If you have a small business, then you likely have many fast-paced, demanding days. You may not have time to sift through credit card offers to find the perfect one for your company – but that doesn’t mean you can’t benefit from them. In fact, a credit card can be an excellent way for small businesses to streamline their expenses and save money in the long run. (Oportun Credit Card)
If you’re interested in getting an Oportun credit card for your business, read on to learn about 5 things you should know before applying. An Oportun credit card is just like any other credit card in many ways. You are given a spending limit that you cannot exceed unless you ask for an increase from your issuer – which is why it’s important to do research before choosing a card with specific features. With that in mind, here are some details that will help you decide if an Oportun Credit Card is right for your small business or organization.
What is the Oportun Credit Card?
The Oportun Credit Card is a rewards credit card that is geared towards small businesses and organizations. It gives you the ability to earn rewards on purchases and use them towards cash back. As with any rewards card, the key is to use it responsibly and pay the balance in full each month. That way, you can avoid paying interest and maximizing the rewards you receive.
How to Apply for an Oportun Credit Card
The first step is to determine which card is best for you. There are two Oportun cards available, the Oportun Classic and the Oportun Business. You can apply for either credit card online and take advantage of a good introductory APR rate.
The Classic card offers a $150 sign-up bonus and the Business card offers a $300 sign-up bonus – so keep that in mind when deciding which card you want to apply for. Once you’ve selected the card, you’ll be asked to provide some personal information, including your income and employment details. You’ll also be asked to provide details about your business, including its gross revenue.
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Rewards with an OCC
As with any credit card, the more you spend, the higher your rewards will be. The Oportun Classic card offers 1% cash back on all purchases – and the Oportun Business card offers 2% cash back on all purchases. The cash back rewards are applied to your account in the form of points – and you can redeem those points for cash in any increment.
Points are also transferrable to airline miles – which can come in handy if you’re planning a vacation soon. If you travel frequently for business, being able to turn those purchases into airline miles is a great way to offset the cost.
Fees for an Credit Card
As with any credit card, there are certain fees associated with the card. The Oportun Classic card has a $39 annual fee and the Oportun Business card has a $59 annual fee. The Classic card also has a fee of $15 per person added to the card. The Business card has a $30 annual fee. The Classic card also has a 3% foreign transaction fee and the Business card has a 3% cash advance fee. Both cards have a penalty APR rate of 29.99%. The fees are a small price to pay, though, considering how they help fund rewards programs like travel insurance, rental car insurance, and travel assistance.
Pros of an Oportun Credit Card
- No annual fee : Many credit cards charge a substantial annual fee, which can be a significant cost for small businesses on a tight budget. Oportun Credit Cards have no annual fee.
- Excellent rewards : Oportun Credit Cards offer excellent rewards programs, including cash back and points that can be redeemed for travel rewards.
- Travel benefits : Oportun Credit Cards also come with travel benefits like travel insurance, rental car insurance, and travel assistance.
- Easy to apply : Applying for an Oportun Credit Card is easy. Simply select the card that best suits your needs and complete the online application.
- Easy to use : Unlike other types of business credit cards, using Oportun Credit Cards is simple. You can use them anywhere that Visa is accepted, just like a regular credit card.
Cons of an OCC
High APR : Like all credit cards, Oportun Credit Cards come with a high APR – which is why it’s crucial to pay off your balance in full on a monthly basis.
Too much spending : It’s important to keep your spending in check. It’s easy to get carried away when you have a card that rewards you for spending.
Not paying off your balance : Finally, if you don’t pay off your balance in full each month, you will end up paying a lot more than you would have with another card.
Final Words: Should You Get an Credit Card?
If you’re looking for a credit card that rewards you for spending but can’t qualify for a premium card, an Oportun credit card may be right for you. Even if you don’t think you can qualify for one of their cards, you can always apply to see what they offer. And with no annual fees, low introductory APRs, and excellent rewards, an Oportun Credit Card is a great option for small businesses.