Reasons I got this cash rewards credit card
I already own two U.S. Bank Business Edge credit cards. Cash Rewards Visa generates 3% cash back on gas purchases, phone, and office supplies. I use this card to pay at a gas pump primary. Few months ago I got Chase Ink Business credit card with 5% cash back on internet and phone bills and this card replaced U.S. Bank Business Card for the most of my business related purchases except fuel for my vehicles.
But “As a valued U.S. Bank Platinum Edge cardholder ” I was invited to apply for U.S. Bank Business Edge Cash Rewards World Elite Master Card. Normally I would ignore such invitation, but $200 cash back after spending $1,000 in net purchases in the first 90 days after opening the account plus an additional 25% annual bonus (up to a maximum of $250.00) make me think twice. I estimated roughly my quarterly expenses which go far north of $1,000.00, and decided to accept the offer.
Besides bonus cash, this credit card has no annual fee and 0% introductory APR for the first 15 billing cycles on purchases and on any balance transfers made within the first 30 days after account opening.
Good, but not the best credit card
U.S. Bank Business Edge Cash Rewards World Elite MasterCard will generate decent percentage of cash back on certain purchases, but there are some things I do not like about this card.
First of all, the annual percentage rate on this card is 17.24% and I consider it as extremely high. All of my credit cards, except BankAmericard Cash Rewards have lower than 15% APR. You may want to look for other options if not planning to pay off the entire balance on U.S. Bank Business MasterCard every month after promotional period.
Second, there is 3% balance transfer fee. It’s good if you compare with majority of credit cards because some of them have 4% fee. But Chase charges me 2% for each transaction. High probability, I will just use promotional checks from my Chase Freedom credit card in case I need extra cash.
Third, this credit card is good for certain purchases only. Some of my existing cards have better cash rewards, and I will utilize those to get the most from each and every dollar spent.
First ever online application
All my credits cards from Chase, Bank of America, Citi and U.S. Bank were opened at local branches. I never filled a credit card or loan application online from my home. This time I tried to save an extra minute by not going to the bank and probably spend there at least an hour. The offer I received by email had a link to the U.S. Bank webpage where you can enter a confirmation code and submit the application. I didn’t use the link from e-mail, but copy and paste it in the browser. The application itself was made for customers – very simple, easy to read and understand. I took literally a couple of minutes to put all info in place and click submit button.
In a couple of days I’ve noticed the new business credit card was added to the rest of my U.S. Bank accounts. In a week I received a new credit card with agreement which indicates interest rates, fees, charges and the rights of a credit card holder and financial institution.