Business Mastercard® from First Financial Bank Review

In today’s dynamic financial landscape, choosing the right credit card is crucial for both personal and business expenses. The Business Mastercard® from First Financial Bank aims to cater to business owners and frequent travelers with a robust rewards program and a variety of perks. This review will delve into the myriad aspects of this credit card, offering insights into its rewards, benefits, rates, and fees. By the end of this extensive review, you should have a clear understanding of whether this card aligns with your financial needs and goals.

Business Mastercard® from First Financial Bank Key Takeaways

Before diving into the detailed review, here are some key takeaways that summarize the essential features of the Business Mastercard® from First Financial Bank:
– Rewards Program: Earn 1.5x points for every dollar spent on all purchases.
– Sign-Up Bonus: Receive 500x bonus rewards points when you opt for electronic monthly statements.
– Introductory APR: 0% Introductory APR for the first six months.
– Variable APR: After the introductory period, the APR will be 18.99% variable for purchases and balance transfers.
– Annual Fee: $0 annual fee.
– Additional Fees: Balance transfer fee of $10 or 3% (whichever is greater), cash advance fee of $10 or 3% (whichever is greater), penalty fees up to $35, and a foreign transaction fee.
– Credit Score Requirement: Excellent credit score (740-799) required.
– Travel Benefits: Includes auto rental collision damage waiver and travel accident insurance.

Business Mastercard® from First Financial Bank Pros and Cons

To provide a balanced view, let’s evaluate the pros and cons of the Business Mastercard® from First Financial Bank:

Pros

1. No Annual Fee: One of the standout features is the absence of an annual fee, making it a cost-effective option for business owners.
2. 0% Introductory APR: The six-month introductory APR of 0% on purchases can be particularly beneficial for managing cash flow during the initial stages of card ownership.
3. Rewards Program: The card offers a straightforward rewards program with 1.5x points on all purchases, making it easy to accumulate points.
4. Bonus Points: The 500x bonus rewards points for opting into electronic statements is a nice incentive.
5. Travel Benefits: The card includes valuable travel-related benefits such as auto rental collision damage waiver and travel accident insurance.
6. Fraud Protection: Comprehensive fraud protection measures provide peace of mind.

Cons

1. Foreign Transaction Fee: The presence of a foreign transaction fee can be a drawback for business owners who travel internationally frequently.
2. High APR After Intro Period: The variable APR of 18.99% after the introductory period is relatively high.
3. Penalty Fees: The penalty fees for late payments and returned payments can add up quickly.
4. Balance Transfer and Cash Advance Fees: These fees can be a deterrent for those planning to utilize balance transfers or cash advances.

Business Mastercard® from First Financial Bank Benefits

The Business Mastercard® from First Financial Bank offers a range of benefits designed to cater to business owners and frequent travelers. Let’s delve into these benefits in more detail:

Rewards Program

The card features a straightforward rewards program where cardholders earn 1.5x points for every dollar spent on all purchases. This simplicity is beneficial for business owners who make a variety of purchases and prefer a consistent rewards structure without having to track category-specific points.

Sign-Up Bonus

New cardholders can earn 500x bonus rewards points by opting to receive their monthly credit card statement electronically. This is a relatively easy way to earn a significant number of points early on.

Introductory APR

The card offers a 0% introductory APR for the first six months on purchases. This can be particularly advantageous for new business owners who need to make significant upfront investments and prefer to spread out their payments without incurring interest.

Travel Benefits

Auto Rental Collision Damage Waiver

When renting a car, cardholders can decline the rental company’s collision coverage and instead use the card’s auto rental collision damage waiver. This benefit can save money and provide peace of mind during travel.

Travel Accident Insurance

The card includes travel accident insurance, which acts as life insurance and offers protection against accidental death and dismemberment in the event of a travel accident. This added layer of security is crucial for frequent travelers.

Purchase Protection

The card offers purchase protection, which covers new purchases against damage or theft for a certain period. This benefit can be particularly useful for business owners who frequently purchase valuable equipment or inventory.

Extended Warranty Protection

The extended warranty protection benefit extends the manufacturer’s warranty on eligible purchases, providing additional coverage and peace of mind.

Fraud Protection

Comprehensive fraud protection measures ensure that cardholders are safeguarded against unauthorized transactions. This is particularly important for business owners who may have multiple employees using the card.

Rates and Fees

Understanding the rates and fees associated with the Business Mastercard® from First Financial Bank is crucial for making an informed decision. Here’s a detailed breakdown:

Introductory APR

– 0% Introductory APR for six months on purchases: This introductory rate can help cardholders manage expenses without incurring interest during the initial period.

Variable APR

– 18.99% Variable APR for purchases and balance transfers: After the introductory period, the APR will revert to a variable rate of 18.99%, which is on the higher side compared to some other business credit cards.

Cash Advances APR

– 24.99% Variable APR for cash advances: The APR for cash advances is significantly higher, which is a common practice among credit card issuers. It’s advisable to avoid cash advances unless absolutely necessary.

Fees

– Annual Fee: $0
– Balance Transfer Fee: Either $10 or 3% of the amount of each transfer, whichever is greater (maximum fee: $100).
– Cash Advance Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater.
– Penalty Fees: Up to $35 for late payments and returned payments.
– Foreign Transaction Fee: This fee applies to purchases made outside the United States, which can be a drawback for frequent international travelers.

How to Avoid Paying Interest

To avoid paying interest on purchases, ensure that you pay your entire balance by the due date each month. The due date is at least 25 days after the close of each billing cycle. Note that interest will be charged on cash advances and balance transfers from the transaction date.

Conclusion

The Business Mastercard® from First Financial Bank offers a compelling mix of rewards, benefits, and introductory offers, making it a solid choice for business owners and frequent travelers. The 1.5x points on all purchases and the 500x bonus rewards points for opting into electronic statements provide a straightforward and rewarding experience. The 0% introductory APR for six months is particularly beneficial for those looking to manage initial business expenses without incurring interest.
However, the card does have some drawbacks, such as the foreign transaction fee and relatively high variable APR after the introductory period. Additionally, the penalty fees for late and returned payments can add up quickly, so it’s crucial to manage your payments diligently.
In summary, the Business Mastercard® from First Financial Bank is a well-rounded credit card that offers valuable rewards and benefits without an annual fee. It’s particularly suited for business owners who prioritize simplicity in their rewards program and can take advantage of the travel benefits. By understanding the rates and fees associated with the card, you can make an informed decision and maximize the card’s potential for your business needs.
As always, it’s important to assess your individual financial situation and spending habits to determine if this card is the right fit for you. If the benefits align with your needs and you can manage the potential fees, the Business Mastercard® from First Financial Bank can be a valuable addition to your financial toolkit.