A guide to fintech business credit cards

Quick insights

Fintech companies are technology companies that specialize in offering financial products. Because fintech blends the worlds of finance and technology, these companies can offer tech-focused solutions and alternatives to traditional banking products. There are many fintech companies on the market providing banking products, financial services and new ways of approaching finance—including business credit cards. 

In this article, we’ll talk about fintech business credit cards—what they are, their features and what to expect from the approval process. 

What is a fintech business credit card?

Fintech business cards are financial tools offered by technology-driven companies, often designed to meet the credit needs of startups and businesses in growth mode. In addition to offering credit cards, fintech companies may provide a suite of products that can serve as a financial management solution, including banking, accounting and bill pay software. They often tout that the integration of all their products—business credit cards included—can provide a streamlined financial management system.

Companies offering fintech business credit cards—which are commonly referred to as corporate cards—generally operate entirely online. They do not offer brick-and-mortar locations, so typically everything from applying for a card to managing your account happens online. 

Fintech business credit card features

Fintech cards at their core provide businesses with access to credit. But how to get a fintech business credit card and the features of these cards may vary.

Here are a few notable features of fintech cards:

Approval process

The process of applying for a fintech card will likely take place entirely online, as there are no physical locations to visit.

Fintech cards may not require a personal credit check or personal guarantee as part of the approval process. Instead, the card issuer may review business funding, revenue, expenses and size in place of traditional underwriting methods. 

Upon approval, fintech companies generally provide a virtual card available for use immediately. 

Fees

Fintech cards may have low fees due, in part, to lower overhead costs associated with digital-first operations. These cards commonly do not have annual fees or charge foreign transaction fees. Many also offer an unlimited number of complimentary employee cards.

Credit limits

Many fintech cards are designed with startups in mind. Because these businesses may have low cash balances or a limited banking history, the underwriting model used by fintech companies may allow for higher credit limits than traditional business credit cards. 

Some fintech cards may offer dynamic credit limits, so access to credit can fluctuate as the business’ revenue changes. They may also have a 30-day payback period, meaning that you may not be able to carry a balance on the card.

Employee cards

The ability to issue unlimited complimentary employee credit cards on the spot is a common feature of fintech credit cards. Businesses who are rapidly expanding or in startup mode may find the ease of creating employee cards appealing.

Account holders can often generate virtual credit cards that can be added directly to an employee, vendor or contractor's digital wallet. These cards can usually be generated with auto-enforced spending limits and auto-prompts for employees to submit receipts once a purchase has occurred. 

Expense tracking

Fintech cards generally utilize technology to provide cardmembers data-forward insights and automated expense tracking and reconciliation. They may utilize advanced technology, like AI, to help business owners analyze and track expenses in real-time. 

Fintech cards may also offer features like expense management, budgeting and integration with accounting systems provided by the company. For example, the card account may notify an employee in real time when a receipt is required. The employee can send a receipt via email or text and the system will automatically match that receipt to expenses on the card.

Rewards

Rewards programs are a staple of many business credit cards, but how they approach rewards depends on the card. Some cards offer automatic cash back on all purchases while others have a point system. Rewards points may be applied to everything from travel to discounts on professional services. 

Cards may also provide partner perks with companies and services utilized by businesses. Perks can include discounts on business services and software or may offer higher rewards points when a company spends with certain providers or services. 

Can a new LLC get a business credit card?

New businesses or startups may use business credit cards to get access to credit and drive growth. The business owner will likely be asked to provide proof of their personal income during the approval process if they are applying for a traditional business card.

 Fintech cards may ask for proof of dollars raised if the business doesn’t have any revenue to claim. But it is possible for new business owners to get both types of business cards. 

In summary

Fintech cards provide business owners with access to credit, expense tracking and management tools and rewards catered to business owners. Many fintech cards will not require a personal guarantee or credit check as a part of the approval process. 

Because companies that offer fintech cards typically operate solely online, they may provide many tech-forward features like apps, software integration and virtual employee credit cards.