Visa® Traditional Business from Black Hills Federal Credit Union Review

When it comes to selecting the right credit card for your business, the plethora of options available in the market can be overwhelming. From cards that offer cash back, miles, or points to those with enticing introductory offers, the choice often boils down to what best suits your business needs. However, in this sea of options, sometimes the best choice is a card that keeps it simple and straightforward. The Visa® Traditional Business card from Black Hills Federal Credit Union is one such card. This card eschews the frills and focuses on providing a low-interest, no-fee experience for business owners who prefer simplicity and utility over rewards.
In this comprehensive review, we will delve into every aspect of the Visa® Traditional Business card to help you decide if it is the right fit for your business.

Visa® Traditional Business from Black Hills Federal Credit Union Key Takeaways

Before we dive into the details, let’s summarize the key takeaways of the Visa® Traditional Business card:
– No Annual Fee: The card does not charge an annual fee, making it an economical choice for budget-conscious business owners.
– Low Interest Rates: With a variable APR ranging from 7.75% to 17.90%, the card offers some of the lowest interest rates in the market.
– No Fees for Balance Transfers and Cash Advances: Unlike many other cards, this one does not charge fees for balance transfers or cash advances.
– No Rewards Program: The card does not offer cash back, miles, or points, which might be a drawback for some businesses.
– Fair to Good Credit Required: The card is accessible to those with fair to good credit scores (580-739).
– Issuer: Black Hills Federal Credit Union is the issuer, known for its personalized customer service and community focus.

Visa® Traditional Business from Black Hills Federal Credit Union Pros and Cons

Every credit card comes with its own set of advantages and disadvantages. Here’s a detailed look at the pros and cons of the Visa® Traditional Business card.

Pros

1. No Annual Fee:
The absence of an annual fee is a significant advantage, especially for small businesses looking to minimize costs. Many business credit cards come with hefty annual fees that can eat into your budget, so a $0 annual fee is a welcome relief.
2. Low Interest Rates:
The card offers a variable APR ranging from 7.75% to 17.90%. This is considerably lower than the industry average, making it an excellent choice for businesses that may carry a balance from month to month. The low interest rate can result in substantial savings over time.
3. No Balance Transfer Fee:
If you’re looking to consolidate debt from other high-interest credit cards, the Visa® Traditional Business card provides an ideal solution with no fee for balance transfers. This can help you manage your debt more effectively and save on interest payments.
4. No Cash Advance Fee:
Cash advances are often associated with high fees and interest rates. However, with this card, you can access cash without incurring additional fees, making it a convenient option for emergency expenses.
5. No Foreign Transaction Fee:
For businesses that operate internationally or frequently travel abroad, the absence of foreign transaction fees can lead to significant savings. Many credit cards charge up to 3% on foreign transactions, so this is a notable benefit.
6. Auto Rental Insurance:
The card includes auto rental insurance, providing coverage for damage due to collision or theft when you rent a car using the card. This can save you money on additional insurance offered by rental companies.

Cons

1. No Rewards Program:
One of the most significant drawbacks of the Visa® Traditional Business card is the lack of a rewards program. Many business owners prefer cards that offer cash back, miles, or points to maximize their spending. If you’re looking to earn rewards, this card might not be the best fit for you.
2. Limited Perks and Benefits:
Compared to other business credit cards, the Visa® Traditional Business card offers limited additional perks and benefits. There are no travel perks, purchase protection, or extended warranties that come with some premium cards.
3. Fair to Good Credit Required:
While the card is accessible to those with fair to good credit, it may not be available to business owners with poor credit scores. If you have a lower credit score, you may need to explore other options.

Visa® Traditional Business from Black Hills Federal Credit Union Benefits

Although the Visa® Traditional Business card does not come with a rewards program, it does offer several benefits that can be valuable to business owners. Let’s explore these benefits in detail.

Low Interest Rates

One of the standout features of this card is its low variable APR, ranging from 7.75% to 17.90%. This is significantly lower than the average APR for business credit cards, which typically ranges from 14% to 24%. For businesses that carry a balance, the low-interest rate can result in substantial savings on interest payments.

No Fees for Balance Transfers and Cash Advances

The Visa® Traditional Business card sets itself apart by not charging fees for balance transfers and cash advances. Many credit cards impose fees of 3% to 5% on balance transfers and cash advances, making this a cost-effective option for managing debt and accessing cash when needed.

No Annual Fee

The absence of an annual fee is a significant benefit, particularly for small businesses looking to minimize expenses. With no annual fee, you can keep the card active without worrying about additional costs eating into your budget.

Auto Rental Insurance

When you use the Visa® Traditional Business card to rent a car, you receive auto rental insurance coverage for damage due to collision or theft. This can save you money on the additional insurance offered by rental companies and provide peace of mind while traveling.

No Foreign Transaction Fee

For businesses that operate internationally or have employees who frequently travel abroad, the lack of foreign transaction fees is a valuable benefit. Many credit cards charge up to 3% on foreign transactions, so this can lead to significant savings over time.

Easy Account Management

Black Hills Federal Credit Union offers convenient online account management, allowing you to monitor your spending, pay your bills, and manage your account from anywhere. The user-friendly interface makes it easy to keep track of your finances and stay on top of your payments.

Personalized Customer Service

As a member of Black Hills Federal Credit Union, you have access to personalized customer service. The credit union is known for its community focus and commitment to providing excellent service to its members. If you have any issues or questions, you can expect responsive and helpful support.

Conclusion

In conclusion, the Visa® Traditional Business card from Black Hills Federal Credit Union is an excellent option for business owners who prioritize low interest rates and no fees over rewards and perks. With its low variable APR, no annual fee, and no fees for balance transfers and cash advances, this card offers a cost-effective solution for managing business expenses.
While the lack of a rewards program may be a drawback for some, the card’s simplicity and low costs make it an attractive choice for budget-conscious businesses. Additionally, the absence of foreign transaction fees and the inclusion of auto rental insurance add to its value.
Overall, the Visa® Traditional Business card is well-suited for businesses that carry a balance and want to minimize interest payments and fees. If you’re looking for a straightforward, no-frills credit card that helps you manage your finances without incurring additional costs, this card is worth considering.
Before making a decision, it’s essential to evaluate your business’s specific needs and financial goals. If you prioritize earning rewards or need additional perks, you may want to explore other options. However, if you value low interest rates and minimal fees, the Visa® Traditional Business card from Black Hills Federal Credit Union is a strong contender.
This comprehensive review aims to provide all the information you need to make an informed decision about the Visa® Traditional Business card. Remember to consider your unique business needs and financial situation when choosing a credit card, and always read the terms and conditions carefully to ensure it aligns with your goals.