Central Florida Educators FCU Business Visa Credit Card

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Central Florida Educators FCU Business Visa Credit CardWhen it comes to business credit cards, there are two kinds. There are credit cards that are provided to your business, based on your business credit through reports from companies such as Dun & Bradstreet and there are business credit cards based on your personal credit. The Central Florida Educators FCU Business Visa card is based upon your personal credit score.

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There are good and bad sides to this type of credit card. The good side is that CFE will report your use to both the credit-reporting agencies that record your personal credit and the credit reporting agencies that record your business credit. This can help you build your business credit. The downside is that if something bad happens with your business, your personal credit will be affected as well.

Central Florida Educators FCU Business Visa Credit Card Overview

This credit card is not a rewards credit card; it is a simple classic credit card. In addition, while it has a lower starting interest rate, for a classic card it doesn’t have the very low interest rates that you would expect from a credit union credit card.

The minimum credit line offered for this card is $500 and the maximum amount is $25,000. What this means is that a major business that does millions of dollars in purchases a year will probably want a credit card with more buying power, however, for a small business, this might be plenty of credit to start.

This is the only credit card from CFE that allows foreign transaction to be made without needing the banks permission to do so. This will be convenient for businesses that do a lot of buying internationally.

If you need multiple cards for your employees, you can control when and how those cards are used. You can minimize the amount of spending power available and lock the card from use after business hours, if you choose. You can monitor and control your account online as well.

Central Florida Educators FCU Business Visa Credit Card Terms

The terms for this card include:

  • Zero Liability fraud protection
  • No annual fee
  • No balance transfer, cash advance, or ATM fees
  • 1% foreign transaction fee
  • 11.5% to 17.75% variable APR
  • 17.75% penalty APR
  • $15 to $25 late payment fee based on credit card balance in accordance with rules set by the Federal Reserve

Central Florida Educators FCU Business Visa Credit Card Verdict

While this isn’t a terrible card and it can be good for establishing some business credit, as a business owner, you might want to consider a rewards credit card, especially if you intend to pay off your balance each month. If your business has great credit, then you will want to choose a card that is based upon your business credit score rather than your own.

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