Are you a small business owner looking to optimize your business spending and reap rewards? The Truist Business Credit Card may be an excellent option for your company. In this comprehensive guide, we’ll explore the key benefits, drawbacks, and details you need to know about Trusts business credit card offering.
Overview of the Truist Business Credit Card
The Truist Business Credit Card is a Visa card offered by one of the largest banks in the US, Truist Bank. The card provides robust rewards on business spending along with valuable benefits like:
- Up to 3% cash back on common business purchases
- Intro 0% APR on purchases and balance transfers for 12 months
- No annual fee
- Employee cards at no extra cost
- Premium travel and shopping benefits
The card aims to provide an optimal mix of high rewards, flexibility, and perks to power small business success. But how does it actually stack up for today’s entrepreneurs?
Key Benefits of the Truist Business Credit Card
Strong Cash Back Rewards
The Truist Business Credit Card offers up to 3% cash back in popular business spending categories:
- 3% cash back at gas stations, office supply stores, restaurants, and on TV, radio, and digital advertising purchases
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
With the highest tier of rewards on gas, supplies, dining, and advertising, this card targets areas that comprise big expenses for many small businesses. The broad 2% and 1% cash back categories help you earn rewards on the rest of your purchases as well. At the end of each billing cycle, you can redeem your rewards as a statement credit or deposit the cash into an eligible Truist bank account. With no minimum redemption requirements, you can put your earnings to work immediately.
0% Intro APR on Purchases and Balance Transfers
After opening the Truist Business Credit Card, you’ll enjoy a 0% intro APR on all purchases and balance transfers for the first 12 months. This introductory offer allows you to finance large purchases over time or consolidate business debt at 0% interest for a full year. Making large investments in equipment, infrastructure, marketing campaigns, or other growth initiatives becomes more affordable with over a year of no interest financing. Transferring existing balances from high-rate cards can help your business save substantially on interest too. Following the intro period, ongoing APR is 14.24% – 23.24% Variable. Of course, you’ll want to pay your bill in full each month once the 0% APR term ends to avoid interest charges.
No Annual Fee
Most rewards business credit cards charge annual fees ranging from $95 – $395. But the Truist Business Credit Card comes with no annual fee at all. You enjoy the same rewards, benefits, and financing options as premium cards but without the hefty annual bill each year. This helps optimize the overall value you get from the card as your business won’t be starting in the hole each year with a big fee.
Employee Cards at No Extra Cost
Managing business expenses across multiple employees can quickly become complex. The Truist Business Credit Card helps streamline things by letting you add employee cards at no additional cost. Employees can use the card for approved purchases, allowing you to set customized spend limits and track expenses by cardholder. As the primary cardholder, you’re responsible for paying the overall monthly bill. But separating employee spending helps you see where money is being spent and manage your team’s budgets. With no fees for employee cards, you can issue cards to your whole team if desired. This makes the card ideal for businesses with several authorized spenders to manage.
Also Read: Best Small Business Credit Cards of 2024
Premium Benefits and Perks
In addition to the core rewards and financing options, the Truist Business Credit Card comes with an array of premium perks:
- Visa SavingsEdge: Get extra discounts and offers on business products/services from participating vendors. Discounts apply automatically when you pay with your card.
- Visa Commercial Benefits: Enjoy expanded purchasing power with flexible payment terms and consolidated billing/shipping with participating suppliers. Access dedicated customer service and reporting as well.
- Extended Warranty Protection: Doubles original manufacturer warranties of 3 years or less up to 1 additional year on eligible warranties.
- Purchase Protection: Covers new purchases for 120 days against damage or theft up to $10k per claim and $50k per year.
- Travel Accident Insurance: Receive up to $100k coverage for accidental death/dismemberment while traveling if booked on the card.
- Auto Rental Insurance: Supplementary coverage for rental vehicles up to 31 days reducing liability for theft and damage.
- Emergency Card Replacement & Cash Disbursement: Receive emergency card replacement and/or emergency cash at a Visa provider location free of charge if you lose your card while traveling.
- Visa Concierge Service: Get help booking travel, finding gifts, making reservations, and more 24/7.
For a no annual fee card, the Truist Business Credit Card packs tremendous value through its rewards, perks, and benefits well beyond most competitors.
