There are many reasons why business owners choose to bank with credit unions. Credit unions generally provide better customer service than larger banks and are known for an added personal touch. Credit unions are also often able to offer higher interest rates on savings, lower fees, and in addition, their loan programs might have longer terms and lower rates.
All of this added together may help you feel more supported as you grow and run your business than you would at a larger bank. Some credit unions even offer business credit cards to help you build or rebuild credit, so you don’t have to sacrifice your dream because of a poor credit rating. Below you’ll find the best credit union business credit cards on offer.
Navy Federal Credit Union Credit Cards
Navy Federal Credit Union offers two business credit cards—Visa® Business and Mastercard® Business—to choose from. They’re quite similar to one another, with the biggest differences evident in their additional savings offers.
Both business credit cards from Navy Federal offer a low, variable APR, and you’ll earn 1 point per $1 spent. There’s also no limit to the number of points you can earn, and you can start redeeming them once you’ve reached 1,000 points. Neither card has any annual fee or foreign transaction fees.
With Visa Savings Edge, you can save up to 15% on qualifying business purchases from participating merchants. This includes travel services, information technology solutions, shipping services, restaurants, and more.
With the MasterCard Easy Savings Program, you can receive automatic rebates of up to 10% from participating merchants. This includes select gas stations across the country, vehicle maintenance providers, shipping companies, and more. Rebates will be automatically applied to your monthly statement. MasterCard Biz also helps you make additional savings when you order business supplies—including electrical equipment and computers.
Either of these cards would be a good fit for a business owner who would like a no-fee card, with a straightforward rewards system and the option for additional savings with little hassle.
Of course, you must be a member of Navy Federal Credit Union to apply for either of these business credit cards. People who are eligible to join the Navy Federal Credit Union include active-duty members of the Army, Marine Corps, Navy, Air Force, and Coast Guard, as well as the Army and Air National Guard. Veterans, retirees, and annuitants of the aforementioned military branches are also eligible, along with immediate family members of current members and those who are eligible for membership. Immediate family includes grandparents, parents, spouses, siblings, children (including adopted and stepchildren), grandchildren, and other household members. The full list can be found here.
Business First Visa From Affinity Credit Union
Affinity Credit Union offers only one business credit card, the Business First Visa credit card. The card has no annual fee, and a low, variable APR. You’ll earn 1 point per every $1 spent, and 5,000 bonus points with your first purchases. The card has no hidden fees, and late payments are not penalized with an increased APR. They also offer free additional cards for employees.
With Affinity Business First Visa credit card, points never expire, and you’re able to redeem rewards for travel, cash back, gift cards, and more. You’ll also have access to travel and emergency assistance as well as auto rental coverage. For qualifying purchases with eligible warranties, they also offer extended protection by doubling the manufacturer’s warranty coverage. You may also be eligible for reimbursement on purchases that were stolen or damaged.
The Affinity Business First Visa credit card would be a good fit for a business owner who would like additional cards for employees at no added cost, a little bit of leeway when it comes to the potential for a late payment, and a generous points bonus.
This card also offers Visa Business Benefits, which includes fraud protection; Verified by Visa, which gives you added protection when you shop online; and Visa SavingsEdge, which offers additional discounts on qualifying purchases.
Many companies in the tri-state area are affiliated with Affinity Credit Union, including local cities, Hampton Inn, and multiple United Way chapters. To see if you are eligible for membership, see their complete list here.
Sound Rewards and Platinum Secured Cards From Sound Credit Union
If you’re a member of Sound Credit Union and looking for a business credit card, you’ll have three different cards to choose from. But if you’re looking for a business credit card that’ll let you earn rewards for your business spending, your best bet is the Sound Rewards Credit Card.
Sound Rewards Credit Card
The Sounds Rewards Credit Card has a low, variable APR and no annual fee. You’ll earn one point for every $1 spent. This card also offers employee cards, and has no balance transfer fees or foreign transaction fees. For businesses that would like to take advantage of a rewards program, this is a great option, especially if you travel overseas for business purposes.
