There is a new credit-building option for small-to-medium-sized businesses. The launch of Nav Prime and the Nav Prime Card provides an exciting, innovative way for companies to build credit with a first-of-its-kind business credit-builder charge card.
Nav Prime Card Details
Nav might not be a name many consumers are familiar with, but it may ring a bell if you are a small-to-medium-sized business (SMB). Nav is known as a financial and credit marketplace, but it is so much more than that – as evidenced by the launch of the new Nav Prime program and associated Nav Prime Card, a charge card designed to help SMBs build business credit with every purchase.
For Nav, the introduction of Nav Prime is a natural extension of its financial health platform. Nav is the only platform that helps small businesses transparently understand their financing options and know what they can qualify for before applying. By aggregating a small business’s credit and financial data, Nav can align its financing qualifications to its network of over 160 different products and providers. Nav helped more than 100,000 small businesses access financing and funding this year.
Nav Prime is a fully connected financial management platform for modern small businesses. From cash flow monitoring to business credit reporting, deposits, banking, and business card solutions, businesses can now streamline how they manage and actively improve their finances – all in one place.
The Nav Prime Card business card has no annual fee and does not require a personal guarantee (meaning there is no impact on a user’s personal credit). The Nav Prime card reports spending to all three major commercial credit bureaus, meaning users can potentially build their business credit scores simply by using the card for their daily spending.
Nav Prime Required
Nav’s credit-building card is one of the features of the newly launched Nav Prime bundle required to open an account. That membership is a $49.99 per month charge but comes with a selection of decent perks designed for today’s SMB owners, including business checking, cash flow management, and the first-of-its-kind business credit-builder charge card. Here’s what you can expect from Nav Prime:
- Detailed access to your business credit reports: Nav Prime provides access to three business credit reports and two consumer credit reports, all in one place. These include the big three business credit reporting bureaus, Dun & Bradstreet, Experian, and Equifax, plus two of the three biggest consumer credit bureaus – Equifax and Experian. You can also add a sixth score at checkout if needed.
- Tradeline reporting: Nav Prime payments and Nav Prime Card repayments are automatically sent as two tradelines to all three credit bureaus. This process can help you build your business credit twice as fast.
- Nav business checking account: Nav Prime also has a Nav Business Checking Account. Nav Prime cardholders may link any existing business checking account they choose (including Nav’s) to their card.
 “Small business owners have been left in the dark in terms of knowing how lenders see their business,” says Greg Ott, Chief Executive Officer at Nav, in a press release. “Nav Prime and the unique Nav Prime charge card gives owners a new tool to improve their business’ financial qualifications by making their everyday transactions help build their business credit score and ultimately lead to better-working capital options.”
A New Addition to a Crowded Marketplace
The new Nav Prime Card shares many similarities with the BILL Divvy Corporate Card, another credit option for enterprises and SMBs that struggle with expense reports, reimbursements, receipts, and expensive annual service contracts. BILL Divvy combines no interest rates and seamless expense management software with business cards, so you never have to process another expense report.
How Nav Prime stacks up with BILL regarding business and account management software integrations remains to be seen. In addition to granting customers a strong credit line, BILL allows business owners to manage expenses and budgeting in an easy, streamlined format. Along with spending notifications, instant categorization, and a two-step review process, you can take advantage of easy dispute resolution, report drill downs, and simple reimbursements.
BILL also provides scalable rewards based on how often you pay your bills. Companies can earn up to 7X points on purchases if they pay their BILL statement weekly, with up to 2X points if they opt to pay monthly.
Here are three of Nav Prime’s closest business credit rivals:
 Ramp Visa Card |
 Revenued Business Card Visa® |
 BILL Divvy Corporate Card |
| Use to shop at any retailer worldwide that accepts Visa cards | Receive $500 in cash back after spending $5,000 on your card in the first 3 months | Ideal for companies that struggle with expense reports, reimbursements, receipts, and expensive annual service contracts |
| Earn unlimited 1.5% cash back on every purchase | Earn 3% cash back on every purchase | Earn up to 7X on dining purchases, up to 5X on hotels, up to 2X on recurring software subscriptions, and up to 1.5X on all other purchases |
| Add virtual cards to your Apple Wallet or Google Pay | Approvals are based on revenue, not your credit score | Combines seamless expense management software with business cards so you never have to process another expense report |
| Block or restrict spending to a specific vendor – for either a specific card or your entire company | No monthly or annual fees while you use your card or Flex Line | No contract, no obligations |
| No fees – including foreign transaction, setup, or replacement fees | No fees or hard credit checks to apply | No interest rates, no annual fee |
Time will tell how well the new Nav Prime Card performs, but for SMBs looking to establish credit without a personal guarantee, this is yet another welcome offer in a once-barren business credit landscape.
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