Travel Rewards Visa® Business from PNC Review

In today’s financial landscape, choosing the right credit card can be a crucial decision for both personal and business finances. For business owners, having a card that offers travel rewards can be particularly beneficial, especially if your business demands frequent travel. One such card is the Travel Rewards Visa® Business from PNC. This review aims to provide a comprehensive analysis based on my expertise in financial products, helping you make an informed decision.

Travel Rewards Visa® Business from PNC Key Takeaways

– Miles Accumulation: Earn 1x mile for every $1 in eligible net purchases and 2x miles on the first $2,500 in eligible net purchases.
– No Annual Fee: The card has no annual fee, which can be a significant cost-saving feature.
– Variable APR: The purchase APR ranges from 19.24% to 27.24% variable.
– Good to Excellent Credit Required: A credit score between 670 and 799 is recommended for approval.
– Penalty Fees: The penalty APR is high at 34.24%, and there are various fees for returned payments, late payments, and balance transfers.

Travel Rewards Visa® Business from PNC Pros and Cons

Pros

1. No Annual Fee: Unlike many travel rewards cards, the Travel Rewards Visa® Business from PNC does not charge an annual fee, making it an economical option for small businesses.
2. No Foreign Transaction Fees: This feature is highly advantageous for businesses that operate internationally or have frequent foreign transactions.
3. Double Miles: The ability to earn 2x miles on the first $2,500 in eligible net purchases is a great way to maximize rewards for your business.
4. Purchase Protection and Extended Warranty: These features add an extra layer of security for your business purchases, ensuring that you are covered against theft, damage, or defects.

Cons

1. No Intro APR: The absence of an introductory APR can be a drawback if you are looking to transfer a balance or make a large purchase.
2. High Variable APR: The APR ranges from 19.24% to 27.24%, which is relatively high compared to other business credit cards.
3. Penalty Fees: The penalty APR of 34.24% and various fees for returned payments and late payments can add up quickly if you are not diligent about making payments on time.

Travel Rewards Visa® Business from PNC Benefits

Miles Accumulation

The primary benefit of the Travel Rewards Visa® Business from PNC is its miles accumulation program. You earn 1 mile for every $1 spent on eligible net purchases. Additionally, you earn double miles, 2x, on the first $2,500 in eligible net purchases each billing cycle. This feature can significantly enhance your ability to accumulate rewards, especially if your business has substantial monthly expenses.

No Annual Fee and Foreign Transaction Fees

The absence of both an annual fee and foreign transaction fees is a standout feature. Many travel rewards cards come with a hefty annual fee, which can negate the benefits of the rewards you earn. Similarly, foreign transaction fees can add up if your business involves a lot of international travel or purchases. With the Travel Rewards Visa® Business from PNC, you can avoid these extra costs, making it an economical choice.

Payment Flexibility and Security Features

This card offers several security features that provide peace of mind:
– Purchase Protection: This feature covers eligible purchases against damage or theft for a certain period, usually 90 days from the date of purchase. This can be particularly useful for businesses that invest in expensive equipment or technology.
– Extended Warranty Protection: This benefit extends the manufacturer’s warranty by an additional year on eligible purchases, which can save you money on repairs and replacements.

Credit Requirements

The card is designed for those with good to excellent credit, typically ranging from 670 to 799. If your credit score falls within this range, you are more likely to be approved and enjoy the card’s benefits.

Fees and Penalties

While the card has many benefits, it is essential to be aware of the associated fees and penalties:
– Balance Transfer Fee: Either $5 or 3% of the amount of each balance transfer, whichever is greater.
– Cash Advance Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater, with a maximum fee of $75.
– Penalty Fees: The penalty APR is a steep 34.24%. Returned payment fees are $39, and late payment fees vary based on the previous balance – $15 for balances up to $99.99, $29 for balances from $100 to $249.99, and $39 for balances of $250 or more. Returned check fees are also $39.

Conclusion

In summary, the Travel Rewards Visa® Business from PNC offers a robust set of features tailored for business owners who travel frequently. The no annual fee and no foreign transaction fees are significant advantages, making it a cost-effective choice. The miles accumulation program is competitive, especially with the double miles on the first $2,500 in eligible net purchases.
However, the absence of an introductory APR and the relatively high variable APR are factors to consider. Additionally, the penalty fees can be substantial if you are not careful about making timely payments. Overall, this card is well-suited for business owners with good to excellent credit who can manage their payments responsibly and who want to maximize their travel rewards without incurring additional costs.
Choosing a credit card is a highly individual decision, and it’s crucial to assess your specific business needs and financial situation. With the insights provided in this review, you should be better equipped to decide if the Travel Rewards Visa® Business from PNC aligns with your business goals and financial strategy.