Depending on your spending needs, financial history, and personal preferences, either one could be a good card for the right type of business owner. To help you figure out if one of these cards would be the right fit for your business, we’ll review both in this post.
Secured vs. Unsecured: Which BBVA Business Credit Card is Right for You?If you’re interested in applying for a BBVA credit card, you should first determine if you need a secured or unsecured card. The Secured Visa Business Credit Card is secured and the BBVA Visa Business Rewards Credit Card is unsecured. It’s important to make the distinction between secured and unsecured credit cards, because they work differently and can affect your business’s finances. With secured financing, once you open the account, you’ll need to make a minimum opening security deposit. Then, you’ll be given a credit limit of some percentage of however much you deposit in your account. On the other hand, a traditional, unsecured card requires no deposit and the credit limit is based on your credit history. Keep this difference in mind throughout the review of these two cards.
Secured Visa Business Credit CardAs mentioned, this option is secured, and it requires a minimum opening deposit of $500. Your available credit will be 90 percent of the balance of your account and you’ll be able to deposit to your account in $100 increments. As for fees, the $40 annual fee starts in the second year after you open the account. For secured financing, this one has an attractive rewards program, which includes:
- 3x points for office supply purchases and 2x for restaurant and gas station purchases.
- One point for every $1 in all other purchases.
- Flexible redemption options such as cashback, gift cards, and account credits.
BBVA Visa Business Rewards Credit CardSince it’s unsecured, this card isn’t as lenient on eligibility requirements, so your credit score should be fair or better. However, unlike BBVA’s secured financing, this one has no annual fee. It also comes with 20,000 signing bonus points if you spend $3,000 in qualifying purchases within 90 days of opening the account. In addition to that, cardholders can:
- Earn 3 points for every $1 spent on office supplies.
- Earn 2 points for every $1 spent on gas and restaurants.
- Earn 1 point for every $1 spent on everything else.