One of the first things any business does is get set up with a company card, so they can track all their spending from a single bank account. Makes sense – you’re trying to stay in budget, and there’s a ton to keep track of. You start signing up for things for your business. Think of all the monthly subscriptions you’ve got on your books. You’re putting all your vendors on one card, right? Everyone is. And that’s the problem.
You’ve built yourself into a corner and, without thinking about it, given your vendors a ton of power over you. Not to sound all gloom and doom, but what happens if one of those vendors decides your monthly charge is going up 30%? How about if you want to cancel one of your subscriptions, and a certain vendor is giving you trouble? Canceling the one card you use isn’t really an option. Or what if one of these vendors has a data breach, and all of a sudden you’re getting fraudulent charges? Canceling that card would mean having to update payment information on all of your subscriptions.
Chances are you’ve experienced one or all of these situations. And none of them are great. Fighting over charges with a vendor is a tedious game of back and forth. And having to cancel a card and get your card information updated across all your vendors is a time-consuming hassel. We call it card cornering, and it’s the worst.
So Divvy has figured out a way to fix each of these problems: virtual cards. If you haven’t heard of them, a virtual card is a unique 16- digit credit card number that you can generate anytime you want. The card is still tied to your account, but you now get a whole lot more control. For example, you can set a spend limit (so vendors don’t have access to your whole credit line), have that spend limit reset each month, set a date for the card to close automatically, or just freeze or delete the card with a few clicks.
The magic is you can make as many of these virtual cards as you want. For example, you can use a different virtual card for each of your online subscriptions. And on Divvy you can set spend limits for the exact amount that each subscription will cost. That means:
- Vendor tries to up your rate? The card will decline.
- You want to end your service and not deal with calling to cancel? Just freeze or delete the card.
- Vendor has a data breach? Delete that single virtual card, and create a new one.
Best of all, Divvy is set up to help you track all of these subscriptions in one place. You can see everything you’re on the line for before the month hits, and make changes in seconds.
We’ve created a solution that puts you back in control. Divvy is all about helping you spend smarter. It’s about time our credit cards get smart, right?