U..S. Bank is launching not one but two new rewards credit cards for small business owners.
About the U.S. Bank Business Essentials Visa Card and Business Essentials Plus Visa Signature Card:
Today, U.S. Bank officially unveiled its two new business credit cards: the U.S. Bank Business Essentials Visa Card and Business Essentials Plus Visa Signature Card. While both cards offer a base fo 2% cashback, each also features opportunities for business owners to earn even more.
First, the U.S. Bank Business Essentials card offers up to 2.5% cashback with qualifying business checking balance requirements. Specifically, cardholders with qualifying balances of at least $10,000 can unlock the higher cashback rate. However, the 2.5% cashback is capped at $10,000 in eligible purchases (subsequent purchases earn the base 2% rate). The Business Essentials card has no annual fee.
Meanwhile, with the $295 annual fee U.S. Bank Business Essentials Plus card, customers can earn up to 3.5% cashback. In this case, there are different earning tiers based on qualifying business checking balances. Here’s the breakdown:
| Qualified Balance | Cashback Rate |
| $0-$14,999 | 2% |
| $15,000-$74,999 | 2.5% |
| 75,000 to $149,999 | 3% |
| $150,000 or more | 3.5% |
These rates have an annual cap of $200,000 in eligible purchases.
In addition to these cashback rates, cardholders will automatically earn 5% cashback on their top eligible spending category (on up to $200,000 in spending annually). Qualifying spending categories include:
- Accounting & tax services
- Airlines
- Cell phone service providers
- Dining
- Entertainment (such as bowling alleys, golf courses, entertainment parks)
- Office supply stores
- Postal & shipping services
With the launch of these cards, U.S. Bank is also offering welcome bonuses for both options. New Business Essentials cardholders can earn $500 bonus cashback after spending $5,000 on the card within the first 150 days. As for the Business Essentials Plus, it’s offering $1,000 cashback after $15,000 in spending during the first 150 days from account opening.
What They’re Saying:
Discussing the cards, U.S. Bank SEVP of Payments, Consumer and Small Business said, “Our new Business Essentials cards offer small business owners straightforward, easy-to-use benefits that help simplify their spending, banking and expense management,” adding, “Our goal is to build long-lasting relationships with small business owners through integrated solutions, not simply give them a card.”
My Thoughts:
I didn’t get a chance to mention it in the main section — but, yes, that is Jessica Alba in the featured image. U.S. Bank has tapped her to appear in a new ad campaign for these cards.
Anyway, these seem like pretty interesting options. Although determining which card is best for you and your business will depend on how much cash you can hold in your qualifying business checking account. Also, while up to 3.5% back on essentially everything plus 5% back on your top eligible spending category sounds amazing, the $295 annual fee (with nothing in the way of credits to offset that) means you’ll really want to crunch some numbers before deciding if the upgrade is worth it.
