As a business owner, having a great business credit card can help you keep your finances in order. Having a bad credit card can cost you more money and limit your buying power. The Michigan State University Federal Credit Union believes they have a good credit card for your business in the MSU Visa Platinum Resource for Business credit card.
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The real question is whether the MSU Visa Platinum Resource for Business credit card is really right for your business. Keep reading to learn more about what this card may or may not offer for you.
MSU Visa Platinum Resource for Business Credit Card – Benefits
There are several things about this card that you may find beneficial, including:
- A low starting interest rate
- No change in interest rate for balance transfers
- No change in interest rate for cash advances
- 25-day grace period
- No annual fee
- No domestic ATM fees
- No minimum finance charge
- Credit limit of up to $50,000
MSU Visa Platinum Resource for Business Credit Card – Considerations
The interest rate for this credit card will start low, at 9.9%. However, the interest rate could be as high as 15.9%, depending upon your credit score. That’s another thing to consider–this credit card is based upon your credit and not the credit of your business.
There is also a credit card cash advance fee of $5 or 3% of your total cash advance balance, whichever is higher. The maximum fee for this is $50, which is a little high.
The over-the-credit limit and late payment charge is $25. While this is in complete compliance with the Credit Card Rules from the Federal Reserve, some credit unions actually offer $15 starting fees for these occurrences.
Lastly, there is a penalty APR of 18%. Many credit unions will forgo this fee, which is something you need to consider.
MSU Visa Platinum Resource for Business Credit Card – Verdict
This credit card may be right for a small business, but it isn’t ideal for a larger business, especially one that needs a lot of buying power. You also have to have an account with the MSU FCU in order to qualify for this credit card, so that’s something else to consider.
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