Business Visa® from Synovus Bank Review

When considering a credit card for your business, there are numerous factors to weigh, including fees, interest rates, rewards, and additional benefits. The Business Visa® from Synovus Bank is a unique offering that stands out in several areas while presenting some drawbacks in others. This review will delve deeply into the various aspects of the Business Visa® from Synovus Bank, providing a comprehensive analysis to help you decide if this card fits your business needs.

Business Visa® from Synovus Bank Key Takeaways

Before diving into the detailed sections, here are the key takeaways for the Business Visa® from Synovus Bank:
1. No Cash Back or Rewards Program: This card does not offer cash back, miles, or points, which might be a deal-breaker for businesses looking to maximize their spending.
2. Introductory APR Offers: It comes with a 0% introductory APR for the first 6 months on purchases and balance transfers, making it a good option for businesses planning significant initial expenditures.
3. Variable APR: After the introductory period, the APR ranges from 14.49% to 24.99%, depending on your creditworthiness.
4. No Annual Fee: The card has no annual fee, which is a significant advantage for cost-conscious businesses.
5. Fees: Although there are no fees for balance transfers, there is a 5% fee (with a $10 minimum) for cash advances, and late or returned payments can cost up to $39.
6. Credit Score Requirement: The card is available to applicants with good to excellent credit scores (670-799).
7. Additional Benefits: Includes purchase protection, extended warranty protection, lost luggage reimbursement, auto rental insurance, and 24/7 travel assistance.

Business Visa® from Synovus Bank Pros and Cons

Pros

1. No Annual Fee: One of the standout features of the Business Visa® from Synovus Bank is the absence of an annual fee. This is particularly beneficial for small businesses that need to manage their expenses carefully.
2. 0% Intro APR: The 0% introductory APR for the first 6 months on both purchases and balance transfers can be extremely advantageous for businesses planning large initial investments or looking to consolidate debt.
3. Purchase Protection and Extended Warranty: These benefits can provide peace of mind when making significant purchases for your business.
4. Travel-related Benefits: Lost luggage reimbursement, auto rental insurance, and 24/7 travel assistance can be valuable for businesses that require frequent travel.

Cons

1. No Rewards Program: The absence of any cash back, miles, or points means that you won’t be able to earn rewards on your business expenditures, which could be a significant disadvantage compared to other business credit cards.
2. Foreign Transaction Fee: This card charges a foreign transaction fee, which can add up quickly if your business involves international travel or purchases.
3. High Cash Advance Fees: A 5% fee (with a $10 minimum) for cash advances can be quite high, especially if your business relies on cash advances.
4. Variable APR: After the introductory period, the APR ranges from 14.49% to 24.99%, which can be relatively high depending on your creditworthiness.

Business Visa® from Synovus Bank Benefits

1. No Annual Fee

The lack of an annual fee is a significant benefit, particularly for small businesses or startups looking to minimize their overhead costs. This feature allows you to hold the card without worrying about an additional yearly expense, making it easier to justify keeping the card for its other benefits.

2. Introductory APR Offers

The 0% introductory APR for the first 6 months on purchases and balance transfers is a notable feature. This can be particularly useful for businesses with upcoming large expenses or those looking to consolidate existing debt. By taking advantage of the introductory APR, businesses can make significant purchases or transfer balances without incurring interest for the first six months, providing a valuable period to manage cash flow and finances more effectively.

3. Purchase Protection and Extended Warranty

The purchase protection benefit can help cover the cost of repairs or replacements for eligible items purchased with the card. This can be particularly useful for businesses that frequently purchase equipment or other high-value items. Extended warranty protection extends the manufacturer’s warranty on eligible items, providing additional peace of mind and potentially saving your business money on repairs or replacements.

4. Travel-related Benefits

For businesses that require frequent travel, the Business Visa® from Synovus Bank offers several travel-related benefits. Lost luggage reimbursement can help cover the cost of replacing lost items, while auto rental insurance can provide coverage for rental vehicles, potentially saving your business money on additional insurance costs. The 24/7 travel assistance service can also be a valuable resource, providing help with travel arrangements, emergency services, and more.

5. Manage Your Account Easily

Synovus Bank provides convenient options for managing your account and paying your bill. You can manage your account online through the credit card issuer’s website, making it easy to track your spending, review statements, and make payments. Additionally, customer service is available to assist with any questions or issues you may encounter.

Conclusion

The Business Visa® from Synovus Bank is a solid option for businesses looking for a credit card with no annual fee and a 0% introductory APR on purchases and balance transfers. The additional benefits, such as purchase protection, extended warranty protection, and travel-related benefits, add to the card’s appeal. However, the lack of a rewards program and the presence of a foreign transaction fee may be significant drawbacks for some businesses.
Ultimately, whether this card is the right choice for your business depends on your specific needs and spending habits. If you prioritize low fees and introductory APR offers, the Business Visa® from Synovus Bank could be a great fit. However, if earning rewards on your business expenditures is important to you, you may want to consider other business credit cards that offer cash back, miles, or points. As always, carefully evaluate your business’s financial needs and compare different credit card options to find the best fit.
In conclusion, the Business Visa® from Synovus Bank presents a mix of advantages and disadvantages that make it suitable for certain business profiles. By understanding the card’s features, benefits, and potential drawbacks, you can make an informed decision that aligns with your business’s financial goals and needs.