The Bank of the West Business Rewards MasterCard offers a competitive rewards program, but it doesn’t compare well to other business credit cards on the market today. Is it right for your business? Read on and find out about this card’s strengths and weaknesses so you can decide if it will be helpful to you as an entrepreneur or small business owner in the coming year!
What Is The Bank of the West Business Rewards MasterCard?
The Bank of the West Business Rewards MasterCard is a business credit card that offers a cash bonus and rewards on purchases at participating restaurants and grocery stores. The card has no annual fee, and it does not charge an interest rate on purchases. Cardholders get one point for every $1 spent on eligible purchases. These points can then be redeemed with no restrictions on how many points can be used per dollar. There are also no limits to how many points can be earned or redeemed in a year. However, there are limitations when it comes to who can apply for this card. To qualify for the Bank of the West Business Rewards MasterCard, applicants must have been issued their company’s EIN by either the IRS or another federal agency and have been in business at least three months before applying. The applicant must also show proof of good standing with state authorities where they reside as well as being authorized to conduct transactions in California by either a trade name registration or foreign corporation registration number.
What Are The Key Features Of The Card?
The key features of this card are that it has no annual fee and offers a business cash rewards program that can be customized. In order to earn points, you must spend at least $5,000 annually with Bank Of The West or have a combined balance in checking and credit cards that’s over $10,000 each month. You’ll also earn one point for every dollar spent on your card or 1% on your checking account balance if you meet the requirements. One point equates to one penny so this is an effective way to build up points slowly and take advantage of other perks like bank-level security protection which includes fraud prevention features and zero liability protection against unauthorized transactions.
What Are The Fees & Charges For This Card?
The fees and charges on this card are quite reasonable and comparable to those found on other business cards. The annual fee is $0, but there is a 2% charge for each purchase transaction. There’s also a 2% charge on cash advances, balance transfers, and cash-like transactions. For these kinds of transactions, you’ll have to pay a $10 minimum in addition to the regular fee. Late payments will cost you $25 or 5%, whichever is greater, while returned payments will cost you either $25 or 3%.
The most notable feature that sets this card apart from others is its Reward Points program. You’ll earn points at one point per dollar spent on qualifying purchases made using your Bank of the West Business Rewards MasterCard credit card.
Who Is Eligible To Apply For This Card And What Documents Are Required?
To apply for this card, you need a business with annual gross revenues of $5 million or more. In order to be eligible, you will need to provide your business Tax ID number as well as other documentation that proves your eligibility. The card has no annual fee and does not require an intro APR period. There is also no balance transfer fee when making transfers within the Bank of The West system. You can earn points by using it in-store, online and at ATMs, but not on travel purchases made through third-party websites or travel agencies. You can redeem points after each purchase and get a statement credit when you accumulate enough points in one year. However, if you don’t have enough points in one year then they will carry over until the next year.
What Is A Typical APR On This Card And How Can I Secure A Lower One Through Good Behavior Or Discounted Application Fees?
The APR on this card is currently at 13.49% which is fairly average. There are a few ways that you can lower your APR though. You can apply for the card with a good credit history and one year of experience managing a business as an owner, manager, or executive and you could be eligible for an APR as low as 12%. You could also sign up through Plenti, a program that gives you points every time you make purchases and then offers discounts at select retailers when you redeem them. These rewards are worth 10-20% off and you get 20,000 after signing up just once. For new businesses, there’s a $250 fee waiver if they’re approved within 30 days of opening their account and they maintain certain criteria.
There are so many other benefits offered by this card but these are some things that stand out as especially beneficial for new entrepreneurs looking to build their credit or learn how to use it responsibly.
Bonus Categories (2018)
The Bank of the West Business Rewards MasterCard is a solid option for businesses looking for a rewards credit card. The card comes with a low-interest rate and generous rewards program, making it worth considering if you’re not in need of additional perks like roadside assistance or extended warranties. This card offers a variety of features that make it an excellent choice, including:
Low-interest rates on purchases and balance transfers 9% introductory APR on balances transferred within first 60 days (for balances transferred after 60 days, APR will be 12.99% – 22.99%)
Rewards that can be redeemed as cash back or gift cards at any business location or online at your favorite retailer’s site