Kiva Business Credit Card Review
Kiva is a nonprofit organization that has revolutionized the concept of micro lending. Now, it has joined hands with Advanta Bank Corp. to offer a unique credit card to small businesses that gives back to the community.
Kiva business credit card is one of the few cards designed specifically for social entrepreneurs. With Kiva business credit card the cardholders have the ability to award grants to entrepreneurs in the developing countries. These grants are handled through the Kiva foundation. While there is no guarantee that you will get your money back, the payback rate has been extremely high as Kiva works with trustworthy entrepreneurs.
Advanta does its part to encourage cardholders to contribute to the Kiva B4B project. When cardholders use their Kiva business credit card to make grants through Kiva.org to business owners in the developing world, Advanta will match their grants, up to a limit of $200 per month per account in total.
Like other Advanta credit cards, Kiva business credit card comes with a rich set of rewards. There is no annual fee for Kiva business card. In addition, the cardholders are protected by Advanta’s $0 fraud liability program.
The card comes with 0% APR on balance transfers for 15 month and a low 7.99% APR thereafter. In addition, you get 5% statement credit on qualifying purchases (including grants to the Kiva foundation).
Unfortunately, Advanta puts a cap on the amount of grant they are willing to match. Advanta matches up to a limit of $200 per month per account. In addition, you only receive 5% cash back on your first $1200 in spending each year. After that your cash back rate will drop to 1%. Finally, there is no guarantee that you will get your money back if you decide to contribute to Kiva B4B project with your Kiva business credit card.
The Kiva business credit card is not for everyone. While the card comes with low APR on balance transfer and purchases and no annual fee, it is slightly limited in the rewards department. The Kiva business credit card is specifically designed for social entrepreneurs and business individuals who are willing to give back to their community without expecting any rewards. There are thousands of entrepreneurs in the developing countries who can achieve their dreams with the smallest grants. If you are a business owner who’s determined to help others succeed in their businesses, the Kiva business credit card may be right for you.
