According to a new 2023 report from Bankrate, a large percentage of Americans (74%) feel economic factors are causes for their lack of savings. Additionally, 68% blame inflation (up from 49% last year), and 44% say income and employment status are at fault. Here are some report findings, including tips on saving money and battling credit card debt.
Saving Less & Buried in Credit Card Debt
With the current economic state of inflation, it’s no surprise Americans are struggling with their finances. According to Bankrate’s 2023 Annual Emergency Savings Report, Americans are saving less money and experiencing high credit card debt like never before.
Nearly half of U.S. adults have fewer savings or none. The survey unveiled that 36% of Americans have more credit card debt than emergency savings. That is a record high since 2011. In comparison to last year’s numbers (January 2022), only 22% of Americans had more credit card debt than savings or emergency savings. In January of 2020, before Covid-19 hit, 28% had more credit card debt than emergency savings.
Who Has More Credit Card Debt?
Millennials and Gen Xers are getting the brunt of the hit when it comes to piling up credit card debt. In 2023, 45% of Millennials and 44% of Gen Xers claim they have more credit card debt than the previous year. Compared to credit card debt in 2022, only 32% of Millennials and 24% of Gen Xers felt they had more credit card debt than in 2021.
What Is Top Priority?
The survey also asked the generations what is most important: Emergency savings or debt payments? It turns out the overall majority focuses on both (34%), and about a third (32%) focus only on increasing their emergency savings. And 23% of survey participants have a focus on paying down debt.
Although 66% of adults in the U.S. are focusing on both or only emergency savings, you will be surprised at guessing what payment method they would use for a surprise expense. The survey found most adults (44%) would prefer to dig into their savings when an emergency expense pops up. Meanwhile, only 25% would finance with a credit card. Could this be because of the raging credit card debt Americans are experiencing? It could be a coincidence, however, dipping into your savings for surprise expenses may end up saving you from high-interest rates and fees.
Tips for Building an Emergency Fund
Figure out how much you need in emergency savings
Open a savings account just for emergencies
Make a budget around savings
Experts commonly recommend saving three to six months of expenses in case of emergencies.
Different savings accounts can allow you to stash emergency funds safely and allow you quick access when you need them.
Include space to budget in savings
Use automatic transfers to help with sticking to the budget you have set for your savings.
Get a side hustle to supplement additional income into your savings budget.
How to Cut Down Credit Card Debt?
There are different ways to chip away at your credit card debt. You can use repayment strategies like debt snowball or debt avalanche. Another option is contacting creditors to set up payment plans, also filing for bankruptcy as a last resort.
One of the most convenient ways to take a stab at your credit card debt is through balance transfers. There are plenty of balance transfer credit card options that may best suit your needs. We highly recommend choosing one with a lengthy intro APR on balance transfers. Debt typically piles on with high-interest rates, so transferring over an existing balance to a card with a 0% intro APR can save you time and money. Consider these balance transfer credit cards.
“It’s clear that the less-than-optimal economy, including historically high inflation coupled with rising interest rates, has taken a double-edged toll on Americans. Many have resorted to tapping their emergency savings if they have it, or have taken on credit card debt, or some combination.” – Mark Hamrick, Bankrate senior economic analyst.
Nearly one-third of small businesses were not able to receive the funding they needed, according to the NSBA. As personal finances are hit by the recession, building your business’ credit score is essential for the long-term financial health of your company. Wondering why your company should prioritize building credit? Here’s everything you need to know about building credit as a small business.
Why Do I Need to Build Business Credit?
Many smaller companies rely on checking accounts to handle their day-to-day expenses. Or, if they use credit, they rely on their personal credit score to guarantee the credit line. a new report from the National Small Business Administration (NSBA) shows that 27% of businesses surveyed could not receive the funding they needed to grow. Another study shows that 0% of small business loans are denied due to business credit.
Because of the necessity of credit for companies, many owners turn to personal credit cards to help finance business needs. The same study shows that 46% of all small businesses use personal credit cards. With so many struggling to access business loans, building credit via business credit cards is essential.
Take advantage of business-centric perks not available with personal cards
Access more spending power
Establish and build up business credit
Provide employees with a way to pay for business expenses
“As the owner of your business, your personal credit is on the line even when it comes to business credit cards and loans,” Solomon Lax, CEO of Revenued. “We suggest building up your personal credit score before taking out a business credit card. If you can’t wait, there are options, like Revenued, for people with bad personal credit.”
How Does Business Credit Differ from Personal Credit?
When companies don’t have a credit history, they often rely on personal guarantees from the owner, which is subject to a hard inquiry on your credit report. Solomon Lax, CEO of Revenued, is sounding the alarm about companies needing to build credit and not just rely on personal credit scores for business finances.
“Credit bureaus and lenders will often review personal credit before business credit, and if your personal credit is bad, this may be enough for them to not want to work with your business at all,” he said in a recent interview.
The most obvious difference between personal and business credit is a reliance on different scoring models. Personal credit scores are a byproduct of the credit reports compiled by three main credit agencies – Experian, Equifax, and TransUnion.
Business credit scores, however, rely on different models. The three main business credit bureaus are Dun & Bradstreet, Equifax, and Experian, as seen below:
Dun & Bradstreet Business Credit Scores
Equifax Business Credit Scores
Experian Business Credit Scores
Paydex score (1 to 100)
Payment index (0 to 100)
Business credit score (1 to 100)
Scores of 80 or higher are considered low risk, scores of 50 to 79 indicate moderate risk, and lower scores equal high risk of late payment.
Reflects past payment history. A higher score is better, with 90 or higher indicating bills paid on time.
The higher the score, the lower the risk of serious payment delinquencies.
Failure score (1,001 to 1,875)
Credit risk score (101 to 992)
Financial stability risk rating (1 to 5)
A lower score translates to a higher risk for bankruptcy or business closure within 12 months.
Assesses the likelihood of your business becoming severely delinquent on payments. A higher score translates to a lower risk.
A lower score is better because it represents a lower risk for default or bankruptcy in the next 12 months.
Delinquency score (1 to 5)
Business failure score (1,000 to 1,880)
A lower score is better because it equals lower risk for seriously late payment (91-plus days) or bankruptcy.
Measures the likelihood of your business closing within a 12-month period. A lower score equals a higher probability of business failure.
How Can I Build Business Credit?
If you are relying on your personal credit score for your company’s business credit loans, establishing business credit can seem daunting. Fortunately, building credit for your company is straightforward. Here are some top tips for establishing – and building – good business credit:
① Don't treat business credit like free money
Credit cards can seem like free money to spend, especially when those purchases aren't automatically deducted from your company's bank account immediately. Because credit cards can seem like "invisible money", you should always treat credit lines as you would you own physical funds. Only spend what you can afford to pay off either right away, or easily with a strict payment plan.
② Make more than just the minimum payment
Making the minimum monthly payment due on your credit card can seem like a good idea, but it can result in quickly accumulating significant credit card balances. Always try to pay off the full balance owed every month.
③ Work with partners that report to credit bureaus
Building credit requires working with partners who report credit and financial details to the major reporting bureaus. Some lenders, including SmartBiz and Fundbox, do not report to credit agencies and won't build your business credit.
④ Monitor your credit reports
Businesses have credit reports just like consumers. Business credit reports in the United States are typically generated by Dun & Bradstreet, Experian, and Equifax.
