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Verdict: Key Bank’s MasterCard Business Credit Card is a basic credit card designed for the owners of businesses. This means that it offers a large credit line and separates business and personal expenses in its statements, making it easier for entrepreneurs to track exactly how much they’re spending on their businesses. But cardholders looking for a business card with a lot of perks, will need to look elsewhere.
Overview: The Key Bank MasterCard Business card will let cardholders, depending on their credit scores, access a significant amount of credit, something that’s important in helping entrepreneurs survive through the financial ups and downs associated with running a business. The card also comes with no annual fee. That’s important in an economy in which every dollar counts.
How This Card Works: The Key Bank MasterCard Business card comes with an introductory interest rate of 0 percent on all purchases and balance transfers for six months. After this introductory period ends, the rate on both purchases and transfers will adjust depending upon the creditworthiness of the cardholder.
Travel and Shopping Benefits: As a basic business card, this credit card doesn’t come with a rewards program or a cash-back system. For those features, cardholders will have to seek out a business credit card that comes with the perks that the Key Bank MasterCard Business card does not offer.
Fees: This credit card is not particularly costly to own. First, it comes with no annual fee. Then there’s its introductory offer of 0 percent interest on purchases and balance transfers. The purchase interest rate can be a reasonable 9.99 percent depending on cardholders’ creditworthiness. Other fees are standard for the industry: Cash advances cost $10 or 4 percent of the advance amount, whichever is higher. Late-payment fees can run as high as $39 depending on the cardholder’s balance. The card’s over-the-limit fee is also $39, while the returned-payment fee is $35.
- No annual fee.
- Introductory interest rate offer of 0 percent on both balance transfers and purchases.
- Low purchase interest rate depending on credit score.
- No perks or rewards programs.
- Interest rate can hit 20.99 percent depending on credit score.
- Penalty interest rate is a high 28.99 percent.