As a business owner, you owe it to yourself to get the credit card that not only best suits your business, but has the lowest fees and lowest interest rates as well. FirstMerit Bank believes that they have this credit card for you with their Business MasterCard.
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What’s particularly nice about this credit card is that as a business owner you don’t have to tie in your personal credit in order to get this credit card. While you do have to provide a guarantor for the credit card, the issuance of the credit card will be based on your business credit score.
FirstMerit Bank Business MasterCard Credit Card Overview
This credit card offers you many of the same benefits offered by FirstMerit’s personal credit cards. For example, the extended warranty program applies to this credit card. This program extends your warranty by double the original warranty.
In addition, this credit card offers roadside assistance, which includes jump-starts, tire changes, gas delivery and more. This credit card also offers car rental insurance when the card is used to rent a car.
Other benefits include free cards for all your employees as well as the ability to manage the credit card limits for each card, so you don’t have to worry about an employee charging too much, your credit card.
As a business owner, you’ll appreciate the ability to see credit card transactions in real-time, separated by the different cards, the ability to see a summary report by category, and even a report that separates items based on tax breaks.
FirstMerit Bank Business MasterCard Credit Card Terms
As mentioned above, one of the terms is that you have to provide a guarantor who will guarantee payment of this debt should your business fail. In addition, if you want a high credit line, you will have to provide a business financial statement.
The standard terms for this card include:
- 9.24% APR for purchases
- 12.24% APR for cash advances
- 23.99% penalty APR
- 3.25% APR for balance transfers for six months and then a rate of 12.24%
- 5% Cash advance fee
- 3% foreign transaction fee
- $2 balance transfer fee
- $36 over the credit card credit limit fee
All APR’s are based on the prime rate.
FirstMerit Bank Business MasterCard Credit Card Verdict
This credit card appears to be a relatively good business credit card. The only downside is that some businesses will prefer a rewards credit card. In addition, only businesses in Ohio, Pennsylvania, and Illinois can apply for this credit card.
Conduct a credit card comparison of cards for business using the FREE credit card chaser!
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