how much you spend each month, which categories you spend the most in, and the type of rewards you want. It is also important to consider what your credit score is and if you’re willing to pay an annual fee. Learn more about credit cards for your business to determine which card is right for you.

Best business credit cards: Summary

  • Best for unlimited cash back: card_name
  • Best for rewards: card_name
  • Best for travel: card_name
  • Best for small business: card_name
  • Best for no annual fee: card_name
  • Best for 0% intro APR offer: U.S. Bank Triple Cash Rewards Visa® Business Credit Card
  • Best for bad credit: FNBO Business Edition® Secured Mastercard® Credit Card
  • Best for hotels: card_name
  • Best for gas: card_name

Our recommendations for the best business credit cards

We selected these business cards based on features for a variety of customer profiles. You’ll find each card’s welcome bonus details and why they were our choice in the sections below.

Best for unlimited cash back: card_name

Capital One Spark Cash Select for Excellent Credit

Credit score needed

credit_score_needed

Welcome offer: bonus_miles_full

Why we chose it: With the card_name, you’ll earn an unlimited 1.5% cash back on every purchase you make. You don’t need to worry about bonus categories or spending caps getting in the way of your rewards. Instead, you can focus on your business knowing you’ll get generous cash back rewards on every purchase.

The card comes with free management tools to enhance your business, including virtual

Read More ...

Capital One to buy Discover for $35 billion in deal that combines major US credit card companies

NEW YORK — Capital One Financial said it will buy Discover Financial Services for $35 billion, in a deal that would bring together two of the nation’s credit card companies as well as potentially shake up the payments industry, which is largely dominated by Visa and Mastercard.

Under the terms of the all-stock transaction, Discover Financial shareholders will receive Capital One shares valued at nearly $140. That’s a significant premium to the $110.49 that Discover shares closed at Friday.

The deal marries two of the largest credit card companies that aren’t banks first, like JPMorgan Chase and Citigroup, with the notable exception of American Express. It also brings together two companies whose customers are largely similar: often Americans who are looking for cash back or modest travel rewards, compared to the premium credit cards dominated by AmEx, Citi and Chase.

“This marketplace that’s dominated by the big players is going to shrink a little bit more now,” said Matt Schulz, chief credit card analyst at LendingTree.

It also will give Discover’s payment network a major credit card partner in a way that could make the payment network a major competitor once again. The U.S. credit card industry is dominated by the Visa-Mastercard duopoly with AmEx being a distance third place and Discover an even more distant fourth place. It’s unclear whether Capitol One will adopt the Discover payment system or may set up a payment network that allows parallel use of Discover and a second payment network like Visa.

“Our acquisition of Discover is a singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies,” said Richard Fairbank, the chairman and CEO of Capital One, in a statement.

With

Read More ...

5 Key Information That You Should Include in Your Custom Business Card

As a business owner, you must offer an impressive identity through your business card. It should reflect all vital information regarding your sales platform and company.

As your entrepreneurial success greatly depends upon the right projection of your company, you must use a well-designed and meaningful custom business card to reflect the essential things about your business platform.

The latest market research report published by Businesswire says: The market was valued at US$ 1,057.6 million in 2019 and is projected to reach US$ 3,065.8 million by 2027; it is expected to grow at a CAGR of 14.7% from 2020 to 2027.

5 Key Information that Your Business Card Should Carry

A thoughtfully made business card can go a long way in promoting your business. Due to this reason, it should carry several pieces of information regarding your business. Here are the key information that you must give in your business card:

Company Profile:

Company name.

Office or factory address.

Contact details like telephone number, mobile phone number, and email id.

Product or service profile: services you are offering or products you are manufacturing or selling

Corporate website link.

Projection of Company Logo:

Your company logo can go a long way in promoting your brand. It can also create brand loyalty. Due to this reason, you should prominently print the logo at the top corner of your card. An eye-catching logo design with a punch line regarding your business motto can be attractive.

QR Code:

You must print the QR code using a digital or NFC card. Besides reflecting your professionalism, it also helps the receiver of the card online to know most of the facts about your company. Scanning it on a smartphone lets the person receiving your business card know all about your company. This can facilitate your trade

Read More ...

Are RBI’s restrictions on B2B credit card payments via unverified routes permanent?

RBI and Visa | Image:RBI and Visa

RBI notice to card companies: The Reserve Bank of India’s (RBI) order restricting card networks from supporting business card issuance by non-bank intermediaries could hit the volume of card spending but will not impact profits in the card business, said a report by Macquarie Capital. The lingering question in the card service industry is, why was this done by the RBI, and whether this would be a permanent ban? Republic Business takes a deep dive. 

