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August 12, 2022
Comparing Our Business Credit Card and Business Line Of Credit
We’re here to help small business owners get the financing they need, always with competitive rates and low fees. One thing every business owner needs? Cash flow. We offer both a business credit card and a Business Line of Credit designed to provide short-term cash. Let’s compare both financing options so you can find what’s right for your business.
Grow Visa Business Rewards Credit Card*
When you’re running a business, you conduct a lot of transactions. How about a business credit card that gives you rewards on those transactions? That’s a primary benefit of our Grow Visa® Business Rewards Credit Card, which is a top choice for a combination of value and convenience. You’ll enjoy:
- Low APR
- Zero Balance Transfer Fees
- Zero Annual Fee
The business credit card is a great choice for everyday cash flow regardless of how long you’ve been in business. Is your business new? That’s not a problem because to qualify, we primarily consider your personal credit score, so you don’t need to have been in business for very long to be eligible.
Business Line of Credit
If you want short-term cash but need a higher credit limit, a Business Line of Credit might be the best choice. You can use it as a revolving source of funds, just like a credit card, but there’s added flexibility: transfer funds between your accounts and withdraw funds without it being considered a cash advance. Business Lines of Credit are available unsecured with limits up to $100,000 for well-established businesses. We can also customize a Business Line of Credit that’s secured by savings or real estate.
Ready to get started?
If you need short-term cash flow, we’d be happy to talk with you about a business credit card or a Business Line of Credit to meet your financing needs.
Subject to credit approval.
*Annual Percentage Rate (APR). Introductory rate as low as 1.99% to 8.99% APR for the first six billing cycles. on purchases and balance transfers. After the introductory period expires, your standard APR will range between 12.49% to 17.24% for purchases and balance transfers. The rate you receive will be based on your creditworthiness. Standard rates are variable and will vary with the market based on Prime Rate as published in the Wall Street Journal “Money Rates” table on the last day of each calendar month. The APR will not exceed 18.00%. If the minimum monthly payment is 60 days late twice in a 12-month period, the rate will revert to a default rate of 18.00% for six (6) billing cycles. Other APRs: Cash Advances 18.00%, Overdraft to Share Account 18.00%. A finance charge of 1.00% will be charged on foreign transactions. Rates are effective as of 08/16/2022 and may change without notice.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733