The U.S. Bank is currently the 5th largest bank in the entire United States and has offered a ton of credit cards in the past. For small businesses, they are presenting the U.S. Bank Business Edge™ Cash Rewards Visa Card which they offer to business people who have almost a perfect credit score.
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Who is This Card for?
The U.S. Bank Business Edge™ Cash Rewards Visa Card is designed for business owners who have excellent credit history. It is most suited for those who often use their cards for business-related purchases. These include air tickets, hotel bills, supplies and furniture for the office, rental cards, and long distance phone calls among others.
For those who spend more money on restaurants and buying at home improvement stores, they may want to choose another card.
This is because the rewards on these two departments are pretty lackluster. Nevertheless, if cellular bills are often a much higher concern than the mentioned expenses, this card is a great choice.
The U.S. Bank Business Edge™ Cash Rewards Visa Card has many valuable features for small business owners. Among the most attractive ones include:
- Low APR: This card has an introductory rate for the annual percentage rate. For the first 9 months of ownership there is no interest for purchases.
- Cash Rewards: For those who spend the most amount of money on cellular bills, this is probably the most attractive option right now. With this card, you can get 3% cash back on every payment you make on your cellular company. The same thing is given to purchases made at gas stations and office supply stores.
- More Rewards: If the purchases you make do not belong to the three categories mentioned above, do not panic. You can actually get rewards on all the purchases you make. 1% cash back is awarded for items bought.
- No Limits: Most of the rewards cards have higher rewards than this card. However, what cardholders do not know is that they are actually being ripped off with the limitations imposed on the card. With this credit card from the U.S. Bank, there is no cap on the amount of rewards that can be gained. Aside from that, they will not expire.
- No Annual Fee: On the first year of card ownership, all users do not have to be concerned about the annual fee. However, this can be waived if you make at least one purchase every year.
With the rewards associated with the card, you are probably wondering if you can really save with this card. The fees and the rates are discussed below.
How Much Does This Card Cost?
Here is an overview of the rates and fees of the U.S. Bank Business Edge™ Cash Rewards Visa Card:
- Standard APR: Depending on the credit score of the applicant and some other factors, the APR can range from 11.99% up to 17.99%.
- Penalty APR: There is a huge chance that they will raise a cardholder’s APR if he or she has not paid bills on time or has caused other nuisance. Penalty APR is around 28.99% and will only be removed if the cardholder makes six consecutive minimum payments on or before the due date. It is also required that the credit limit is not reached within the said timeframe.
- Introductory Rate: New cardholders can benefit from the 0% APR on all purchases made in 9 billing cycles. This can be void immediately if he or she has not paid the balance.
- Balance Transfers
- Standard APR: The APR will depend on the creditworthiness of the individual, but it is usually around 11.99% to 17.99% just like the purchases APR. The Prime Rate will also affect the rate given to the applicant.
- Transfer Fees: Apart from the APR, you have to know that there are transfer fees imposed as well. It is 3% or $5 depending on which is higher as the introductory fee. After the period, the transfer fee raises to 4% or a minimum of $5 for every transaction.
- Cash Advances
- Standard APR: Cardholders will pay 23.99% on all cash withdrawals made. The rate may fluctuate depending on the Prime Rate.
- Transaction Fee: As you withdraw the money from the credit card, expect to get deducted 3% of the amount or at least $5 whichever is higher. This is applicable to cash advances made via convenience checks. For cash advances made at an ATM and other types of cash withdrawals, 4% or $10 minimum will be imposed.
- Foreign Transactions
- Foreign Charges: When the card is used for purchases outside the United States, the cardholder will have to pay 2% of the purchase or the non-US ATM withdrawal if it is in US dollars. If the transaction is in another currency, 3% charge is imposed.
- Other Fees
- Late Payment: If the card member has a balance of $100 or less, he will have to pay $19 as late payment fee. Balances from $101 to $250 will incur $29 in charges, while $39 is charged for balances $251 and above.
- Over the Limit Charge: Using the credit card even when the limit has been reached will incur up to $39 in charges.
- Returned Payment: This will cost you up to $35 for every returned payment made.
It is safe to say that the fees and the rates of the card are around the average charges of a business card.
Also, the grace period is around 24 to 30 days which will once again depend on the credit score of the individual. The grace period means that there will not be interest charges on those days.
As mentioned, the card is created for those who have excellent scores. Traditionally, there are other ways that will affect whether you will get approved for an account or not. However, if you have a FICO score of at least 761, the chances of getting approved is higher than the other applicants.
Furthermore, you will only have to wait a few days. Most of the people who have high credit rating have received an instant decision. However, most of the applicants have to wait from seven days to two weeks.
More Facts about the Card
If you are still wondering if the card is for you, there are the reasons why this is a great card to choose. First, there is no annual fee for this card for the first year. The annual fee after that is so minimal compared to other small business cards out there.
If you continually use your card each year, then the annual fee is not part of the charges you will have to pay.
Another reason is that you gain rewards from 1% to 3% on all the purchases you have made. Even the method of redeeming your cash is very easy. It is important that you know that you should have a cash reward balance of at least $25 in order to redeem your money.
The way to get it is by redeeming it online via the US Bank’s website. You can have the rewards deposited straight into your savings or checking account or you can have it as a statement credit. Of course, you can get the money in cold hard cash form.
It is easy to rack up on the amount of rewards you have because you also get a bonus of 25% each year. Just make sure that you have a good standing with the US Bank and that you do not have balances when you celebrate the anniversary of card opening.
Should You Apply for the Card?
Now that you know the features and the rates of the card, you probably want to figure out whether you should apply for the U.S. Bank FlexPerks Business Cash Rewards Visa Card or not. If you have excellent credit and you make one purchase with your card at least once a year, then there is no reason not to get it.
It has a great introductory offer and the rewards are attractive as well. It also comes with zero fraud liability, which protects the cardholder from charges incurred due to fraudulent transactions. Make sure that you report the loss of your card immediately. In most cases though, US Bank will keep track of your card and will notify you if there are unusual activities performed on your account.
Also remember that this is a Visa card, which means that it is accepted worldwide. Aside from the facts mentioned, here are the other features of the card:
- Cardholders can get online reports of their expenses for free.
- Additional employee cards will not cost anything and they can even earn cash rewards.
- Cardmembers can enroll their credit card to Visa SavingsEdge which will allow them to get up to 15% savings on their business-related purchases.
- For those who are always on the go, the card can be used online to pay bills and can even be set to pay the monthly payments automatically.
- If there are any questions or concerns about the card, a 24-hour cardmember service representative will help all issues.
A Few Things to Note
The U.S. Bank Business Edge™ Cash Rewards Visa Card is a brilliant option for small business owners. Not only does it have rewards, but it also offers substantial savings for the cardholder. There are three important things to remember with this card though:
- There is a $25 limitation on the rewards, which means that although you can rack up on rewards nonstop, you have to wait until you get $25 before you can claim your reward.
- You can use the card outside of the United States, but there is a foreign transaction fee each time you do so.
- Although this card offers rewards on gas purchases, the travel benefits are limited. Expect no VIP lounge access, lost luggage insurance, and travel insurance with this card.
With the limitations out in the open, you can decide if the U.S. Bank Business Edge™ Cash Rewards Visa Card is the right credit card for your business needs.
If you still want to search for additional credit card options, use the FREE credit card chaser tool above!
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