Interesting bit about eligibility, pretty vague description, not too dissimilar to the Square Loans eligibility.
How do I become eligible?
The Square Credit Card currently has limited availability. It is invite-only for Square sellers who meet a number of criteria, including their history with Square. We’ll send you an invitation to apply if you meet the criteria.
How is my credit limit determined?
Your Square sales volume is one of the main factors that determine your credit limit.
Hey there @VLPSEP.. I don't have one, but I know a few sellers who have. Most of them, though, were selected to participate in the very limited beta test that occurred over the last year or so which probably just completed. Currently, as I understand it, there is a small number of these cards that have actually been issued.
Given that it is an American Express card, that eligibility statement is not even close to being a surprise. Amex has pretty strict standards and no doubt they have given Square a list of minimum requirements for a card to be offered to them. The only thing you can do, it seems, is join the waitlist and wait for the invitation to come once you qualify. But from what I read here, it seems that membership will be more exclusive than other Square banking products. Again, I'm not surprised.
Chip A. Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
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Thank you, I have only found one other thread pertaining to this card and the answers on eligibility and other factors seem to be all over the place. It does look like you can have both. We just recently got a new loan around 10 days ago and the Credit Card portal showed up 2 days ago, so maybe we’ll be eligible for the credit card soon, as well.
I received a pre-approval for the credit card last night for $500. I’ve not applied yet because I’m not sure I wanna mess with it. Was on the waitlist for almost a year. I’m an independent hairstylist, my sales are up and each ticket has increased significantly so im
wondering if thats why i now got that. I received my 4th loan July 13 and I am currently 68% paid off. I’m just not sure I want credit card and loan both. Now if I still owned my own business I probably would.
Square Champions Expert and member of the Square Champions group. (But NOT a Square employee, just a seller like you) Was my post helpful? Take just a moment to mark it as a solution.
Same. I received the first offer last night for $500 after being on the waitlist for a long time. I read some forums to see if it would affect my loan eligibility and from what I’ve read, it won’t. The limit is extremely low, but since it’s something that can be built up, I went ahead and accepted it. I plan to use it for our inventory and let the daily sales pay it off.
I’ve not accepted it yet and not sure I will. This is shocking but I’ve never owned a credit card…EVER and I’m 42. Definitely gonna weigh my pros and cons. I could use a new restock of my back bar supplies 😉
Square Champions Expert and member of the Square Champions group. (But NOT a Square employee, just a seller like you) Was my post helpful? Take just a moment to mark it as a solution.
They must’ve just opened up applications to another round of businesses since we just got an offer for $500. We may not use it right away but went ahead and accepted it. You can either do daily % repayment or pay when statement comes in, and if you don’t pay it in full then the difference comes out of your sales.
Don't do it. Having huge regrets. The payments are huge! $900 minimum payment and we couldn't do that so they take 15% of your sales until the payment is made. It's killing us.
Ours was $800 too. If you don't pay the balance they add the interest. I wasn't sure I understood that up front. Now we just have them take a percentage of our daily sales. It's working out so much better. We actually were offered an increase.
