thread Re: Applying for Square Credit Card Affect Future Square Loans in Banking With Square

Applying for Square Credit Card Affect Future Square Loans

Panda24 — Sat, 20 Sep 2025 12:18:48 GMT

Hello! I was just offered a Square Credit Card and I was wondering if it would affect future loan offers. Has anyone had experience with this.

Re: Applying for Square Credit Card Affect Future Square Loans

TheRealChipA — Sun, 08 Dec 2024 02:48:45 GMT

Hey there @Panda24

You can have EITHER a Square credit card. OR a Square Loan. Having one negates the other. otherwise there is a risk we could get over extended.

Re: Applying for Square Credit Card Affect Future Square Loans

Panda24 — Mon, 09 Dec 2024 00:38:33 GMT

Are they just offering credit cards instead of loans now?

Re: Applying for Square Credit Card Affect Future Square Loans

TheRealChipA — Mon, 09 Dec 2024 12:54:40 GMT

@Panda24 Not at all. As I mentioned in my post you replied to:

You can have EITHER a Square credit card. OR a Square Loan. Having one negates the other. otherwise there is a risk we could get over extended.

Keep in mind that not everyone is being offered a Square Credit Card right now. It is still in beta testing, I think.

Re: Applying for Square Credit Card Affect Future Square Loans

Twpchair — Mon, 09 Dec 2024 13:11:27 GMT

Thank you! I have been trying to **bleep** that fast! A few users in the testing phase who were offered a card and hit yes, by chance just received an offer and accepted it. It snuck through but again this was during the testing phase and now they have fixed that issue! It clearly states that you can have one or the other because of what you mentioned above. Square is not going to overextend you to the point where you are finding it difficult to pay back both. Thank you again for clearing that up! Like anything new, there are always hiccups along the way and this was one. But it's fixed now.

Re: Applying for Square Credit Card Affect Future Square Loans

Twpchair — Mon, 09 Dec 2024 13:18:46 GMT

Yes, you can't apply for one yet, it is still being just offered to others outside of Beta testing according to 2 weeks ago in one of messages I received about addressing it correctly. It's been running smoothly for the 3 mths now or so and glitches, no more offers for both at the same time or during the process of getting the card, and boom an offer came in at the same time. All that is working great and NO more cross-over misses.

Re: Applying for Square Credit Card Affect Future Square Loans

Panda24 — Mon, 09 Dec 2024 13:45:15 GMT

Ok. Thanks for your knowledge! I was confused since I actively have a loan and was offered the card during my payoff period. It totally makes sense. Have you heard positive feedback from accepting the card?

Re: Applying for Square Credit Card Affect Future Square Loans

Panda24 — Mon, 09 Dec 2024 13:51:46 GMT

Thank you! I've just never seen it or heard about it. Just trying to figure out which is better now.

Re: Applying for Square Credit Card Affect Future Square Loans

Twpchair — Mon, 13 Jan 2025 21:39:39 GMT

So far yes! Most have been using it like a LOC or emergency and some are just deals to pass up on. That’s what it’s for though to use it via a loan and so far the last time I looked all was running great! Did you accept the card invite or no? I’m curious if you pass on it and say you’re at 81% how long it took to get that no thank you memo so you stay in the algorithm and choose to loans instead. I know now if you hit accept for the card it triggers the system about future loans but I haven’t seen or heard of anyone turning it down and how long before an offer came in depending of course what % you or they are at during this. Now, I have to go digging 😂 see if bigger minds know that answers. Good luck and hopefully, by now you received your offer or card.

Re: Applying for Square Credit Card Affect Future Square Loans

Panda24 — Tue, 14 Jan 2025 02:42:27 GMT

You can have both.

Re: Applying for Square Credit Card Affect Future Square Loans

Twpchair — Tue, 14 Jan 2025 03:02:03 GMT

According to the ones doing the Beta testing from the start as of now no. In the beginning a few slipped through who were both offered a card and loan picked them up. I did go ask and your card same as your loan is based on sales so if you make X amount they won’t over extend your 2x the repayment amount. Each one is under better review card and loans to improve on both and get it more accurate to what you are making each month and growing or averaging the same to better determine loans and credit card but as of tonight besides the ones that snuck through it is one or the other but not both at the same time. They review your card and adjust it vs sales and offer increases etc. but I made sure I checked into and copied the release from the Beta site.

Re: Applying for Square Credit Card Affect Future Square Loans

DD_2019 — Sun, 02 Mar 2025 02:40:15 GMT

Do you have both? I have both. I haven’t received a new loan offer since I got the credit card, but I am only at 65% paid back and had the card for a month.