⑤ Keep your information current
When you monitor your business credit, always make sure to check if your company's information is up to date. Check to ensure contact information is accurate, there are no unknown trade lines, or other incorrect information.
While it seems obvious that your business should build credit, what can you do if you have a bad credit score, especially if your credit score is classified as “subprime?” The good news is that if you have bad personal credit, there are ways to improve your credit score to ensure your business’s future success.
About the Revenued Business Visa
The Revenued Business Card Visa® is a combination of a business credit card and Flex Line. Revenued’s revolutionary small business scoring system looks beyond personal credit. Instead, it looks at revenue to offer companies much more than their current personal credit card or business card. W
With instant approvals and flexible spending limits based on business profits, not credit scores, Revenued is also a credit card built for all businesses, regardless of credit score. Once you apply, you’ll receive a funding decision in as little as an hour and have access to your funds within 24 hours.
Other Business Credit Options
Revenued isn’t the only finetech business card. Here are two similar options to Revenued:
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
Integrations
Block or restrict spending to a specific vendor – for either a specific card or your entire company
Payment calendar and transaction history
Combines seamless expense management software with business cards so you never have to process another expense report
Fees
No fees – including foreign transaction, setup, or replacement fees
No fees or hard credit checks to apply
No interest rates, no annual fee
Summing It Up
Building business credit is necessary if you want to shield your finances from the dangers of the market. While many business owners opt for a business checking account and debit card, these processes don’t provide access to the additional capital you need to grow your brand.
These concerns are more pronounced when your personal credit score is poor or non-existent. Fortunately, building credit for your company is straightforward. Still, you will probably need a credit-building business card like Revenued. The Revenued Card provides robust access to credit, an easy application process, 3% cash back on every purchase, and no monthly or annual fees while you use your card or Flex Line.
Chase is one of the unquestioned kings of the co-branded credit card space, with partnerships from some of the biggest names in travel, including Air Canada, Instacart, British Airways, and more. Now, Chase has two limited-time bonus offers for select hotel rewards credit card holders.
World of Hyatt Bonus Journeys Offer
Chase’s first bonus offer applies to World of Hyatt credit cardholders. World of Hyatt cardmembers can earn an additional 500 World of Hyatt points with eligible nights at participating hotels in major destinations across the globe.
Cardholders can earn 500 bonus points for completing eligible Bonus Journeys between February 21, 2023, at 8:00 a.m. CT and April 30, 2023. The ten cities eligible for the offer include Atlanta, Chicago, Dallas, Denver, Hong Kong, London, New York, Paris, Tokyo, and Washington, D.C., starting with Cardmembers’ first stay completed after registration during the promotion period.
To take advantage of the Bonus Journeys offer, eligible cardmembers must visit Hyatt’s dedicated page to register. Once registered, book and complete stays at participating hotels and resorts across World of Hyatt’s expansive portfolio between March 20, 2023, and May 26, 2023.
Cardmembers earn 3,000 bonus points for every two qualifying nights, up to 30 nights, starting with your second stay completed during the promotion period. Eligible nights do not need to be consecutive to qualify for earning Bonus Points. World of Hyatt cardmembers also earn an additional 500 bonus points every two nights, up to 30 nights, when those nights are at participating properties in ten cities, starting with the Cardmembers’ first stay completed after registration during the promotion period.
New Chase Marriott Bonvoy Cardmember Offers
Chase Marriott Bonvoy cardmembers also have something to celebrate. From February 9, 2023, at 8:00 a.m. CT to April 6, 2023, new Marriott Bonvoy Boundless or Bold cardmembers earn even more points for future travel. Here’s what new cardmembers can expect when successfully applying for an eligible Marriott credit card from Chase:
New Marriott Bonvoy Bold cardmembers can earn 60,000 welcome bonus points after spending $2,000 in the first three months from account opening.
New Marriott Bonvoy Boundless cardmembers can earn 100,000 welcome bonus points after spending $3,000 in the first three months from account opening.
Chase Marriott Bonvoy cardmembers enjoy other lucrative benefits, including no foreign transaction fees, hotel points that don’t expire, baggage delay insurance, lost luggage reimbursement, and trip delay reimbursement through Visa Signature, and more.
Official Terms and Conditions
You must be a member of World of Hyatt in good standing and register for the promotion between February 21 (8:00 a.m. CT) and April 30, 2023 (11:59 p.m. CT) to participate. To join World of Hyatt, visit hyatt.com/join, and to register for the promotion, visit hyatt.com/bonusjourneys. Only Eligible Nights completed after registration and between March 20 and May 26, 2023 (“Promotion Period”) will count towards this promotion. Eligible Nights must be on stays completed during the Promotion Period. Promotion is not valid at hotels not participating in World of Hyatt during your stay. All points awarded under this promotion and bonus offer are Bonus Points.
The Paceline credit card program is coming to an end. The fitness-first credit card offered cash back on health and wellness purchases – with more rewards, the more cardholders exercised. The program came to an end yesterday, with the final shutdown set for March 31, 2023.
Paceline Card Promised Much, Rewards Few
Fitness rewards app Paceline first introduced its Paceline Credit Card in late 2021. The card was the first of its kind, providing rewards not just based on spending categories – but how the cardholder met their fitness goals.
The Paceline Credit Card earned up to 5% cash back on health and wellness purchases. That 5% back rate was reliant upon the cardholder’s Paceline Streak status:
Eligible purchases made with an active Paceline Streak earned unlimited 5%
Eligible purchases made without an active Paceline Streak earned an unlimited 2.5% back
The main selling point with Paceline, however, was the tantalizing prospect of a new Apple Watch via sign-up bonus statement credits. New accounts that paid their minimum balance due every month and maintain their Paceline Streak as described in their account details – all for 12 months – could receive up to $429 in statement credits towards the latest Apple Watch.
Paceline Credit Card Closure Details
Now, however, the card program is suddenly closed, with current cardholders left in limbo about whether or not the company will honor its sign-up bonus. According to an email sent to Paceline cardholders, the card program stopped accepting new purchases on Thursday, February 23, 2023. The card, issued by Evolve Bank & Trust, will completely shutter the doors of the credit card program on March 31, 2023.
What Do Cardholders Need to Know?
While the card’s closure likely indicates it wasn’t a very popular proposition, what can current Paceline Visa Signature cardholders expect from the process? Paceline has published an FAQ page providing critical info for cardholders. Here are some of the more pertinent answers:
What if I am enrolled in the Earn Your Apple Watch program?
If you’re actively enrolled in our Qualifying Fitness Device Purchase Reimbursement program, you will continue to receive weekly statement credits on your Paceline card as usual when you hit your Streak, up until your card is closed or 3/31 whichever is first. We look forward to recognizing participants’ engagement with Paceline with additional benefits to be communicated at a future date.
What happens to my cash back?
Any cash back you have earned from purchases already made prior to the termination date will be credited to your account. Since spending privileges on your card are terminated after February 23, 2023, you won’t be able to use your card for any more purchases or earn additional cash back rewards.
What is going to happen to my Streak and all my rewards?
You can continue to hit your Streak and claim rewards in the app, and all other non-card functionalities within the app will continue uninterrupted.
Will I be refunded the Annual Membership Fee?
If you were charged an AMF within 90 days of the termination date (February 23 2023), you will be refunded the $60 AMF as a statement credit to your Paceline account prior to the final termination date.
For more information on the closure of the Paceline credit card program, including answers to even more questions, check out the dedicated FAQ page concerning the card.
