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Verdict:The Union Bank Business Edition Visa Card doesn’t come with as many perks as some rewards cards. It doesn’t, for instance, allow you to earn more points for specific purchases. However, it also doesn’t come with an annual fee. And if your credit score is good, your purchase interest rate will come in at a reasonable level. In short, this card is an affordable and simple business rewards card.
Overview: With the Union Bank Business Edition Visa card, you’ll earn rewards points with every purchase you charge. You can then redeem these points for everything from statement credits to round-trip airline tickets to office equipment.
How This Card Works: You can start redeeming your rewards points after you rack up at least 2,750 of them. This being a business card, the Business Edition Visa also allows you to access itemized reports of your business expenditures. This can help with both tax preparation and with managing the financial health of your business.
Travel and Shopping Benefits: You’ll earn one rewards point for every dollar that you charge with the Business Edition Visa. You can redeem these points for statement credits, airline tickets, gift cards, office equipment or dining certificates. The card also provides you with both lost-luggage and travel accident insurance. You’ll be able, too, to enroll for free in a worldwide hotel discount service.
Fees: Your purchase interest rate will be either 11.99 percent or 17.99 percent depending on your creditworthiness. Be careful, though, not to make a late payment; the card’s penalty interest rate is a steep 29.99 percent, and Union Bank can keep your rate at this level indefinitely. Cash advances cost either $15 or 5 percent of the advance amount, whichever is higher. The card’s late-payment fee can rise to as much as $39 depending on your card’s balance, while the returned-payment fee is $35. The over-the-limit fee is $39. There is no annual fee with this card.
- No annual fee.
- Easy to understand rewards program.
- Purchase interest rate reasonable if you have strong credit.
- Penalty interest rate of 29.99 percent.
- Purchase interest rate will hit 17.99 percent if your credit isn’t strong.