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The Bank of Oklahoma offers small business owners six different business credit cards. Three of the business credit cards offer rewards for your spending, three of them are designed to help you pay down balances, and two are targeted toward certain kinds of businesses. If that sounds like a lot to take in, don’t worry. We’ll walk you through each of the Bank of Oklahoma business credit cards and give you some guidance on choosing the business credit card that’s right for you.
See Your Business Credit Card Options
The Bank of Oklahoma Visa® Business Cash card is a cash back credit card with a tiered cash back rate. As a cardholder, you’ll earn 3% cash back for purchases at office supply stores and money spent on internet and phone services. You’ll earn 2% cash back on net purchases at restaurants and gas stations. All other eligible net purchases will earn you 1% cash back. Plus, you’ll get a $25 cash back bonus after your first purchase on the card.
If you’re short on time and don’t like the idea of having to keep track of and redeem card points, a cash back card can be an appealing option. If you like the simplicity of a cash back card, this is the Bank of Oklahoma business credit card for you. The bank’s other business credit cards offer either an introductory APR deal or rewards points to entice customers.
This Bank of Oklahoma business credit card has a six-month 0% intro APR on purchases and balance transfers. If you have a big purchase in sight or you’re looking to consolidate and pay down credit card debt, this card could be a good option for you, as it gives you a window of opportunity to make purchases or transfer balances without having to worry about racking up interest. However, if you go this route, make sure you have a plan for paying off your credit card balance within that six-month time frame. Once the intro period ends, your APR will depend on your creditworthiness and will vary with the Prime Rate. Check the issuer’s terms and conditions for the latest information.
The Bank of Oklahoma Visa® Business Cash card has no annual fee.
Unlike the Visa® Business Cash card, the Bank of Oklahoma Visa® Real Rewards Card offers points instead of cash back. Every dollar you spend on eligible net purchases will earn you 1.5 points. The bank notes that this rewards rate is equivalent to 1.5% cash back, for those of you keeping score. There are no caps on the number of points you can earn on the card, so you can swipe as much as your budget allows. You do, however, have to use your points within five years—you may want to set a calendar reminder so you spend those points before you lose them. As a welcome bonus, you’ll earn 2,500 points with your first purchase on the card.
This is another Bank of Oklahoma business credit card that has no annual fee. The card also offers a 0% intro APR on balance transfers and purchases for the first six months. Once this period comes to a close, you’ll face a variable APR, depending on the Prime Rate and your creditworthiness.
The Bank of Oklahoma Visa® Business Rewards Plus card is geared more toward business owners with a lot of travel expenses. The card offers 3x points per dollar spent on whichever category has that month’s highest spending out of the following three categories: cell phone service, hotel, and airline purchases. All other eligible net purchases will earn you 1.5x points per dollar. There are no limits on the number of points you can accrue, but you have to spend your points within a five-year window or you’ll lose them. The welcome bonus on the card is 20,000 points when you spend $2,000 in purchases within your first three months as a cardholder.
If travel isn’t a big component of your business budget, you might want to look for a business rewards credit card that offers generous rewards in categories where you do more of you spending. Although the 3x points on this card might sound great, if you rarely spend on cell phone service, hotel, and airlines purchases you won’t really benefit from that rewards tier.
This Bank of Oklahoma business credit card has a $99 annual fee, although the fee is waived for the first year you have an account.
The Bank of Oklahoma Visa® Business Platinum Card may sound like it would be the fanciest card of the six Bank of Oklahoma business credit card, but in reality the card is a pretty simple one. There are no rewards or cash back when you spend. Instead, you’ll get an extended introductory APR that can help you save on interest while you pay down balances you’ve transferred from another credit card.
If you manage the balance transfer correctly, you will have paid down your entire balance by the time the APR on your Bank of Oklahoma Visa® business Platinum Card jumps to a variable APR that will depend on your creditworthiness and the market Prime Rate.
The Bank of Oklahoma Visa® Community Card is somewhat unusual. It’s designed with non-profits and city governments in mind. There’s an optional free rewards program that will give you one point per dollar your organization spends on the card, but it’s really not about the rewards with this card. The card comes with free online management reports that can help you streamline your recordkeeping. There’s also a dedicated servicing group that can assist you with your customer service needs. Finally, the card doesn’t require a personal guarantee.
The Bank of Oklahoma Visa® Signature Company card is also designed with a certain kind of organization in mind—medium to large corporations with at least $5 million in net annual sales. If this doesn’t sound like your business—or even close—you might want to skip to the next section. But if your company fits that description you might be interested in the Bank of Oklahoma Visa® Signature Company card.
The card comes with a dedicated account manager who can offer you tailored customer service and help you troubleshoot any issues you might have. You’ll get free online management reports and the option to participate in a free rewards program that will give you one point per dollar each cardholder spends. Plus, the card comes with a generous credit line, as you might expect of a card that is tailored toward larger enterprises.
Confused about whether a Bank of Oklahoma business credit card is right for you? The first thing you can do to narrow down your options is to consider the kind of organization you’re running. Is it large enough to need the Bank of Oklahoma Visa® Signature Company card? If so, you might like the fact that the card comes with a dedicated account manager for all your customer service needs.
Do you work for a non-profit or municipal government office? The Bank of Oklahoma Visa® Community Card could help you manage your recordkeeping and reporting requirements, and also has a dedicated customer service group to offer you card support as needed.
If your business doesn’t fall into either of the two categories above, you’ll probably be choosing between the first four Bank of Oklahoma business credit cards in this review. If you need an extended introductory APR to pay down balances from other cards, you’ll probably be most interested in the Bank of Oklahoma Visa® Business Platinum card. Want cash back for your purchases? The Bank of Oklahoma Visa® Business Cash card has you covered. That leaves two points cards: The Bank of Oklahoma Visa® Real Rewards card and the Bank of Oklahoma Visa® Business Rewards Plus card. As you might expect from the names, the Visa® Business Rewards Plus card offers more generous rewards than the Visa® Real Rewards card. That “plus” says it all. But because the most generous 3x rewards rate is on cell services, hotel, and airline purchases, if you don’t spend a lot in those categories you won’t reap the benefits of that rewards tier.
If you opt for one of the points cards from the Bank of Oklahoma, you’ll be able to redeem your points for a cash deposit into a Bank of Oklahoma checking or savings account, or as a statement credit on your credit card statement. If your business checking account is with another financial institution, you’ll need to use the statement credit option.
As always when choosing a business credit card, it’s a good idea to take a look at your budget before you commit to applying for a card. If you put a little work into figuring out how much you spend in each category, you’ll have an easier time choosing a business credit card that can get you optimal rewards for your money. One danger with rewards cards is that you might increase your spending in a certain categories because you’re chasing points or cash back. Once you become a cardholder, it’s a good idea to keep an eye on your budget to make sure you’re not giving in to the temptation to chase rewards by making unnecessary purchases. A business credit card is a tool that should work with your budget, not bust it.