Divvy cards do not require personal guarantees, and their credit limit is determined by bank deposits made to a business account. Furthermore, these accounts report information to the Small Business Financial Exchange so users can build business credit by making responsible payments.
Divvy offers its cardholders numerous advantages, including purchase rewards, an easy way to distinguish business and personal expenses and track spending, and the option to set spending/credit limits for employees.
No annual fee
The Divvy Business Card is an ideal solution for small-business owners who wish to maximize rewards on daily expenses. There is no annual fee and a credit limit of up to $15 million; additionally, its app features real-time spending and budgeting tools and integration with accounting software for ease of tracking expenses and reimbursements.
This company uses a more straightforward application process and nontraditional underwriting criteria than typical business credit cards. Instead of looking at personal credit scores, they analyze transactional bank data from business bank accounts to assess how much debt a consumer can safely repay each month. They also consider other factors like monthly income and length of business experience when deciding.
One of Divvy’s main advantages is reporting credit utilization and payments to the Small Business Financial Exchange (SBFE). This will help your business build credit over time. Furthermore, there are discounts with companies like Google Ads, Carta, and BambooHR; virtual and temporary cards can be created for online transactions, while employee cards come free.
Divvy makes expense tracking simpler for employees. Their mobile app enables employees to submit purchase receipts and expense reports while managers review and approve them immediately. Many users have highly rated this solution available both for iOS and Android devices.
Divvy Financial also offers financing solutions for businesses beyond credit cards, such as lines of credit and working capital loans. Their flexible application process allows online applications in as little as 48 hours, and startup financing provides up to $100K within 30 days.
To be eligible for a Divvy credit card, your business must possess the following elements: legal name, address, entity type, and EIN or tax ID number, as well as at least 25% ownership in your company. Unlike many business credit cards, which require personal guarantees or checks of authorized signers, Divvy does not.
No monthly fee
Divvy stands out from traditional business credit cards by having no monthly fee and offering powerful budgeting tools to manage finances more efficiently. Furthermore, its reporting to Small Business Financial Exchange helps owners build their company’s creditworthiness.
This card boasts an attractive rewards program with one point per dollar spent and higher rates for specific categories, making it an attractive option for businesses that spend heavily on travel, technology, and restaurants. Furthermore, its feature of setting up vendor-specific virtual cards makes tracking spending easy while helping limit expenses.
A great feature of the Divvy Card is its flexible credit line, which can be expanded at any time simply by making a few taps in its app. This makes it an excellent solution for businesses that are rapidly growing. Furthermore, their underwriting process considers revenue and growth potential to determine an initial credit line amount that best meets business needs.
The Divvy Card stands out from traditional credit cards by not requiring personal guarantees or minimum credit scores; however, there are some limitations: no sign-up bonus, and it does not count towards Chase’s 5/24 rule that only allows five new accounts every year.
To apply for a Divvy Card, you will need to provide information about your business – its legal name, address, formation date, and tax ID number as well as providing security code and linkage with bank account – along with giving security code and linking a bank account. Divvy will review the data you provide them and issue you a credit limit accordingly.
Divvy Financing Company provides business credit lines to firms who may not qualify for traditional unsecured business credit card lines and other finance services that simplify expense management. To qualify, businesses must have a US bank account and a tax ID number (EIN). In addition to offering credit lines, Divvy also offers budgeting tools integrated with its credit service and accounting software packages.
No minimum credit score required
The Divvy Business Card stands out as an exception by not requiring a minimum credit score to get approved, instead using transaction data from your business bank accounts to determine your spending power and credit limit. Plus, its mobile app makes managing spending and expense reports effortless! Divvy also lets you set individual spending limits for authorized users and create budgets per employee while quickly capturing receipts for reimbursement purposes – unlike many other business credit cards!
One of the more unique aspects of this card is that it requires weekly bill payments to earn rewards, making it ideal for business owners looking to maximize the potential of their rewards programs. Furthermore, The Divvy Business Card stands out as one of only a few cards offering rewards on restaurant and hotel spending; however, its rewards rates are less generous than other credit cards.
The Divvy card is simple to use and offers no hidden fees, with its approval process using transaction history from your business bank account to establish income and set spending limits based on average monthly deposits. Furthermore, customer service has been excellent, and it also has an intuitive mobile app, making the Divvy card a perfect solution for small businesses that want more convenient purchases while tracking purchasing processes and flexible credit lines.
Since Divvy is still relatively new, it should be no surprise that some customers may experience problems. Most are minor and quickly resolved by calling our customer service department, while the company has addressed more severe complaints.
Divvy is an ideal credit card solution for small businesses, offering no annual fee and a flexible credit line based on your business cash flow. With its straightforward online application process and free ACH transfers from bank accounts, Divvy is a welcome alternative to more costly business credit cards that charge steep annual fees and high-interest rates.
Flexible credit line
If you need a business credit card that provides flexible credit lines, Divvy may be an ideal solution. Their rewarding program incentivizes businesses to repay purchases weekly – leading to up to 7x back on eligible expenses! Divvy stands out from its competition with features such as free employee cards and no fees or interest for primary account holders; however, it cannot build business credit and cannot carry an outstanding balance like traditional business credit cards do.
The Divvy card boasts an easy application process and various levels of approval requirements to meet businesses of all sizes. After reviewing your business transactions and debt repayment history, Divvy analyzes this amount to establish your maximum borrowing limit, thus preventing excessive credit use while guaranteeing they only lend to responsibly managed companies.
Divvy offers both unsecured and secured credit lines to suit anyone’s needs, with no fee for adding or removing authorized users and no foreign transaction fees. Furthermore, its expense management tools allow instantaneous review and categorization of expenses and budget setting by category through its mobile app.
Divvy offers an important ACH payment feature that simplifies life by automatically depositing funds to a card without bank fees, making cash management easier while simultaneously reimbursing employees for out-of-pocket expenses and creating virtual cards for online recurring payments.
Divvy offers many benefits for small businesses, but there are some restrictions you should be aware of before applying. These include no signup bonus or welcome offer, and it does not report to business credit bureaus. In addition, its credit line is only open to incorporated entities, so sole proprietors will not be eligible.