Nav Prime Card review: A fit for credit-conscious business owners?
This bundle can help you build business and personal credit more efficiently, but the cost won't make sense for many small-business owners
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Snapshot
3.1
Bottom line
Since it reports two tradelines to credit bureaus and comes with impressive access to business and personal credit reports, this card is worth a look for small-business owners focused on building credit. But the cost won't be worth it for many small-business owners..
Intro offer
N/A
Rewards Rate
N/A
Annual fee
Nav Prime is $49.99/month, which gets reported as a tradeline.
Regular APR
N/A
Bankrate Score
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Nav Prime Card overview
Sometimes, the only thing holding a small business back is a lack of funding. And while small-business loans are one popular financing option, they can be tough to qualify for and generally force you to pay interest.
Business credit cards can be a great alternative, allowing you to build your credit score and qualify for better loan terms in the future. But they, too, can carry steep credit requirements and may require a personal guarantee or security deposit.
If you're a small-business owner working on your credit score, the Nav Prime bundle may be a solid alternative, giving you a chance to build your business credit as you make and pay off purchases.
You won’t need to worry about security deposits, personal guarantees or even a credit check. And since membership gives you access to two tradelines and detailed business and personal credit reports, you can not only build credit more efficiently, but also keep a close eye on your progress.
That said, Nav Prime membership carries a high cost at $49.99 per month. While that’s a solid deal compared to the price you’d otherwise pay for such comprehensive access to your business and personal credit reports, it will only be worth it if credit building is your top priority.
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Rewards
- This card does not offer rewards
Expert Appraisal: Weak
See our expert analysis -
Rates and fees
- $49.99 per month Nav Prime membership
- No interest fee
- No foreign transaction fee
- No late fees
- No monthly account fees
- No domestic transaction fees
Expert Appraisal: Typical
See our expert analysis -
Credit-building features
- Reports two tradelines to credit bureaus
- No security deposit required
- No credit check required
Expert Appraisal: Good
See our expert analysis -
Other cardholder perks
- No security deposit required
- Access to detailed business and personal credit reports
- No personal guarantee required
Expert Appraisal: Typical
See our expert analysis
Nav Prime Card pros and cons
Pros
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You can expedite credit building with two tradelines
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No personal guarantee, security deposit or credit check required
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Includes access to detailed business and personal credit reports, potentially saving you hundreds
Cons
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It’s hard to justify the cost of Nav Prime if you’re not laser-focused on building and tracking your credit.
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It doesn’t offer rewards or any of the perks commonly available on traditional business credit cards.
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Since it’s a charge card, it doesn’t have an APR or intro APR offer, so it may not be a great fit if you need a card to help finance purchases or free up cash flow.
Why you might want the Nav Prime Card
While the Nav Prime Card lacks the rewards and flashy perks you can get on some of the best business credit cards, it can be a good option if your top priority is building your business credit score. And though the monthly Nav Prime membership fee is pricey, it may be cheaper than the cost of ordering reports directly from credit bureaus. The cost of Nav Prime is also predictable, which some may prefer to traditional credit card interest and the threat of debt.
Credit-building features: Two tradelines to speed up credit-building
There aren’t many business credit cards available for small-business owners with a limited or damaged credit history, so the Nav Prime card could be a solid starting point if building positive credit history is your main focus.
If you’ve had trouble building business credit history or have experienced setbacks like bankruptcy, the Nav Prime card could be a great tool to help you boost your score efficiently.
Since Nav Prime reports payment activity on two tradelines (card repayments and monthly membership fee payments), you can build credit on two fronts. This means by using your card for regular expenses and keeping up with your membership fees, you’re getting double the credit reporting you would with the majority of business cards on the market.
The Nav Prime card is also one of the only small-business cards that doesn’t require a personal guarantee, annual fee, credit check or security deposit, making it especially accessible. You’ll have a hard time finding another business card that’s available with limited or damaged credit and doesn’t require an annual fee or deposit.
