Managing a business is stressful enough without having to worry about how you are going to handle an unexpected expense. Equipment breaks down and sometimes big purchases need to be made without much warning. In these situations, a great business credit card really can save the day.
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For a business owner there is no such thing as a simple decision–every choice must be considered carefully since the smallest decision can have a great impact on the business as a whole. The economy has made it hard for many small businesses to get approved for the credit cards that would help them succeed the most, but this article from the Smart Money financial site explains how this is starting to change.
S.A.F.E. Credit Union Visa Business Credit Card Rates
This business credit card has a special interest period for the first six months that the account is active. During this period, the cardholder will only be charged 1.9% interest for all purchases.
After the six-month period has expired, their annual percentage rate will increase to their permanent interest rate, which will be determined by their creditworthiness.
The final interest rate will be between 9.9% and 19.9%.
This same rate applies to balance transfers and cash advances. Unfortunately, these two types of transactions are not a part of the six-month low interest period. If the cardholder makes the mistake of making a late payment, their interest rate will rise to 23.9% until they can make six minimum payments on time. This type of higher rate is called a penalty interest rate.
S.A.F.E. Credit Union Visa Business Fees
There are very few fees for this card. There is no annual fee, balance transfer fee, or cash advance fee. There is also no charge for going over the credit limit of the card. The only transaction fee is a 1% charge for all foreign transactions.
The maximum fee for having a credit card payment returned is $10, but the cardholder is typically charged just the at-cost amount. A late payment will be charged either the current minimum amount due or $15, depending on which amount is less.
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