When you pump gas, do you pay with a card or with cash? Gasoline co-branded rewards cards offer great incentives at the pump. Similarly, gas stations offer a “discount” to customers who pay in cash. Which payment method can save you the most money?
Paying With Cash Or Credit at the Gas Pump
It’s become increasingly common to see two different prices for each grade of gasoline at the pump – a cash price, and a credit price. Gas prices vary across the country but no matter the state or city, there is one commonality: the cash “discount.”
On the other hand, co-branded gasoline rewards cards offer their own version of this discount. Many cash back cards also reward cardholders at the pump with beefed-up rewards in the gasoline spending category. It’s important to break down and examine the difference between the cash discount and the rewards that can be earned from co-branded gas cards and cash back cards.
Why do gas stations charge extra when you use a credit card?
Credit card issuers charge retailers a processing fee each time that merchant accepts payment via credit card. This fee averages between 1-3.5% of the total purchase and is known as an interchange fee or swipe fee. It’s levied everywhere you swipe your card – at the gas station, the grocery store, and even online.
There is a long history of gas stations charging more for credit card transactions, and it’s tied to the interchange fees credit issuers require. However, the difference in pricing between cash and credit is unique to gas stations. Although similar practices can be found in some restaurants, it is uncommon. Most retailers are unable to charge more for purchases made using a credit card.
The costs of processing a credit transaction eat into the profit margins of every retailer, especially gas stations. Filling stations have a remarkably low profit margin when it comes to gasoline sales. Due to intense competition from other gas stations, gas is often priced at just a couple pennies per gallon over cost. This means that gas stations do not make much profit from gas sales. Instead, they must rely on the volume of sales and the sale of items from their convenience stores – beverages, snacks, gum – to make a profit.
This is one of the primary reasons that consumers see two prices at the pump. Using a credit card can be lucrative for the cardholder, if they have a rewards card. Unfortunately, gas stations charge an average of 5-10 cents more per gallon for credit purchases. This leads to another question: do consumers save more money by paying for gas with cash, or with a rewards credit card?
What’s Best for Gas – Cash Back or Co-Branded Rewards Card?
There are two types of credit cards that will reward users for paying at the pump. Each has its pros and cons. Both offer unique ways to save money at gas stations across the country. While both types of credit card are rewards cards, the way those rewards are earned set them apart. To earn gas rewards, consumers can choose from: co-branded gasoline rewards cards, and cash back credit cards.
Using a Co-Branded Gasoline Card for Gas
Co-branded gasoline credit cards offer rewards and discounts at gas stations. Like most retail cards, these perks are often limited to purchases made at the gas station the card is co-branded with. The Shell Fuel Rewards Mastercard, for example, features tantalizing discounts on fuel purchases – but only when they’re made at Shell gas stations. The rebates earned with this card can only be applied to Shell purchases.
The biggest caveat with a co-branded gas card is that the perks they offer are not available at every gas station. However, the rewards from co-branded gasoline cards can be combined with the rewards from the loyalty programs of these brands. This can boost the rewards the cardholder earns significantly, if they have joined the loyalty program.
In the case of the Shell card mentioned above, Shell offers a 5-cent discount per gallon for cardholders. The company also offers an additional 5 cent discount to loyalty program members with Fuel Rewards Gold Status. Joining Shell’s loyalty program doubles the money a cardholder saves per gallon at the pump.
5¢ in savings for each gallon of fuel purchased at CITGO pumps
10¢ /gallon (up to 35 gallons*) at Shell pumps
10¢ discount on fuel at Buc-ee's stations
No annual fee
No annual fee
No annual fee
Using a Cash Back Credit Card for Gas
Cash back credit cards that feature rewards in the gasoline spending category are another good alternative when paying at the pump. The main thing to consider here is the rate at which cash back can be earned for gasoline. Depending on the card, consumers can earn as much as 5% cash back on purchases in the gasoline category. Cash back is issued as a percentage of the total purchase. A rate of 1% would mean that a cardholder earns a reward of $0.01 for every $1 they spend. A 5% rate would reward $0.05 per dollar, and so on.
Discover offers several cash back credit cards that can be used for gasoline. The Discover it® Chrome Gas and Restaurants features 2% cash back at gas stations and restaurants. Alternately, the Discover it® Cash Back card features 5% cash back in a category the cardholder chooses. Categories include gasoline, restaurants, groceries, online shopping, and more. A cardholder who selects gasoline as their spending category can earn 5% back at the pump.
Earn 4X points on travel and gas station purchases
4% cash back on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter
5% back on the top spending category each month, with options including transit, travel, gas, groceries, dining, and more
Earn 5% cash back on gas anywhere Mastercard is accepted (on first $6,000 per year, then 1%)
Earn 2X points on grocery stores, grocery delivery, dining and streaming services
3% cash back on restaurants and eligible travel purchases
Unlimited 1% cash back on all other purchases
Earn 3% cash back on dining and takeout
Annual Fee is $0 for the first year; $95 after that
No annual fee
No annual fee
No annual fee
Paying for Gas with Cash
As the old adage goes, “Cash is King.” However, in the era of smartphones, digital wallets, and online payments, cash not always practical. Carrying cash has become less and less common as technology has paved the way for more convenient means of making payments. Although more and more people pay with cards, cash is acceptable universally. Gas stations typically offer a “discount” for customers who fill their car using cash. In a pinch, folks who want to save money at the pump can use cash to pay for gas. Although those savings aren’t usually significant, they are still savings.
Comparing the Gas Station Cash Discount to Credit Card Rewards
The discount offered by gas stations to customers who pay cash is typically between 5 and 10 cents per gallon. Unfortunately, this is the most money consumers can save when paying for gas with cash. Joining a gasoline loyalty program is a good way for intrepid consumers to get a better discount. However, these loyalty programs require the use of a debit or credit card; cash is not accepted as payment by these loyalty programs. Members who might try to save even more by combining this cash discount with their program rewards will be out of luck.
Credit Card Rewards & Perks
Cash back cards offer rewards per dollar spent, while gas rewards cards usually offer rewards per gallon purchased. When used properly, the perks offered by both types of card can easily outweigh the cash discount that gas stations advertise. Here’s how:
According to the AAA, at the time of this writing the national average price for regular gasoline is $3.39 per gallon. The current valuation of cash back rewards from Discover is $0.01 per 1% reward. A cardholder using the Discover it® Cash Back card to purchase gas at a 5% reward rate would earn $0.05 for each dollar they spend. This equals a reward of approximately 12.1 cents for each gallon they purchase. The Discover it® Chrome Gas and Restaurants, with its 2% cash back rate, would earn approximately 5 cents per gallon. Filling your tank by purchasing 20 gallons using either of these cards would save $2.42 or $1.00, respectively.
Co-branded gasoline credit cards take a slightly different approach. The Techron Advantage® Visa® Card offers savings of 3-7¢ per gallon based on the fuel grade; if you purchase regular fuel, those perks are relatively low. However, cardholders can earn an additional savings of up to 20 cents per gallon based on their monthly spend. The Shell Fuel Rewards Mastercard offers a higher discount – up to 10 cents per gallon. However, it requires Gold Status membership to the Shell loyalty program in order to receive the best bargain.
