Business Rewards Preferred from Ocean Bank Review

When it comes to business expenses, having a credit card that offers reliable rewards and manageable costs can make a significant difference in your financial strategy. Enter the Business Rewards Preferred from Ocean Bank—a card that promises simplicity and value for business owners who seek a straightforward rewards system without exorbitant annual fees. In this review, we will delve deeply into every aspect of this credit card, from its benefits and drawbacks to its overall value proposition.

Business Rewards Preferred from Ocean Bank Key Takeaways

Before diving into the detailed review, let’s summarize the key aspects of the Business Rewards Preferred from Ocean Bank:
– Rewards Rate: Earn 1x point per $1 spent on every purchase.
– Annual Fee: $0 for the first year, $75 thereafter.
– Introductory APR: 0% for the first 6 billing cycles on purchases and balance transfers.
– Regular APR: Variable 14.99% – 22.99%.
– Credit Score Requirement: Good to Excellent (670-799).
– Special Features: Travel insurance, purchase protection, and auto rental insurance.

Business Rewards Preferred from Ocean Bank Pros and Cons

Pros:

1. Introductory APR: The 0% introductory APR for the first 6 billing cycles on purchases and balance transfers is highly advantageous for businesses looking to manage initial expenses without incurring interest.
2. Annual Fee Waiver: The $0 annual fee for the first year makes it easier for new cardholders to test out the card’s benefits without upfront costs.
3. Rewards System: The 1x point per $1 spent on every purchase is straightforward and versatile, allowing businesses to accumulate points on all expenses.
4. Travel and Purchase Protections: Features like MasterRental Insurance Coverage and purchase protection provide additional security for business-related expenditures.

Cons:

1. Foreign Transaction Fee: A foreign transaction fee can be a drawback for businesses that frequently make international purchases.
2. Annual Fee After First Year: The $75 annual fee after the first year might be a deterrent for some, especially if the rewards earned don’t offset this cost.
3. Variable APR: While the introductory APR is attractive, the regular variable APR of 14.99% – 22.99% can be on the higher side, particularly for businesses that may carry a balance.
4. Limited Bonus Categories: Unlike some other business credit cards, there are no bonus categories for specific types of spending, which could limit the card’s appeal for businesses with specific spending patterns.

Business Rewards Preferred from Ocean Bank Benefits

1. Rewards Program

The Business Rewards Preferred card offers a simple yet effective rewards program. Cardholders earn 1x point per $1 spent on every purchase, regardless of the category. This uniform earning structure is beneficial for businesses with varied spending habits, as it ensures that every dollar spent translates into rewards points.

2. Introductory APR Offers

One of the card’s standout features is its 0% introductory APR for the first 6 billing cycles on both purchases and balance transfers. This offer can be particularly beneficial for new businesses or those looking to manage cash flow more effectively. It provides an opportunity to make significant purchases or consolidate existing debt without incurring immediate interest charges.

3. Travel Benefits

For businesses that involve travel, the Business Rewards Preferred card offers valuable protections. The MasterRental Insurance Coverage is a notable feature, providing coverage for physical damage and theft of rented vehicles, as well as theft or damage to personal effects inside the vehicle. This can be a significant cost-saver for businesses that frequently rent cars for travel.

4. Purchase Protection

Purchase protection is another important benefit, offering peace of mind for business purchases. This feature can cover the cost of repairing or replacing eligible items that are damaged or stolen within a certain period after purchase. This is particularly valuable for businesses that regularly invest in expensive equipment or technology.

5. Fraud Protection

Ocean Bank provides robust fraud protection measures, ensuring that unauthorized transactions are detected and addressed promptly. This is a crucial feature for any business, as it helps safeguard against potential financial losses due to fraudulent activity.

6. No Annual Fee for the First Year

The absence of an annual fee for the first year makes the Business Rewards Preferred card an attractive option for new cardholders. This allows businesses to evaluate the card’s benefits and rewards program without an immediate financial commitment.

Rate and Fee Information

Understanding the rates and fees associated with the Business Rewards Preferred card is essential for making an informed decision. Here is a detailed breakdown:

Purchase Intro APR

– 0% Introductory APR: For the first 6 billing cycles from the date your account is opened, you will enjoy a 0% APR on purchases. This can be a significant advantage for managing initial business expenses.

Purchase APR

– Variable 14.99% – 22.99%: After the introductory period, the APR for purchases will vary based on your creditworthiness. It’s important to note that this can be relatively high, especially if you tend to carry a balance.

Intro Balance Transfer APR

– 0% Introductory APR: Like the purchase APR, balance transfers also benefit from a 0% introductory APR for the first 6 billing cycles. This can be useful for consolidating existing debt.

Balance Transfer APR

– Variable 14.99% – 22.99%: Post the introductory period, the APR for balance transfers will also vary between 14.99% and 22.99%, depending on your credit profile.

APR for Cash Advances

– 26.99% Variable: The APR for cash advances is relatively high, and businesses should be cautious about using this feature due to the significant cost involved.

How to Avoid Paying Interest

– Grace Period: Your due date is at least 25 days after the close of each billing cycle. To avoid paying interest on purchases, ensure that you pay your entire balance by the due date each month.

Fees

– Annual Fee: $0 for the first year, $75 thereafter.
– Balance Transfer Fee: Either $10 or 4% of the amount of each transfer, whichever is greater.
– Cash Advance Fee: Either $10 or 4% of the amount of each advance, whichever is greater.
– Penalty Fees: Up to $37 for return payments and late payments.
– APR Penalty Fee: 23.99% for returned payments and late payments.

About the Issuer: Ocean Bank

Ocean Bank is a reputable financial institution known for offering a variety of credit card options tailored to different needs. The Business Rewards Preferred card is one of their offerings aimed at business owners who seek a blend of rewards and practical benefits. Ocean Bank provides robust customer service and online account management features, making it convenient for cardholders to manage their accounts and pay bills.

Conclusion

The Business Rewards Preferred from Ocean Bank is a solid choice for businesses looking for a straightforward rewards program and useful travel and purchase protections. Its 0% introductory APR for the first 6 billing cycles on both purchases and balance transfers can be particularly advantageous for new businesses or those seeking to manage cash flow effectively.
However, the card’s value proposition is somewhat tempered by the $75 annual fee after the first year and the relatively high variable APR. Additionally, the foreign transaction fee could be a limitation for businesses that frequently make international purchases.
In summary, the Business Rewards Preferred card offers a range of benefits that can be highly valuable, particularly for businesses with diverse spending needs. The introductory APR offers, travel protections, and purchase protection features make it a compelling option. However, potential cardholders should carefully consider the ongoing costs and ensure that the rewards earned justify the annual fee in the long run.
For businesses that can maximize the rewards and benefits, the Business Rewards Preferred from Ocean Bank can be a powerful tool in their financial arsenal. As always, it’s crucial to assess your specific business needs and compare this card with other available options to ensure it aligns with your financial strategy.