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Verdict: The Ace Rewards Visa Business credit card can provide plenty of rewards to business owners who spend a lot of time at their local hardware store. But owners need to read the card’s fine print, too: They have to charge a significant amount of money on their card to earn the most rewards points.
Overview: Business owners who charge a lot of hardware and supplies will earn rewards points quickly with this card. They can then spend these points as if they were dollars at their participating Ace store. The card also comes with another benefit: There is no annual fee for business owners to worry about.
How This Card Works: If you don’t pay your bill on time, watch out: The Ace Rewards Visa Business card comes with a high penalty purchase interest rate of 28.99 percent. Otherwise, the fees associated with this card are well within industry standards. The card’s rewards program is generous, too: You’ll earn the most rewards when you charge purchases at participating Ace stores, of course. But you’ll also earn higher rewards when you use your card at gas stations or restaurants.
Shopping and Travel Benefits: You’ll earn up to 5 percent in rewards points for every dollar that you charge at participating Ace locations. However, to earn this full 5 percent, you’ll need to charge at least $12,000 on your card in a given calendar year. If you don’t reach this threshold, you’ll earn 3 percent in rewards points for every dollar charged at Ace stores. You’ll also earn 2 percent rewards points for every dollar that you charge at gas stations and restaurants, and 1 percent for all other charges. For every 12,500 points that you earn, you’ll receive $25 in Ace rewards points that you can spend as if they were real dollars at Ace stores. You’ll also receive a $10 enrollment bonus certificate for signing up for the card. You can use this certificate at Ace stores, too.
Fees: Your purchase interest rate with this card will range from 13.99 percent to 22.99 percent depending upon your creditworthiness. Again, there is no annual fee, which is a nice bonus. Cash advances cost either $5 or 4 percent of the advance amount, whichever is higher. Returned-payment, late-payment and over-the-limit fees can all reach $39.
- No annual fee.
- Generous rewards program, especially if you’re a frequent Ace shopper.
- Reasonable purchase interest rate.
- Penalty interest rate of 28.99 percent.
- Have to spend at least $12,000 a year to earn the top level of rewards points.