Cash Vs. Credit Card for Gas Station Purchases
Cash Paying Customers
Card Paying Customers
Cash paying customers typically save between 5 and 10 cents per gallon
Customers using credit cards can save more than cash customers if you include other card perks
Gas rewards cards usually offer rewards per gallon purchased
Cash back cards offer rewards per dollar spent
Joining a loyalty program can help earn more savings and requires a debit/credit card
Get Pumped About Gas Savings
Most people rely on their car to get them from A to B every day, whether it’s a commute to work or picking the kids up from soccer practice. As such, Americans usually buy gasoline at least once a week. Using cash to pay for gas can certainly save money, thanks to the “discount” that most gas stations provide. However, there are other ways to increase your savings that don’t require an ATM.
Rewards credit cards offer an intriguing alternative, with a variety of ways to save. Depending on the credit card, these perks, discounts and rewards can easily outpace the cash discount offered by most gas stations. For those who wish to maximize their savings, the BestCards team recommends using a credit card at the pump.
Credit cards are a popular payment method, but what may not be common knowledge is how to use them wisely. Consider a few smart ways to manage your credit card to improve your personal finances.
Ways To Manage Your Credit Card Wisely
Managing a credit card is a big financial responsibility. The most seasoned credit card holders know there are intelligent ways to make credit cards a handy financial tool. Managing your credit cards is necessary because they tie in with your credit score.
A good credit score gives you the upper hand in taking out loans, mortgages, car notes, rent, and more. These are all essentials found in modern living. This further proves the necessity of having a good handle on managing your credit card to ensure a positive credit score.
Budgeting
The first thing you want to keep in mind is budgeting. It’s easier than it sounds. Create a simple budgeting plan for your spending. Start with a calculation of your monthly income after taxes. Next, make a list of your monthly bills, then your savings goals, and finally, your flexible expenses like entertainment, shopping, etc.
Your budget will help simplify how much money you can spend concerning your income, so you’re not blindly spending and tapping your credit card. Stick to your budget so that there is no room for error. And be sure to review your credit card statement to help track your expenses.
Prioritize Paying on Time
Make it a priority to pay your credit card statement on time. Missing a credit card payment can drastically affect your credit score because card issuers report to the credit bureaus. Stay on track with on-time payments to build a positive credit history. Not to mention, missing a credit card will likely result in a late payment penalty fee. Not so convenient when you have a budget that doesn’t include late fees. When you make your payment, try to pay more than the minimum payment so as not to accrue large lump sums of interest. Ideally, paying off your credit card balance every month is best to avoid interest rates.
Build Good Spending Habits
To develop good spending habits, you must assess your monthly spending and adjust as necessary. As mentioned, you don’t want to blindly spend your hard-earned money. Make it a habit to monitor the transactions via your credit card activity. Keeping an intentional eye on your monthly transactions helps keep you aware of your spending habits so you can further improve your spending patterns.
Keep a Low Credit Utilization Ratio
Your credit utilization ratio is the percentage of credit you utilize on your credit card limit. For example, if you have one credit card with a $1,000 credit limit and make a $600 charge, your credit utilization ratio is 60% of the total $1,000 credit limit. If you have multiple credit cards, you can calculate the ratio by dividing your total balance owed on all credit cards by your total credit limit.
The higher your credit utilization ratio, the more negative impact it may have on your credit score. It’s one of the factors used to calculate your credit score because it indicates how well you manage your finances. Experts typically recommend aiming for a 30% or less credit utilization ratio. Maintaining a low ratio over time can benefit your credit score by raising it.
Requesting a credit limit increase from your card issuer
Pay off your credit card balances as you earn money
Use Credit Card Rewards
Lastly, a smart way to manage your credit card is by using its rewards. Use a cash back credit card to earn rewards and redeem them. Cash back credit cards help you earn when you spend. Use your cash back credit card wisely to earn rewards on your everyday purchases. Then redeem your earned rewards for credit card statements and more.
Two of the most popular cash back credit cards are from Citibank. The Citi Custom Cash and Citi Double Cash cards provide excellent rewards for no annual fee, but which is right for you? Let’s break down both cards’ earning structures and features to help you find your perfect cash back rewards card.
Citi Double Cash vs. Citi Custom Cash: Which is Best?
Both the Citi® Double Cash Card and Citi Custom Cash℠ Card are both popular thanks to no annual fee, generous rewards, and the full array of Citi benefits including Citi Entertainment, Merchant Offers, and more. But which Citi cash back card is right for you? Before applying for your next credit card, make sure you have the best information possible to make the right decision for your unique needs.
Here’s a quick breakdown of the main features of both cards:
5% on top eligible spend category per billing cycle (up to $500) and 1% on all other purchases
2% cash back on all purchases (1% when you buy, 1% when you pay your bill)
Introductory APR offer
0% introductory APR on purchases and balance transfers for 15 months
0% introductory APR on balance transfers for 18 months
Sign-up bonus
$200 cash back after spending $750 on purchases in the first 3 months of account opening
N/A
Foreign transaction fee
3%
Annual fee
No annual fee
Cash Back Rewards
The biggest difference between the Citi Custom Cash and Citi Double Cash is how they earn their cash back rewards.
The Citi Custom Cash card offers 5% cash back on your top eligible spend category each billing cycle, up to $500 spent per cycle. You’ll also earn 1% cash back on all other purchases. This means you can maximize your rewards by choosing a spending category that aligns with your monthly expenses, with the following eligible categories:
Sure the Citi Double Cash card doesn’t have the bonus categories of the Custom Cash. Still, it does offer a consistent (and unlimited( earning rate for all purchases. The Citi Double Cash card offers 2% cash back on all purchases – 1% when you buy and 1% when you pay your bill.
How to Redeem Cash Back
Here’s how you can redeem your ThankYou Rewards with both cards:
① Cash back
Cash back applies to cash rewards as statement credits.
② Gift cards
Citi rewards apply to gift cards from over 100 leading retailers and brands.
③
Shopping
Cardholders can use ThankYou points to shop with Amazon, Best Buy, Expedia, PayPal, or 1-800-FLOWERS.
④ Charity
Cardholders can also use their points to make donations to the American Red Cross or Smile Train.
Introductory APR Offers
Another key difference between the Citi Custom Cash and Citi Double Cash cards is their introductory APR offers. The Citi Custom Cash card has a 0% introductory APR on purchases and balance transfers for the first 15 months.
The Citi Double Cash card also has an introductory APR offer, but it’s only for balance transfers. You’ll get a 0% introductory APR for 18 months on balance transfers. After the introductory period ends, expect a variable rate based on your creditworthiness and the Prime Rate.
This lengthy balance transfer offer makes the Double Cash card a better choice if you want to transfer a balance from a high-interest credit card. But if you are planning a big purchase, Custom Cash might be the smarter option.
Other Features
Both credit cards enjoy the same Citi benefits. These benefits include:
$0 Fraud Liability
Virtual Account #s
FICO Score Access
Citi Quick Lock
Citi ID Theft Protection
Fraud Alerts
Other Citi features include the following:
Citi Merchant Offers:
Citi Merchant Offers is like Amex offers or Chase offers in that it provides Citi credit card members with offers for a specific merchant and then receive a rebate in the form of cash or points when using the card for eligible purchases.
Citi Entertainment℠:
Citi Entertainment℠: Cardholders gain exclusive access to tickets for thousands of popular events. This includes unique experiences and presale events for concerts, sporting events, and more.
Citi® Concierge:
Citi Concierge is a free benefit that gives on-demand personal assistance to eligible cardholders. Citi customer service experts can help with travel planning, shopping, restaurant reservations and more.
