But if your credit is less than stellar, don’t be disheartened. Technically, Divvy requires applicants to have a “good to excellent” credit to qualify for a card. Instead, it decides credit limits after conducting financial health checks on the business. Neither does it check the credit of authorized signers. Unlike most business cards, the Divvy card doesn’t require a personal guarantee from the business owner. You don’t need to provide a personal guarantee If they need more (in case of any unforeseen circumstances, for example), you can immediately bump their credit limit in real-time. Once they reach that limit, the card will be declined, reducing the risk of any unauthorized spending. 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. 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 Divvy platform is geared to help your business keep track of its money as much as spend it. It’ll then record the purchase and deduct the total from your allocated budget. 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 can be used for reimbursementĪs The Points Guy points out, one of the most interesting features of the Divvy card is how it can be used for reimbursement. 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. There’s no means to check what amount of credit they’ve used, how much they’ve got left, or anything else. Most business credits cards don’t let individual employees do very much apart from use them for purchases. It allows you to set different levels of permissions 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. Each cardholder is responsible for keeping track of their own expenses, but the Divvy platform makes it easy for them.
The Divvy card takes the chore out of processing expense reports. If you’re interested in finding out more, check out these 10 reasons we like the Divvy Business Credit Card. 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. To qualify, you’ll need to be a for-profit, registered company. 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. The rewards are impressive, as is the opportunity to accrue additional points if you pay off your balance weekly.
But sometimes, it’s worth taking a shake if the card comes with as much added value as the Divvy Business Credit Card. 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. There are welcome bonuses to consider, loyalty schemes, annual fees, intro APR rates…. These days, the market is teeming with so many options, choosing the right one for your business can be a headache.
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