Verdict:
If you’re looking for a basic business credit card with solid fees and rates, the US Bank Visa Business Platinum card should satisfy your needs. This card doesn’t come with a rewards or miles program.
However, if your credit is strong, it’s an affordable card that allows you to better track your business’ and your employees’ spending.
Overview:
This basic card comes with a number of features that should benefit your business.
It’s also fairly easy to avoid having to pay an annual fee with this card, something that business owners should appreciate in these trying economic times in which every dollar matters.
How This Card Works: The card allows business owners to list their business and personal expenses separate, pay bills online and tap emergency funds for those unexpected expenses that seem to pop up at the worst of times.
Travel and Shopping Benefits:
Because the US Bank Visa Business Platinum credit card isn’t a rewards card, it doesn’t come with an extensive number of perks.
However, business owners can add employee cards to their account at no expense.
The card also comes with automatic overdraft protection, free online expense reporting and, unless you don’t charge anything in a given year, no annual fee.
Fees:
If your credit score is high, you’ll have a good chance of qualifying for a purchase interest rate of 11.99 percent. However, if your credit score is poor, you can be assesses a purchase interest rate of as much as 17.99 percent.
There is no annual fee for the first year after you activate your account. And as long as you charge at least one purchase on your card during the year, you won’t ever be charged an annual fee. If you fail to make at least one charge, though, your annual fee will come in at a still low $25.
The card comes with an introductory offer of 0 percent interest on balance transfers for six months.
Cash advance fees cost either $10 or 4 percent of the advance amount, whichever is higher.
Late-payment fees can run up to $39, while the card’s over-the-limit fee also stands at $39. The returned-payment fee is $35.
Pros:
- A solid basic business card with important perks for business owners.
- Can add employee cards at no extra cost.
- No annual fee in the vast majority of cases.
Cons:
- Penalty fee can soar to 28.99 percent.
- No rewards program.
- Purchase interest rate can be as high as 17.99 percent for cardholders with bad credit.
