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Establishing Credit for Business Owners


If you have bad credit or no credit, it is practically impossible to get a credit card. That's the honest truth. As such, you are wasting your time by applying for the various unsecured cards out there. However, as an owner of a home based business you still are likely in a situation where you need a credit card. Paying for supplies and products from another state (or perhaps even another country) can be delayed and difficult if you don't have a credit card. The convenience of being able to make quick purchases is vital to your business, especially if it is internet based. Fortunately, you can still get a credit card with bad (or no) credit. For more details about fixing bad credit, see the Bad Credit FAQ.

Secured Credit Cards


The solution you're looking for is what is called a secured credit card. This kind of card works exactly the same as normal cards, and is issued from Visa and Mastercard from many different banks. In fact, they are identical in their use. The only difference is that while normal cards are unsecured, a secured credit card requires that you put down a certain deposit before opening up the account. Whatever the deposit is, determines what your credit limit will be. If you put down $1,000, your credit limit will be $1,000.

You will still pay off your balances exactly the same way as with other credit cards, and will also pay interest if you don't make payments in full. The deposit is usually held in a GIC account, from which you will receive the interest. This is held in case you are unable to pay the interest on the card, in which case the bank will take that money as payment towards your balance.

There is no way to tell if a card is secured unless you work for the issuing bank. These cards are open to anyone, regardless of a bad credit history or past bankruptcies. This allows you to have the convenience of a credit card, and has an added advantage. By paying off your bills on the card on time consistently, you will also be improving your credit rating. This is an essential plan for anyone with no credit.

Orchard Bank Secured Mastercard
Even if you have no credit, or your credit history is less than perfect, you are almost guaranteed to be approved for an Orchard Bank secured card. With an Orchard Bank secured card, you can set your own credit line, with 100% of your deposit being your available credit. The minimum deposit required is $200, with a maximum deposit of $15,000 		 

Important Card Features

  • Low Annual Fees
  • Competitive APRs
  • Periodic Credit Line Increase Reviews
  • Complete Online Account Access 24 Hours a Day
  • Application here
  Cross Country Bank Secured Visa
Get the credit you deserve with the Cross Country Bank Secured VISA Gold Card. The secured card from Cross Country Bank is a great way to improve good credit history. 100% if your initial deposit will count towards your available credit limit. Minimum deposit is $200, maximum is $1000.

Important Card Features

  • Monthly Credit Reporting to 3 Major Credit Bureaus
  • Complete Online Access 24 Hours a Day
  • Immediate cash availibility at over 800,000 ATMs worldwide
  • No Income Requirement
  • Application here
Home Trust Visa (Canada)
The Home Trust Secured VISA is a credit card that requires a security deposit for eligibility. Your credit limit is then set at the amount of the deposit. You can put down as little as $1,000, or as much as $10,000. Your security deposit earns interest, while your Home Trust VISA card is open and in good-standing. 		 

Important Card Features

  • Low Annual Fees
  • Up to $10,000 line of credit
  • Minimum deposit of $1,000
  • Can be used around the world
  • Application here

Debit Credit Cards


A secured card is not the only option. You can also obtain a Visa or Mastercard debit card. Again, these cards work exactly like normal credit cards with one different. These cards are debit cards, and a bank account will be attached to them. The amount of money you put into the account will determine your credit limit. When a purchase is made, the amount comes out of your bank account. Unlike secured credit cards however, a Visa or Mastercard debit card will not improve your credit rating. Still, this gives you all the benefits of a credit card without the need for a deposit.

Elite Plus Visa Debit Card


  • No More Check Cashing Locations.
  • Stop losing your Income ($$).
  • Send Money to Friends and Family.
  • Toll-Free Phone Support.
  • Online and Offline Access.
  • Take your card from Job-to-Job.
  • Direct Deposit from your Employer.
  • Low cost fees.
  • Store your Money Safely.
  • Easy to Purchase (POS).
  • 24/7 ATM Access to Funds.
  • No Credit Check or Bank Account Required
  • No Security Deposits
  • No Employment Verification
  • Keep your Money safe - No more need for Money Orders or walking around with cash in your Pocket
  • Pay your bills over the phone
  • Set up Automatic Bill Payments from your VisaŽ.
  • Eliminate check-writing hassles
  • Avoid late-payment fees
  • Save postage costs and time
  • The cardholder may only withdraw funds or make purchases up to the balance on the card.
  • You cannot overdraft the account. There are no late fees or interest charges.
  • 24 X 7 On-Line Account Access
  • Multiple Options to place money onto your VisaŽ Prepaid Cash Card
  • Unlike traditional credit cards, the VisaŽ Prepaid Cash Card does not extend you credit. Instead, accounts
    are prepaid for a specific amount while still being backed by VisaŽ for universal acceptance. There is no
    line of credit and accounts are only good for the balance applied
You can apply for the Elite Plus Visa Debit Card online. Simply fill out the application and you should have your functional credit card within a month to six weeks.



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