Business Cash Rewards from Truist Bank Review

Navigating the world of credit cards can be a daunting task, especially for business owners who need a card that not only provides convenience but also offers substantial rewards. The Business Cash Rewards credit card from Truist Bank aims to cater to the specific needs of business owners by offering a generous cash back program, travel benefits, and an attractive introductory APR. In this comprehensive review, we’ll delve into every aspect of this card to help you determine if it’s the right choice for your business.

Business Cash Rewards from Truist Bank Key Takeaways

Before we get into the nitty-gritty details, let’s summarize the key features and benefits of the Business Cash Rewards credit card from Truist Bank:
– Cash Back Rewards: 3% cash back on gas, 2% cash back at restaurants and office supply stores (up to $2,000 in combined spend per month), and 1% cash back on all other eligible purchases.
– Introductory APR: 0% introductory APR for the first 9 billing cycles on purchases.
– Standard APR: Variable APR ranging from 17.49% to 26.49%.
– Annual Fee: $0, which makes it an attractive option for businesses looking to save on fees.
– Travel Benefits: Includes Travel and Emergency Assistance Services, Auto Rental Collision Damage Waiver, Travel Accident Insurance, Lost Luggage Reimbursement, and Visa Signature Concierge.
– Additional Features: Purchase Protection, Extended Warranty Protection, and Fraud Protection.

Business Cash Rewards from Truist Bank Pros and Cons

To provide a balanced view, let’s consider both the advantages and disadvantages of the Business Cash Rewards credit card from Truist Bank.

Pros

1. No Annual Fee: One of the most appealing aspects of this card is that it has no annual fee, which means you can enjoy its benefits without worrying about an additional cost.
2. Generous Cash Back Program: The card offers 3% cash back on gas, which is particularly beneficial for businesses with high transportation costs. The 2% cash back at restaurants and office supply stores can also add up quickly.
3. Introductory APR: The 0% introductory APR for the first 9 billing cycles on purchases can be a great way to manage cash flow and finance large purchases without incurring interest.
4. Comprehensive Travel Benefits: The card offers a range of travel benefits, including Travel and Emergency Assistance Services, Auto Rental Collision Damage Waiver, Travel Accident Insurance, Lost Luggage Reimbursement, and Visa Signature Concierge.
5. Purchase Protection and Extended Warranty: These features can provide peace of mind and additional value when making business purchases.

Cons

1. Foreign Transaction Fee: A notable downside is the presence of a foreign transaction fee, which can add up if your business involves international travel or purchases.
2. Spending Cap on Higher Cash Back Categories: The 2% and 3% cash back categories are limited to $2,000 in combined spend per month. If your business spends significantly more in these categories, you may find this limit restrictive.
3. High Standard APR: The variable APR of 17.49% to 26.49% is relatively high, which could be a concern if you plan to carry a balance beyond the introductory period.
4. Penalty Fees: The card imposes penalty fees for late payments and returned payments, which can be as high as $39.

Business Cash Rewards from Truist Bank Benefits

The Business Cash Rewards credit card from Truist Bank offers a range of benefits designed to cater to the needs of business owners. Here, we’ll explore these benefits in more detail.

Cash Back Rewards

The primary draw of this card is its cash back rewards program. Here’s how it breaks down:
– 3% Cash Back on Gas: This is particularly beneficial for businesses with high transportation costs, such as delivery services or sales teams that spend a lot of time on the road.
– 2% Cash Back at Restaurants and Office Supply Stores: This can add up quickly for businesses that frequently entertain clients or need to purchase office supplies regularly.
– 1% Cash Back on All Other Eligible Purchases: While not as high as the category-specific rewards, this is still a valuable feature that ensures you earn cash back on every purchase.
It’s important to note that the 2% and 3% cash back categories are limited to $2,000 in combined spend per month. This means you can earn a maximum of $60 in cash back per month in these categories. Any spend beyond this limit will earn 1% cash back.

Introductory APR

The card offers a 0% introductory APR for the first 9 billing cycles on purchases. This can be a great way to finance large purchases or manage cash flow without incurring interest. However, it’s important to plan your spending carefully, as the standard APR (ranging from 17.49% to 26.49%) will apply after the introductory period.

Travel Benefits

For business owners who travel frequently, the Business Cash Rewards credit card from Truist Bank offers several valuable travel benefits:
– Travel and Emergency Assistance Services: This service provides help in case of an emergency while you’re traveling away from home. This can include medical and legal referrals, emergency transportation, and more.
– Auto Rental Collision Damage Waiver: This benefit reimburses you for damages caused by theft or collision of a rental car, up to the actual cash value of the car. It’s important to note that this coverage does not extend to other types of loss.
– Travel Accident Insurance: This insurance protects you from the financial consequences of accidents that occur while traveling.
– Lost Luggage Reimbursement: If your luggage is lost due to theft or misdirection by a common carrier, you can be reimbursed up to $3,000 (or $2,000 for New York residents) per covered trip.
– Visa Signature Concierge: This complimentary service provides 24-hour assistance with travel planning, dinner reservations, and more.

Purchase Protection and Extended Warranty

The card also offers Purchase Protection and Extended Warranty benefits, which can provide additional value and peace of mind when making business purchases:
– Purchase Protection: This benefit covers eligible purchases against damage or theft for a certain period after the purchase date.
– Extended Warranty: This benefit extends the manufacturer’s warranty on eligible purchases, providing additional coverage beyond the original warranty period.

Fraud Protection

Fraud protection is a crucial feature for any credit card, and the Business Cash Rewards credit card from Truist Bank offers robust security measures to protect your account:
– Zero Liability Protection: This ensures you won’t be held responsible for unauthorized charges made with your card.
– 24/7 Fraud Monitoring: The card issuer monitors your account for suspicious activity and will alert you if any unusual transactions are detected.

Conclusion

The Business Cash Rewards credit card from Truist Bank offers a compelling package of benefits designed to meet the needs of business owners. Its generous cash back program, comprehensive travel benefits, and lack of an annual fee make it an attractive option for many businesses. The 0% introductory APR on purchases for the first 9 billing cycles is a valuable feature for managing cash flow and financing large purchases.
However, the card is not without its drawbacks. The foreign transaction fee can be a significant downside for businesses that operate internationally. Additionally, the spending cap on the higher cash back categories may be restrictive for businesses with high expenses in those areas. The high standard APR and penalty fees are also important factors to consider.
Ultimately, whether the Business Cash Rewards credit card from Truist Bank is the right choice for your business will depend on your specific needs and spending habits. If you can maximize the cash back rewards within the spending limits and take advantage of the travel benefits, this card could be a valuable addition to your business toolkit. However, if you frequently travel abroad or have high monthly expenses in the 2% and 3% cash back categories, you may want to explore other options.
By carefully considering the pros and cons, as well as how the card’s benefits align with your business needs, you can make an informed decision and choose the credit card that best supports your business goals.