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Capital on Tap - New Type of Business Credit Card - Approved w/DP!

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atst2000
Frequent Contributor

Capital on Tap - New Type of Business Credit Card - Approved w/DP!

Greetings!

 

I wanted to share a new Biz CC I found, and recently got approved for.

 

They are called "Capital On Tap".  I didn't see anyone else mentioning them, and they seem like they are a new

startup.  They are legit, and backed by WebBank too (Dell, PayPal Working Capital).

 

The approval took about 5 days (Memorial Day weekend made it long), and was just notified today it was an approval for

$12k SL

-2% Cash Back and is unlimited

-No Annual Fee

 

DP Stats:

-Experian Business HP (no HP on personal, found out about biz HP with Nav alert)

-Had to send in three months bank statements

-Had to draft a letter on company letterhead that descibes my business

-Gross yearly Biz Income $115,000

-54 Exp Biz Score (Low/Medium Risk - Basically it would equate to 650 credit score give or take- not bad)

-12 Biz accounts reporting (Couple Net30's, and 5 Biz CC's

-I am an LLC (they do not accept Sole Props)

-Total Biz credit reporting for 5 years

 

I will report back how long it takes to get card, and how the overall experience is, and if it reports to Biz Credit (though it sounds like it doesn't...I'll be the guinea pig Smiley Happy

 

Also, and mods please let me know if this is ok - (Mod cut) @atst2000 per the myFICO Terms of Service (refer to the specific section), this is not permitted on the myFICO Forums and/or via PMs

Message 1 of 8
7 REPLIES 7
AllZero
Mega Contributor

Re: Capital on Tap - New Type of Business Credit Card - Approved w/DP!

Congratulations on your approval! Thank you for sharing the data points.
Message 2 of 8
sccredit
Valued Contributor

Re: Capital on Tap - New Type of Business Credit Card - Approved w/DP!

It's a 2.5% monthly interest (according to the screenshot) rate which equates to an APR of 30%

Message 3 of 8
Anonymous
Not applicable

Re: Capital on Tap - New Type of Business Credit Card - Approved w/DP!


@sccredit wrote:

It's a 2.5% monthly interest (according to the screenshot) rate which equates to an APR of 30%


30% - Yikes!  But then, WebBank...can't expect much less. 

Message 4 of 8
babygirl1256
Senior Contributor

Re: Capital on Tap - New Type of Business Credit Card - Approved w/DP!

Congrats on your Capital on Tap new business credit card approval.

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 5 of 8
Kasuito39
Frequent Contributor

Re: Capital on Tap - New Type of Business Credit Card - Approved w/DP!

Congrats on your approval

Message 6 of 8
601flyguy
Established Contributor

Re: Capital on Tap - New Type of Business Credit Card - Approved w/DP!

I got approved for 10k on the 1st. It does report to biz credit. I didn't get a hp on personal or biz. These cards are great for building credit.  

 

Edit: I got my card on 7/08.

2019 Spend Summary
$944,008 Amex BRG
$91,953 Amex SC
$58,351 Discover It
$50,046 BofA CR
$36,146 Amex PRG
$6,774 Cap1 QS
$963 Amex CM

$1,188,241 Yearly Spend
Message 7 of 8
Anonymous
Not applicable

Re: Capital on Tap - New Type of Business Credit Card - Approved w/DP!

Very nice approvalSmiley Happy -- Congrats! & thanks for the extensive DPs.Smiley Wink

Message 8 of 8
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