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Whether you’re just getting started with a new business or you’ve been in the game for a while, it helps to have a credit card handy. The right business credit card can help you finance crucial expenses for your business. It can even earn rewards and add on handy perks to help you manage your business more efficiently. Plus, having a business credit card allows you to better separate your personal and business finances.
Finding the right business credit card depends on you and your venture. Luckily, Eastern Bank offers four business credit cards so you can find the option that works best. Eastern Bank operates 120 branches in Massachusetts and New Hampshire. You’ll need to call or visit one of these branches to open your credit card account. If you already live or work near a branch, it can make your business banking much easier. It can also be more convenient to do your business banking with Eastern Bank if you already have personal accounts there, too.
See Your Business Credit Card Options
It’s easy to get overwhelmed by the number of credit card options out there and to simply pick the first one you see. But a good place to start is with you and your business. Take a look at how much you’re spending and where you’re making those purchases each month. There’s a chance you can find a business rewards credit card that pays you back for making those exact purchases. Perhaps you need some time to pay off your purchases and need an introductory APR period to help you do that without accruing more debt.
It’s also important to figure out what you don’t need from a credit card. You won’t want to pay a sky-high annual fee if your budget is a little tight, especially not if you need a simple credit card. If there is an annual fee on the card you want, look for ways you can possibly waive the fee.
All Eastern Bank business credit cards can be accessed online where you can pay your bill, view transactions, and create custom reports. You can also get free email alerts and order additional cards for your employees for free. Each of these cards can have their own individual credit and spending limits, too.
The Eastern Bank Visa Business Credit Card is the simplest of the bank’s business credit card offerings. It includes free employee cards and tools to help you manage and organize your spending.
This Eastern Bank business credit card’s main perk is its 15-month introductory APR period. Not owing interest on purchases and balance transfers for 15 billing cycles is incredibly helpful, especially if you have other high-interest-rate debts you need to pay off. It’s also handy if you have a number of purchases to make at the start since you don’t have to worry about accruing interest on those purchases for over a year. Keep in mind however, that once the card’s intro period is over, your APR will be based on your creditworthiness and will vary with your Prime Rate. Check the issuer’s terms and conditions for the latest information.
The Blue Business Plus Card From American Express offers a great alternative to Eastern Bank’s simplest business card. The Blue Business Plus card also has no annual fee and a 15-month introductory period with 0% APR. However, this card has the added perk of earning rewards. You earn 2x rewards on the first $50,000 you spend each year and 1x rewards on everything spent after that. This means you can still benefit from 15 months of no interest, but also earn rewards while you do it.
For further rewards on your business spending, the Eastern Bank Visa Business Cash credit card earns up to 3% cash back. This return applies to all eligible net purchases from office supply stores and cellular phone, landline, internet and cable TV services. The card also earns 2% cash back on restaurant and gas station purchases and 1% cash back on other eligible purchases. There are no limits to the cash back you can earn; however, you will only have five years to redeem cash back. There’s even a small welcome bonus of $25 cash back after you make your first purchase on the card.
The account still includes the ability to add on employee cards. Any cash back rewards earned on those satellite cards are added to the main account’s points total.
Note that there’s also an introductory APR period, although much shorter than the bank’s first card. Here, you have six billing cycles to pay off purchases and any balance transfers without interest. Again, as with all 0% APR offers, once the intro period has ended, your APR will be based on your creditworthiness and the Prime Rate.
The SimplyCash Plus Business Credit Card from American Express essentially maximizes what Eastern Bank can offer on its cash back rewards card. This American Express card earns more cash back and offers an introductory APR period more than double Eastern Bank’s.
For rewards, you can earn 5% cash back on the first $50,000 you spend each year on U.S. wireless phone services purchases and at U.S. office supply stores. You’ll also earn 3% cash back on the first $50,000 you spend each year in one of the following categories: airfare, hotel stays, gas stations, eligible car rentals, restaurants, advertising, shipping, and eligible computer hardware, software, and cloud computing purchases. Everything else outside of those limits will earn 1% cash back. The higher rewards return and various categories allow you to maximize your cash back earnings. There’s not even an annual fee to detract from your earnings.
The Eastern Bank Visa Real Rewards Business credit card accumulates points instead of a percentage of cash back, with 1.5 points earned for every eligible dollar you spend on the card. You can even get off to a head start with 1,500 bonus points awarded after you make your first purchase. This bonus points amount can translate to $25 cash back, merchandise, gift cards, or travel savings.
There’s no annual fee on the card. It also has an introductory 0% APR period of six billing cycles for both purchases and balance transfers.
As another cash back alternative, the Capital One Spark Cash for Business credit card earns an unlimited 2% cash back on your purchases. Earning extra cash can be more lucrative for your business, especially when earning points may not offer the best rates of return when it comes to redeeming for rewards. This Capital One card also offers a $500 bonus if you spend at least $4,500 within the first three months.
A drawback to this card is its $95 annual fee. Although it’s waived for the first year, it’s pretty high and can make a dent in your total earnings each year.
If it’s rewards points you’re after with Eastern Bank, check out the Eastern Bank Visa Business Rewards PLUS card. The card earns 3x points for every dollar you spend in the category you spend the most on, whether that’s cell phone services, hotel expenses, or airfare. Additionally, you can earn 1.5 points for every other eligible dollar you spend. There’s no limit to the number of points you can earn. There’s also a 20,000 points bonus available if you spend at least $2,000 within the first three months of having the card. You can redeem these points for $200 worth of merchandise, gift cards, travel savings, or simply in cash back.
Of course, earning the highest rewards the bank can offer on business credit card comes at a cost. The annual fee comes in at $99, although it’s waived for the first year. There’s also no introductory period for a 0% APR advantage.
For a bigger signup bonus on a rewards-earning card, the Chase Ink Business Preferred card can be a good option. You can snag 80,000 points by spending $5,000 in the first three months of account ownership. When you redeem those points through Chase Ultimate Rewards, it can be worth $1,000 of travel expenses.
Beyond that bonus, you can earn 3x points for every dollar spent on travel, shipping purchases, advertising with search engines and social media and internet/phone/cable purchases. Earning points in these categories is limited to $150,000 in purchases each year, but after that you’ll earn 1x point per dollar.
At $95, this Chase card also charges a slightly lower fee than Eastern Bank’s Business Rewards Plus card.
Eastern Bank gives you the chance to choose the right card for you and your business by offering a variety of options from a simple credit card to a high-fee, rewards-earning card. Luckily, three of the four Eastern Bank business credit cards don’t charge annual fees, so you can largely benefit from building credit and earning rewards without worrying about a pesky cost.
The Visa Business Card is best for business owners simply looking for a way to make purchases since there are no rewards to be earned. You can also benefit from the long introductory period of 15 billing cycles, where there is a 0% APR on both purchases and balance transfers. That extended period gives you room to make and pay off purchases without potentially digging yourself into a hole of debt. It also helps if you have a high-APR balance to pay off.
Earning cash back on your purchases is an easy way to boost your savings. It’s even easier when you earn cash back on the purchases you’re already making. The Visa Business Cash Card earns extra at office supply stores, restaurants, and on phone services, which are often crucial to running your business properly.
But if you’d rather earn points to redeem for other rewards, the Visa Business Real Rewards Card and the Visa Business Rewards PLUS Card are the way to go. With no annual fee, the Visa Business Real Rewards Card has fewer options to earn points. It also has a much smaller bonus than the PLUS card. The PLUS card will work best for business owners who spend the majority on cell phone service, hotels, or airlines, as those categories earn the most points.