RBI puts B2B card pay on hold 

The entire finance and fintech industry in India was jolted, with a major shockwave earlier this week when the RBI enforced a ban on commercial payments made by corporations using intermediary fintech platforms. A notice was also sent to Visa and Mastercard to restrict such payments, according to media reports.  

The RBI restricted B2B payments made by commercial credit cards through Business Payment Solution Providers (BPSPs). Experts say central banks actions on BPSPs that were not meeting their verification norms will have a ripple effect on the volume of transactions facilitated through the card service companies. This will also impact the profits of card companies, financial expert Kishore Subramanian said. 

“The commercial card expenditure in terms of volumes will see a dip across all banks. It will go down by 30-45 per cent.  The industry average is Rs 25,000 crore a month,” added Subramanian. 

Third-party intermediary route 

As per the RBI, the card company in question was being routed through commercial payments through third-party intermediaries who didn’t comply with the RBI payment and customer identification norms. So, who are these third-party players and what is the RBI’s directive to card companies?

As per experts, these transactions made by organisations through their credit cards are generally of a lower margin, resulting in

Read More ...

Best Soft Pull Credit Cards 2024

When you submit a credit card application, your credit will receive a “hard credit pull.” This signals to the credit bureaus that you’re trying to acquire credit and temporarily lowers your credit score by a few points.

For this reason, it’s good to keep your hard credit pulls to a minimum. Ideally, you won’t waste them on credit card applications that are ultimately declined.

This is why “soft pull” credit cards are so useful. By pre-qualifying for a credit card via a soft pull, which doesn’t affect your credit at all, you can gauge your chances of being approved for a card when formally applying. It’s not always a sure thing, but it can help you to understand which cards are in the realm of possibility.

Featured product

Featured product

Mission Lane® Visa Credit Card

Credit score

credit_score_needed

Welcome offer

bonus_miles_full

Pros:

  • Easy approval.
  • No security deposit necessary.
  • Helpful to build credit.

Cons:

  • Virtually no worthwhile ongoing benefits.
  • No rewards for spending.
  • Possible annual fee up to $59.

Best soft pull credit cards: Summary

Why we recommend these credit cards that don’t require a hard pull

Best for travel rewards: card_name

Capital One Venture Rewards Credit Card

Credit score

credit_score_needed

Welcome offer

bonus_miles_full

Pros

Cons

  • annual_fees annual fee.
  • Other cards offer a better return for everyday spending.
  • Subpar travel insurance.

The annual_fees annual fee card_name is one of the best travel rewards credit cards on the market. The fact that you can prequalify for the card with a soft credit pull is an added plus.

You can bonus_miles_full. It also earns five miles per dollar on hotels and car rentals booked through Capital One Travel and a flat two miles per dollar on everything else. You can transfer these rewards to airline and hotel loyalty programs for

Read More ...

How to Report Revenue on a Business Credit Card Application

⏰ Estimated read time: 4 minutes

When reporting annual revenue on a business credit card application, issuers generally want to know your verifiable gross revenue from the previous year. While it’s tempting to puff up your total or include projections, a big revenue number isn’t necessary to get approved.

Annual business income is just one factor issuers consider; most card issuers also look at your personal credit history and income. That means even new businesses with little to no revenue can qualify for one of the best business credit cards if the owner has a strong personal credit score.
Chase Ink Business Cash Credit Card Credit Card
Chase

Ink Business Cash® Credit Card

What is annual business revenue?

Annual business revenue is the total income your company generates over the course of a year — from products sold, services performed, fees received and interest or dividends earned — before subtracting tax deductions or operating expenses.

How to report revenue for business cards

It’s important to stick to the facts when reporting your business’ gross annual revenue on a business credit card application. But don’t sell yourself short. Here’s what to do.

  • Determine your gross annual revenue. This is your revenue before taxes and other expenses are taken out. This is different from profit, which is revenue minus costs.Gross revenue can include several sources of business income, such as selling business products and services, surplus equipment or property or even stock in your business.

  • Exclude any personal income. If you work a full-time job and sell items on eBay as a side hustle, for example, income from your full-time job shouldn’t be considered “revenue.” Instead, include it in the “income” field of the application.

  • Pull revenue from the right time frame. Your figures should be from the previous year. Generally, that means you shouldn’t be reporting sales projections as

Read More ...

