As an entrepreneur, you need access to working capital that can flex with your changing needs. The Kabbage Credit Card aims to deliver with credit lines up to $250,000 and tools to manage spend.
As an entrepreneur, you need money to operate that adjusts as your needs change. The Kabbage Credit Card provides credit lines up to $250,000 so you can access funds. It also has tools to help you control expenses.
This card aims to provide flexible financing so you can manage cash flow as your business evolves.
In this article, we’ll explore the key features, costs, and fine print of the Kabbage Credit Card. Discover how this unique small business card can fund your growth.
Overview of the Kabbage Credit Card
The Kabbage Credit Card provides an alternative to traditional small business loans and lines of credit. Kabbage leverages technology and data analytics to deliver flexible access to funds.
Key facts about the Kabbage Credit Card:
- Issued by Celtic Bank
- Runs on the Visa network
- Credit lines from $500 – $250,000
- No collateral required
- Revolving line of credit
- Online account access
Kabbage conducts risk assessment using business data like revenue, shipping activity, and online reviews. This enables automated approvals and fast access to financing.
As your financing needs change, you can adjust your credit limit any time through your online account portal. This flexibility makes the Kabbage card ideal for variable needs.
Benefits and Features
The Kabbage Credit Card aims to help small businesses in key ways:
Funding flexibility – Credit limits adapt to your evolving needs. Modify your limit anytime without reapplying.
Revenue-based limits – Approved lines mirror your monthly card processing volumes, up to $250,000.
Rewards – Earn 1.5% cash back on all purchases with the card. Rewards automatically apply as statement credits.
Numbered cards – Add employee cards with customized limits to control organizational spend.
Online management – Manage the card through your online Kabbage account. Modify limits, review statements, make payments, and more.
Mobile access – The Kabbage mobile app enables managing your account on the go.
Fast approvals – Leveraging business data enables real-time credit decisions and virtually instant access to funds after approval.
No personal credit check – Get financing based on your overall business performance data.
For startups and small companies, these features provide convenient access to working capital that evolves as you grow.
Costs and Fees
When considering the Kabbage Credit Card, it’s important to understand the associated costs:
- APR of 15.99% – 29.99% variable
- No application fees, annual fees, or prepayment penalties
- 2.25% balance transfer fee
- 5% cash advance fee (min. $10)
- 3% foreign transaction fee
- $28 late fee
- $15 returned payment fee
The purchase APR you receive is determined during risk assessment of your business. Kabbage discloses all lending costs upfront.
With responsible use, you can avoid interest charges by paying your balance off in full each month. The 1.5% cash back rewards help offset some purchase costs.
Eligibility Requirements
To qualify for the Kabbage Credit Card, your business must meet these basic criteria:
- Minimum 12 months in business
- Minimum annual revenue of $50,000
- Minimum credit score of 550 (based on personal credit score of business owner)
- Applicants must own at least 50% equity in the business
Kabbage performs underwriting using business data including processing volumes, shipping history, insurance information, and online reviews.
Your personal credit score is considered but not the primary factor. Kabbage approves more applicants than traditional small business credit cards.
Nearly any type of U.S. business can qualify, including high-risk industries often excluded from small business financing.
How to Apply
Applying for the Kabbage Credit Card takes just minutes:
- Visit Kabbage.com and click “Apply Now” to begin the application.
- Enter basic information about your business, ownership, and contact details.
- Link your business checking account to allow secure verification.
- Enter your requested credit limit up to $250,000.
- Provide your personal and business tax ID numbers.
- Review and electronically sign the loan agreement.
- Get an instant decision after submitting your application.
- If approved, accept the loan offer through electronic signature.
- Access your approved funds once you complete acceptance.
The entire online process can take as little as 10 minutes from application to funding. Kabbage does not require lengthy processing or extensive documentation.
Useful Tips
If you are approved for the Kabbage Credit Card, be sure to practice effective use and management:
- Pay your balance on time and in full when possible to avoid interest fees. Set up autopay through your Kabbage account.
- Minimize card use when business is slower to keep balances low.
- Review statements thoroughly each billing cycle. Report any suspicious transactions right away.
- Notify Kabbage promptly if your business details like address or ownership structure change.
- Request credit line increases judiciously based on your current and projected financing needs.
- Create numbered employee cards with customized limits that align to their roles and spend needs.
Following best practices ensures this financing tool has a positive, rather than negative, impact on your business.
Is the Kabbage Card Right for Your Business?
For many growing small companies, the Kabbage Credit Card delivers financing flexibility that aligns with evolving needs. Automated approvals, rewards, and transparent terms create value.
Yet finding the ideal funding mix requires analyzing your specific situation. With responsible usage and oversight, tools like the Kabbage card can propel your venture forward. Consider if this card fits your business capital strategy as you scale.
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