Lesson 1, Topic 1
In Progress
Tier 4 Secured Business Credit Cards
Many cards do not report. Some cards require a P.G. Tier 4 secured credit cards are recommended for those with poor personal credit.
Secured Business Credit Cards That Are Reporting:
Citi Secured Mastercard
Type: Prepaid
Reports To: Experian, Equifax, and TransUnion
Requirements/Notes: Credit limit: $200-$2,500 | APR: 23.24% VARIABLE APR-up to 29.99%
First Progress Platinum Prestige Mastercard Secured
Type: Prepaid
Reports To: Experian, Equifax, and TransUnion
Requirements/Notes: Credit limit: $200-$2000 | Rewards: Nationwide program; available in all 50 US states | APR: 10.74% (Variable) *One of the lowest available | Notes: Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History. A discharged bankruptcy still in your credit bureau file will not cause you to be declined.
OpenSky Secured Visa Credit Card
Type: Prepaid
Reports To: Experian, Equifax, and TransUnion
Requirements/Notes: Credit limit: $200 and up to $3000 | APR: 17.64% Variable APR | Notes: No Credit Check! Even entrepreneurs with a recent bankruptcy on their credit report can get approved, for example, and then build the credit needed to qualify for a good credit card branded for business use.
Secured Business Cards that are not Reporting:
| TIER | COMPANY NAME | BEST FOR | REPORTS TO | REQUIREMENTS & NOTES | APPLICATION LINK |
| Tier 4 | Amazon Prime Secured Card | Pre-Paid | Does Not Report | Credit Limit: You can deposit, in $50 increments, anywhere between $100 and the amount you’re approved for (Maximum: $1000). | Rewards: 2% rewards on Amazon purchases with an eligible Prime membership. | APR: 10% non-variable | Notes: After 12 months of responsibly building your credit, you may be eligible based on your credit profile to opt-in to activate the Store Card features of your account, which include 5% rewards on Amazon purchases with an eligible Prime membership. | Click Here to Apply |
| Tier 4 | Bank of America Business Advantage Cash Rewards Secured | Pre-Paid | Does Not Report | Credit limit: $1,000 minimum security deposit | Rewards: Earn unlimited 1.5% cash back on all purchases, everywhere, every time. No annual cap and cash rewards don’t expire. | APR: 22.99% variable APR | Click Here to Apply |
| Tier 4 | Bank of America Unlimited Cash Rewards Secured Credit Card | Pre-Paid | Does Not Report | Credit limit: $200-$5,000 security deposit | Rewards: Earn unlimited 1.5% cash back on all purchases, everywhere, every time. Cash rewards don’t expire | APR: 24.74% variable | Click Here to Apply |
| Tier 4 | Capital One Journey Student Credit Card | Pre-Paid | Does Not Report | Credit limit: $300+ | Rewards: $60 Streaming Subscription Credit – Earn $5 per month for 12 months on select streaming subscriptions when you pay on time. No Foreign Transaction Fees. Automatic Credit Line Reviews to be automatically considered for a higher credit line in as little as 6 months. Earn 1% cash back on all your purchases. Pay on time to boost your cash back to a total of 1.25% for that month. | APR: 26.99% variable APR | Click Here to Apply |
| Tier 4 | Capital One Platinum Secured Card | Pre-Paid | Does Not Report | Credit limit: $49, $99 or $200 minimum refundable deposit | APR: 26.99% variable APR | Notes: No foreign transaction fees. No replacement card fees. No authorized user fees. Be automatically considered for a higher credit line in as little as 6 months. | Click Here to Apply |
| Tier 4 | Discover IT Secured | Pre-Paid | Does Not Report | Credit limit: Your credit line will equal your deposit amount, starting at $200. Upgrade to an unsecured card after 6 consecutive on-time payments and maintaining good status on all your credit accounts. | Rewards: Earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter Earn unlimited 1% cash back on all your other purchases automatically with Cashback Match, get an unlimited dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically. | APR: 18% VARIABLE APR | Notes: With the Discover it Secured Credit Card, automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit. | Click Here to Apply |
| Tier 4 | First National Bank of Omaha Business Edition Secured Visa Card | Pre-Paid | Does Not Report | Credit limit: $2,000 and $100,000 (multiples of $50) 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. | APR: Variable 20.49% APR1 on purchases and balance transfers based on the Prime Rate. | Click Here to Apply |
| Tier 4 | First Progress Platinum Elite Mastercard Secured | Pre-Paid | Does Not Report | Credit limit: $200-$2000 | Rewards: Nationwide program; available in all 50 US states | APR: 20.74% (Variable) | Notes: Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History. A discharged bankruptcy still in your credit bureau file will not cause you to be declined. | Click Here to Apply |
| Tier 4 | First Progress Platinum Select Mastercard Secured | Pre-Paid | Does Not Report | Credit limit: $200-$2000 | Rewards: Nationwide program; available in all 50 US states | APR: 14.74% (Variable) *One of the lowest available | Notes: Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History. A discharged bankruptcy still in your credit bureau file will not cause you to be declined. | Click Here to Apply |
| Tier 4 | Navy Federal nRewards Secured Credit Card | Pre-Paid | Does Not Report | Credit limit: $200+ | Rewards: 1X points per dollar spent – No limit on the amount of rewards you can earn; rewards expire after 4 years | APR: 18% Variable APR | Notes: No annual fees, No balance transfer fees, No foreign transaction fees, No cash advance fees. After just 3 months, you could be eligible for an upgrade that provides you additional credit without an additional security deposit. Whether your credit limit is increased will depend on your current credit limit and other factors. Then, at 6 months, we’ll review your credit card account monthly to see if you’re eligible to have your savings account hold removed and your credit card account upgraded to a cashRewards unsecured card. | Click Here to Apply |
| Tier 4 | Tomo Credit Card | Pre-Paid | Does Not Report | Credit limit: up to $10,000 | No Credit History Required | Rewards: Lyft $60 value – Take 3 rides with Lyft and earn $5 credit. DoorDash $90 value – Free 3 months of DashPass and $5 off each month! HelloFresh $90 value – Discounts on your first 5 boxes plus free shipping! ShopRunner $79 value – Free membership, 2-Day shipping, and returns. Fandango Spend $20 on movie tickets or streaming and get $5 off your next purchase. | APR: 0% APR | Click Here to Apply |
| Tier 4 | Union Bank Business Secured Visa Credit Card | Pre-Paid | Does Not Report | Credit limit: up to $25K | APR: 14.74% VARIABLE APR | Click Here to Apply |
| Tier 4 | Wells Fargo Business Secured Credit Card | Pre-Paid | Does Not Report | Credit limit: $500 to $25,000 | Annual Fee: $0 | Rewards: Earn 1.5% cash back on qualifying purchases | Click Here to Apply |