Revenued Business Card Review 2024

Our experts answer readers’ credit card questions and write unbiased product reviews (here’s how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

The Revenued Business Card is a no-annual-fee business card that will consider approving you according to your business income (instead of your credit score). It’s great for those with low credit scores — but it will do no good in helping you build credit, as the card won’t show up on your personal credit report.

But take caution before you apply. This card’s mandatory “factor rate” fees can be a deal breaker.

Revenued Business Card

Insider’s Rating
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

3/5


Recommended Credit

Bad to Good

Pros
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No annual fee
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No credit history required for approval
Cons
  • con icon Two crossed lines that form an ‘X’. Unavoidable interest charges
  • con icon Two crossed lines that form an ‘X’. No real ongoing benefits
  • con icon Two crossed lines that form an ‘X’. Sole proprietors are ineligible

Product Details
  • No annual fee and no draw fee
  • Includes flex line, similar to a line of credit and only pay for what you use
  • Access cash on demand with funds deposited straight into your bank account
  • Fast and easy application process – apply online and receive a funding decision in as little as an hour
  • Approvals based on your business revenue and not personal credit
  • As your revenue increases, spending limits also increase
  • Access to business
Read More ...

4 Perks Of Having Personal And Business Cards From The Same Issuer

Key takeaways

  • If you’re a business owner in the market for a business credit card, there can be benefits to getting a credit card from the same issuer as your personal card.
  • Building a positive, lasting relationship with a card issuer can lead to more credit opportunities. It also might be easier to manage multiple credit accounts in the same place.
  • Credit card rewards can often be transferred from card to card within the same issuer. That way, you can make the most of the card with the highest redemption rate.

If you’re running a retail shop, freelancing or managing another type of small business, it’s important to keep business and personal expenses separate. Many credit card issuers offer a wide span of credit card types. And you may be wondering whether to stick with the same issuer for both your personal and business card needs.

Here are a few perks of having business and personal credit cards from the same issuer:

1. Improves your chances of qualifying for a business card

Generally, banks value customers who hold several types of accounts, including savings accounts and checking accounts, car loans and home loans and a variety of credit cards. Having both a personal and business card with an issuer may help you qualify for higher credit lines, lower interest rates on other credit products and even free banking services.

The best business credit cards may require high credit scores, which can make it a challenge for a new business to be approved for a card. According to Markia Brown, Certified Financial Education Instructor behind The Money Plug, having a personal relationship with a lender can help you get approved for new accounts.

“If a consumer has established a mutually beneficial relationship with a bank or credit union, then they can

Read More ...

Delta, AmEx up card fees and add more perks

Cardholders of American Express and Delta’s six co-branded credit cards will receive new benefits and increased annual fees in changes the companies revealed Thursday.

Delta SkyMiles American Express credit cardholders can already make use of the new benefits, the companies said. 

Under the updates, people who use their co-branded cards for some Resy restaurants, certain rideshares and prepaid Delta Stays accommodations can earn annual statement credits of varying amounts depending on their card type, according to American Express. The total value of the credits range from up to $300 for Gold to $610 for Reserve Business.

The Delta Air Lines logo on a plane

A Delta Air Lines passenger plane is seen in Washington, D.C., in February 2023. (Celal Gunes/Anadolu Agency via Getty Images / Getty Images)

Platinum, Platinum Business, Reserve and Reserve Business card holders will get a leg up on meeting the qualifications for Silver Medallion status in Delta’s loyalty program with $2,500 medallion qualification dollars each year.

CLICK HERE TO READ MORE ON FOX BUSINESS

Delta said last month customer engagement with its SkyMiles program “reached an all-time high, with record membership growth, co-brand spend and revenue from travel-adjacent services.”

Ticker Security Last Change Change %
DAL DELTA AIR LINES INC. 39.98 +0.22 +0.55%
AXP AMERICAN EXPRESS CO. 206.40 +3.21 +1.58%

In another travel-related perk, the companies have added Hawaii, Alaska, Mexico, the Caribbean and Central America as destinations that cardholders can get companion certificates for, they said.

DELTA ADJUSTS LOYALTY PROGRAM CHANGES AFTER CUSTOMER BACKLASH

Platinum Business and Reserve Business customers will see “new everyday business spending categories” as well as an “expanded buying power” feature that gives them “flexibility to spend above their credit limit” to a point, according to American Express.

American Express logo

The logo of American Express. (Reuters/Lucy Nicholson / Reuters Photos)

They add to the

Read More ...