Hey credit cousin! Ever heard of a business card that doesn’t care about your personal credit score but is all about your business? Intrigued? Well, you should be! But before we dive in, here’s a question to ponder: What if you could get a business card without a hard credit check? Stick around to find out!
What’s the Revenued Business Card?
Today, we’re diving deep into the Revenued Business Card. Founded in 2018 and headquartered in Jersey City, New Jersey, Revenued is a fintech game-changer. They’re backed by Capital Z Partners, a leader in financial services private equity. This card is a blend of a business card and a flexible line of credit. Swipe it or pull cash, the choice is yours!
- No hard credit checks
- Designed for businesses with subprime credit
- Alternative for those turned down by traditional fintechs
How Does It Work?
The Revenued Business Card isn’t just another card. It’s a flexible line of credit based on your business revenue. Forget about personal credit; they’re all about your business’s banking activity. And the best part? Applying won’t dent your personal credit score. Plus, you could get a spending limit up to a whopping $100,000!
- Minimum of $10,000 in monthly deposits
- At least $1,000 balance in your bank account when applying
- Continuous maintenance of the above criteria
This card feels like a merchant cash advance, one of the priciest ways for a business to borrow money. It offers quick financing but at a high cost, making it a double-edged sword.
Revenued is strict about their 6-month rule and business structure, as evidenced by various customer experiences. Transitioning from a Sole Proprietorship to an LLC? Be prepared for some hurdles.
Pros and Cons
- Quick access to financing with limited documentation
- Approval even with bad credit if you have a profitable business
- Rewards for all your purchases
- No hard credit inquiry
- High factor rates can make repayment challenging
- The factor rate negates your cash back earnings
- The card doesn’t report your payment activity to credit bureaus
- More like a merchant cash advance than a traditional credit card
Who’s It For?
This card is designed for those with bad credit but a profitable business. It’s perfect for young entrepreneurs just starting out. For seasoned business owners, they might think twice. The card name speaks for itself; it’s for those who have the revenue.
To qualify for the card, a business must:
- Operate in the U.S.
- Be in business for at least six months
- Have a business bank account
- Ensure the account hasn’t gone negative for more than three days in a month
So, coming back to our intro question: How would a business card without a hard credit check change your business game? Let me know in the comments below! And if you’re interested in the Revenued Business Card, check out the link in the description. Until next time, keep hustling, and let’s get that business booming!