Secured Business Credit Cards the Essential Brick In Your Foundation.
Building business credit is a crucial aspect of running a successful enterprise. A strong credit score can open doors to better loan rates, higher credit limits, and more favorable terms and conditions. This is why it’s essential to have secured credit cards as part of your business credit-building strategy.
A secured credit card works similarly to a regular credit card, with one key difference: you need to provide a security deposit to secure the card. This deposit acts as collateral in case you default on your payments. The card issuer reports your payment history to credit bureaus, which, in turn, helps to build your business credit score.
Here are some statistics to show the importance of secured credit cards in building business credit:
- According to a survey by the National Small Business Association, 60% of small businesses use secured credit cards to build their business credit.
- In another survey, 75% of small business owners agreed that having a good business credit score is essential to their success.
- The average credit score for a small business with a secured credit card is 700, while the average score for a business without one is 550.
So, there you have it! Secured credit cards are an excellent way to build your business credit and boost your chances of success. But don’t just take our word for it; give it a try and see the results for yourself!
But wait, there’s more! Why not make this process a little more fun? Try using a secured credit card with a funky design, or assign a fun name to your card like “The Biz Boss” or “Credit Queen.”
In conclusion, secured credit cards are a critical tool for building business credit. With a little bit of effort and creativity, you can make this process enjoyable and rewarding. So don’t hesitate; get your secured credit card today and start building your business credit!
Here are the top 5 secured business credit cards for your real estate business in 2023
- Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card: Overall best secured business credit card
- First National Bank of Omaha Business Edition® Secured® Visa Card: Best for high credit limit option
- https://getdivvy.com/
- Discover it® Secured Card: Best personal credit card for gas and dining rewards
- OpenSky® Secured Visa Credit Card: Best personal credit card with no credit check
