Truist Business Credit Card Review

Choosing the right business credit card can be a pivotal decision for any entrepreneur, impacting everything from cash flow to rewards accumulation. With a myriad of options available, how do you determine which card truly aligns with your company's financial needs and spending habits? This comprehensive Truist Business Credit Card review will cut through the clutter, offering a detailed look at Truist's offerings to help you make an informed choice.

Unlocking Business Potential: A Truist Business Credit Card Review

Are you a small business owner navigating the complexities of operational expenses, seeking to optimize your purchasing power, or looking for ways to earn rewards on everyday spending? Finding a business credit card that offers competitive benefits, flexible terms, and robust management tools is crucial. Truist, one of the largest banks in the U.S., provides a suite of business credit cards designed to cater to diverse business needs. But do they deliver on their promise? Let's dive deep into what a Truist Business Credit Card can offer your enterprise.

Overview of Truist Business Credit Cards

Truist offers several business credit card options, each tailored to different financial strategies and spending patterns. While they share common core benefits, their reward structures and introductory offers vary significantly. Understanding these distinctions is key to selecting the best fit for your business.

Key Features and Benefits Across Truist Business Credit Cards

Regardless of the specific Truist business credit card you choose, you can expect a range of features designed to simplify financial management and enhance security:

• Digital Account Management: Easily manage your account, view transactions, and redeem rewards through Truist Online Banking.
• Accounting Software Integration: Simplify your record-keeping by integrating your card data with popular accounting software like QuickBooks.
• Authorized Cardholders: Add employee cards at no additional charge, with the ability to set customized spending limits for each.
• Contactless Payments: Enjoy the convenience and security of contactless payment options at enabled terminals.
• Visa Zero Liability Protection: Benefit from protection against unauthorized use of your card.
• Overdraft Protection: Link your business checking and credit accounts for added overdraft protection.

Delving into Truist's Business Credit Card Options

Truist primarily offers three distinct business credit cards, each with its own set of advantages:

Truist Business Cash Rewards Credit Card

This card is ideal for businesses that prioritize earning cash back on their everyday expenses.

• No Annual Fee: Enjoy the benefits without an annual cost.
• Introductory APR Offer: Typically offers a 0% introductory APR on purchases for a set period (e.g., 9 months).
• Cash Back Rewards:
  • 3% cash back on gas.
  • 2% cash back at restaurants and office supply stores.
  • 1% cash back on all other eligible purchases.
  • Note: The 2% and 3% cash back categories often have a combined monthly spending cap (e.g., $2,000).
• Loyalty Cash Bonus: Earn an additional 10%, 25%, or 50% Loyalty Cash Bonus when you redeem your cash rewards into an eligible Truist business deposit account, based on your relationship with the bank.

Truist Business Travel Rewards Credit Card

For businesses with frequent travel expenses, this card aims to maximize rewards on the go.

• Annual Fee: A modest annual fee (e.g., $49), often waived for the first year.
• Welcome Bonus: Earn bonus miles after meeting a specific spending requirement within the first few months (e.g., 20,000 bonus miles after spending $2,000 within 90 days).
• Travel Rewards:
  • Earn unlimited double miles on airfare, hotels, and car rentals.
  • Earn 1 mile per dollar spent on all other eligible purchases.
• No Foreign Transaction Fees: A significant perk for international business travel.
• TSA Pre✓ or Global Entry Credit: Receive a statement credit towards the application fee.
• Loyalty Travel Bonus: Get an extra bonus when redeeming miles for travel, based on your Truist business deposit relationship.

Truist Business Credit Card (Standard)

This straightforward option is designed for businesses primarily seeking a credit line with a low introductory APR and no annual fee, rather than specific rewards.

• No Annual Fee: A cost-effective solution for managing expenses.
• Extended Introductory APR: Offers a 0% introductory APR on purchases for a longer period (e.g., 12 months) compared to the Cash Rewards card.
• Lower Variable APR: After the introductory period, the variable APR tends to be lower than the rewards-focused cards.
• No Specific Rewards: Unlike the other two cards, this one does not offer a dedicated cash back or travel miles program.

