Credit cards can be found in nearly every wallet and purse in America, so most small business owners with good credit already have access to that type of financing. But what can you do as an entrepreneur if your credit score isn’t the greatest? Should you get a secured credit card? Read on to learn the difference between unsecured and secured credit cards and which one is right for your business’s situation.
What is a secured credit card versus an unsecured credit card?
Since their inception in the 1950s, credit cards have been a common payment method for most Americans. In fact, a report by WalletHub using data from the U.S. Census Bureau and Nilson Report found that there were approximately 1.12 billion credit cards in the U.S. as of 2018. By 2023, that number is expected to go up to nearly 1.3 billion.
The report also estimated that the