The latest credit card from TD Bank is a business credit card designed to provide entrepreneurs access to small business funding and credit. It’s called the TD Business Solutions Credit Card, and it offers a valuable menu of rewards. Business credit cards work just like personal credit cards, but they focus on the special purchasing needs and habits of entrepreneurs.
Credit Card Rewards
The TD Business Solutions Credit Card has a tiered rewards program. The card pays three percent cash back on internet, phone and cable services. Two percent cash back is applied to gas station and dining purchases, and all other purchases earn one percent cash back.
As long as the account is open and payments are not past due, there is no limit or cap imposed on the amount of rewards points the account holder can accumulate, and the rewards cash never expires. A hundred rewards points equal $1, and according to TD, the average cardholder earns 63,200 points, or $632, in the first year.
Credit Card Opening Offers
When new cardholders spend $3,000 in the first 90 days, they’ll receive 20,000 rewards points, or $200 cash back. New cardholders also enjoy a zero percent introductory APR on balance transfers for the first 12 months.
Credit Card Fees and Interest Rates
Depending on the applicant’s creditworthiness, the interest rate for purchases is either 13.74 percent, 18.74 percent or 23.74 percent.
After the 12-month introductory period, the APR for balance transfers is exactly the same as it is for purchases. Balance transfers also come with a fee, which is the greater of either $10 or four percent of the transfer.
The fee for cash advances is either $10 or five percent of the advance, whichever is greater. The cash advance APR is 23.99 percent.
Although late payment fees can be as high as $35, there is no annual fee and no foreign transaction fee.
Small business credit cards provide entrepreneurs with ongoing access to credit for purchases, advances and transfers. Before applying, it’s important to fully understand all associated fees, charges and rewards.
See More: How to Open a Business Checking Account