The cards also enjoy Mastercard protections and perks, such as:
Zero
Liability Protection
Mastercard
Global Services
ID Theft Protection
Conclusion
There’s no clear winner in the battle of Citi Custom Cash vs. Citi Double Cash – it all depends on your spending habits and financial goals. Suppose you want to maximize your rewards with bonus categories and have a large purchase or balance transfer coming up. In that case, the Custom Cash card may be the best fit for you.
If you prefer a consistent earning rate on all purchases and want to transfer a balance interest-free, the Double Cash card could be the better choice. Ultimately, it’s essential to compare the features and benefits of each card to determine which one will provide the most value for your individual needs.
Are you thinking of getting a new business credit card for your company? Before you click on another ad showing you the same tired card offers check out these four lesser-known options for the best credit card for your business:
Business credit cards are an essential tool for small business owners and entrepreneurs. They offer a range of benefits and features that can help you manage your business finances and make the most of your spending.
Choosing a new business credit card can be tricky. With so many available options, how can you separate the best from the rest? Tired of browsing the same old list of business cards? Here are four lesser-known options for the best credit card for businesses:
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card.
Recommended Credit:Excellent / Good / Fair
VisaProcessing Network
NoneAnnual Fee
BILL Divvy Corporate Card
At a
Glance
The BILL Divvy Corporate Card is a business card for companies and business owners who want a corporate card’s flexibility along with the rewards of a traditional business rewards card. The card prioritizes good financial habits by maximizing rewards for companies that pay balances back early and often.
Best Benefits
Rates & Fees
Why Should You Apply?
Ideal for companies that struggle with expense reports, reimbursements, receipts, and expensive annual service contracts
Combines seamless expense management software with business cards so you never have to process another expense report
No interest rates
No annual fee
No contract, no obligations
Foreign Transaction Fee:
See Terms
Late Payment Penalty Fee:
See Terms
Return Payment Penalty Fee:
See Terms
You struggle with expense reports, reimbursements, and receipts
You’re looking for a card without interest rates or fees
You want a corporate card that offers enforceable employee spending limits
The Divvy Card is a corporate business card for companies and business owners who want a corporate card’s flexibility and the rewards of a traditional business rewards card. With Divvy, companies can anticipate credit limit increases as their cash reserves grow through seamless integration with Divvy expense management software – meaning more credit for the things your business needs.
Because the card operates through expense management software, system administrators can issue multiple employee cards (including unlimited virtual cards) and then set strict spending limits per employee and card.
View expenses in real time
Automatically categorize transactions
Review Expenses
Seamless integrations with accounting software
Protect Yourself from Fraud
Easily reimburse employees
Beyond the exceptional expense and business management tools, Divvy also provides accelerated rewards that earn more rewards with the promptness of your monthly payment. Companies earn rewards based on their repayment schedule, with shorter payment cycles returning greater rewards:
Category
Weekly Payments
Semimonthly Payments
Monthly Payments
Restaurants
7X
4X
2X
Hotels
5X
3X
2X
Recurring software subscriptions
2X
1.75X
1.5X
Everything else
1.5X
1X
1X
Not sure if the Divvy Credit Card is right for your business? Here’s a quick breakdown of the pros and cons of the Divvy corporate card:
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card.
Recommended Credit:Excellent / Good / Fair / Poor
VisaProcessing Network
NoneAnnual Fee
Ramp Card
See TermsRegular Purchase APR
At a
Glance
The Ramp Card is a corporate charge card that provides businesses far more than just purchasing power and cash back rewards. Companies enjoy access to up to 20X more capital, extended payment terms, and unparalleled software integrations to streamline finances – all for no annual fee.
Best Benefits
Rates & Fees
Why Should You Apply?
Earn unlimited 1.5% cash back on every purchase
No fees – including foreign transaction, setup, or replacement fees
Use to shop at any retailer worldwide that accepts Visa cards
Add virtual cards to your Apple Wallet or Google Pay
Block or restrict spending to a specific vendor – for either a specific card or your entire company
Regular Purchase APR:
See Terms
You struggle with expense reports, reimbursements, and receipts
You want a charge card without interest rates or fees
You want a corporate card that offers enforceable employee spending limits
You plan to issue multiple employee cards
You have at least $75,000 in your primary business bank account
You spend at least $10,000 per month on your cards
The Ramp Corporate Card is another great business credit card for anyone who wants seamless integrations and unlimited cash back rewards. If your company struggles with expense reports, reimbursements, and receipts, Ramp might be just what you were looking for.
The Ramp Card differs from a traditional business credit card in that it provides up to 20X the capital of a standard card. Unlike other cards, Ramp doesn’t require a personal credit check or personal guarantee to receive. Instead, Ramp determines credit limits based on the drawable reserves in the bank accounts linked to Ramp.
Ramp also provides an impressive suite of accounting tools to ensure companies get the most out of their corporate card. The Ramp program offers seamless integration with QuickBooks, Xero, Sage, Slack, NetSuite, and more. These integrations include access to Ramp Savings, a helpful tool that identifies areas where the company can save more.
Businesses earn unlimited 1.5% cash back on all eligible purchases, with no confusing bonus categories or aggravating rewards caps. Rewards are easily redeemable for statement credits through the Ramp interface. Just log in and request a statement credit – it’s that easy.
Not sure if the Ramp corporate card is right for your business? Here’s a quick breakdown of the pros and cons of Ramp:
Pros
Cons
No personal guarantee required
Must pay balance in full each month
Up to 20X the typical credit line
Rewards aren’t spectacular
Superior software management
No sign-up bonus
No annual fee
Requires $75k+ in US bank account to open
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What if you don’t want a charge card but want to earn versatile rewards? In that case, a business credit card like the GM Business Card™ makes sense. The GM Business Card is an auto rewards credit card whose earnings can only be applied toward purchasing or leasing a GM vehicle from a dealership.
Businesses that spend heavily on their fleet of vehicles can benefit from the GM Business Card. This is partly thanks to its 5% back on parts, service, and accessories at authorized GM Dealers, 3% back at gas stations, restaurants, and office supply stores, and 1% everywhere else. And as those rewards build up (there is no point expiration), redeem them for the lease or purchase of a GM vehicle (no more than 30 at a time).
One feature that makes the GM Business Card a great bet is its lack of fees. There is no foreign transaction fee, for instance. Additionally, there is no annual membership fee or cash advance fee — and complimentary employee cards at no extra cost.
Here’s a brief look at what we love about the GM Business Card – and a few drawbacks:
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card.
Recommended Credit:Poor / No Credit Required
VisaProcessing Network
NoneAnnual Fee
Revenued Business Card
See Terms*Regular Purchase APR
At a
Glance
The Revenued Business Card combines the benefits of a business card with a Flex Line of capital. This combination means there are no hard credit checks to apply, with Flex Lines available in as little as 24 hours, with no hidden fees or annual fees.
Best Benefits
Rates & Fees
Why Should You Apply?
No annual fee and no draw fee
Includes flex line, similar to a line of credit and only pay for what you use
Access cash on demand with funds deposited straight into your bank account
Fast and easy application process – apply online and receive a funding decision in as little as an hour
Approvals based on your business revenue and not personal credit
As your revenue increases, spending limits also increase
Access to business credit tools – Revenued reports to D&B to help build your business credit
Access to a dedicated U.S-based account manager to help you make the most of being a Revenued card holder
Rated Excellent on Trustpilot with 600+ reviews
Regular Purchase APR:
See Terms*
Foreign Transaction Fee:
See Terms
You have a business with at least $10,000 or more in monthly deposits
You don’t want to use your personal cards for their business
You don’t want to pay any annual fees or draw fees
You’re looking for a simple solution to access business credit with a fast and easy application process
But what if your business has no credit – or is recovering from an adverse financial event? In that case, the Revenued Business Card Visa® is an interesting option. Because the Revenued Business Card Visa® is a prepaid debit card tied to an existing business checking account, it’s much easier to get than a traditional business credit card while still providing lucrative rewards.
