Visa® Cash Back Business from Black Hills Federal Credit Union Review

In today’s dynamic financial world, choosing the right credit card can be a daunting task. With an endless array of options, it becomes essential to select a card that not only fits your spending habits but also maximizes the benefits you receive. Today, we delve into a comprehensive review of the Visa® Cash Back Business Credit Card offered by the Black Hills Federal Credit Union. This card promises to offer a range of features, from cash back on everyday purchases to travel benefits. As a seasoned financial expert, I will break down the key aspects of this card to help you make an informed decision.

Visa® Cash Back Business from Black Hills Federal Credit Union Review

The Visa® Cash Back Business Credit Card from Black Hills Federal Credit Union is designed to cater to the needs of small business owners and entrepreneurs. It offers a straightforward cash back reward system, competitive interest rates, and a host of travel-related benefits. The card boasts no annual fee, making it an attractive option for businesses looking to manage their expenses without incurring additional costs.

Visa® Cash Back Business Key Takeaways

Before we delve into the nitty-gritty of this credit card, here are some key takeaways that set this card apart from others in the market:
– Cash Back Rewards: Earn 1.5% cash back on everyday purchases.
– No Annual Fee: Enjoy the benefits of this card without paying an annual fee.
– Introductory APR: Benefit from a 2.90% introductory APR for the first 12 months on purchases and balance transfers.
– Variable APR: Post-introductory APR ranges from 7.75% to 17.90%, depending on your creditworthiness.
– No Fees for Balance Transfers or Cash Advances: Move your balances or take out cash without incurring additional fees.
– Travel Benefits: Includes $500,000 Travel Accident Insurance and Auto Rental Collision Damage Waiver.
– Good Credit Requirement: Requires a credit score in the range of 670-739.

Visa® Cash Back Business Pros and Cons

Understanding the pros and cons of a credit card can help you weigh its advantages against its limitations. Here’s a detailed look:

Pros:

– No Annual Fee: One of the standout features of this card is the absence of an annual fee, which means you can enjoy the benefits without worrying about an additional yearly cost.
– 1.5% Cash Back on Everyday Purchases: This competitive cash back rate applies to all purchases, making it simple to accumulate rewards.
– Low Introductory APR: A 2.90% introductory APR for the first 12 months on both purchases and balance transfers can help you manage initial expenses or consolidate debt at a lower cost.
– No Fees for Balance Transfers or Cash Advances: Unlike many other cards, this one does not charge fees for these transactions, providing more flexibility in managing your finances.
– Travel Benefits: The card offers significant travel-related benefits, including $500,000 Travel Accident Insurance and Auto Rental Collision Damage Waiver, which can be particularly useful for business travel.
– Low Variable APR: After the introductory period, the APR range of 7.75% to 17.90% is relatively low compared to many other business credit cards on the market.
– Good Credit Approval: While a credit score of 670-739 is required, it is accessible for many small business owners who maintain good credit.

Cons:

– Foreign Transaction Fee: The card does charge a foreign transaction fee, which may be a drawback for businesses that frequently make international purchases.
– No Current Sign-Up Bonus: While many credit cards offer a sign-up bonus to entice new customers, this card does not have any current promotional offers.

Visa® Cash Back Business Benefits

The benefits of the Visa® Cash Back Business Credit Card extend beyond the cash back rewards and low fees. Let’s explore these in more detail:

Cash Back Rewards

One of the primary attractions of this card is the 1.5% cash back on all everyday purchases. Unlike tiered rewards systems, which offer varying percentages based on the type of purchase, this card keeps it simple and straightforward. This can be particularly advantageous for businesses with diverse spending categories, ensuring that you earn a consistent reward rate.

Travel Benefits

For business owners who travel frequently, the travel-related benefits of this card can prove invaluable. The $500,000 Travel Accident Insurance provides peace of mind, covering you in the event of an accident during travel. Additionally, the Auto Rental Collision Damage Waiver offers coverage when renting a vehicle, which can save you money on car rental insurance fees.

Low Fees

The absence of an annual fee, balance transfer fee, and cash advance fee makes this card highly cost-effective. These savings can add up significantly over time, especially for businesses that utilize these features regularly.

Low Introductory and Variable APR

The 2.90% introductory APR for the first 12 months provides an opportunity to manage initial business expenses or consolidate existing debt at a lower cost. After the introductory period, the variable APR remains competitive, ranging from 7.75% to 17.90%, based on your creditworthiness.

Flexible Payment Options

The card offers flexible payment options, with a due date on the 25th of each month. If you pay your entire balance within 25 days of your statement closing date, you will not be charged interest on purchases. This grace period can help you manage cash flow effectively.

Good Credit Requirement

While the card requires a good credit score (670-739), it is accessible for many small business owners who maintain good credit. This requirement ensures that the cardholders are financially responsible, which can lead to more favorable terms and conditions.

Conclusion

In conclusion, the Visa® Cash Back Business Credit Card from Black Hills Federal Credit Union is a compelling option for small business owners and entrepreneurs. Its straightforward cash back rewards, coupled with no annual fee and a range of travel-related benefits, make it an attractive choice. The low introductory and variable APRs, along with the absence of fees for balance transfers and cash advances, further enhance its appeal.
However, it is essential to consider the foreign transaction fee and the lack of a current sign-up bonus when evaluating this card. If your business frequently makes international purchases, you may want to explore other options that do not charge foreign transaction fees.
Overall, this card offers a solid combination of rewards, benefits, and cost savings, making it a valuable tool for managing business expenses. As always, it is crucial to assess your business’s specific needs and spending habits to determine if this card is the right fit for you. With its array of features and benefits, the Visa® Cash Back Business Credit Card from Black Hills Federal Credit Union stands out as a reliable choice for savvy business owners looking to maximize their financial management.