Square Credit Card

Square Credit Card Review

The Square Credit Card is an invite-only business credit card for Square sellers and works in synchronicity with Square’s financial management tools and savings. It features no annual fee, free processing rewards, and an easy application process. Square Inc. is a company that offers payment services to businesses of all sizes. Its recent addition, the Square Credit Card, features zero fees and a streamlined platform to manage your business budgets.

Put More Money Back Into Your Business

The Square Credit Card, issued by Celtic Bank and part of the American Express network, shines in its ability to put money back in the pockets of Square sellers. In return, they can reinvest it into their businesses – all from one application. How exactly does the Square Credit Card achieve this? The answer lies in the non-existent fees. The sleek metal card has no late fees, no annual fees, and no foreign transaction fees – convenient if you travel for work and would like to avoid additional fees when shopping abroad.

As business owners may experience a flux in revenue or resources, a late credit card payment may occur – it’s not a habit business owners need practice with. However, the safety of having no late fees on a business credit card can ease the financial stress of accruing unwanted costs while running a business.

What Happens If You Make a Late Payment?

Square is known for its payment and transaction tools, often used by businesses to receive and process payments for their goods and services. Sellers can access their Square Credit Card via the Square dashboard – the same dashboard used to manage business sales. Although the Square Credit Card is not subject to late fees, a late credit card payment will result in a small percent deduction from the seller’s daily card sales until the minimum payment amount gets met.

In other words, your business sales will cover your late payments in small increments until you can catch up on the card’s minimum payment, which may beat getting hit with the common $40+ late fee most card issuers charge. It’s also worth mentioning that if you do miss a payment on the Square Credit Card, it will not affect your credit score. There are not many business credit cards you can say that for – truly a unique feature.

A Different Type of Reward

The Square Credit Card might not include the exciting thrill of earning cash back, points, or miles for your purchases, but it supports rewarding business owners where it matters. In the case of Square, credit cardholders earn free processing on their business sale transactions every time they use the card to make purchases.

Square Credit Card	Ink Business Preferred® Credit Card	Business Advantage Travel Rewards World Mastercard®
Business Credit Card	Small Business Credit Card	Business Travel Credit Card
Free Processing each time you spend using your credit card	Earn 3 points per $1 on the first $150,000 spent in combined purchases on shipping, select advertising, travel, and phone/internet/cable purchases each account anniversary year	3X points for ever $1 spent on travel booked through the Bank of America Travel Center
Zero Fees	Unlimited 1 Point Per $1 spent on all other purchases	1.5X points for every $1 spent on all other purchases

For reference, a Square standard processing fee is 2.6%, plus 10¢ for contactless payments, swiped or inserted chip cards, and swiped magstripe cards. Payments that are manually keyed in, processed using a Card on File, or manually entered using a Virtual Terminal, have a 3.5% + 15¢ fee. If you’re running an online business, Square processing fees are 2.9% +30¢.

For example, if your customer makes a $100 online purchase, your processing fee will be 2.9% of the purchase, plus 30¢, which equals $3.20. If your business is booming and you’re making 20 daily sales at $100 for each transaction, the processing fees add up to $64 daily. In this scenario, if you plan to use the Square business credit to make at least 20 different purchases per month, you may save up to $64 in fees. The free processing reward is only worth the hype if you plan on using the Square credit card often to make purchases. Otherwise, you’re missing out on free processing.

Credit Limits

Square gives cardholders custom credit limits, which makes sense because every business has different credit needs. The limits are based on sales you process with Square, so cardholders always have access to the right amount of credit for their businesses.

If the possibility of becoming a Square credit cardholder makes you tingle, you may feel relieved to know Square has a simple application process with quick approvals. Therefore, you gain faster access to credit without waiting long to get the ball rolling on your business ventures.

Streamlined Business Payment Solutions

As mentioned, the Square Credit Card is managed on the same dashboard sellers use to control other Square services. It is a streamlined way to manage business sales, banking, credit, and more. Additionally, if you bank with Square, you can automate your credit card payments to ensure you never miss a payment.

Should You Apply for the Square Credit Card?

Although the card is invite-only, you can check for offers via the Square platform. Again, this credit card is only for sellers using Square services. If you’re already a Square seller, you may want to consider the Square Credit Card. The card has no fees, fraud protection, and a unique reward opportunity to earn free transaction processing. Its uncommon approach to late fees may also bring a sense of relief in avoiding unwanted dues. If you’re not a Square seller and don’t have plans to use its services anytime soon, we recommend researching other business credit cards that may best suit your business needs. Use the BestCards credit card comparison tool to find what you’re looking for.

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