Small Business News
U.S. Bank Announces Business Version of Shield Credit Card
Nearly a year after U.S. Bank introduced its Shield credit card, a business version is rolling out.
About the U.S. Bank Business Shield Visa:
This week, U.S. Bank announced the launch of the Business Shield Visa Card. While this version shares some similarities to the consumer card that debuted last year, there are some notable differences as well.
First, while the regular U.S. Bank Shield Visa offers consumers 24 months of 0% APR on purchases and balance transfers, the Business Shield Visa offers up to 18 months of this promo rate. Specifically, those who apply in-branch will recieve 0% APR for 18 billing cycles, while those who apply online will only get this rate for 12 billing cycles. However, after this promo period, cardholders will have the opportunity to set up a no-interest three-month ExtendPay Plan once per calendar year.
In terms of rewards, the U.S. Bank Business Shield card earns 5% cashback on prepaid flights, hotel stays, and car rentals booked via the U.S. Travel Center. That tops the 4% back offered on the consumer version of the card. Also unique to the Business version of the Shield Visa is a $50 annual statement credit for business owners who spend at least $5,000 per year in Travel Center purchases using their card.
Lastly, U.S. Bank Business Shield Visa includes access to U.S. Bank Spend Management. This tool allows business owners to easily sync their transactions to accounting software as well as capture receipts, set card controls, and more.
What They’re Saying:
Discussing the new card option, U.S. Bank’s head of Bank Brand and Small Business Cards Anthony Merola stated, “The Business Shield Visa card is designed to help business owners navigate the unpredictable financial and resource challenges that come with running a small business/ Featuring an industry-leading 0% extended introductory APR on purchases and balance transfers, and access to Spend Management, our expense management platform, this card is a transformative solution for both new and seasoned business owners looking to safeguard their business from the unexpected.”
My Thoughts:
There are a few interesting choices U.S. Bank is making with this card. For one, while I understand prioritizing business owners who apply in person rather than online in terms of the APR promo, I’m surprised that the online deal is half the amount of time offered on the consumer card (which doesn’t have an in-branch differentiator). At least the Business version does up the travel portal rewards to 5%.
Overall, I could see the intro APR offer being attractive to small business owners looking to invest in expansion or other expenses. To that end, the annual ExtendPay feature could also come in handy. However, unless you’re booking a lot of travel on the portal, there are likely better options in terms of cashback.
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