Business cards are nothing new. Neither are reward cards. These days, the market is teeming with so many options, choosing the right one for your business can be a headache. There are welcome bonuses to consider, loyalty schemes, annual fees, intro APR rates.... the list goes on. Just when you think you've got a handle on which card represents the best type for your business, another one comes along to shake things up. But sometimes, it's worth taking a shake if the card comes with as much added value as the Divvy Business Credit Card. The rewards are impressive, as is the opportunity to accrue additional points if you pay off your balance weekly. With no annual fee to counter the benefits, plus a great selection of budgeting and expense tools that let business owners take charge of their employee's purchasing habits, it's an excellent option for growing businesses that need to take greater control of company spending. To qualify, you'll need to be a for-profit, registered company. You don't need a personal guarantee and while you will need good credit if you want to take advantage of the full scope of benefits, Divvy also offers an option for those with poor or no credit. If you're interested in finding out more, check out these 10 reasons we like the Divvy Business Credit Card.
1. It makes light work of expensing
The Divvy card takes the chore out of processing expense reports. Each cardholder is responsible for keeping track of their own expenses, but the Divvy platform makes it easy for them. The only thing employees need to do is submit a receipt after each spend, add a few details about the purchase, and that's it.
2. It allows you to set different levels of permissions
Most business credits cards don't let individual employees do very much apart from use them for purchases. There's no means to check what amount of credit they've used, how much they've got left, or anything else. The Divvy card is different. Business owners can decide exactly what kind of permissions to grant each cardholder without having to share their own login information, allowing employees to access important information without the associated risks.
3. It can be used for reimbursement
As The Points Guy points out, one of the most interesting features of the Divvy card is how it can be used for reimbursement. If you find yourself at a store that only takes cash or that doesn't accept VISA, you can pay from your own pocket, take a photograph of the receipt and then enter the amount and the purchase type into the Divvy platform. It'll then record the purchase and deduct the total from your allocated budget.
4. It's got some great budgeting features
The Divvy platform is geared to help your business keep track of its money as much as spend it. Its software includes some very appealing budgeting tools that help businesses overcome the problems associated with giving employees free rein over their spending habits. The software lets you dole out just as much or just as little credit as you want to individual employees, with limits set on how much they can spend on particular situations. Once they reach that limit, the card will be declined, reducing the risk of any unauthorized spending. If they need more (in case of any unforeseen circumstances, for example), you can immediately bump their credit limit in real-time.
5. You don't need to provide a personal guarantee
Unlike most business cards, the Divvy card doesn't require a personal guarantee from the business owner. Neither does it check the credit of authorized signers. Instead, it decides credit limits after conducting financial health checks on the business.
6. You don't need excellent credit
Technically, Divvy requires applicants to have a “good to excellent” credit to qualify for a card. But if your credit is less than stellar, don't be disheartened. For those with poor or even no credit, Divvy offers a prepaid account. It won't entitle you to a line of credit, but it still offers all the other benefits (rewards, budgeting features, etc), that the standard card comes with.
7. It can help separate business and personal finances
This next reason isn't unique to Divvy, but it's important enough to bear a mention. As getdivvy.com notes, when most small businesses start off, their owners rely on personal credit cards to get the ball moving. That may be fine at first, but it can soon start to have consequences on both your personal credit score and your business credit score alike. A Divvy card will help you separate the personal from the professional, not to mention make filing tax returns much less complicated.
8. The reward scheme is excellent
Some rewards schemes are a little hit and miss but Divvy has outdone itself. Cardholders can expect to earn big rewards on restaurants and hotels and a still worthwhile number on everything else. The best thing about the rewards scheme is that the number of points you earn is determined by your billing frequency. If you pay off your balance weekly, for example, you'll earn 7X points for restaurants purchases. Pay monthly, and that reduces to 2X. The points can be redeemed for statement credits, gift cards, travel, or cash back.
9. There's perks-aplenty
As well as offering a very attractive rewards scheme, Divvy also offers plenty of additional perks to cardholders, including 24-hour customer support, MasterAssist medical services, and car rental insurance. Thanks to their extensive partner network, there's also the opportunity to enjoy some very favorable discounts with the likes of FedEx Office, Verizon, Amazon Web Services, Google Ads, Adobe Creative Cloud, Carta, BambooHR, and more besides.
10. It's all free
There might be no such thing as a free lunch, but there is such a thing as a free business credit card - at least if that card comes from Divvy. As MSN notes, while most corporate and small business credit cards charge for each additional cardholder, Divvy doesn't. All employees are eligible to receive both a physical and virtual card, at absolutely no additional cost. By earning its money by taking a cut of merchant fees, Divvy manages to keep its entire platform free - there's not even an annual fee to worry about.
Written by Allen Lee
Read more posts by Allen Lee