When it comes to your business, separating your business and personal expenses is important. You’ll find that it’s just easier overall to keep track of your business expenses and to develop your business credit if your business has a business credit card.
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One credit union that would like you to consider its business credit card is the Greylock Federal Credit Union. It offers business credit cards like the Visa Platinum Business Awards Card and the Visa Business Travel Card. Keep reading to learn the benefits and considerations for both.
Greylock Federal Credit Union Visa Business Credit Card Types
The Visa Platinum Business Awards credit card has no annual fee. It also has a 0% APR introductory offer that last for six billing cycles. The rewards part of this credit card is that it offers 1% cash back on all purchases, with the exception of gas, phone, and restaurant purchases, which receive 2% cash back. There are no limits on the cash back amount you can receive and the rewards are paid annually.
The Greylock FCU Visa Business Travel card also offers a credit card introductory APR of 0% for six billing cycles; however, a major difference is that this does have a $50 annual fee. In addition, when you activate your card you receive a $50 credit for your initial purchases. This credit card also offers a 1% cash back reward system. The travel portion refers to the fact that you get 2% cash back for any purchases related to travel, such as car rental, flight, train tickets, and more.
Both credit cards offer such extras as concierge services and the ability to earn rewards points on multiple cards. In addition, both credit cards have an APR of 9.99% to 20.99%, which is based on your personal credit score, not the credit score of your business.
Greylock Federal Credit Union Visa Business Credit Card Considerations
There are several things that you want to consider about both of these cards. The greatest consideration will probably be in regards to the fact that there are a lot of fees associated with these credit cards. Of course, the fees are still compliant with the Federal Reserve’s New Credit Card Rules.
A few examples of these fees are:
- $10 or 4% for any type of cash advance
- A cash equivalent advance, such as sending money via Western Union, has a $20 or 4% fee
- Late payment fees of $19-$39, based on your credit card balance
- Return payment fees of $35
- Over-the-limit fees of $39
Greylock Federal Credit Union Visa Business Credit Card Verdict
At first glance, these credit union credit cards look great. However, once you start listing all of the fees associated with these credit cards, you might want to reconsider choosing this option.
Conduct a credit card comparison by using the free credit card chaser tool!
- Greylock Federal Credit Union Visa Platinum Credit Card
- Greylock Federal Credit Union Visa Gold Credit Card
- Greylock Federal Credit Union Visa Classic Credit Card
- Fairwinds Credit Union Platinum Business Solutions Visa Credit Card
- Affinity Federal Credit Union Visa Business Credit Card
- America First Federal Credit Union Visa Platinum Cash Back Credit Card
- Capital Communications Federal Credit Union Business Credit Card