Businesses earn 3% cash back on all eligible purchases, with no caps or confusing categories. That rewards rate is superior to many business credit cards, making a prepaid card even more enjoyable with everyday use. Revenued offers a welcome bonus of $500 cash back after spending $5,000 on eligible purchases within your first three months of card membership. Given that the card has no annual fee and simplified approval requirements, that introductory bonus offer is exceptional.
Revenued also provides a selection of tools for companies. These tools include an overdraft calculator and a cash flow meter, which provide the knowledge companies need to identify spending trends and locate savings. Gaining access to tools like these, with no hidden or membership fees, makes Revenued an enticing prepaid card for companies who want rewards and tools – but not a hassle.
Here’s a quick breakdown of everything to love (or dislike) about Revenued:
Pros
Cons
✔️ No credit check
❌ Doesn’t build credit
✔️No fees
❌ Cannot carry a balance
✔️ 3% cash back on all purchases
What to Look for When Choosing a New Business Credit Card
Now that you’ve seen a handful of unique business card offers, how can you best compare the cards as your company continues to scout for its ideal business card? Here are the top three things to look for:
Rewards
One of the most important features of a business credit card is its rewards program. A good business rewards program can help you earn cash back or points on your business expenses – rewards that are redeemable for travel, merchandise, or statement credits.
When looking for a business credit card with rewards, always consider the rewards offered and the categories you spend the most on. For example, if you frequently travel for business, you may want to look for a card that offers rewards for travel expenses. If you have a lot of business-related dining expenses, you may opt for a card that offers dining rewards.
Another thing to consider is the value of the rewards. Some business credit cards offer more rewards per dollar spent than others, so it’s important to compare the value of the rewards programs before choosing a card.
Employee Benefits
Another key feature of a great business credit card is its employee benefits. Many business credit cards offer benefits such as additional cards for employees, account management tools, and spending reports.
Additional cards for employees can benefit businesses with multiple employees who need to make business purchases. With employee cards, you can monitor and control spending and earn rewards on your employees’ purchases.
Account management tools and spending reports can also be incredibly helpful for keeping track of your business finances. These tools allow you to simply see where your money is going, set spending limits, and track expenses.
Software Integrations
Finally, it’s critical to consider the software integrations a business credit card offers. You can streamline your business finances and simplify your accounting with the right software integrations.
For example, many business credit cards integrate with accounting software such as QuickBooks or Xero. This can help you easily import transactions and categorize expenses, saving time and reducing the risk of errors.
Another practical integration is with expense management software. With this integration, you can easily track and manage your business expenses and automate the expense reimbursement process for your employees.
Summing It Up
Finding your ideal business card can be challenging – especially if you are tired of seeing the same ten offers from big banks and brands. But by paying close attention to the features, your business needs – and not gimmicky rewards and bonus offers – you can easily find your best business credit card. Take advantage of the more than 1,000 impartial reviews and find your best card today.
If you’re on the hunt for a new car whether it be for personal use or business, there are credit cards that can help with your purchase. Or at least credit cards that can earn you rewards for purchases at specific dealerships, gas stations, restaurants, and more. Consider these facts when it comes to auto rewards cards and determining if they’re worth it for you.
Auto Rewards Cards: Are They Worth It?
Credit cards are an excellent tool for everyday use. There are gas rewards cards, travel cards, hotel cards – all designed to entice cardholders to skip paying with debit cards or cash and use their card instead. Recently, more and more lenders have begun offering automotive rewards cards to tempt consumers to use their credit card as a way to earn rewards towards cashback – either on parts or as savings towards a new vehicle.
Auto Rewards Cards
The DrivePlus℠ Mastercard® is one such card. Offered by First Bankcard (a division of First National Bank of Omaha), the FCA DrivePlus Mastercard is a co-branded set of credit cards aimed towards those who are loyal to their automotive brand. There are currently six different DrivePlus cards available, each of which we have covered here on BestCards:
Cards, such as the Ram Mastercard, are specifically targeted towards those who love their cars or trucks and want to save money on parts and services. The DrivePlus cards earn 5% cashback on dealership spends, plus 2% cashback on gas and travel purchases and 1% everywhere else. While the cashback savings are significant with these cards, the real bonus comes when redeeming. Redeeming your cashback at the dealership earns you double the rewards, meaning gearheads who like to shell out on their favorite rides can save some serious cash when they are looking to trade-in for a newer model.
Other Auto Rewards Cards
FCA and Fist Bankcard don’t have the automotive rewards credit card scene all to themselves, however. There are auto rewards cards for every taste and hobby. If you prefer a little luxury in your life, for instance, perhaps consider the Lexus Pursuits Platinum Visa. Like, the DrivePlus cards, this card earns 5x points at the dealership and 2x points on gas, but with the added benefit of dining and entertainment – ensuring that you earn great rewards for living life to the fullest.
For those that live their life off-road, Polaris – one of the leading names in ATVs – also offers a rewards card. This allows cardholders to earn 2x points at Polaris dealerships or gas stations, and single points for all other purchases. Points earned with the card are redeemable for Polaris Cash, which cardholders can use at participating Polaris dealerships.
Auto Credit Cards For Business
In addition to auto credit cards for luxury and ATV lovers, you can also find auto cards for businesses and more. For example, General Motors auto credit cards offer options depending on your auto needs. GM has credit cards for personal use, business, and for GM employees. If you seek an auto credit card for your business, you may want to consider The GM Business Card™. Otherwise, you may want to browse our site for other business credit cards that may better suit your business needs.
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The GM Business Card turns your business purchases into rewards you can later redeem for use towards a GM vehicle purchase. The card has much to offer business owners looking to expand their business fleets. The GM Business Card™ may be the right option for businesses needing company cards for their employees too. It gets up to 5% back in Earnings on things like dealership parts, services, gas stations, restaurants, and more.
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On the other hand, the My GM Rewards Card™ is an auto credit card for personal use. It’s the only U.S. co-branded card that offers unlimited 4x points on all purchases and no annual fee. However, the card has earning potential of up to 7x points with GM. It also has a low introductory APR on purchases for the first 12 months, all for no annual fee, no foreign transaction fee, and more.
How Do Auto Rewards Cards Compare to Other Rewards Cards?
You may be wondering what the benefit of an auto rewards card like the Ram Mastercard or the Polaris Visa Rewards and, say a rewards card from a retailer that also sells vehicles, such as the Bass Pro Shops Outdoor Rewards Credit Card? Put simply, auto cards earn increased points at dealerships and offer double rewards redemptions at dealerships. What this means is that they are designed pretty much exclusively towards those who want a card that can help them purchase a new vehicle.
Earn up to 7X points on GM purchases, including service, parts, and accessories at participating dealerships, and 4X points on eligible purchases outside of GM
Earn 5% back on FCA US purchases, 2% back on gas and travel purchases, and 1% back on all other purchases
Earn 3X points at Toyota dealerships, 2X on gas, dining, and entertainment, and 1X on all other purchases
Welcome bonus
15,000 points and 0% intro APR offer
$100 back after spending $1,000 in first 90 days
N/A
Looking for a new Credit Card?
