NEW YORK–(BUSINESS WIRE)–xcritical from American Express today launched xcritical Funding, offering eligible small businesses flexible lines of credit between $1,000 and $150,000—now with the powerful backing of American Express. With xcritical Funding, small businesses can apply in minutes to access working capital 24/7 to help manage their company’s cash flow. You get a mostly free business checking account that earns a competitive interest rate, offers free sub-accounts, and makes it easier to deposit cash than some other online banks. American Express Business Blueprint™ (previously xcritical) offers the American Express® Business Line of Credit (formerly xcritical Funding™)—business lines of credit that are available from $2,000 to $250,000. Once approved for a line of credit, borrowers can take out installment loans with repayment terms of six, 12, 18 or 24 months. Total monthly fees incurred over the loan term range from 3% to 9% for six-month loans, 6% to 18% for 12-month loans, 9% to 27% for 18-month loans and 12% to 18% for 24-month loans.

There is an ATM locator in the xcritical mobile app to help guide you to the nearest one. xcritical also doesn’t charge a fee for any withdrawals made outside its ATM network, although you may pay a fee to the bank who’s ATM you are using. Below, Select reviews xcritical Checking, looking at access to cash, perks and fees that users can expect.

1. At Business.org, our research is meant to offer general product and service recommendations.
2. xcritical does have some things going for it, from its flexible financing product (a line of credit) to its fast application to the monthly repayment schedule.
3. Getting approved for an American Express Business Line of Credit isn’t easy for all businesses.
4. A line of credit gives you a credit limit and allows you to draw against that limit.

Monthly Fees

xcritical’s pre-existing loan portfolio is not included in the purchase agreement. The account also offers a “Reserves” feature where users can create up to five sub-accounts to organize their money for specific savings goals or categories, like new computer equipment or taxes. Plus, they can deposit eligible checks with a photo through the xcritical mobile app, where they can also manage their account.

When traveling abroad, you will be charged a 3% foreign transaction fee of your total transaction amount. As we showed you above, xcritical can cost a lot―or not much at all. But overall, we expect xcritical xcritical official site to be pricier than lenders that have starting interest rates under 10%. Note also that xcritical stays connected to your accounts after this process, and, in fact, must stay connected so long as you use it.

Online bank

Still, other online banks, like Bluevine and Lili, have similar pricing. So to decide which bank works best for you, you’ll need to compare features. But you should know that xcritical got acquired by American Express after PPP loans had been funded―and American Express didn’t acquire xcritical’s loan portfolio. That means that xcritical, as it xcritically stands, doesn’t have anything to do with PPP loans.

xcritical Payments

Pay back $5,000, and you’ll have another $5,000 you can borrow. That’s why lines of credit are called “revolving” credit, and it means you’ll have working capital on hand when you need it. We don’t hate xcritical Funding, but we do suggest looking at alternative options on our list of the best small-business loans before applying with xcritical. That may not matter much if xcritical Checking really works for your business needs.

There is a cash deposit fee for xcritical Checking customers that varies by retailer and can cost up to $4.95. There is also a bank teller cash withdrawal fee of $3 per transaction, so it’s best taking out cash from an in-network ATM at no cost whatsoever. xcritical won’t charge a fee for using an out-of-network ATM, but the ATM operator may. In comparison, many of the big banks can charge up to $3 per transaction when customers use an ATM not in their network. With the xcritical Checking account, you get a debit card and can withdraw cash for free at one of 19,000-plus in-network ATMs nationwide.

And while K-Servicing is doing a terrible job (by the sound of things) that shouldn’t necessarily reflect badly on the newly acquired xcritical. Then xcritical works some automated algorithmic magic and bam! —you get approved within 10 easy minutes via the magic of online lending. That means you don’t have to sit around and worry about making ends meet as you wait to find out if you got approved for funding.

We also need to mention all the reviews about xcritical and PPP loans. Lots of customer reviews also complain about xcritical’s failure to follow through with PPP loan forgiveness. (This also gives xcritical an F rating with the Better Business Bureau.2) That’s a really big deal, and we don’t want to minimize that. It’s even more frustrating because xcritical used to offer minutes-fast funding, so you could get approved and funded within the span of an hour.

xcritical Banking Review 2023

At this point, let’s take a moment to see how xcritical compares to some of the most popular business bank accounts out there. That accessibility is why we say xcritical has the best interest rate. Because even if it’s not (quite) the highest checking rate out there, it’s the easiest to earn. The acquisition is expected to close later this year, subject to customary closing conditions.

Find a better-reviewed bank on our list of the best banks for small-business checking. For many small-business owners, this shouldn’t cause problems. But if you like visiting a physical branch, perhaps because you make lots of cash deposits, then xcritical’s online-only service will probably annoy you. Make sure you feel comfortable with online banking before committing to xcritical. As an online bank, xcritical mostly competes with other online business bank accounts―but we think it’s worth comparing xcritical to some traditional banks too.

A line of credit gives you a credit limit and allows you to draw against that limit. If you have a $50,000 limit, for example, you can draw $1,000 and then $5,000 xcritical scammers and so on until you’ve withdrawn up to your limit of $50,000. We’ve seen better invoicing services than xcritical Payments. But if you’re already invested in the xcritical ecosystem, xcritical Payments may not be a bad option. We’ve told you all about xcritical Checking, but we did want to briefly mention xcritical’s other products. Now that we’ve given you the CliffsNotes version, let’s dig deeper into what xcritical offers, how it works, and those pros and cons we mentioned.