Novo Business Mastercard® Debit Card

Free powerfull business checking account and a debit card

Updated: Apr 02, 2021

Advertiser Disclosure

The Novo Bank Business bank account is an excellent choice for small business owners and freelancers. It offers Novo business debit Mastercard joined with a flexible and easy-to-use platform designed to help users manage their finances without too much hassle. The bank is fully digital and functions only online, which allows you to make money transfers and manage funds using your smartphone.

You can make mobile deposits, accept foreign checks, connect to multiple digital wallets, and use other features that make managing your business much easier. The idea is to provide you with a working platform that allows you to focus on your business and cut down on costs. The Novo bank issued debit Mastercard can be used to withdraw money from any ATM all over the world and all fees will be reimbursed. It's a simplified banking platform that's perfect for everyone who is already runing or starting a new business.

ANNUAL FEE

$0

ONGOING APR

0% Fixed

INTRO APR

N/A

56 User Ratings

Novo Business Mastercard® Debit Card

at Novo's Secured website

Apply Now

Application Fee

$0

Credit Reporting

No

Minimum Credit Needed

Accepts All

Key Features

  • Best Business card for Freelancers and Entrepreneurs
  • No monthly fees or minimum balance requirements
  • Refunds all ATM fees
  • Supports Sole Proprietorships, Limited Liability Companies (LLC), Corporations, General Partnerships, and Non-Profit Organizations.
  • Free transfers and mailed checks
  • Incoming wires are free of charge, both domestic and international
  • Integrates with Xero, Zapier, Plaid, Slack, Stripe, and TransferWise
  • Novo Card is issued by Middlesex Federal Savings, F.A.

Our Take

Bank Novo Mastercard debit card is an excellent choice for people who own a small business or a startup. Actually, it’s the best business banking with a debit card for freelancers and entrepreneurs. It’s an online bank account that allows money transfers, making deposits, and managing finances, both domestic and international. The application process is straightforward to complete, and there are no credit checks involved. All you have to do is to provide the necessary information and prove that you own a business. If you are eligible for the card, the bank will send one to you in less than two weeks.

All of the banking features are handled via the Novo Bank app, which allows you to keep a close eye on all transactions and activities. Furthermore, there are no fees, so you don’t have to worry about losing any money. Novo Bank is still a new name on the market, but it looks very promising. It’s a flexible, easy-to-use bank that allows you to focus on your business rather than managing bank accounts.

UPDATE: Bank Novo now integrates with Intuit Quickbooks.

Who Is The Novo Mastercard For?

One of the requirements you need to meet to open a Novo Bank account is a paper that proves that you own a business. That means that the card is designed primarily for people who own small businesses, startups, and work as freelancers. It’s an excellent option for everyone who is at the beginning of a long road of growing a business because it doesn’t come with any fees and makes all money transactions easy to follow through the free Novo Bank app.

The bank offers a Mastercard. Issued by Middlesex Federal Savings, F.A., the Novo Business Mastercard can be used on any ATM to withdraw money, and it can also be used to pay for services anywhere in the world. The beauty of owning this account is the ability to manage all wire transfers, check deposits, mail checks, and other actions using your smartphone.

Novo Bank is worth considering if you want a flexible business bank account without any fees and hidden costs.

Pros

  • Free Business Mastercard
  • No fees
  • Integration with multiple online platforms
  • Quickbooks Integration
  • Novo’s business resources
  • No credit check upon application
  • ATM fees are reimbursed

Cons

  • No recurring payments
  • No cash deposits
  • Multiple restrictions

What are Novo Business Mastercard Benefits?

Bank Novo is designed to make business banking as easy as possible. That’s why it’s an excellent choice for small businesses and startups. Naturally, it offers some real benefits that are worth considering.

  • Business Mastercard. Once you open an account, you will get a Novo Bank Mastercard you can use anywhere in the world.
  • No Fees. The best thing about owning this card is that it doesn’t come with any fees, so you don’t have to worry about ongoing monthly or annual expenses.
  • Integration With Multiple Online Platforms. The bank also offers full integration with popular apps like Xero, Zapier, Slack, TrasnferWise, and a few others. You can use it to transfer funds from and to your account remotely using the complimentary app.
  • Quickbooks Integration. Recently announced, Novo business account also integrates with popular Quickbooks accounting software.
  • Novo’s Business Resources. With the use of Novo’s helpful tools, you can get the most out of your account and make sure that your business grows at a steady pace.

Novo Bank is a complete solution for people looking to start a business and cut down on their spending. Moreover, it does not check your credit upon application and will refund all ATM fees you incur with using the Novo business debit card.

