The 6 best secured business credit cards in July 2024

A personal credit score can help you get more financing, but your company will have access to more capital if it has a good business credit score. Opening a business credit card can help you build credit with on-time payments and by maintaining a low credit utilization ratio. 

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Business credit cards function like regular credit cards when it comes to building credit, but there’s a catch. Your company may not have any business credit, and that can make it very difficult to obtain a traditional business credit card. Luckily, companies can choose from many secured business credit cards. These cards require security deposits but are easier to get approved for, even if you have no business credit.

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You can choose from many cards, but these are some of the best secured business credit cards to consider.

Best secured business credit cards

• Bank of America Business Advantage Unlimited Cash Rewards Mastercard Secured
• Capital One Quicksilver Secured Cash Rewards Credit Card
• Truist Enjoy Cash Secured Credit Card
• Valley Visa Secured Business Credit Card
• First National Bank of Omaha Business Edition Secured Mastercard
• Platinum Secured Mastercard

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Here are some more details about each of these secured business credit cards.

Bank of America Business Advantage Unlimited Cash Rewards Mastercard Secured

Card details:

• $1,000 minimum security deposit
• Unlimited 1.5% cashback
• Customers can qualify for an upgrade to an unsecured business credit card
• No annual fees
• Cash flow management tools
• Travel and emergency services
• Balance Connect for overdraft protection

Pros and cons

Pros:

• Cashback rewards
• No annual fee
• The ability to upgrade your card

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Cons:

• High minimum security deposit
• 4% balance transfer fee
• No intro APR

Capital One Quicksilver Secured Cash Rewards Credit Card

Card details:

• Unlimited 1.5% cashback
• Minimum security deposit of $200
• See if you are pre-approved without any impact on your credit
• Automatic credit line reviews every six months
• No hidden fees
• Raise your credit limit with more deposits
• You can upgrade to an unsecured Quicksilver card as you build your payment history

Pros and cons

Pros:

• Cashback rewards
• The opportunity to upgrade your card and get a higher credit limit
• Low minimum security deposit

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Cons:

• 29.99% variable APR is high
• A security deposit is required
• No bonus categories for rewards

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Truist Enjoy Cash Secured Credit Card

Card details:

• 3% cashback on gas and EV charging
• 2% cashback on utilities and groceries
• 1% cashback on all other purchases
• $19 annual fee
• Zero Liability protection
• Loyalty Cash Bonus
• 24.49% variable APR on purchases and balance transfers

Pros and cons

Pros: 

• High cashback for some categories
• Unlimited 1% cashback for everything else
• Loyalty Cash Bonus can increase your total rewards

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Cons:

• 3% balance transfer fee
• Combined $1,000 monthly cap for 2% cashback on utilities and groceries
• $19 annual fee

Valley Visa Secured Business Credit Card

Card details:

• 0% introductory APR on purchases and balance transfers for the first six months
• Unlimited 1% cashback
• No annual fee
• Max security deposit is $25,000
• You must make a security deposit equal to 110% of your desired credit limit
• 2% foreign transaction fee
• $0.50 activity fee in each billing cycle that has a cash advance or a balance transfer

Pros and cons

Pros:

• No annual fee
• 0% intro APR
• Cashback rewards

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Cons:

• 4% balance transfer fee
• You must put in 110% of your desired credit limit to receive that limit
• 2% foreign transaction fee

First National Bank of Omaha Business Edition Secured Mastercard

Card details:

• Request your own credit limit if you deposit between $2,000 and $10,000
• $39 annual fee
• Variable 25.99% APR on purchases and balance transfers
• Auto rental insurance
• Cash flow management tools
• Mobile receipt management

Pros and cons

Pros:

• Make a security deposit of up to $10,000 to have a higher credit limit
• Interest accrues on your security deposit
• Build credit for your business

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Cons:

• High security deposit 
• $39 annual fee
• No intro APR

Platinum Secured Mastercard

Card details:

• You can make a security deposit of $49, $99, or $200
• No annual fee
• Automatic credit line review
• No hidden fees
• Refundable deposit and upgrades
• Zero fraud liability
• Check if you are pre-approved without any impact on your credit score

Pros and cons

Pros:

• Low security deposit requirement
• Qualify for a higher credit limit or an unsecured card if you build your payment history
• No annual fees

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Cons:

• Max credit limit of $1,000
• 29.99% variable APR for purchases
• 4% balance transfer fee

How does a secured business credit card work?

A secured business credit card offers an easier path to building credit for your company. You will have to provide a security deposit to open your card, and that deposit will become your credit limit. For instance, if you make a $200 security deposit, your credit balance cannot exceed that amount. 

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You can find secured credit cards with minimum deposits as low as $49. However, other secured business credit cards may require at least $1,000 to open an account. A higher security deposit can be worth it if the card has better rewards and an easier path to an upgrade.

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The credit card issuer reports your payment history to the major credit bureaus. A good payment history will boost your business credit over time, just as a good payment history for a personal credit card improves your FICO score. 

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Some secured credit cards have rewards, but they are hard to find. Secured business credit cards are starter cards rather than the final destination. You can eventually upgrade to an unsecured credit card that will come with better rewards and a higher credit limit. When you upgrade your secured credit card or close it after receiving your unsecured business card, you will receive your security deposit back.

How quickly will a secured card build credit?

A secured business credit card will not build your credit overnight. It can take a few months to see a noticeable impact on your credit. Each payment adds up, and keeping your card active can result in a higher business credit score over time.

How much money should you put on a secured credit card?

You can open a secured credit card with as little as $200, but that amount won’t leave you with many options. You will have to deposit more funds into your credit card before making a purchase that costs more than $200. Putting down a $500 to $1,000 security deposit will give you more room for your budget and result in a more attractive credit utilization ratio.

Build business credit with the Ramp corporate card

Secured business credit cards can get you on the path to a higher credit score. While those cards are useful, you can also build credit with the Ramp corporate card. You’ll receive 1.5% cashback on purchases and won’t have to worry about annual fees. Ramp doesn’t do any personal credit checks and also doesn’t require any personal guarantee.

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You can create as many employee cards as you desire and monitor them from one dashboard. Business owners and their selected account managers can adjust spending limits and lock employee cards at any time. Ramp also has several expense management tools that help you stay on top of where your money goes.

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Want to see if Ramp is right for your business? You can start a free demo today and see why the Ramp corporate card has become the go-to resource for many business owners.