The points you earn from both your debit and credit cards are automatically pooled, which increases your redemption power. You can redeem your reward points for travel, merchandise, gift cards, cash, and more. The Sound Rewards Credit Card also offers auto rental collision damage waiver, travel and emergency assistance, and purchase security and extended protections.
Sound Platinum and Platinum Secured Credit Cards
Sound Credit Union offers two additional business credit cards—Platinum and Platinum Secured. Platinum has low APR rates and offers auto rental collision damage waivers. Platinum Secured can help you build or improve your credit score, by allowing you to open an account once you’ve secured it with a collateral account. Your borrowing limit will depend on the amount of money you’ve deposited into your collateral account. If you’re running a new business or an existing business that has struggled with poor credit in the past, this card will give you the opportunity to strengthen your credit score, which may enable you to qualify for credit cards with rewards programs or cash back options in the future.
In order to become a member of Sound Credit Union, you must meet one of the following qualifications: live or work in Washington State; have a direct relative who is currently a member of Sound or is eligible for membership; or work for one of Sound’s Select Employer Groups. If you think you’re eligible, find out how to join here.
Interra Credit Union Business Rewards Plus
Interra Credit Union offers two business credit cards, of which the Business Rewards Plus card is the more attractive option for smaller business owners. With the Interra Credit Union Business Rewards Plus card, you’ll earn 3% on dining and gas purchases, up to $150 annually. You’ll also earn 1 point per $1 spent on all other purchases. Plus, you’ll be eligible for a 3% rewards bonus of up to $150 if you spend $5,000 or more in the first three months of opening, which for a small business is not out of reach. There is no annual fee, and the card carries a 1.99% intro APR on balance transfers for the first 15 months. You can earn 1,000 bonus points upon opening your account, as well.
If you’re looking for a signup bonus as well as a rewards system, this card might be for you. On top of that, the generous length of their low APR offer on balance transfers gives you an opportunity to pay down debt you may have accrued on another card with a higher APR.
Points can be redeemed for travel, merchandise, gift cards, cash, and more, but they do expire after four years, which is less than ideal. Interra Credit Union Business Rewards Plus also offers zero liability fraud protection, as well as free employee cards with the ability to set individual card limits.
Interra also offers the Business Credit Card, which has a low, fixed APR, but otherwise doesn’t offer any perks.
Interra Credit Union primarily services citizens of Indiana, and in particular, those who have an immediate family member who is an Interra member; work for a business or organization that offers Interra membership as a benefit; or live or work in the following Indiana counties: Elkhart, Allen, DeKalb, Fulton, Huntington, Kosciusko, LaGrange, LaPorte, Marshall, Miami, Noble, Pulaski, St. Joseph, Starke, Steuben, Wabash, Wells, or Whitley. You can also contact them for additional ways to qualify for membership. To learn more, start here.
NASA Federal Credit Union Business Platinum Credit Card
NASA Federal Credit Union only has one business credit card available, and it doesn’t offer much aside from a competitively low APR and no annual fee.
With the NASA Federal Credit Union Business Platinum Credit card, you may be eligible for a line of credit up to $50,000. You will also receive Visa business discounts, and free travel and emergency assistance. You can manage employee expenses by setting individual spending limits per card. It is important to keep in mind that the NASA Federal Credit Union Business Platinum Credit Card is limited to businesses that are located in Maryland, Virginia, and Washington, D.C.
In order to become a member of NASA Federal Credit Union, you must be: an employee or retiree of NASA headquarters, any NASA center or facility, or National Academy of Sciences; an employee or member of the 900 NASA Federal Credit Union partner companies or associations; a relative or household member of a current NASA Federal Credit Union Member; or a member of the National Space Society. You can learn more here.
Why Choose Business Credit Cards From Credit Unions?
Although business credit cards offered by credit unions don’t have as many perks as other business credit cards on the market, they’re still worth considering. The personal service that you receive from your credit union might more than make up for the lack of extras provided by their credit cards. And it’s important to never underestimate the power of confidence when starting and growing your business—the knowledge that your bank and lending institution truly wants to provide you with the support you need and see you succeed is sure to make you feel more confident!