Perks: Detailed credit reports at a steep discount
This card doesn’t come with traditional perks like cash back, rewards or travel and shopping credits. Instead, it offers features that make it easier to manage and monitor your business expenses and credit-building efforts.
Along with the charge card, you get a no-fee business checking account and and access to detailed business and personal reports.
Nav has partnered with over 70 lenders and gathered feedback on the personal and business credit scores most frequently used in lending decisions. Nav Prime members get access to two of the most commonly used business credit reports and two of the most commonly used personal credit reports.
Nav estimates that these reports could cost over $250 per month if you bought them individually directly from credit bureaus. A $49.99 monthly fee for Nav Prime is a great deal by comparison.
The card’s daily autopay feature can also help you stay on top of expenses since it makes it easy to pay off charges as you go, instead of in one lump sum at the end of your billing cycle.
Why you might want a different business credit card
Nav Prime doesn’t offer much in the way of perks and features outside its discounted credit reports and credit-building advantages, so it will only make sense if building credit is your top priority.
And unless you’d already planned on buying multiple business and personal credit reports each month directly from credit bureaus, the cost of Nav Prime will be hard to justify.
Fees: Only worth it for ultra-focused credit builders
The only major fee attached to this card is the $49.99 monthly fee you’ll pay for Nav Prime membership. Though this fee gets you access to two credit-building tradelines and detailed credit reports, $600 per year may be tough to stomach, even if you’re eager to build and track your credit.
While Nav Prime membership is certainly less expensive than buying individual business and personal credit reports directly from multiple credit bureaus each month, not all small-business owners need to keep such close tabs on their credit reports.
A Nav Prime membership may be well worth it if you want to build credit as quickly as possible and are already interested in purchasing credit reports from multiple bureaus, multiple times per year, but this cost is hard to justify otherwise. You can still keep a close eye on your business and personal credit history by purchasing fewer reports, less frequently.
There aren’t many business card options for people with a limited or damaged credit history, but there are at least a few available at a much lower cost. You may have to put up a security deposit or face a credit check — and you may not build credit quite as quickly — but the savings are likely worth it if you don’t need frequent updates on your credit from multiple bureaus.
Rewards: Limited long-term value
Since the Nav Prime card is geared toward small-business owners looking to build credit, it’s no surprise that the card doesn’t offer rewards, a sign-up bonus or any especially valuable perks other than detailed credit reports.
That said, some small-business owners may prefer to build credit with a card that offers a clearer path to rewards value. For example, if you build credit with a Bank of America or Capital One business card (both issuers offer options for small-business owners with fair credit), you may have an easier time switching to a more lucrative business rewards card with that issuer down the line.
How the Nav Prime Card compares to other business cards
The Nav Prime Card can be a good option if you’re eager to build business credit as efficiently as possible and want to keep a very close eye on your progress. But a Nav Prime membership may not be worth it if you’re comfortable with fewer credit reports and a single tradeline, or if you’re more focused on securing funding than building credit.
Consider these alternatives, which are also available with a fair credit score:
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Capital One Spark Classic for Business
Annual fee
Intro offer
Rewards rate
Earn unlimited 1% cash back for your business on every purchase, everywhere, no limits or category restrictions. Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Bankrate’s Take — Is the Nav Prime worth it?
Nav Prime gives you the tools you need to fund your business and build credit, but the cost of membership will only be worth it if you are laser-focused on improving your credit score and monitoring your credit reports.
If you’ve struggled to qualify for traditional business cards or loans and need to boost your score, Nav Prime’s two tradelines and detailed credit reports may hold a lot of appeal. You’ll very likely save money opting for a Nav Prime membership over buying individual credit reports directly from multiple bureaus.
However, small-business owners looking to build credit have other, more affordable options. If you’re content with buying a few credit reports on your own and building credit with a single tradeline, a traditional business credit card available with fair credit is likely the better pick.
* The information about the Capital One Spark 1% Classic has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Frequently asked questions
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.