Business Visa Rewards Credit Card
Features
The Chartway Business Visa® Credit Card
guarantees you the following:
- No Annual Fee
- No Balance Transfer Fee*
- Same Interest on Purchases and Cash Advances
- No Cash Advance Fee
- Contactless Payment for Safe, Secure Transactions
- Loan Assure – Payment Cancellation in the Event of Death, Disability, Involuntary Unemployment
- 24/7 Lost and Stolen Card Reporting
- Access to 1,000,000+ ATMs Worldwide
- Zero Liability Policy – Fraud and Identity Theft Protection
| Term | Variable APR as low as | Prime Rate | Minimum Loan Limit | Maximum Loan Limit |
|---|---|---|---|---|
| Open | 14.99% | 8.25 | $2,500 | $35,000 |
| Payment Terms: 2% of the unpaid balance or $20, whichever is greater | ||||
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Frequently Asked Questions
What are the qualifications?
- Time in business for two or more years (exceptions for Startup Businesses)
- A FICO score of 660 or greater
- Debt Service Coverage Ratio (DSCR) of 1.25
- One year tax returns
- Liquidity to Total Debt of 7%
- Combined Net Worth (borrower plus guarantor) at least 3x the loan amount and lines of credit
- Businesses must have a Chartway account with Prime Share and be located within Chartway’s general trade areas (Virginia, Utah, Northern Arizona, Southern Nevada, North Carolina, Houston Texas area)
- Business documentation and identification required from borrower and guarantors
What business types are eligible to apply for the Business Visa?
- Sole proprietorship, LLC, partnerships, and corporations
Are non-profits and unincorporated associations eligible for the Business Visa?
- Incorporated non-profits are eligible as long as an officer is willing be the personal guarantor.
- Unincorporated associations are not eligible for the Business Visa.
How long does a business need to be in operation before applying for the Business Visa?
- Start up business are eligible for credit limits up to $5,000 OAC* the first year in business, or up to $10,000 OAC* if the business has been in operation for at least one year.
- Generally a business will need to be in operation for at least 2 years for limits over $10,000.
What are the credit limits available?
- The minimum is credit limit available is $2,500.
- The typical maximum available for a Business Visa is $35,000 OAC*.
Will this be based on a business owner’s personal credit score or business credit score?
- Underwriting will be based on a combination of both business and personal credit factors.
What is a personal guarantee required and its it required?
- A personal guarantee is a provision in the loan agreement that requires owners to be personally responsible for their company’s debt in case of default.
- Any person with at least 20% ownership in the company is required to provide a personal guarantee.
- A personal guarantee will be required for all business entities except sole proprietorships.
How does a member apply for a Business Visa?
- Members can apply through Chartway.com in the Business section.
How does a borrower increase their credit limit?
- An existing Business Visa card holder would need to submit a new Visa application requesting a higher limit.
How do we designate or change authorized card holders?
- An authorized card holder form will be provided to the borrower.
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