Owners Bank Unveils Credit Card for Small Businesses

Owners Bank, a new digital bank created to cater to the needs of small business owners, has launched a business credit card.

This product aims to address the common challenges faced by small business owners when searching for a credit card that suits their requirements, the bank said in a Thursday (Sept. 7) press release.

“We were tired of seeing small businesses losing out via application denial or being forced into a consumer credit card that ultimately would not properly serve their business,” Owners Bank Founder and CEO David Mitchell said in the release.

Unlike traditional business credit cards that often have strict eligibility criteria that exclude small business owners, Owners Bank’s new business credit card is open to businesses of all sizes, including sole proprietors, according to the release. This inclusivity ensures that small business owners have access to the financing they need to sustain and expand their businesses.

One of the unique features of the Owners Bank Business Credit Card is the flexibility it offers in allocating the credit limit among up to six cardholders, the release said. This empowers employees to make necessary purchases.

The card also boasts a competitive interest rate, surpassing the average credit card interest rate, per the release. Additionally, it comes with a rewards program that grants 10,000 points for the initial $1,000 spent. These reward points can be converted into cash back, gift cards or merchandise.

Owners Bank aims to streamline the application process for their business credit card, making it as straightforward as possible, according to the press release. Small business owners can apply with just a driver’s license and delegate purchasing power to their employees.

Small business owners in Rhode Island, Massachusetts, Pennsylvania and Connecticut can apply for a credit limit of up to $50,000 with a competitive interest rate and rewards, the release said.

Owners Bank was launched in April by Liberty Bank and will expand nationally over time.

The bank aims to help small business owners with tasks like managing invoicing, bill payment, cash flow and other accounting functions. Through its digital platform, Owners Bank enables small business owners to view their accounts from all financial institutions on one platform, move money quickly, and send and receive digital payments.