Silicon Valley Bank Innovators Card

Who is the Silicon Valley Bank Innovators Card for?

The Silicon Valley Bank Innovators card is a business card aimed towards startups and early-stage companies that want reliable short-term credit lines. If you are a founder looking for an inexpensive option to finance business purchases, this card is for you. 

This card also throws in a rewards program as an additional benefit for those that want to reap the benefits of their business expenses. In the case of startups requiring high upfront expenses, it is important that the founders dissociate their personal credit from the company. This is to mitigate any future risk that might come along with the company going bankrupt or defaulting on its debt. With this card, you can implement a spending limit while receiving zero personal liability. 

Overall, the target audience for this card is specific. This card offers a solid deal if you are the owner of a small company and are looking for an affordable way to finance business purchases while earning rewards.

Rewards, Services and Protections

You pay no annual fee for this card no matter the number of users. This means you can maximize your rewards and reap the benefits that come with this card by giving your employees a card.  

You also take on zero personal liability for any outstanding balances on this card. This is especially useful for owners of riskier businesses that want personal protection against default risk. You can also customize your spending limits on this card depending on your company’s growth and risk profile. 

With the Innovators card, you can earn 2 points per dollar spent towards statement credits, gift cards, travel rewards and merchandise. Points add up faster when all your employees’ purchases coextend into a single rewards account.

You also get access to online banking services that streamline credit and debit accounts in a single view, making it easier for you to handle company finances. This card also has zero foreign transaction fees, which makes it very attractive for business owners that travel a lot or have international expenditure needs. 

Cautions

This card obviously targets a specific crowd and is not meant for use as a normal credit card. There is a significant late payment fee of a minimum of $32 or 2.5% of account charges, whichever is greater. This means that in order to avoid paying hefty fees, you should make all payments in a timely manner.

There is a zero APR on outstanding balances with this card because you are not allowed to carry balances. You must pay your balance in full per billing cycle. This can be a significant drawback for those looking for a credit card to finance large purchases.  

Conclusion

The SVB Innovators card is not for everyone. If you are a business owner that needs a quick and easy card for your firm which allows you to access liquidity quickly, this card is for you.