Shopify has entered the credit card game by launching a business product designed exclusively for its merchants. Users are rewarded with up to 3% cashback.

The commerce giant announced today that it is offering Shopify Credit, a business credit card designed exclusively for its merchants.

„For years, we’ve seen first-hand how complicated business credit cards can be: confusing benefits, hidden fees, and credit checks that can negatively impact credit scores. But these cards are essential for business owners, so they still use them—on average, 53% of non-payroll spend occurs on a credit or debit card.*” according to the press release.

Enter Shopify Credit: a business credit card** designed exclusively for Shopify merchants. Built in partnership with Stripe*** and accepted everywhere Visa is. 

„Shopify Credit users are rewarded with up to 3% cashback on eligible purchases. Our card comes with a hassle-free application process, and zero fees. That means no monthly or annual fees, no setup or late fees, no fees at all—period. The card scales alongside a merchant’s business, with credit limits based on their sales (and not their credit history).” the company explains.

Eligibility

. If you are approved for a Shopify Credit business card and meet certain spend thresholds for eligible purchases during the first 3 months of account opening, you’ll be eligible to receive up to $2,000 Shop Cash offers credits.

. Spend $5,000 and receive $250 Shop Cash offers credit.

. Spend $10,000 and receive an additional $750 Shop Cash offers credit.

. Spend $20,000 and receive an additional $1,000 Shop Cash offers credit.Shop Cash offers credit can be applied towards Shop Cash offers. Restrictions and limitations apply. Offer expires October 31, 2023.

The Shopify Credit business card is a pay in full credit card. Any outstanding statement balance will be automatically debited on each monthly payment due date from your designated bank account or Shopify Balance account. If your account cannot be successfully debited on the payment due date, your card will be locked and you won’t be able to make new purchases until your balance has been repaid.

The Shopify Credit business card must be paid in full 25 days after the close of your monthly billing cycle.

Eligibility is based on business performance, not your credit score. Most eligible merchants will receive a decision within minutes, and if approved will receive a virtual card.

The Shopify Credit business card is only available for business expenses. „Cashback” refers to the rewards earned in the form of a percentage discount on eligible purchases.

3% cashback in the form of a statement credit will be provided on up to $100,000 of annual eligible business spend in your monthly top spend category—marketing, fulfillment, or wholesale; 1% cashback will be provided thereafter. 

“We designed Credit with the reality of an entrepreneur in mind. We recognized that having smooth cash flow is important for business owners, and as a business matures, entrepreneurs may find themselves looking for a credit line to maximize their working capital for expected (and unexpected) expenses,” Shopify President Harley Finkelstein told TechCrunch via email. 

Shopify Credit is the latest offering in Shopify’s suite of financial solutions that empower merchants to get the most out of their time and money so they can confidently grow and scale their businesses. These products include:

• Shopify Capital, which helps merchants gain access to working capital
• Shopify Balance, which helps merchants manage their money
• Shopify Bill Pay, which helps merchants manage and pay vendors

Shopify Credit is available to eligible U.S.-based merchants. 

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*Research was commissioned by Visa Inc. and conducted online among 2,800 U.S. Small Businesses with $50K-$25M revenue, <=100 employees, fielded June 6^th-17^th by Ipsos. Question asked: „You said your annual non-payroll spend was[INSERT PREVIOUS ANSWER]. Please indicate approximately how that spend was split across each of the following payment methods.”

**Shopify Credit is a pay-in-full credit card. For more details, click here.

***Cards are issued by Celtic Bank.