We’re excited to introduce our latest product for trucking entrepreneurs: CT Credit, a no-fee and no-interest Visa credit card that advances funds to owner-operators and small fleets to support day-to-day cash flow management and help their businesses grow long-term.
We’ve made it easy to sign up for and get started with CT Credit. No business or personal credit checks are required – submit a quick application and once approved, you and the drivers on your team can start paying for your expenses wherever Visa is accepted. You can track your expenses in the CloudTrucks app. When your balance is paid off twice a month, it will boost your business credit and help your team unlock more financial opportunities to grow your business.
Why a credit card?
Trucking entrepreneurs often face cash flow problems.
Effective cash flow management is critical for every business that wants to maximize profit and grow. But this can be complicated for small trucking businesses, which make up the majority of the US trucking market. Trucking companies require a lot of cash to operate, take-home margins are slim and unexpected repairs and flat tires can set a team back hundreds or even thousands of dollars.
Everyday, there is a mountain of costs to conquer, from fuel, repairs and maintenance to food and hotels. This is especially true in an environment like today’s, where inflation and high fuel prices squeeze even more from companies. In the US Energy Information Administration’s latest report from June 13, 2022, retail diesel prices reached a national average of approximately $5.72 per gallon. That’s up over $2.43 from just one year ago.
We heard from business owners that maintaining enough cash to stay on top of these expenses can be tough – particularly because expenses like food and fuel come up when drivers are already on the road, and they don’t get access to cash until they finish their deliveries and get paid. Some drivers are then forced to cancel jobs and risk not getting paid at all, which not only limits their earnings, but also hurts the team’s reputation and ability to book high paying loads in the future.
We want to help solve the cash flow problem.
No credit checks? What’s the catch?
There is no catch. At CloudTrucks, we believe the success of a business is measured by more than their credit score.
Without established business credit, many small trucking businesses couldn’t qualify for traditional credit cards with more favorable rates. Some turned to higher interest loans, which help with short-term cash flow but certainly don’t help an organization’s books in the long-run. High interest loans make it harder for teams to get ahead of their expenses and reduce the pool of hard earned money that can be invested back into the business.
That doesn’t seem fair to us. We believe truck drivers deserve more, including a fair shot at getting their business up and running with supportive and sustainable financial tools. We want to empower trucking entrepreneurs with a solution that is simple yet powerful enough to be beneficial in the long run.
Key features of CT Credit:
- No fees and no interest — We will not charge any account, transaction or hidden fees.
- Spend anywhere* and earn rewards — Pay for gas, food, maintenance and more anywhere Visa is accepted*. We also have discount offers with Road Ranger, Pilot Flying J and Love’s Maintenance so you can earn cash back on your purchases when you swipe with them.
- Easily manage your cash flow — You can track your balance any time and as an account administrator, you can also monitor spending across your team using the CloudTrucks app.
- Steadily build your business credit — CloudTrucks will set up your bi-monthly auto payments and report the on-time payments to major credit bureaus so you can build healthy business credit over time and use it to secure more financial opportunities with better terms for the business.
What can I do to get started?
Learn more on our website and apply today to get started using CT Credit. Existing CloudTrucks customers can apply here and new customers can apply here.
If you have any questions, you can reach our team using the chat on our website.
We can’t wait to see what you achieve with CT Credit!
