Small Business Micro Loan Visa Card Review - Business Card For Bad Credit
The Small Business Micro Loan Visa® Card is a credit card from Applied Bank is is specifically targeted at the small business owner that has less than perfect credit. The credit limit will be up to $750, which you can consider as low. But if your credit is less than stellar, this might be a good starting point if you are looking to start a business and want to build some business credit.
Let's get down to it - OK, let's get straight to ins and outs of this card. Firstly, it is targeted at those with less than perfect credit and who would like to get a small business credit card. Therefore, it comes with fees that are quite typical in the "less than perfect credit" category type of cards.
There is a $125 one time account set up fee. Thereafter, there is a monthly maintenance fee of $9.95 a month. This works out to $119.40 a year in fees (which I guess you can consider is an annual fee). The APR is 23.99%, which which is high, is not as exorbitant as some rates that we have seen.
"Late Payer APR" - If you are late on your payment, your APR will increase to 29.99% for the next billing cycle.
No Grace Period - Another thing to note about this card is that there is no grace period. That means you will incur interest charges even if you pay your bills in full every month.
Credit Limits - The credit limit for this card is $750. Because of the one time $125 and $9.95 monthly maintenance fees, your credit line will be reduced by $134.95 (or rather, your account will be charged) in your first statement.
Small Business Micro Loan Visa Peer Comparison
It is interesting to note that Applied Bank has another business credit card called the National Express Business Card that has nearly identical features. The only difference is that the credit limit of the National Express ranges from $350 to $1000 and that there is a 0% Intro APR offer for 6 months. The APR is also slightly lower at 19.99%.
Other than Applied Banks National Express Business Card, there aren't many cards that specialize in issuing starter business cards to folks with less than perfect credit.
Should you Get The Small Business Micro Loan Visa Card
Like I just said, there aren't many issuers who would issue cards to folks with not stellar credit. Sure, you may be able to get cards from certain department stores like Best Buy and Staples. But those cards only allow you to use them at their shops. You could choose to get a secured credit card instead. Or you could choose to get a consumer card like the Orchard Bank MasterCard.
But if you are a solo entrepreneur and have started your own business, it is always best to separate your personal and business finances. It is also a good idea to build up a business credit so that loans or financing may be easier to come by later when you need it. Given the lack of alternative business credit cards for folks with less than stellar credit (and if this describes you), then you might just want to consider the Small Business Micro Loan Visa® Card. It is not the perfect card, but it might be the one that gets you started.
How To Apply For The Small Business Micro Loan Visa Card?
To apply for the Small Business Micro Loan Card, you will have to click on the link on this page and it will take you to the Application Page. Fill out the required information and you are on your way. The terms and conditions can be found (and double checked) by clicking on the "terms and conditions" link below the application page (see red arrow). 
