The Silicon Valley Bank, the 16th largest bank in the United States, went bankrupt on March 10. The Silicon Valley Bank served 65% of startup companies. According to the latest data, the bank's assets were estimated at $209 billion.
The Silicon Valley Bank offered lucrative products for business, such as the SVB Innovators Card, the SVB Multi Card, and even Virtual Cards Program.
For example, let's take a closer look at the SVB Innovators Card.
The SVB Innovators Credit Card is a business card with a rewards program that earns 2x rewards on all purchases without limit.
In addition, the SVB Innovators Card offers Travel and Expense (T&E) tools such as in-app receipt capture and real-time updates for seamless reporting.
Even though the SVB Innovators Credit Card was an outstanding offer, we still have good news for you: there are some great alternative credit cards so that you can continue to enjoy useful benefits!
Capital One Spark Cash Select - $500 Cash Bonus
The Capital One Spark® Cash Select is a good alternative that earns a $500 cash bonus once you spend $4,500 on purchases within the first 3 months from account opening. Moreover, this Credit Card offers 5% Cash Back on hotels and rental cars booked through the Capital One Travel portal and 1.5% Cash Back for your business on every purchase.
Furthermore, the Spark® Cash Select Credit Card doesn't charge an annual fee. The Variable APR for purchases and balance transfers is 18.49% - 24.49%.
Cross River Bank Divvy Card
The Divvy Card earns 1-7x rewards, but it doesn't offer a sign-up bonus. Points can be redeemed for travel, gift cards, statement credits or cash back.
Emigrant Bank Brex Card for Startups
If you're a new startup or small business owner, the Brex Corporate Card is made for you.
With the Brex Corporate Card, you’ll earn 8x points on rideshares, 5x on travel booked through Brex, 4x on restaurants, 3x on recurring software and 1x on everything else. Points can be redeemed for statement credit or travel via Brex’s travel portal.
This is a charge card, so you’ll have to pay your balance in full each month. To qualify, you’ll need a $100,000 bank balance.
Business Credit Cards Comparison
| Brex for Startups | Divvy | Spark® Cash Select | |
|---|---|---|---|
| Annual fee: | $0 | $0 | $0 |
| Sign-up bonus: | |||
| Rewards: |
|
|
|
| APR: | None | None | 18.49% - 24.49% |
Capital One® Spark® Classic for Business Credit Card
The Capital One Spark® Classic for Business Credit Card earns 5% Cash Back on hotels and rental cars booked through Capital One Travel and 1% Cash Back for your business on every purchase.
The Card doesn't charge an annual fee. The APR for purchases and balance transfers is 29.99% Variable.
Capital One Spark Cash Plus
The Capital One Spark Cash Plus earns 5% Cash Back on hotels and rental cars booked through Capital One Travel and 2% Cash Back on every purchase.
The Card has no APR because your balance is due in full every month.
Earn up to $1,000 in the first 6 months, $500 once you spend $5,000 in the first 3 months and $500 once you spend $50,000 in the first 6 months. The Card's annual fee is $150.
Conclusion
Changing your bank may seem frustrating. However, choosing the right credit card will save you time and money in the future. If you prefer using innovative credit cards with high rewards and flexible terms, consider applying to Brex or Divvy. If you appreciate stability and security more (especially considering today's agenda), then Capital One is the right option for you.