Truist Bank Business Credit Card Review

Truist Bank Business Credit Card Review

In the vast landscape of credit cards, the Truist Bank Business Credit Card stands out for its simplicity and straightforwardness. Unlike many other cards that bombard you with an array of rewards points, miles, or cashback offers, the Truist Bank Business Credit Card focuses on providing essential features that cater to businesses looking for cost-effective credit solutions. This review will delve into the specifics of the card, evaluating its key features, pros and cons, benefits, and overall value.

Truist Bank Business Credit Card Key Takeaways

Before diving into a detailed analysis, let’s highlight the key takeaways of the Truist Bank Business Credit Card:
– No Rewards Structure: The card does not offer any cash back, miles, or points, making it ideal for businesses that prioritize straightforward spending without the need to manage or maximize rewards.
– 0% Introductory APR: Enjoy a 0% introductory APR for the first 12 billing cycles on purchases, which can be advantageous for new businesses or those looking to make large purchases without immediate interest costs.
– Variable APR: Post-introductory period APR ranges from 15.49% to 24.49%, based on creditworthiness.
– No Annual Fee: The card has a $0 annual fee, contributing to its cost-effectiveness.
– Penalty Fees: Beware of penalty fees, such as a late payment fee of up to $39 and a returned payment fee of up to $39.
– Fraud and Purchase Protection: The card includes essential protections such as fraud protection, purchase protection, extended warranty protection, and auto rental insurance.

Truist Bank Business Credit Card Pros and Cons

Pros

1. No Annual Fee: One of the standout features of this card is the $0 annual fee. This makes it an attractive option for businesses that want to avoid yearly costs and keep their expenses minimal.
2. 0% Introductory APR on Purchases: The 0% introductory APR for the first 12 billing cycles on purchases offers significant savings potential for businesses, especially those planning substantial expenditures in the initial months.
3. Payment Flexibility: With a due date at least 25 days after the close of each billing cycle, businesses have ample time to manage their cash flow and make timely payments.
4. Comprehensive Fraud Protection: Given the increasing instances of credit card fraud, the card’s robust fraud protection is a critical feature for safeguarding your business finances.

Cons

1. No Introductory APR on Balance Transfers: Unlike some other business credit cards, this card does not offer an introductory APR on balance transfers, which could be a drawback for businesses looking to consolidate debt.
2. Penalty APR: The card has a penalty APR of 27.40%, which can be quite steep and could significantly increase costs if you miss a payment.
3. Foreign Transaction Fees: For businesses with international operations or frequent travel, the presence of foreign transaction fees can be a disadvantage.
4. Lack of Rewards: The absence of a rewards program means businesses miss out on earning points, miles, or cash back on their purchases.

Truist Bank Business Credit Card Benefits

Despite the absence of a rewards program, the Truist Bank Business Credit Card offers several benefits that can be highly valuable for business owners.

0% Introductory APR

The 0% introductory APR on purchases for the first 12 billing cycles is one of the card’s most compelling features. This allows businesses to make significant purchases without worrying about accumulating interest during the introductory period. For new businesses or those planning large investments, this can be a crucial benefit.

No Annual Fee

Another significant benefit is the $0 annual fee. Many business credit cards come with annual fees that can range from moderate to high. By eliminating this fee, Truist Bank ensures that businesses can use their credit card without worrying about an extra yearly cost. This is particularly advantageous for small businesses or startups that are mindful of their budget.

Fraud Protection

In today’s digital age, fraud protection is paramount. The Truist Bank Business Credit Card offers comprehensive fraud protection, which monitors transactions for suspicious activity and provides alerts to the cardholder. This feature helps protect your business from unauthorized transactions and potential financial losses.

Purchase Protection and Extended Warranty

The card includes purchase protection, which covers eligible purchases against damage or theft within a specified period. Additionally, the extended warranty protection can extend the manufacturer’s warranty on eligible items, providing extra peace of mind for business purchases.

Auto Rental Insurance

For businesses that require travel, the auto rental insurance feature can be quite beneficial. This coverage provides insurance for rental cars, which can save your business money and reduce the need for additional insurance purchases.

24/7 Travel Assistance

Businesses that engage in frequent travel will appreciate the 24/7 travel assistance. This service can help with travel-related issues, such as lost luggage, emergency travel arrangements, and more, making travel smoother and less stressful.

Payment Flexibility

The card’s payment flexibility is another benefit. With a due date at least 25 days after the close of each billing cycle, businesses have more time to manage their cash flow and make payments. Additionally, avoiding interest charges on new purchases by paying the entire balance in full by the due date is a significant advantage.

Issuer Reliability

Truist Bank is a well-known and reputable bank with a range of financial products tailored to various needs. The bank’s reliability and customer service are additional benefits for cardholders, providing confidence and support in managing their business finances.

Conclusion

The Truist Bank Business Credit Card offers a straightforward and cost-effective solution for businesses looking to manage their expenses without the complexity of rewards programs. The card’s key features, such as the 0% introductory APR on purchases for the first 12 billing cycles and the $0 annual fee, make it an attractive option for new businesses or those planning significant expenditures.
While the lack of a rewards program and introductory APR on balance transfers might be a drawback for some, the card’s comprehensive fraud protection, purchase protection, extended warranty, and other benefits provide significant value. Moreover, the payment flexibility and lack of an annual fee contribute to its appeal as a practical and economical choice for business owners.
In summary, the Truist Bank Business Credit Card is an excellent option for businesses that prioritize simplicity and cost savings over rewards. Its features and benefits are tailored to meet the needs of business owners looking for a reliable and straightforward credit solution. By carefully considering your business’s financial needs and goals, you can determine if this card is the right fit for you.