Nav Prime Card review: A fit for credit-conscious business owners?

At the center of the Nav Prime bundle is the Nav Prime card — a  credit-building card you can use for purchases. The Nav Prime card is a charge card, so you’ll need to pay off your balance in full balance each statement period. 

Your Nav Prime card repayments are reported to credit bureaus along with your $49.99-per-month Nav Prime membership payments. Together, these payments make up two tradelines, which are reviewed by all business credit bureaus. As long as you keep up with your payments, you have a good chance to build positive credit history (and since you’ll be reporting two tradelines, you could see results quickly).

Nav Prime membership also comes with a Nav Business Checking account and access to detailed business and personal credit reports. You’ll get ongoing access to two of the most commonly used business credit reports and 2 of the most commonly used personal credit reports, making the bundle a great fit if you want to closely track your credit-building efforts.

While the Nav Prime Card lacks the rewards and flashy perks you can get on some of the best business credit cards, it can be a good option if your top priority is building your business credit score. And though the monthly Nav Prime membership fee is pricey, it may be cheaper than the cost of ordering reports directly from credit bureaus. The cost of Nav Prime is also predictable, which some may prefer to traditional credit card interest and the threat of debt. 

Credit-building features: Two tradelines to speed up credit-building

There aren’t many business credit cards available for small-business owners with a limited or damaged credit history, so the Nav Prime card could be a solid starting point if building positive credit history is your main focus.

If you’ve had trouble building business credit history or have experienced setbacks like bankruptcy, the Nav Prime card could be a great tool to help you boost your score efficiently.

Since Nav Prime reports payment activity on two tradelines (card repayments and monthly membership fee payments), you can build credit on two fronts. This means by using your card for regular expenses and keeping up with your membership fees, you’re getting double the credit reporting you would with the majority of business cards on the market.

The Nav Prime card is also one of the only small-business cards that doesn’t require a personal guarantee, annual fee, credit check or security deposit, making it especially accessible. You’ll have a hard time finding another business card that’s available with limited or damaged credit and doesn’t require an annual fee or deposit.

Perks: Detailed credit reports at a steep discount

This card doesn’t come with traditional perks like cash back, rewards or travel and shopping credits. Instead, it offers features that make it easier to manage and monitor your business expenses and credit-building efforts. 

Along with the charge card, you get a no-fee business checking account and and access to detailed business and personal reports. 

Nav has partnered with over 70 lenders and gathered feedback on the personal and business credit scores most frequently used in lending decisions. Nav Prime members get access to two of the most commonly used business credit reports and two of the most commonly used personal credit reports. 

Nav estimates that these reports could cost over $250 per month if you bought them individually directly from credit bureaus. A $49.99 monthly fee for Nav Prime is a great deal by comparison.

The card’s daily autopay feature can also help you stay on top of expenses since it makes it easy to pay off charges as you go, instead of in one lump sum at the end of your billing cycle. 

Nav Prime doesn’t offer much in the way of perks and features outside its discounted credit reports and credit-building advantages, so it will only make sense if building credit is your top priority. 

And unless you’d already planned on buying multiple business and personal credit reports each month directly from credit bureaus, the cost of Nav Prime will be hard to justify.

Fees: Only worth it for ultra-focused credit builders

The only major fee attached to this card is the $49.99 monthly fee you’ll pay for Nav Prime membership. Though this fee gets you access to two credit-building tradelines and detailed credit reports, $600 per year may be tough to stomach, even if you’re eager to build and track your credit.

While Nav Prime membership is certainly less expensive than buying individual business and personal credit reports directly from multiple credit bureaus each month, not all small-business owners need to keep such close tabs on their credit reports.

A Nav Prime membership may be well worth it if you want to build credit as quickly as possible and are already interested in purchasing credit reports from multiple bureaus, multiple times per year, but this cost is hard to justify otherwise. You can still keep a close eye on your business and personal credit history by purchasing fewer reports, less frequently. 

There aren’t many business card options for people with a limited or damaged credit history, but there are at least a few available at a much lower cost. You may have to put up a security deposit or face a credit check — and you may not build credit quite as quickly — but the savings are likely worth it if you don’t need frequent updates on your credit from multiple bureaus.

Rewards: Limited long-term value

Since the Nav Prime card is geared toward small-business owners looking to build credit, it’s no surprise that the card doesn’t offer rewards, a sign-up bonus or any especially valuable perks other than detailed credit reports. 

That said, some small-business owners may prefer to build credit with a card that offers a clearer path to rewards value. For example, if you build credit with a Bank of America or Capital One business card (both issuers offer options for small-business owners with fair credit), you may have an easier time switching to a more lucrative business rewards card with that issuer down the line. 

The Nav Prime Card can be a good option if you’re eager to build business credit as efficiently as possible and want to keep a very close eye on your progress. But a Nav Prime membership may not be worth it if you’re comfortable with fewer credit reports and a single tradeline, or if you’re more focused on securing funding than building credit. 

Consider these alternatives, which are also available with a fair credit score:

Nav Prime gives you the tools you need to fund your business and build credit, but the cost of membership will only be worth it if you are laser-focused on improving your credit score and monitoring your credit reports. 

If you’ve struggled to qualify for traditional business cards or loans and need to boost your score, Nav Prime’s two tradelines and detailed credit reports may hold a lot of appeal. You’ll very likely save money opting for a Nav Prime membership over buying individual credit reports directly from multiple bureaus.

However, small-business owners looking to build credit have other, more affordable options. If you’re content with buying a few credit reports on your own and building credit with a single tradeline, a traditional business credit card available with fair credit is likely the better pick. 

* The information about the Capital One Spark 1% Classic has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.