Credit card for MEI: What is the best of 2022?
To start your venture or expand your business as an individual microentrepreneur, you have some facilities, such as the right to have a credit card for MEI.
In today’s article we will show you how this type of card works, who is entitled to it and what factors you should consider when choosing the MEI credit card with the best interest rates.
First, the most important
- If you are an MEI or intend to become an Individual Microentrepreneur, having a credit card specific to your type of business is essential.
- The MEI card can be used to buy equipment, invest in production or even to pay debts on credit.
- However, depending on the bank, the MEI card varies in terms of access conditions, credit limit, fees and interest.
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Request Guide: All about credit card for MEI
When you become an Individual Microentrepreneur it is not uncommon to have to resort to some type of financial resource to invest in your business, whether through a loan or credit card.
In this Hiring Guide, we will show you how it works and how to apply for a credit card for MEI, which allows you to save time until you pay for some good or service.
Who can have a credit card for MEI?
The credit card for MEI is destined for the Individual Microentrepreneur (MEI), who is a self-employed person with CNPJ MEI already active and who acts as a small business owner.
To be considered a MEI, in addition to having to be registered as such, it is necessary to have a turnover of up to R $ 81 thousand per year, not be a partner in another company and have at most one employee.
In addition, you must be up to date with negative debit certificates related to credits such as: Certificate of Regularity from FGTS, Proof of Regularity of delivery from RAIS, in case your MEI has a registered employee, etc.
It is also necessary that you have an account open at the bank issuing the MEI credit card, since invoices will be charged by debiting a current account.
Because of these specificities, the credit card for MEI has its own characteristics. In addition to lower interest rates, the requirements for approving loans adapt to the type of enterprise.
Is it possible to have a negative MEI credit card?
If you have a dirty name in the square you will have difficulties to get any type of loan, including the MEI credit card.
This is because the banking institutions understand that if you are negative you are not a good payer and, therefore, will not be able to pay the credit card bill. The solution is to try to renegotiate and remedy the debt to clear your name.
How do I apply for a credit card for MEI?
How to apply for a credit card for a microentrepreneur will vary by bank. But the first step is to have a bank account open.
In addition, some financial institutions allow the initial part of the process to be carried out over the internet, while the step in which it is necessary to deliver the documentation needs to be done in person. But this is not a rule.
To give you a general idea of how the process for applying for a MEI credit card works, check out a step by step below:
- Access the website of the bank of your choice;
- If you are not an account holder , open an MEI account ;
- Inform the CNPJ of your enterprise and your National Classification of Economic Activities (CNAE);
- Fill out the card request proposal .
After these steps, you need to send or deliver some documents, among them the RG, CPF, proof of income and residence.
And, although the relationship of this documentation may also vary according to the bank, there are some that are usually common to most. Are they:
- Balance sheet ;
- Company’s Articles of Association ;
- Directors’ election minutes ;
- Negative Debt Certificate (CND);
- FGTS certificate of regularity.
How soon will I receive the MEI credit card?
As with any type of credit card, the MEI card also goes through the credit analysis stage.
Therefore, if your documentation does not fall under demand, the bank usually takes up to a maximum of 30 days to send the credit card to you.
Did you know that the resources offered by banks for MEIs are called microcredit lines?
The value of these loans is lower when compared to those of larger companies and, therefore, it is possible to charge lower interest rates.
How can I use the MEI credit card?
The Credit Card for Individual Microentrepreneurs allows you to have working capital to invest in your business.
The MEI card will also be useful if you need to apply for a loan.
The MEI card will also be useful if you need to apply for a loan for your small business.
In addition, with MEI card you will have more resources to pay off debts. Not to mention that you can also use your credit card to buy and finance goods for your business.
A good example, is in case you need a vehicle to use in your enterprise, or equipment and materials that will also be used in the company.
What are the advantages and disadvantages of the MEI credit card?
As with any type of credit, if you have planning and common sense when using the MEI credit card it will have more advantages than disadvantages.
With a credit card for MEI, the Individual Microentrepreneur has access to lower rates and interest rates to be able to buy products, equipment and also invest in the growth of the small business.
The MEI credit card can even be used to finance and apply for bank loans.
On the other hand, you need to be aware of the negative points of the credit card. That’s because, although it helps with access to a credit, this type of card, if misused, can make you go into debt.
It is necessary to remember that, if you delay payment of invoices you will have to bear interest. To summarize, we created the table below that shows the main advantages and disadvantages of the MEI credit card. Check out:
Application criteria: How to compare MEI credit cards
When requesting the best credit card for MEI you need to conduct a survey among banking institutions.
Only then will you be able to compare conditions, rates and requirements and choose the one that best suits your business situation.
For that, we recommend that you take into account the following criteria:
- Financial institution
- Interest rates
- Multiple card
- Credit limit
In the following, we will explain in detail how you can analyze each of these aspects.
The first factor that you must consider is the financial institution that you will choose to apply for the MEI credit card.
Generally speaking, you can apply for the card at traditional banks, digital banks and even at the National Bank for Economic and Social Development (BNDES), which is a federal public company.
In the case of BNDES, it acts as a source of financing resources. In other words, it does not interfere in the credit analysis or in the issuance of the MEI credit card, which are the bank’s responsibility.
On the BNDES website you can find the list of banks issuing MEI cards and choose the best one for you.
But, if you already have a checking account with a bank, it is worth researching the conditions of your bank’s MEI credit agreement.
Still, it is important to take into account other institutions as well. This is because, as we have seen, each has different rules and conditions.
Some banks, for example, only grant credit cards to MEIs that bill between R $ 90,000 and R $ 350,000 per year. Others require that for you to have access to the MEI card your small business must be at least six months old.
In addition, the institution may also require you to provide some guarantee by a third party to grant the credit card.
Another factor that you should consider when choosing the best credit card for MEI is the interest rate charged.
As we have seen, the interest rates of this type of card are usually quite attractive but, even so, it can vary a lot depending on the banking institution.
In addition to the interest rate, banks may charge you other fees and charges to use your MEI credit card.
Among them is the annual fee, a fee charged for the maintenance and administration of the card. Stay tuned, because there are banks that offer zero annuity for MEI credit cards.
If you want to have even more advantages like MEI note that there are some banks that offer the multiple card.
In that case, your card will work as both a credit card for MEI and a debit card. In this case, check the charges charged in the operation of both modalities.
The credit card limit for MEI also varies depending on the bank and your MEI profile.
Most banks have a credit limit for MEI that varies between R $ 400 and R $ 14,500. Therefore, choose well according to your need and also your condition so as not to run the risk of increasing your debt.
The great advantage of the MEI credit card is that it offers cheaper rates and conditions, according to the small business.
With this, the Individual Microentrepreneur can buy, invest, finance and even borrow from the bank in a simpler way.
However, to choose the best MEI credit card, it is necessary to do a search between the conditions required, the interest charged and the credit limit offered, which can vary greatly from one financial institution to another.
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