Business Select Mastercard® from Randolph-Brooks Federal Credit Union Review

In today’s financial ecosystem, credit cards have become indispensable tools for managing personal and business finances. Among the myriad options available, the Business Select Mastercard® from Randolph-Brooks Federal Credit Union stands out for its straightforward approach to rewards and fees. This in-depth review will give you a comprehensive look at the features, benefits, and potential drawbacks of this credit card, helping you make an informed decision.

Business Select Mastercard® Review

The Business Select Mastercard® from Randolph-Brooks Federal Credit Union (RBFCU) is designed to cater to the financial needs of business owners who seek simplicity and value. With a flat 2% cashback on all purchases and no annual fee, this card is an appealing option for businesses looking to streamline their expenses while earning consistent rewards.

Card Overview

– Cashback Rate: 2% on all purchases
– Annual Fee: $0
– Purchase APR: 18.00% Variable
– Intro Balance Transfer APR: 2.9% for the first 90 days
– Balance Transfer APR: 18.00% Variable
– Cash Advance APR: 2.9% for the first 90 days, then 18.00% Variable
– Credit Requirement: Good to Excellent (670-799)
– Additional Benefits: $1 million travel accident insurance

Business Select Mastercard® Key Takeaways

Simplicity and Value

One of the standout features of the Business Select Mastercard® is its straightforward rewards structure. You earn a flat 2% cashback on all purchases, eliminating the need to track rotating categories or specific spending thresholds. This simplicity is a significant advantage for business owners who prefer a no-fuss approach to earning rewards.

No Annual Fee

The lack of an annual fee makes this card particularly attractive, as it allows businesses to maximize their cashback earnings without worrying about offsetting the cost of maintaining the card.

Competitive Intro APR for Balance Transfers and Cash Advances

The introductory APR of 2.9% for balance transfers and cash advances during the first 90 days provides a valuable opportunity for businesses to manage existing debt or access short-term financing at a low cost.

Travel Accident Insurance

With $1 million in travel accident insurance, this card offers a level of security that is especially beneficial for business travelers. This insurance can cover a wide range of incidents, providing peace of mind during business trips.

Business Select Mastercard® Pros and Cons

Pros

1. No Annual Fee: The absence of an annual fee allows businesses to keep more of their cashback rewards.
2. Flat 2% Cashback: Earn a consistent 2% cashback on all purchases, simplifying the rewards process.
3. Intro APR Offers: The introductory APR of 2.9% on balance transfers and cash advances provides financial flexibility.
4. Good Credit Range: Available to those with good to excellent credit, making it accessible to a broad range of applicants.
5. Travel Insurance: $1 million in travel accident insurance is a valuable perk for frequent travelers.

Cons

1. No Welcome Bonus: Unlike some competitors, this card does not offer a sign-up bonus, which could be a drawback for those seeking immediate rewards.
2. No Intro APR on Purchases: While there are introductory APR offers for balance transfers and cash advances, there is no similar offer for purchases.
3. Late Payment Fees: Late and return payment fees can add up, so timely payments are crucial to avoid additional costs.

Business Select Mastercard® Benefits

Cashback Rewards

The Business Select Mastercard® offers a flat rate of 2% cashback on all purchases, which is highly competitive in the business credit card market. This consistent rewards rate can be especially beneficial for businesses with varied spending patterns, as it eliminates the need to optimize spending across different categories.

Travel Accident Insurance

One of the standout benefits of this card is the $1 million travel accident insurance. This coverage can provide significant financial protection in the event of an accident while traveling, which is an invaluable benefit for business owners and employees who frequently travel for work.

No Annual Fee

The absence of an annual fee is a significant advantage, enabling businesses to earn rewards without incurring additional costs. This makes the Business Select Mastercard® an excellent option for budget-conscious business owners.

Intro APR Offers

The introductory 2.9% APR for balance transfers and cash advances during the first 90 days is a notable benefit. This offer allows businesses to manage existing debt or access short-term financing at a low cost, providing financial flexibility during the crucial early months of card ownership.

Fraud Protection

As with all Mastercard products, the Business Select Mastercard® comes with robust fraud protection features. These include zero liability protection for unauthorized transactions and advanced security measures to safeguard your account information.

Conclusion

The Business Select Mastercard® from Randolph-Brooks Federal Credit Union is a compelling option for business owners seeking a simple, value-driven credit card. With a flat 2% cashback on all purchases, no annual fee, and valuable travel insurance, this card offers robust benefits without the complexity or cost of some competitors.
However, the lack of a welcome bonus and an introductory APR period on purchases may be a drawback for some. Overall, this card is best suited for business owners who prioritize consistent rewards and low fees over initial bonuses and promotional offers.
In summary, the Business Select Mastercard® stands out as a reliable and straightforward choice for business owners looking to maximize their cashback rewards while minimizing costs. If these features align with your business needs, this card could be a valuable addition to your financial toolkit.