Who Should Consider a Truist Business Credit Card?

A Truist business credit card could be an excellent fit for:

• Existing Truist Customers: If you already have a business checking or savings account with Truist, you might find the application process smoother and could benefit from loyalty bonuses.
• Small Businesses with Moderate Spending: The Cash Rewards card, in particular, offers solid returns on common business expenses like gas, dining, and office supplies, especially for those whose spending fits within the bonus category caps.
• Businesses Seeking 0% APR Periods: All three cards offer introductory 0% APR periods, which can be invaluable for financing large purchases, managing cash flow, or consolidating debt without incurring interest for a significant duration.
• Businesses within Truist's Footprint: As a regional bank, Truist's services are primarily concentrated on the East Coast.

Potential Drawbacks to Consider

While Truist offers compelling features, it's important to be aware of potential limitations:

• Regional Availability: Truist is a regional bank, meaning its services and branch network are not nationwide. This could be a drawback if your business operates outside their primary service areas.
• Reward Category Caps: For high-spending businesses, the monthly caps on bonus cash back categories might limit the overall rewards earned.
• Reward Expiration: Cash rewards and miles earned typically expire after five years.
• Mixed Customer Reviews: While Truist maintains a good rating with the Better Business Bureau, some customer reviews online suggest mixed experiences, particularly concerning customer service.

How to Apply for a Truist Business Credit Card

Applying for a Truist Business Credit Card generally involves a straightforward process, though some steps are crucial for a smooth experience.

1. Gather Your Information: You'll need your Social Security Number, your business's legal structure, address, Tax ID (EIN), and an estimate of your company's monthly card spending.
2. Credit Profile: Truist typically looks for applicants with good credit scores (generally 650 or higher). They are known to primarily hard pull from Equifax for business credit card applications.
3. Bank Relationship (Recommended): While not always mandatory, having an existing business checking or savings account with Truist, and maintaining a relationship (e.g., consistent deposits), can significantly improve your approval odds and potentially lead to higher credit limits.
4. Online or In-Branch Application: You can initiate an application online via the Truist website. However, some sources suggest that for certain situations, or if you prefer, visiting a local branch might be an option.
5. Review and Submit: Carefully review all the terms and conditions before submitting your application.

Conclusion: Is a Truist Business Credit Card Right for Your Business?

The Truist Business Credit Card portfolio offers a strong contender for many small to medium-sized businesses, particularly those seeking a blend of introductory APR offers, manageable fees, and relevant rewards. Whether your priority is maximizing cash back on everyday spending, earning miles for business travel, or simply leveraging a 0% introductory APR to manage larger purchases, Truist has an option worth considering.

However, it's crucial to align the card's features with your business's unique spending patterns and geographic location. If you're already a Truist banking customer, the added loyalty bonuses and streamlined application process make these cards even more attractive. Always compare the specific card's benefits, fees, and APRs against your business's financial goals before making your final decision.

What are your experiences with business credit cards? Share your thoughts and questions in the comments below!

Frequently Asked Questions (FAQ)

Q1: What credit score do I need for a Truist Business Credit Card?

A good credit score is generally recommended, typically 650 or higher. Some sources suggest having a score of 680+ for better approval odds, though a thick credit profile with extensive history might allow approval with scores as low as 650.

Q2: Does Truist pull personal or business credit for their business credit cards?

Truist typically performs a hard pull on your personal credit report, primarily from Equifax, for business credit card applications.

Q3: Can I get a Truist Business Credit Card if I don't have a Truist business bank account?

While it's possible to be approved without an existing Truist business bank account, having one and maintaining a relationship with the bank (e.g., consistent deposits) is highly recommended. It can significantly improve your approval odds and potentially lead to higher credit limits.

Q4: Do Truist Business Credit Cards have foreign transaction fees?

The Truist Business Travel Rewards Credit Card explicitly states it has no foreign transaction fees. However, the other Truist business credit cards may have foreign transaction fees, so it's essential to check the specific card's terms and conditions.