From buying workplace products to taking personnel out for dinner or taking a trip to occasions, nonprofit organizations have plenty of reasons to sign up for a credit card. And, because a nonprofit is technically a company, it might make sense to apply for a business-specific credit card. While they may not be the most typical type of credit cards, cards constructed for nonprofits do exist. In collaboration with Mastercard, U.S. Bank provides its neighborhood card for nonprofit companies. It’s quite slim pickings when it comes to credit cards designed particularly with nonprofits in mind.
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From buying workplace materials to taking staff out for supper or traveling to events, not-for-profit organizations have a lot of factors to register for a credit card. And, due to the fact that a not-for-profit is technically a service, it might make sense to obtain a business-specific charge card. Customer cards can work, if you use them properly, however business credit cards normally use benefits and benefits that much better suit professional companies.
There are also credit cards out there created specifically for nonprofits. Depending upon your location and your organization’s situation, you may discover that one of these credit cards will actually work better for you than a business-centric card.
Curious to discover out what’s out there worldwide of credit cards for nonprofits? Take a peek listed below to learn which company charge card might work best for your nonprofit company.
Best Credit Cards Designed For Nonprofits
While they may not be the most typical kind of credit cards, cards built for nonprofits do exist. The most notable aspect of these cards is that they need no individual guarantee from candidates. This indicates that the card providers will not look into the individual credit report of individuals listed on the application; instead, they’ll simply think about the organization’s monetary records. Let’s take a deeper take a look at a few charge card designed from the outset for nonprofits:
Charity Charge Nonprofit Business Card
Charity Charge is a provider committed to assisting nonprofits grow. Its nonprofit service credit card, Charity Charge offers other cards that instantly contribute cash back to a not-for-profit of the user’s option.
This co-branded Mastercard, meanwhile, was developed from the ground up for nonprofits to invest with. First appearing in the summer season of 2019, the Charity Charge Nonprofit Business Card might make a strong option for your company. There merely aren’t numerous credit cards dedicated to working for nonprofits– and certainly none of the others come from a company developed around giving back to such organizations.
Needing no individual guarantor, this card will create 1% money back on all of your purchases as an automatic rebate to your monthly statement. Exceeding benefits, Charity Charge guarantees online expenditure reporting and card management, committed customer care, and fraud protection. Charity Charge also markets this card to schools and associations.
U.S. Bank Community Card
In collaboration with Mastercard, U.S. Bank offers its community card for not-for-profit organizations. With this card, you’ll have the ability to use without needing a personal assurance. U.S. Bank also provides an online tool to analyze your organization’s costs. Plus, workers can get their own cards free of charge.
When it concerns benefits, you have 2 options. You can either pay $99 per year and gain access to 1% money back on all purchases. Or you can select to pay no annual fee– however you also shun benefits. It’s also worth noting that going the annual charge route opens the possibility to make points for taking charge card payments and making purchases with U.S. Bank’s Encore Relationship Rewards program.
You’ll need to live near a U.S. Bank location since you must apply in individual for this credit card. While the bank operates in over half the states in the U.S., if you don’t reside in Ohio or additional west, there most likely isn’t a U.S. Bank near you.
Visa CommUNITY Card
Introduced by Visa several years earlier, the Visa CommUNITY Card is offered at regional banks and community cooperative credit union throughout the country.
The specific terms might differ from area to place due to the fact that this card is issued through various banks. You’ll normally have the ability to make rewards for this card (generally either 1% cash back or 1 point per $1 spent) and the annual charge is low ($99 each year) or nonexistent. You’ll also have the ability to gain access to high line of credit. Like the above 2 cards, no individual guarantee must be needed when applying.
You’ll likely need to apply face to face for a Visa CommUNITY Card. A number of banks and cooperative credit union issue this card, so you might be able to find an area near you. Providers consist of:
- Bangor Savings Bank(Maine and New Hampshire)
bankHometown(Massachusetts) Beacon Credit Union(Indiana) First County Bank(Connecticut) Fulton Bank(Delaware, Maryland, New Jersey, Pennsylvania, and Virginia) PCSB Bank(New York)
- Shelby State Bank (Michigan)
- South State Bank(Georgia, North Carolina,
- South Carolina, and Virginia)
- Sunrise Banks (Minnesota) United Community Bank(Georgia, North Carolina, South Carolina, and Tennessee)
There are also a variety of other banks that use a Visa CommUNITY Card, so make certain to call around in your area if none of the above monetary organizations are near you.
Best Business Credit Cards For Nonprofits
It’s quite slim pickings when it comes to credit cards designed specifically with nonprofits in mind. Due to the fact that of this, you might discover it better to make an application for a business charge card that uses a set of rewards, benefits, rates of interest, and so on that best fit your organization. Here are a few of our preferred business charge card chooses for nonprofits:
Best For No yearly charge
No one likes a yearly charge. While paying an annual charge is frequently a requirement of some higher-tier credit cards, there are a few strong alternatives without one. Trigger ® Cash Select from Capital One ® is one such alternative.
The Spark Cash Select card features a strong 1.5% cash back on all purchases. What’s most excellent about that rewards rate is that there’s no cap on how much you can make. You’ll likewise have the ability to benefit from a 0% introductory APR rate for your very first 9 months, totally free staff member cards, and a welcome deal worth $200. The card also includes other basic credit card advantages like extended service warranty and scams defense.
Best 0% APR introductory duration
If you know you’ll be carrying a balance right off the bat, opting for a charge card that has an initial rate period might be an excellent possibility. When a card has an intro rate period you won’t need to pay interest until the period is up. Heaven Business Cash ™ Card from American Express has among the longest introduction rate periods for business credit cards at 0% APR for the very first 12 months.
Outside the 0% introduction rate, you’ll have the ability to catch 2% money back on the very first $50,000 you spend every calendar year (the cash back rate drops to 1% after passing the $50,000 threshold). There’s also no annual fee and Amex permits you to invest above your credit limitation. Otherwise, standard charge card features come along for the ride, such as extended service warranty and purchase security.
Best For Travel
Must your organization need regular travel, finding a charge card with travel benefits and advantages may be smart. Among the most well-rounded travel cards on the market is Chase Ink Business Preferred ℠.
This card has an awesome benefits plan– you’ll net 3 points per dollar invested in travel, shipping, internet/phone/cable services, and marketing. You can then redeem those points for 25% more when reserving travel through Chase’s own online portal or you can transfer them on a 1:1 basis to an array of travel partners. In terms of benefits, Ink Business Preferred assures trip insurance, extended guarantee, and mobile phone defense.
Best For Low Credit Users
If you or your company lacks a strong credit history– or does not have one at all– the Spark ® Classic Card from Capital One ® may work best for you. Developed for credit-building users, this card can assist you reinforce your credit– enabling you to ultimately finish to a much better charge card down the line.
Despite The Fact That Spark Classic was built for those with weaker credit, it still includes some good perks. Its 1% cash back will see you earning benefits at a nice clip. Beyond that, the card includes other standard benefits like totally free employee cards, no foreign deal charge, and extended service warranty.
Didn’t Find What You’re Looking For? Have a look at Our Other Resources For Nonprofit Organizations
Merchant Maverick has a few more tools that can provide a hand if a credit card isn’t the next step for your company. In case you’re curious about the troubles nonprofits deal with when it pertains to funding, have a look at our guide to loans for nonprofits. Organizations in requirement of a grant might find our in-depth short article on grants practical. Or, if you ‘d like to attempt raising funds with a more modern approach, researched crowdfunding for nonprofits.