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U.S. Bank announced new welcome offers for its business credit cards, the U.S. Bank Business Leverage® Visa Signature® Card and the U.S. Bank Business Platinum Card. Each card offers valuable purchasing power and benefits to assist business owners. However, they both vary in their features greatly, so be sure to read on to find out which card and bonus would benefit you more.
Select analyzed both card’s benefits and features to see if they are worth a spot in your wallet, and how you can select the best business credit card for your needs.
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U.S. Bank introduces two new bonuses
U.S. Bank tends to be overlooked when it comes to credit cards, but its products can provide real value. The two business cards below have refreshed welcome bonuses, including a $750 welcome offer and an introductory interest free period on purchases and balance transfers.
Here’s what you need to know about each card.
U.S. Bank Business Leverage® Visa Signature® Card
The U.S. Bank Business Leverage® Visa Signature® Card is geared towards business owners who want to earn cash back on business expenses. As you spend on the card, you’ll earn:
- 5% back on prepaid hotels and car rentals booked directly in the Travel Rewards Center.
- 2% back in your top 2 categories where you spend the most each month, automatically.
- 1% back on all other eligible purchases
The 2% cash back categories are automatically chosen based on your spending habits: you don’t need to preselect them and they automatically adjust every month to where you spend the most. There are 48 categories where you can earn 2% cash back, including advertising and office supply stores, you can find the full list here.
And to get started, you can earn $750 in rewards when you spend $7,500 in eligible purchases on the account owners card within the first 120 days of opening your account. Including the spending to get there, you’ll earn at least $825 in cash back in the first four months. And the best part is the cash back you earn from the card is completely tax-free.
With the card, you also have access to U.S. Bank’s internal buy now pay later product — U.S. Bank ExtendPay™. With eligible purchases, you can divide payments over several months with no interest charges. You’ll still earn the same rewards, and only pay a small monthly fee.
Lastly, the card has a $95 annual fee, waived for the first year. All employee cards are fee-free as well, and there are no foreign transaction fees.
If you’re looking for a business credit card with a large welcome bonus and flexible spending categories, the U.S. Bank Business Leverage® Visa Signature® Card is a worthy contender.
U.S. Bank Business Leverage® Visa Signature® Card
On U.S. Bank’s secure site
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Rewards
5% back on prepaid hotels and car rentals booked directly in the Travel Rewards Center, 2% back in your top 2 categories where you spend the most, automatically, and 1% back on all other eligible purchases
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Welcome bonus
$750 in rewards when you spend $7,500 in eligible purchases on the account owners card within the first 120 days of opening your account.
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Annual fee
$95, waived the first year.
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Intro APR
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Regular APR
16.24% to 21.24% (variable)
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Balance transfer fee
An introductory fee of either 5% of the amount of each transfer or $5 minimum, whichever is greater for balances transferred with this application. After that, either 3% of the amount of each transfer or $5 minimum, whichever is greater.
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Foreign transaction fee
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Credit needed
U.S. Bank Business Platinum Card
The U.S. Bank Business Platinum Card is a solid choice for business owners who need flexible repayment terms for purchases or existing balances on other credit cards.
With this card, you’ll have a 0% intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR of 12.24%-21.24%. This is a great way to either make a large investment in your business, or transfer over existing credit card debt and pay no interest for the intro period.
In addition, the card comes with the opportunity to use U.S. Bank ExtendPay to split eligible purchases of over $100 into equal monthly payments.
The card has no annual fee.
If you’re not worried about rewards, but want a business card that allows to finance some purchases interest-free, the U.S. Bank Business Platinum Card is great choice. In fact this intro APR period is currently the best among any business credit card out there.
U.S. Bank Business Platinum Card
On U.S. Bank’s secure site
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Rewards
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Welcome bonus
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Annual fee
-
Intro APR
0% Intro APR on purchases and balance transfers for the first 20 billing cycles, and after that a variable APR, currently 12.24% to 21.24%.
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Regular APR
12.24% to 21.24% (variable)
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Balance transfer fee
Either 3% of the amount of each transfer or $5 minimum, whichever is greater.
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Foreign transaction fee
-
Credit needed
How to pick a business credit card
But, as you start analyzing different business credit cards, keep these few factors in mind:
Annual fee
There’s nothing wrong with paying an annual fee for a credit card, as long as you’re earning more in rewards and benefits along the way. And as a small business owner, annual fees can be written off on your taxes as a business expense.
Regardless of the write-off, it’s imperative to check your budget to see if you can afford the annual fee.
Usable benefits
Some business credit cards come with a ton of features, but it’s important to see through them to understand which ones are actually valuable to your operation. For example, the Business Platinum Card® from American Express has a long list of benefits for business owners, including statement credits at: Dell Technologies, Indeed, Adobe Creative Solutions and wireless phone services.
But if your business doesn’t need any of those services, it makes it more difficult to extract value out of the card. So while more benefits are always a good thing, be sure you’re being realistic about which benefits you can take advantage of. Otherwise, you could be throwing away money on annual fees for benefits you wouldn’t otherwise use.
The Business Platinum Card® from American Express
On the American Express secure site
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Rewards
Earn 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. Also, earn 1.5X points on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
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Welcome bonus
Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases within the first 3 months of card membership
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Annual fee
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Intro APR
0% Intro APR for 12 months from the date of the account opening on purchases eligible for Pay Over Time
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Regular APR
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Balance transfer fee
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Foreign transaction fee
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Credit needed
Bottom line
For rates and fees of The Business Platinum® Card from American Express, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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