Drawbacks to Consider
While the Truist Business Credit Card marks a strong choice overall, a few drawbacks are worth noting:
- Rewards are only earned on the primary card, not employee cards. Employees won’t earn their own points.
- Foreign transaction fees apply at 3% of the total transaction amount. Not ideal for businesses with international operations/spending.
- Balance transfers incur a fee of 3% per transfer, though still cheaper than paying interest.
- No signup bonus exists currently to earn extra rewards upon opening the card.
Most competitors offer signup bonuses and a few have low/no foreign transaction fees. And if you need your employees to earn their own rewards, this isn’t the optimal choice. Assessing your specific business situation is key. That said, the rewards program, 0% intro APR, no annual fee, and other perks still provide robust ongoing value for many business owners.
Who Should Get the Truist Business Credit Card?
The Truist Business Credit Card best suits:
New/small businesses – The 0% intro APR and no annual fee optimize the card for small business owners without established credit history or high revenues. Easy to qualify and start building credit.
Businesses with variable monthly spending – Bonus categories like gas and dining fluctuate monthly, so you can earn more rewards in spend-heavy months.
Service businesses – The 3% back for restaurants caters nicely to restaurants, caterers, food trucks, etc. Rideshare/delivery businesses also benefit from the gas rewards.
B2B companies- With bonus spend at office supply stores and wholesale clubs, the card suits companies with regular business-related purchases.
Firms with multiple employees – The no fee employee cards option works nicely for companies that need to authorize cards across their team.
Advertising agencies– The 3% back on digital, TV, and radio ads directly rewards ad agencies’ biggest expense.
Overall, Truist’s card best serves small businesses optimizing cash flow and with spending concentrated in the rewards categories. Service businesses and companies managing employee spend stand to gain as well. Before applying, make sure to compare with competitors like the Capital One Spark Cash Plus which offers a signup bonus. But for a no fee business card, Truists offering is quite competitive.
How to Apply and Manage the Truist Business Credit Card
Ready to enjoy the benefits and convenience of the Truist Business Credit Card for your company? Here are some tips for applying and managing the account effectively:
Applying for the Card
You can submit an application online in just a few minutes at the Truist website. To qualify, you’ll need:
- Your Social Security Number
- Your business information including legal structure, address, and tax IDs
- An estimate of your company’s monthly card spending
As a newer business card, approval requirements remain relatively accessible compared to more premium products. Leveraging the 0% intro APR is also easiest when you apply early before making large purchases.
After approval, you can start using your card number immediately while you wait for the physical card to arrive by mail. You’ll also get instructions to set up your online account where you can manage your benefits and redemption options.
Adding Employee Cards
Via your online account dashboard, you can easily request additional employee cards. You’ll provide the employee’s name, date of birth, Social Security Number, and spending limit for the card.
Employee cards usually arrive within 10-14 business days. You can set up notifications to monitor employee spending activity and enforce limits through the online portal as well.
Stay on top of your team’s spending with custom reporting available through your Truist account. You can pull reports on metrics like:
- Total monthly spending by cardholder
- Spending by merchant/category
The Truist Business Credit Card provides compelling rewards, introductory financing, and premium perks in a rare no annual fee business card package. The combination of high cash back in key categories, 0% intro APR on purchases and transfers, and benefits like no fee employee cards makes this a well-rounded option for many small business use cases.
From new startups establishing business credit to service companies managing heavy monthly expenses, Truists offering can optimize your firm’s spending and cash flow. Just be sure to compare options like the Capital One Spark Cash Plus before applying. Overall though, the Truist Business Credit Card presents a versatile everyday business card with few negatives given its no annual fee structure.
To seamlessly accept payments and monitor cash flow, pair the card with solutions like 5 Star Processing. Offering customized payment processing with transparent pricing and best-in-class security, 5 Star Processing is a recommended platform for growing businesses. With credit card processing, invoicing, tip management, and POS solutions, they provide the payment tools and insights to maximize profits on every transaction.
The Truist Business Credit Card and 5 Star Processing together provide robust financing, rewards, and payment management well-suited to meet the needs of today’s savvy small business owners. Visit their website today to learn more and apply!