Bento for Business Debit Card Review

The Bento for Business debit card is a unique option in the world of business cards. It’s like a standard business bank account, Quickbooks and PayPal all wrapped into one. The Bento corporate cards operate like a debit card, and all of your employees’ purchases come out of the same bank account. Bento markets itself toward small businesses as an alternative to a prepaid business card.

Bento cards operate on the Visa network. And signing up is quick. After registering for a Bento account, approval is immediate as soon as your business is verified. Then it takes up to two days to check your bank account, along with two to three days for an ACH transfer of funds. A physical card takes seven to ten days to arrive in the mail, but you also get immediate access to a virtual card.

You don’t pay any interest or annual fees since Bento for Business isn’t a credit card. However, depending on how many cards you need, you will likely pay a monthly fee to use the service.

Down to business with the Bento for Business debit card

To discover whether Bento for Business is the right card for you, let’s start with the fundamentals.

  • APR: The Bento corporate card is a debit card, so there is no APR.
  • Monthly Fee: From $0 to $149
  • Reward Rates: Bento for Business doesn’t offer any rewards with its cards.
  • Intro Offer: Bento for Business doesn’t have an introductory offer upon opening an account.

Perks and features of the Bento for Business debit card

Although Bento for Business has fewer initial perks than many of its counterparts, several key benefits are worth considering.

  • No interest paid and no credit checks. Because it isn’t a credit card, you don’t have to go through any credit checks to obtain a Bento card, and you don’t pay interest.
  • Physical and virtual cards. Receive a physical card in the mail, along with virtual cards that you can distribute to employees. You can only use virtual Visa cards online or over the phone.
  • One platform to track your spending. All of your employees will spend from one account, and Bento tracks that spending in its online platform that allows you to see where your business’s money is going quickly.
  • Use Bento Pay to send money to others. Send money directly through Bento Pay to an email address, much like PayPal.
  • Controls over employee spending. Set employee spending caps, days of the week they can spend and instantly freeze lost or stolen cards.

Is the Bento for Business debit card right for my business?

First things first: Is this card safe to use? You don’t have to worry because your money is FDIC-insured for up to $250,000. A business owner who isn’t looking to earn rewards on employee spending, as many credit cards offer, could be a good fit for Bento. You’ll get free Bento cards for employees, and all link to the same bank account. This feature allows you to monitor your company spending using their online platform easily.

To deposit funds, you can use a bank transfer, a wire transfer or a Bento transfer. You can transfer up to $10,000 per day with a Bento transfer and an unlimited amount with wire or bank transfer, as well as maintain an unlimited amount of funds in your Bento account.

Another great thing? Bento’s mobile app allows all employees to store and tag all their expense receipts. They take a picture and tag the receipt, so if your company doesn’t want to deal with turning in the paper version, it’s already in the system. That the card allows for controls for employee spending, category restrictions, day of the week restrictions and the ability to freeze the card instantly if it’s lost or stolen is another perk for many business owners.

However, some business owners might not want to go with Bento for Business. First, anyone looking to earn cash back or travel rewards through their employees’ spending won’t want to use this card. Bento has no rewards program. Second, anyone who wants a credit card that will allow them to spend over the amount of cash they have on hand will want to try another card. This option is a debit card, and you need to have the funds in place before you can spend them. Also, you have to pay a monthly membership fee, which can be a dealbreaker for some business owners.

If you want a credit card that will give you more flexibility to take advantage of business opportunities as they come up, look into the Capital One Spark Cash credit card. You also get free employee cards, and you can earn up to $2,000 in rewards in the first six months of account opening. You’ll have to spend $50,000 to get that much back, but you’ll receive 2% cash back on all spending, which you can redeem at any time with no minimum. It waives the annual fee for the first year, which then increases to $95. The card comes with an 18.74% variable APR.

The bottom line

The Bento for Business debit card is a tech-savvy alternative for businesses that want to try something other than the typical business credit card. It combines an online platform that monitors your business spending, along with exciting opportunities, like using the company’s Virtual Card and Bento Pay. For the right business owner, Bento could be a perfect solution to its issues with employee spending.

Overall, a Bento corporate account might be worth looking into for business owners who don’t need rewards potential. Otherwise, you’ll want to check out other credit cards or debit cards that offer reward earnings.