Business Travel Rewards from Truist Bank Review

In today’s fast-paced world where travel has become an integral part of business operations, choosing the right credit card can make a significant difference in managing expenses efficiently. The Business Travel Rewards card from Truist Bank offers a compelling suite of features aimed at providing value to frequent travelers. In this detailed review, we will delve into various aspects of this card, including its key takeaways, benefits, pros and cons, and my unique insights as a financial expert.

Business Travel Rewards from Truist Bank Key Takeaways

Before diving into the detailed analysis, let’s highlight the key aspects of the Business Travel Rewards from Truist Bank:
– Reward Structure: Earn 2 miles for each $1.00 spent on eligible purchases related to airline tickets, car rentals, and hotel lodging. Earn 1 mile for each $1.00 spent on all other eligible purchases.
– Sign-Up Bonus: Earn 20,000 bonus miles when you spend $2,000 within the first 90 days of account opening.
– Annual Fee: Enjoy a $0 introductory annual fee for the first year, followed by a $49 fee thereafter.
– APR: Variable APR ranging from 17.49% to 26.49% for purchases and balance transfers.
– Travel Perks: Up to $85 statement credit for TSA PreCheck® or Global Entry® application fee every four years, travel accident insurance, auto rental collision damage waiver, and lost luggage reimbursement.
– Foreign Transaction Fees: None, which is a significant advantage for international travelers.
– Credit Requirements: Suitable for individuals with good to excellent credit scores (670-799).

Business Travel Rewards from Truist Bank Pros and Cons

A thorough understanding of the pros and cons is essential to make an informed decision about whether this card aligns with your business needs.

Pros

1. Attractive Reward Structure: The card’s 2x miles per $1.00 on travel-related purchases is highly beneficial for frequent travelers. This can accumulate quickly, offering substantial rewards.
2. Sign-Up Bonus: The 20,000 bonus miles is an attractive incentive. Meeting the $2,000 spending requirement within 90 days is achievable for most businesses, making it a lucrative offer.
3. No Foreign Transaction Fees: For international business travelers, the absence of foreign transaction fees can lead to significant savings.
4. Travel Perks: The card offers a variety of travel-related perks, including TSA PreCheck® or Global Entry® fee reimbursement, travel accident insurance, and lost luggage reimbursement, enhancing the travel experience.
5. Introductory Annual Fee Waiver: The $0 introductory annual fee for the first year allows you to test the card’s benefits without an upfront cost.
6. Flexible Redemption Options: Miles can be redeemed for a variety of travel-related expenses, adding flexibility to how you use your rewards.

Cons

1. Annual Fee After First Year: The $49 annual fee after the first year might be a drawback for some users, especially if their travel frequency decreases.
2. High APR: The variable APR ranging from 17.49% to 26.49% is relatively high. Carrying a balance on this card can result in substantial interest charges.
3. No Introductory APR Period: The absence of an introductory APR period for purchases or balance transfers makes this card less attractive for those looking to finance large purchases over time.
4. Penalty Fees: The card imposes significant penalty fees, including up to $39 for late payments and returned payments, which can add up if you are not diligent with payments.

Business Travel Rewards from Truist Bank Benefits

Understanding the benefits in detail will help you gauge how this card can enhance your business travel experience.

Reward Earning Potential

The Business Travel Rewards card shines in its ability to accumulate miles quickly. For every $1.00 spent on eligible purchases such as airline tickets, car rentals, and hotel lodging, you earn 2x miles. This is particularly advantageous for businesses with frequent travel expenses, allowing you to maximize your rewards. Additionally, earning 1x mile for each $1.00 spent on all other eligible purchases ensures that everyday business expenses contribute to your rewards balance.

Sign-Up Bonus

The 20,000 bonus miles offer is a significant incentive for new cardholders. By spending $2,000 within the first 90 days, you can unlock these bonus miles, which can be redeemed for a variety of travel-related expenses. This initial boost to your miles balance can provide immediate value and enhance your travel experiences.

Travel Perks

TSA PreCheck® or Global Entry® Fee Reimbursement

One of the standout features of this card is the up to $85 statement credit per organization every four years towards TSA PreCheck® or Global Entry® application fees. These programs expedite security screening processes, saving you valuable time during travel.

Travel Accident Insurance

Travel accident insurance provides financial protection in case of accidents while traveling. This benefit is crucial for frequent travelers, offering peace of mind knowing that you are covered in case of unforeseen incidents.

Auto Rental Collision Damage Waiver

The auto rental collision damage waiver is a valuable benefit for business travelers who frequently rent cars. This coverage reimburses you for damages caused by theft or collision, up to the actual cash value of most rented cars, reducing the need for purchasing additional insurance from rental companies.

Lost Luggage Reimbursement

Lost luggage reimbursement is another significant perk, providing up to $3,000 per covered trip for lost or misdirected luggage. This ensures that you are compensated for the value of your belongings, offering peace of mind during travel.

Flexible Redemption Options

The miles earned can be redeemed for various travel-related expenses, including flights, hotel stays, car rentals, and more. Additionally, the card offers a Loyalty Travel Bonus based on your Truist business deposit relationship when you redeem miles for travel. This enhances the value of your rewards, providing additional benefits for loyal Truist customers.

No Foreign Transaction Fees

For businesses with international travel needs, the absence of foreign transaction fees is a substantial benefit. This eliminates the additional cost typically associated with using credit cards abroad, resulting in significant savings over time.

Conclusion

In conclusion, the Business Travel Rewards card from Truist Bank presents a compelling option for business travelers seeking to maximize their rewards and enjoy a variety of travel-related benefits. The card’s attractive reward structure, sign-up bonus, and travel perks make it a valuable tool for frequent travelers. However, potential users should be mindful of the annual fee after the first year and the relatively high APR. By carefully considering your business needs and travel frequency, you can determine whether this card aligns with your financial goals and can enhance your travel experiences.
As a financial expert, I recommend this card to businesses with frequent travel expenses and those who can take full advantage of the travel perks offered. The ability to earn 2x miles on travel-related purchases and the flexibility in redeeming rewards make this card a powerful tool for managing travel expenses efficiently. However, it is crucial to pay off the balance in full each month to avoid high-interest charges and maximize the card’s benefits.
Overall, the Business Travel Rewards card from Truist Bank offers a robust suite of features that can significantly enhance your business travel experience, making it a worthy consideration for any business traveler.