SKYPASS Visa Signature® Business Card Review

When searching for the perfect travel credit card, especially for frequent flyers of Korean Air, it’s essential to consider the rewards, benefits, fees, and overall value that the card brings to the table. The SKYPASS Visa Signature® Business Card, issued by U.S. Bank, stands out as a compelling option for those who regularly fly Korean Air and make significant purchases at gas stations and hotels. This review dives deep into the features, benefits, pros and cons, and overall value proposition of the SKYPASS Visa Signature® Business Card, helping you make an informed decision.

SKYPASS Visa Signature® Business Card Key Takeaways

– Reward Structure: Earn 2x miles for every eligible $1 spent on Korean Air ticket purchases, gas stations, and hotels. Earn 1x mile for every $1 spent on all other eligible purchases.
– Sign-Up Bonus: Earn 50,000 bonus miles after spending $5,000 within the first 90 days.
– Annual Fee: $95 annually.
– APR Range: Variable APR ranging from 23.24% to 29.99%.
– Credit Score Requirement: Good to Excellent (670-799).
– Additional Benefits: Includes travel accident insurance, rental collision damage waiver, travel and emergency assistance, and more.

SKYPASS Visa Signature® Business Card Pros and Cons

Pros:

– No Foreign Transaction Fees: Ideal for international travelers.
– Generous Sign-Up Bonus: Earn 50,000 bonus miles with a reasonable spending threshold.
– Travel Perks: Includes $50 off Korean Air ticket purchase annually, two KAL Lounge coupons per year, and up to $1,000,000 in travel accident insurance.
– Flexible Rewards: Earn miles on a variety of purchases, not limited to just airline tickets.

Cons:

– Annual Fee: $95 annual fee, which may be a consideration for some users.
– High APR: Variable APR ranges from 23.24% to 29.99%, which can be costly if carrying a balance.
– No Intro APR Period: Lack of an introductory APR period for purchases or balance transfers.

SKYPASS Visa Signature® Business Card Benefits

Reward Program

The SKYPASS Visa Signature® Business Card offers a robust reward program designed to maximize miles for frequent travelers. Here’s how it breaks down:
– 2x Miles on Korean Air Ticket Purchases: For every eligible $1 spent on Korean Air ticket purchases, cardholders earn 2x miles. This is particularly advantageous for those who frequently travel with Korean Air.
– 2x Miles at Gas Stations and Hotels: This card also offers 2x miles for every $1 spent at gas stations and hotels, making it a versatile option for business travelers who incur significant expenses in these categories.
– 1x Mile on All Other Purchases: For all other eligible purchases, cardholders earn 1x mile per $1 spent.

Sign-Up Bonus

One of the standout features of the SKYPASS Visa Signature® Business Card is its sign-up bonus. New cardholders can earn a substantial 50,000 bonus miles after spending $5,000 within the first 90 days of account opening. This can significantly boost your mileage balance and get you closer to your next reward flight.

Annual Benefits

The card offers several annual benefits that can enhance your travel experience:
– $50 Off Korean Air Ticket Purchase: Each year, cardholders receive a $50 coupon for a Korean Air ticket purchase. This can help offset the cost of the annual fee and provide some savings on your travel expenses.
– Two KAL Lounge Coupons: Cardholders receive two KAL Lounge coupons each year. These coupons grant access to Korean Air lounges in North American gateway cities and the KAL Prestige Lounge at Incheon, providing a more comfortable and relaxing travel experience.

Travel and Emergency Assistance

Traveling can sometimes come with unexpected challenges. The SKYPASS Visa Signature® Business Card offers travel and emergency assistance services designed to help you in case of an emergency while traveling. This includes services such as medical and legal referrals, emergency transportation assistance, and more.

Travel Accident Insurance

For added peace of mind, this card includes up to $1,000,000 in travel accident insurance. This benefit provides coverage in the event of accidental death or dismemberment while traveling, adding an extra layer of security for you and your loved ones.

Visa Concierge Service

Cardholders can take advantage of the Visa Concierge service, which offers complimentary 24/7/365 travel and entertainment assistance. Whether you need help with travel arrangements, event tickets, or restaurant reservations, the Visa Concierge is there to assist you.

Auto Rental Collision Damage Waiver

When renting a car, the SKYPASS Visa Signature® Business Card provides a collision damage waiver (CDW) as additional insurance coverage. This can save you money by allowing you to decline the rental company’s CDW and still be covered in case of damage or theft.

Visa Travel and Shopping Offers

As a Visa Signature cardholder, you gain access to special offers from fine hotels, resorts, and retail merchants. These offers can include discounts, upgrades, and other exclusive perks that enhance your travel and shopping experiences.

Rate and Fee Information

Annual Fee

The SKYPASS Visa Signature® Business Card has an annual fee of $95. While this fee may be a consideration for some users, the card’s benefits and rewards can easily outweigh the cost for frequent travelers and those who utilize the card’s perks.

Purchase APR

The variable APR for purchases ranges from 23.24% to 29.99%, depending on your creditworthiness. This is on the higher side, so it’s important to pay off your balance in full each month to avoid interest charges.

Balance Transfer and Cash Advance Fees

– Balance Transfer Fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater.
– Cash Advance Fee: Either 4% of the amount of each advance or $5 minimum, whichever is greater.

Penalty Fees

– Returned Payment Fee: $39
– Late Payment Fee: $19 on balances up to $100, $29 on balances from $100 up to $250, $39 on balances of $250 or more.
– Penalty APR: 32.24%

How to Avoid Paying Interest

To avoid paying interest on new purchases, your due date is 24-30 days after the close of each billing cycle. You will not be charged interest if you pay your entire balance, or the Plan Adjusted Balance if you have any Fixed Payment Program balance(s), in full by the due date each month.

Conclusion

The SKYPASS Visa Signature® Business Card is a powerful tool for frequent flyers of Korean Air and business travelers who spend heavily on gas and hotels. With its attractive rewards structure, generous sign-up bonus, and valuable travel perks, this card can provide significant value.
The key benefits, such as no foreign transaction fees, travel accident insurance, and access to Korean Air lounges, can greatly enhance your travel experience. However, it’s important to consider the annual fee and high APR, especially if you tend to carry a balance.
Ultimately, if you are a frequent Korean Air traveler and can leverage the card’s rewards and benefits, the SKYPASS Visa Signature® Business Card can be a valuable addition to your wallet. By using this card strategically, you can maximize your miles, enjoy exclusive perks, and make your travel experiences more rewarding and enjoyable.
As with any financial decision, it’s crucial to carefully evaluate your spending habits, travel patterns, and financial goals before applying for this card. By doing so, you can ensure that the SKYPASS Visa Signature® Business Card aligns with your needs and helps you make the most of your travel adventures.