Are you thinking about getting an automotive rewards credit card to help you save up for a new vehicle? Or, perhaps you are already in love with your classic ride, but want to earn cash back that can be applied towards hard-to-find or expensive dealership parts? At BestCards.com, our expert team of credit card editors is continually researching and reviewing credit cards of every type and style – including auto rewards cards. Whether you are a Dodge or Jeep enthusiast looking to save up for a newer model, or an off-roader that wants to get rewarded for purchases they make to tune up their Polaris ATV, we’ve got you covered.
We have a comprehensive collection of all the leading credit cards, including impartial reviews and a detailed run-down of all the key facts and figures you need to make an informed decision. Whether you are looking for an airline rewards card, a hotel rewards card, a cash back credit card, or even a secured credit card to help boost your poor credit score, at BestCards.com we are here to help you choose the ideal card.
The Alaska Airlines Visa Signature®, a co-branded Bank of America credit card, just got newly refreshed benefits. In addition to its existing benefits, cardholders, existing and new, can enjoy its new benefits including more reward miles on everyday purchases, travel perks, and more.
Alaska Airlines Visa Signature Gets New Refreshed Benefits
Just last month in January 2023, Bank of America announced new and improved benefits for its co-branded travel credit card with Alaska Airlines. The Alaska Airlines Visa Signature® credit card is not only keeping its original travel benefits but has gained enhanced features ranging from earning rewards to Alaska Lounge discounts. Here’s what you need to know about the Alaska Airlines Visa Signature new card benefits.
For starters, the new card benefits apply to existing and new cardholders, which is great news for those who already have an Alaska Airlines Visa Signature credit card. The new card benefits include enhanced mile rewards and bonuses, boarding benefits, authorized user benefits, and lounge access benefits.
New Improved Card Benefits
Cardholders will now earn double miles with the new benefits for everyday purchases. That is 2X miles for every dollar spent on everyday essentials like gas, streaming services, transportation cable bills, and more. Cardholders can rack up the miles without any worry because they never expire and can be redeemed at any time. Cardmembers with a Bank of America checking, savings, or investment account also get a relationship bonus. They will earn a 10% rewards bonus on all miles earned for card purchases.
Cardholders will also benefit from using their Alaska Airlines Visa Signature credit card. In addition to earning reward miles, card members get priority boarding (early group boarding) when they use the card to purchase flights. Through this benefit, cardholders can enjoy an efficient boarding experience.
Part of the new enhanced benefits for the Alaska Airlines Visa Signature credit card is those of authorized users. The expanded privileges for authorized users include access to a free checked bag and priority boarding. Previously, these benefits were included for authorized users only if they traveled with the primary cardholder. This is no longer necessary to enjoy these perks. Last, but not least, the Alaska Visa Signature® card’s new benefits include an Alaska Lounge+ Membership discount. Cardholders get a $100 discount on an Alaska Lounge+ Membership every year.
New Benefits
2X mile for every dollar spent
10% Relationship rewards bonus
Priority boarding
Extended privileges for authorized users
Alaska Lounge+ Membership Discount
“With our newly enhanced Visa Signature® credit card, we strived to add benefits that mean the most to our cardholders – from adding value to their travel experience when using the card to earning more miles on things we buy all the time,” said Sangita Woerner, senior vice president of marketing and guest experience at Alaska Airlines. “All those earned miles with the card can be redeemed in our award-winning Mileage Plan program for flights on Alaska, our fellow oneworld member airlines and our additional global partners.” Source.
Businesses want access to more capital and industry-leading software integrations in one package. The Ramp Card and Divvy Credit Card business cards are two great options, but which is right for your company?
Table of Contents
Divvy Card Vs. Ramp Card: Which Is Right for You?
The Ramp Card and Divvy Credit Card enjoy popularity among corporations seeking lucrative rewards and streamlined financial tools, but which is right for you? Here is how the two card products stack up over several key metrics:
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card.
Recommended Credit:Excellent / Good / Fair
VisaProcessing Network
NoneAnnual Fee
BILL Divvy Corporate Card
At a
Glance
The BILL Divvy Corporate Card is a business card for companies and business owners who want a corporate card’s flexibility along with the rewards of a traditional business rewards card. The card prioritizes good financial habits by maximizing rewards for companies that pay balances back early and often.
Best Benefits
Rates & Fees
Why Should You Apply?
Ideal for companies that struggle with expense reports, reimbursements, receipts, and expensive annual service contracts
Combines seamless expense management software with business cards so you never have to process another expense report
No interest rates
No annual fee
No contract, no obligations
Foreign Transaction Fee:
See Terms
Late Payment Penalty Fee:
See Terms
Return Payment Penalty Fee:
See Terms
You struggle with expense reports, reimbursements, and receipts
You’re looking for a card without interest rates or fees
You want a corporate card that offers enforceable employee spending limits
The BILL Divvy Corporate Card (formerly the Divvy Credit Card) is a business charge card with no annual fee, no APR, no foreign transaction fees, and up to 7X points per dollar spent on rewards that pay off the card balance weekly. Divvy also provides consolidated, easy-to-use budget management software, free employee cards, and special offers with various corporate partners.
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card.
Recommended Credit:Excellent / Good / Fair / Poor
VisaProcessing Network
NoneAnnual Fee
Ramp Card
See TermsRegular Purchase APR
At a
Glance
The Ramp Card is a corporate charge card that provides businesses far more than just purchasing power and cash back rewards. Companies enjoy access to up to 20X more capital, extended payment terms, and unparalleled software integrations to streamline finances – all for no annual fee.
Best Benefits
Rates & Fees
Why Should You Apply?
Earn unlimited 1.5% cash back on every purchase
No fees – including foreign transaction, setup, or replacement fees
Use to shop at any retailer worldwide that accepts Visa cards
Add virtual cards to your Apple Wallet or Google Pay
Block or restrict spending to a specific vendor – for either a specific card or your entire company
Regular Purchase APR:
See Terms
You struggle with expense reports, reimbursements, and receipts
You want a charge card without interest rates or fees
You want a corporate card that offers enforceable employee spending limits
You plan to issue multiple employee cards
You have at least $75,000 in your primary business bank account
You spend at least $10,000 per month on your cards
The Ramp Card is a no annual fee corporate charge card that offers unlimited 1.5% cash back on all purchases, a proprietary 5-in-1 business management platform, and impressive spend controls designed to help account managers master company savings.
How to Apply
Here is all the information you’ll need to apply for both cards:
What Information Do You Need to Apply for the Divvy Card?
Here is everything you’ll need to apply for the Divvy Card:
Name
Address, phone number, and email address
DBA name, number of employees, business type, and industry
External bank account information
The Divvy Card operates a fast application process that requires only six steps and may result in a near-instant underwriting (depending upon the business’s cash supply and income). Divvy also operates several different underwriting forms – the company even boasts an internal underwriting team for new applicants. Traditional and cash underwriting are offered as well, making it easy for companies to find a bespoke credit line for their unique needs.
Here is everything you’ll need to apply for the Divvy Card:
Name
Address, phone number, and email address
DBA name, number of employees, business type, and industry
External bank account information
The Divvy Card operates a fast application process that requires only six steps and may result in a near-instant underwriting (depending upon the business’s cash supply and income). Divvy also operates several different underwriting forms – the company even boasts an internal underwriting team for new applicants. Traditional and cash underwriting are offered as well, making it easy for companies to find a bespoke credit line for their unique needs.