Are There Any Disadvantages?

While the Novo Bank account does come with some significant advantages, it also has some drawbacks you should be aware of before applying.

  • No Recurring Payments. It doesn’t allow recurring payments, so you’ll need to update your payment methods every time you use it. It also doesn’t allow direct integration with payroll providers, but the bank has said that this feature will become available in the near future. (Update: Bank Novo now integrates with Intuit Quickbooks.)
  • No Cash Deposits. One of the biggest problems people have with this account is the fact that it doesn’t allow cash deposits. You can only use it to pay for services and withdraw money from any ATM since the bank doesn’t have it’s own ATM network.
  • Multiple Restrictions. The card also comes with a few restrictions, including paying for cannabis products, gambling, money services businesses, and the use of cryptocurrency. Also, you won’t get a savings account or other advanced banking options.

Should You Use this Business Card?

Choosing a business banking account is a serious matter, so you should do your research before you make up your mind. The Novo Bank account is an excellent option if you’re looking for a card with no fees and remote banking options. It’s flexible, and it allows you to control all transactions through the free Novo Banking app. It offers an easy way of managing funds, but you won’t get all of the benefits you would receive with a traditional bank account.

If your business deals with cash rather than online payments, this might not be the best option because you can’t deposit money on the card directly. Other than that, if you just want to get a business card that makes all online transfers quick and easy, Novo Bank is not a bad option. It will surely get more features in the near future, so it’s not bad to keep an eye on their website.

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Basic Information
Issuer: Other Issuers
Network: Mastercard®
Category: Business (Stored Value)
Best Used For:
  • Instant Decision
  • Prepaid & Debit
  • Guaranteed Approval
  • Digital Cards
  • Debit Card
Rewards: No
Rates & Fees
Annual Fee: $0
Opening Min: $50
Application Fee: $0
ATM Fee: $0
Other Fees:
  • Minimum Balance: $0
  • Monthly Service Charge: $0
  • Early Account Closing Fee: $0
  • Incoming Foreign Wire: $0
  • Stop Payments: $0
  • Insufficient Funds Charge: $27
  • Uncollected Funds Returned Fee: $27
  • Debit Card Replacement: $0

Novo Business Mastercard® Debit Card Alternatives


Novo Business Mastercard® Debit Card

Novo Business Mastercard® Debit Card

APPLY NOW

Annual Fee

$0

Regular APR

0%

Intro APR

N/A

Min. Credit Level

Accepts All

IMPORTANT
*The information provided for Novo Business Mastercard® Debit Card is believed to be accurate at the time of evaluation or recent update on April 02, 2021. However, we strongly advise visitors to review the card fees and Terms & Conditions on the issuer's website by following Apply Now link to verify the accurancy of the information posted prior to applying for this card offer.

Novo Business Mastercard® Debit Card

Reviews - (2 User Reviews)
Share your experience and rate the Novo Business Mastercard® Debit Card
(Excellent)
February 26, 2021
Lee Z. (26-35) - Cardholder
Income on Application
$0
Credit Score
Excellent (740-850)
Credit Limit
$0
Filed for Bankruptcy
No

The best card for freelancers

I’m a freelancer and used to get paid only via PayPal. This year I applied for the Novo Business Mastercard. It’s helped immensely. The iOS app works well never had any issues. It enables me to stay on top of my finances with ease. The only issue is that I can’t get direct cash deposits. The fees are minimal. All ATM fees are quickly refunded. I had no issues with it whatsoever. It’s a nice card for freelancers. It’s good.
Fees & Charges:
4/5
Features & Benefits:
4/5
Customer Support:
5/5
Application Process:
5/5
Comment (0)

(Good)
July 10, 2020
Suzan (26-35) - Cardholder
Income on Application
$49992
Credit Score
Fair (580-669)
Credit Limit
$0
Filed for Bankruptcy
No

The only card with zero fees I could find

There’s only one thing I look for when getting a credit card, and it’s that there are no fees. I’m a graphics designer and I work from home. It’s bad enough that I lose some of my money when pulling cash from Paypal, I’m supposed to pay my card issuer too? Not if I can help it! It works great for freelancers because we can make payments via ACH and link it to our bank accounts. I tried even using it on Slack and it works. I think this is the best card out there.
Fees & Charges:
5/5
Features & Benefits:
4/5
Customer Support:
5/5
Application Process:
5/5
Comment (0)

Novo Business Mastercard® Debit Card

Novo Business Mastercard® Debit Card

Min. Credit Required: Accepts All

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