You may be wondering if Discover have a Secured Business Credit Cardsince they offer the Discover it Secured Credit Card. The answer is no, Discover does not have a secured business credit card specifically for businesses.
However, they do have the Discover it Secured Credit Card, which can be used for business expenses. However, keep in mind that this is not a business credit card, so it does not come with all of the perks and features that you might expect from a business card.
You may also consider Wells Fargo Business Secured Credit Card. These secured business credit cards require a security deposit, but they do offer rewards and other business-friendly features.
What is a Secured Credit Card?
A credit card that requires a security deposit to open an account is called a secured credit card. The deposit is usually equal to your credit limit. For example, if you have a $500 credit limit, you would need to make a $500 security deposit. Your credit limit may be higher or lower depending on the issuer and your creditworthiness.
A secured credit card can help you build or rebuild your credit because it reports to the major credit bureaus just like a regular unsecured credit card. Use your secured card responsibly by making on-time payments and keeping your balance low, and you could see your credit score improve over time.
Why You Might Consider a Secured Business Credit Card?
There are a few reasons why you might consider getting a secured business credit card, even though Discover doesn’t offer one specifically. A secured business credit card can help you build or rebuild your business credit history. This can be helpful if you’re just starting and don’t have any business credit history yet.
Another reason to consider a secured business credit card is if you’ve had some financial setbacks in the past that have led to poor personal or business credit. Using a secured business credit card responsibly can help you show creditors that you’re managing your finances better now and help improve your chances of getting approved for loans or other lines of credit in the future.
>>Read More: How To Get A Credit Card When You're Rebuilding Your Credit
Alternatives to Secured Business Credit Cards
If you decide that a secured business credit card isn’t right for you, there are other options to consider. One option is using a personal credit card for your business expenses instead.
This can be helpful if you already have good personal credit and don’t want to open another account. Just make sure to keep track of your expenses so you can separate them for tax purposes later on.
Another alternative is getting an unsecured business line of credit instead of a credit card. With this type of financing, you won’t have to put down any collateral, but you will likely need good personal and/or business credit to qualify.
And like with any other type of financing, make sure to read the terms and conditions carefully before signing anything so you know what you’re agreeing to.
>>Read More: Best Business Credit Cards That Use EIN Only
There are many different types of financing products available to businesses, including secured and unsecured line credit, loans, and cards.
If you’re wondering whether discovery offers a specific product, such as a secured business credit card, the answer is no—but that doesn’t mean there aren’t other options available that could work for you and your business needs.