The Divvy Credit Card claims to be a great option for SMBs who are looking to improve their credit score. But is it really worth applying for?
Short answer: The card is a solid choice for new businesses who want to build their credit history.
Keep reading to find out if this is the best credit builder card for your company.
Is the Divvy Credit Card Worth it?
When it comes to company credit cards, there are a lot of different options to choose from. And if you’re looking to build or improve your credit score, the Divvy Credit Card could be a solid choice.
The card has no annual fee and a low APR, which makes it a strong contender for companies who need to build their credit history.
How Does the Divvy Credit Card Stack up to Other Cards?
The Divvy Credit Card is a great option for SMBs who lack the credit history and/or score to get a traditional company credit card. But how does it compare to other cards in its class?
Pros:
- No annual fee
- Low APR
- Helps your business build your credit history
Cons:
- Divvy promotes virtual cards, which are great for online spending but not practical for things like filling up your work vehicle with fuel
- The card doesn’t offer a lot of flexibility when it comes to credit limits
What Credit Rating Do You Need to Get Approved?
When it comes to getting approved for a company credit card, there are a lot of different things that go into the decision. Your business’s credit rating is one of the most important factors that creditors will look at.
Generally, your business will need a credit score of at least 650 to get approved for a company credit card. But Divvy offers a credit builder option for businesses with no or poor credit.
What’s the Average Divvy Credit Card Approval Limit?
When it comes to the Divvy Credit Card, the average approval limit is around $3,000. This is a relatively low limit, which could be a downside for businesses who need more spending power.
Divvy Credit Card Details
The Divvy Credit Card isn’t a traditional credit card. Don’t expect features like balance transfers or cash advances.
But, this card has no annual fee and a low APR, making it a great option for businesses who are looking to build or improve their credit score.
Divvy Credit Card Benefits
The Divvy card offers a number of rewards including cash back, travel rewards, and more. Rewards are based on how often you pay off your card balance. The more frequent you make payments, the greater the rewards.
For example, you can get 7x on restaurant expenses if you pay off your balance weekly, but only 2x if you pay monthly.
Divvy Credit Card Application Process
When you’re ready to apply for the Divvy Credit Card, you can do so on the Divvy website.
The application process is relatively straightforward and shouldn’t take more than a few minutes to complete.
You’ll need to provide some basic information about your business, including your company’s name, address, and contact information
A Recap of the Divvy Credit Card
The Divvy Credit Card is a great option for SMBs who lack the credit history and/or score to get a traditional company credit card.
If you’ve got a fledgling business that is mainly online than this credit card is a great option. But, if you or your employees need to make a lot of physical purchases, you might need to keep looking.