What Information Do You Need to Apply for a Ramp Card Account?
Here is what you’ll need to apply for the Ramp Card:
Business address, information, and description, including your business’s legal and DBA names
Personal address and contact information, including the last 4 digits of the SSN, for one corporate officer or the business owner
Corporate formation information, including your EIN and formation dates
Estimated monthly business card spend
Bank account credentials link a bank account and any commerce sales platform account
To qualify for Ramp, businesses need to be registered in the United States, be a corporation, limited liability company, or LP (nonprofits are welcome), and must have at least $75,000 in cash in any US business bank account linked to your application. Currently, Ramp doesn’t accept sole proprietors or unregistered businesses.
Card Fees
Here is a quick breakdown of some of the key fees with both cards:
Annual Fees
Neither business card features an annual fee:
Ramp Card – No annual fee
Divvy Credit Card– No annual fee
Other Fees
The Divvy Platform is free to use to manage budgets, expenses, physical and virtual cards, and more. Additionally, the Divvy Credit Builder charges no annual fee. There are also no interest rates with the credit builder program.
Like Divvy, Ramp is big on features but light on fees. In fact, there are no fees involved with the Ramp corporate card. Ramp charges no annual fee, no foreign transaction fees, and no interest on purchases. Because Ramp is a charge card, companies must repay the balance monthly. Ramp also offers complimentary employee cards, so it’s even easier to spend – and earn rewards – no matter where business takes you.
Divvy Vs. Ramp Rewards Comparison
Here’s how the Ramp Card and BILL Divvy Card compare when it comes to earning rewards:
Earning Rewards with Divvy
Divvy Visa earns rewards based on the company’s repayment schedule, with shorter payment cycles returning greater rewards. This rewards system is somewhat confusing, but here are the bonus rewards categories based on the repayment schedule:
Divvy Visa earns rewards based on the company’s repayment schedule, with shorter payment cycles returning greater rewards. This rewards system is somewhat confusing, but here are the bonus rewards categories based on the repayment schedule:
Category
Weekly Payments
Semimonthly Payments
Monthly Payments
Restaurants
7X
4X
2X
Hotels
5X
3X
2X
Recurring software subscriptions
2X
1.75X
1.5X
Everything else
1.5X
1X
1X
Redeeming rewards with Divvy is straightforward. Rewards points are redeemable for Divvy Travel (powered by TravelPerk), statement credits, gift cards, or cash back.
Earning Rewards with Ramp
The Ramp corporate card offers an unlimited, accelerated cash back rewards program. Businesses earn unlimited 1.5% cash back on all eligible purchases, with no confusing bonus categories or aggravating rewards caps. Rewards are easily redeemable for statement credits through the Ramp interface. Simply log in and request a statement credit.
The 1.5% back is less than the rewards found with Divvy, but the Divvy Card’s rewards structure is much more confusing. For example, Divvy staggers rewards based upon repayment schedule, with shorter payment cycles returning greater rewards. This process may cause confusion, which Ramp avoids.
Other Card Perks
Here is a list of other key features of both business cards:
Divvy Credit Card
Divvy provides an exceptional selection of business features for no annual fee. Divvy allows business owners to manage expenses and budgeting in an easy, streamlined format. 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.
All the data is stored and accessible in one place, so Divvy essentially becomes an end-to-end spend management platform that allows you to take control of your business finances – and at no cost, with no contracts.
Ramp Card
Other notable features of the Ramp corporate card include:
Virtual support for Google Pay and Apple Pay
Custom-branded employee cards at no additional cost
Citi Retail Services and Overstock.com have launched a new co-branded credit card: the Overstock™ Mastercard®. The new retail credit card provides special financing on select Overstock purchases, complimentary Club O membership, and up to 5% back in points – all for no annual fee.
Overstock.com and Citi Launch Co-Branded Credit Card
Overstock.com is a leading online retailer of home furnishings. The popular shopping site already offers a co-branded store card with Comenity. But now, Overstock is taking the next step, launching a new retail credit card with Citi Retail Services and Mastercard.
About the Overstock Mastercard
The new Overstock™ Mastercard® earns up to 5% back in Club O rewards points, the currency of Overstock.com’s loyalty program. Cardholders earn accelerated rewards in key categories, with the following breakdown:
5% back in Club O rewards on Overstock.com
3% back in Club O rewards on apparel and department store purchases
1% back in Club O rewards on all other qualifying purchases
Overstock’s Club O Rewards Program provides plenty of perks for members. Still, it comes with a $19.95 annual fee, making it an unnecessary addition for anyone except the die-hard Overstock fan. Fortunately, the Club O perks with the Overstock Mastercard continue with a complimentary Club O membership, making card membership your best bet if you love shopping at Overstock but can’t fathom paying a membership fee to join.
Here’s what you can expect from Club O Rewards:
You will earn 5 points (5%) for every $1 on every Overstock purchase.
Get free returns for in-store credit on all eligible products.
Club O members earn double rewards for writing reviews up to 4,000 points ($40 value).
Access to prioritized Customer Care phone support, so you can get the help you need when you need it.
We'll match select competitor's prices on the same product.
Refer a friend and you both receive 1,000 points ($10) when they sign-up!
Earn up to 40% in extra rewards on purchases from the Extra Rewards Store
Special Financing
The new co-branded Mastercard also provides special 0% APR financing of up to 60 months on qualifying purchases at Overstock:
6 months of 0% financing on orders $199 or more
12 months of 0% financing on orders $499 or more
18 months of 0% financing on orders $1,499 or more
24 months of 0% financing on orders $1,999 or more
There are also financing options for long-term financing (up to 60 months) at a fixed 9.99% APR. These two financing options provide plenty of leeway for cardholders planning a significant home remodel but don’t want to sink into financial difficulties with rising interest rates.
Other noteworthy features of the Overstock Mastercard credit card from Citi include no annual fee, EMV chip and contactless payment compatibility, and Mastercard Platinum features and protections.
“Exciting New Benefits That Will Encourage Even Greater Loyalty”
“As a customer-focused online retailer, we’re always exploring new ways to better provide smart value,” said Jonathan Johnson, CEO of Overstock, in a press release. “This partnership with Citi Retail Services advances our vision of ‘Making Dream Homes Come True’ by delivering extra savings through special finance offerings, Club O rewards on all purchases, and an easy and enjoyable shopping experience. This credit card rewards Club O members – our most loyal customers – with exciting new benefits that we expect will encourage even greater loyalty to Overstock.”
“Our new partnership with Overstock and Mastercard reinforces our strategy to continue to add digital-first retailers to our Citi Retail Services portfolio,” said Kartik Mani, Head of Citi Retail Services. “With this partnership, we can provide exciting rewards for digitally savvy and active Overstock customers who are looking to be rewarded for their loyalty. We’re thrilled to be able to maximize the value of their purchases, while offering a seamless checkout and rewards experience.”
“Mastercard is proud to partner with Citi Retail Services and Overstock to provide consumers a payment product that delivers on their everyday shopping needs with innovative technology and security,” said Linda Kirkpatrick, President of North America at Mastercard. “With the Overstock Mastercard, we are excited to fuel cardholders’ passion for home décor and add value to every transaction with Mastercard benefits and services.”