Re: Applying for Square Credit Card Affect Future Square Loans

Twpchair — Sun, 02 Mar 2025 11:08:32 GMT

If you have both it's by a fluke in early testing a group who accepted the card offer and were in the range of a loan being offered snuck through during the testing of the card. They caught it and that has been stopped. Now, that it has rolled out to the community it clearly states you can only have one! The reason why is that if your loan is say 20% payback and your paying back your card at even 20% of the balance that's almost half (40%) of your daily sales. They don't want you to overextend yourself and not be able to make your payments or maintain your business needs. There was a good chunk that did receive both all around the same time period. So, I am not saying that you don't have both but it wasn't supposed to happen, and it was fixed pretty quickly.

Re: Applying for Square Credit Card Affect Future Square Loans

Twpchair — Sun, 02 Mar 2025 11:15:59 GMT

f you have both it's by a fluke in early testing a group who accepted the card offer and were in the range of a loan being offered snuck through during the testing of the card. They caught it and that has been stopped. Now, that it has rolled out to the community it clearly states you can only have one! The reason why is that if your loan is say 20% payback and your paying back your card at even 20% of the balance that's almost half (40%) of your daily sales. They don't want you to overextend yourself and not be able to make your payments or maintain your business needs. There was a good chunk that did receive both all around the same time period. So, I am not saying that you don't have both but it wasn't supposed to happen, and it was fixed pretty quickly. How that will work going forward I don't know because most offered both around the same time period are now just getting closer and closer to an offer range. Just myself I would contact the loan department or I can tag someone who can look it or connect you with the right department now and see what the solution is. @TheRealChipA @Sammie_C can either one add some more current information about this or clarification about moving forward? Thank you!

Re: Applying for Square Credit Card Affect Future Square Loans

Twpchair — Sun, 02 Mar 2025 11:28:10 GMT

This is what I was referring to. You said actively paying back your loan and an offer for the card came in. Unfortunately, it wasn't supposed to happen and got caught fast. Since you have had both have you had a new offer or an increase in your credit card limit? The others so far from the ones posting no on either. I tagged bellow both of them can help you get to the right number to call to see what the outcome is for those who snuck through and received both. I believe you and the one posting below 100%. Early fall to the first part of December during the early rollout stage a good group received offers right around the same time. It happens during testing products to help us run our business faster and smoother. They work 24/7 on new features and improving our products now. @TheRealChipA

Re: Applying for Square Credit Card Affect Future Square Loans

Twpchair — Sun, 02 Mar 2025 11:39:49 GMT

I apologize I see that your response is pinned up top. We have about 20 now that are in about the 65-70% range who did receive both during a short period of testing and both were offered in a such a short time period and received them both. Now, comes the loan offer time, and no offer yet. The furthest I've seen is 85% on loan repayment. I knew about what was going on but now I am not sure what the solution is or who to contact. I tagged you and Sammie. I know now it clearly stated ONE but not both. Like the other gentleman said in a different post and I tried to explain at 20% of loan payment and if only paid 20-30% of the card back that's close to 50% and you will be chasing tails and offer after offer. All of you in Beta do an amazing job and work 24/7 to help improve and add new features daily. Unfortunately, hiccups happens. Thank you for providing any updates on going forward now.

Re: Applying for Square Credit Card Affect Future Square Loans

TheRealChipA — Sun, 02 Mar 2025 11:47:46 GMT

@Panda24 Which one is better is a matter of perspective and how you like to handle your cash flow. The loan is better for those instances where you don’t mind paying more on, say, a day (or week) when your sales are unusually high, because you’d rather pay the loan off quickly. Unfortunately, this means that the flat loan fee actually works against you since you (if you convert that fee to an APR).

The card has the advantage of being a card — payments are predictable and they don’t fluctuate according to card sales volume. But that means that you also rack up more in interest, etc, as you would with any card. Granted there are other benefits of the Square Card — like you can earn free processing for each purchase with the card (the equivalent of a cash-back program, it seems).

Here’s a link to the Square Card marketing page with a lot of information that can help you determine which might be best for you. But, like @Twpchair has already mentioned, you somehow slipped through as this was being rolled out. Once that was detected, Square locked it down for everyone else, as they should have. If you keep the card, you won’t get any more loan offers.

Re: Applying for Square Credit Card Affect Future Square Loans

Twpchair — Sun, 02 Mar 2025 11:59:42 GMT

Thank you! I posted in the Beta group hopefully the right spot if not I am sure you can move it to where it needs to be. I have about 20 that I counted who are actively on here with both.

Re: Applying for Square Credit Card Affect Future Square Loans

TheRealChipA — Sun, 02 Mar 2025 12:36:15 GMT

I posted in the Champions lounge and tagged Isabelle. Let’s let Square pick up this ball. They made the mess. They should clean it up and do damage control.

Re: Applying for Square Credit Card Affect Future Square Loans

Twpchair — Sun, 02 Mar 2025 21:49:12 GMT

Not to change the subject because it regards CC in the loan pages has had 3 mths nobody to call or message but this is response that user are really liking instead of the same ole no guarantee or if or when. That's something I could easily just say unfortunately that is something that is directly related to your account let me tag someone to help you out. With them crossing threads.