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The Revenued Business Card – Product Name Only 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.

The card has a large bonus and a flat 3% return rate everywhere — but take caution before you apply. This card’s mandatory “factor rate” fees can be a deal breaker.

Review: Is the Revenued Business Card the best card for you?

The Revenued Business Card – Product Name Only has a handful of characteristics that (for better or worse) make it unique within the credit card world. This card competes with credit cards, but it’s actually not one itself. It gives you a credit line of sorts for a portion of your future revenue.

Most notably, the card is similar to the X1 Card – Editorial Name Only in that it prioritizes your income instead of your credit score when deciding if you’re a good candidate. This means that, so long as your business revenue is respectable, you could be eligible for the Revenued Business Card – Product Name Only even if your credit score isn’t great. Your credit will not receive a hard inquiry when you apply.

This is an excellent card feature — those with a lower credit score often have difficulty being approved for small-business credit cards from other banks. If you’re desperate for business funding and your credit is in a state that prevents you from opening a proper small business card, you might give this a look (though we recommend you consider it a last resort — we’ll explain why.).

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This card earns 3% cash back on all purchases — and it comes with a welcome bonus of Revenued Business Card – Intro Bonus.

However, this card also comes with some serious deterrents:

Your business will need to gross a minimum of $10,000 per month to qualify
You’ll need a business bank account with a minimum average daily balance of $1,000 per day
Sole proprietors don’t qualify
Your company must have been operating for at least six months

In other words, it’s not good for those who have a moderately profitable side gig.

Now for the worst part: Though you won’t be charged an annual fee, the Revenued Business Card – Product Name Only incurs unavoidable interest charges. You’ll pay between 10% and 50% in fees on the charges you make — regardless of how quickly you pay off your balance. That’s the tradeoff you’ll have to endure for such a relaxed application approval process.

If you’ve got a credit score above 700, we suggest you …read more

Source:: Business Insider

      

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