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The Union Bank Business Credit Cards, Reviewed

Sally Lauckner

Managing Editor at Fundera
Sally Lauckner is the managing editor at Fundera. Previously, she was senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has a decade of experience in digital media and has held various editorial roles at the Huffington Post, AOL.com, and Glamour magazine. Sally has a master's degree in journalism from New York University and a bachelor's degree in English from Columbia University. Email: sally@fundera.com.

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Editorial Note: Fundera exists to help you make better business decisions. That’s why we make sure our editorial integrity isn’t influenced by our own business. The opinions, analyses, reviews, or recommendations in this article are those of our editorial team alone.

Union Bank offers three business credit cards, each of which offers something a little different. One comes with rewards, another is advertised as having a low interest rate, and the third is a secured credit card for those who are still building (or rebuilding) their credit.

If you’re new to credit, the secured credit card might tempt you. If your payment history has been a little spotty or your cash flow is uncertain, you might be looking for a card with a low interest rate. And if you have a solid credit score and you want to get something back for the money you spend on your business credit card, a rewards card is probably what you’re looking for. Let us walk you through the ins and outs of each card in this review of Union Bank business credit cards.

What to Look for in a Business Credit Card

Before we get into the specifics of the Union Bank credit card, it might be worth taking a step back to go over the basics of business credit cards. What should a small business owner look for in a business credit card? It really depends. Choosing a business credit card involves balancing features including interest rates, fees, rewards, welcome bonuses, and other perks. You’ll want to maximize the good features and—if you can—minimize the drawbacks.

The best business credit cards give you something for your money, whether that’s points, miles, or cash back. But if you’re still building your credit, you might need to start out with a secured credit card that can get your credit score where you want it to be. In other words, a card that tops lists of the best business credit cards might not be right for you, depending on your needs. That’s why, when you’re choosing a business credit card, it’s important to gather plenty of information and consider the way you plan to use the card before you take the plunge. Union Bank offers business credit cards that fit a range of needs.

The 3 Union Bank Business Credit Cards Reviewed

The Union Bank Business Rewards Visa® Credit Card

The Union Bank Business Rewards Visa® credit card does what it promises in the name—offers rewards for the spending you do on the card. You’ll earn 5 points for every $1 you spend up to $25,000 annually on business expenses like office supplies, utilities, and telecom services.  You’ll earn 1 point for every dollar spent once you hit the cap in that category. The card gives you 2 points for every $1 you spend up to $25,000 annually at gas stations and restaurants. Once you hit the cap in that category you’ll earn 1 point for every dollar you spend. In every other category, the rewards rate is 1 point for every $1 you spend.

This Union Bank business credit card comes with a 0% introductory purchase APR for your first six months as an account holder. After that, you’ll be charged a variable rate that will depend on your creditworthiness and the market Prime Rate. If you make a late payment, make a payment that is returned, or go over your credit limit you might be bumped up to a higher variable APR known as a penalty APR. Balance transfers are subject to a 5% per-transfer fee (minimum of $10) and there is no introductory APR deal on transferred balances.

There is no annual fee to use the card. However, foreign transactions will incur a 3% fee on the value of the transaction in U.S. dollars. Other fees on the card include a late payment fee of up to $39, a returned payment fee of $35, and a $35 fee for going over your credit limit.

The card comes with online account access and the ability to set spending controls and alerts for your employees’ cards that are tied to the account.

union bank business credit card

The Union Bank Business Visa® Credit Card

A little more bare-bones than the rewards card from Union Bank is the Union Bank Business Visa® credit card. The card doesn’t offer any rewards for your spending. It does, however, come with a 0% introductory purchase APR for the first six months after you open an account. When that introductory period ends your APR will jump to a variable rate that will depend on your creditworthiness and the market Prime Rate. Union Bank touts the lower interest rate on the card, but your rate will vary. If you are late making a payment, your payment is returned, or you exceed your credit limit, you may be bumped up to a higher penalty APR. Be sure to check the issuer’s terms and conditions for the latest APR information.

During the six-month introductory period, any balances you transfer to the card will be subject to a 3% fee per transfer (minimum $10). After the introductory period, balance transfers will incur a 5% fee, with the same $10 minimum.

Like the rewards card from Union Bank, the Union Bank Business Visa® credit card does not come with an annual fee but does charge a 3% foreign transaction fee. The same late payment (up to $39), returned payment ($35), and over-the-limit ($35) fees apply.

This Union Bank business credit card comes with the same online account access and ability to get alerts and set budgets for employee cards.

The Union Bank Business Secured Visa® Credit Card

Last on our list of the Union Bank business credit cards is the Union Bank Business Secured Visa® credit card. Need a refresher on what a secured credit card is? For those who are building or rebuilding their credit, a secured credit card offers a way to boost your score while still enjoying the benefits of plastic.

With a secured credit card, you put down a deposit when you open the card. Your spending limit on the card is equal to the amount of money you put down. That way, you can’t overextend yourself and spend more than you can afford to pay back. When you make your monthly payments, the bank reports the payments to the credit bureaus and your credit score rises. Typically, if you make your payments on time you can graduate to a regular credit card after several months of using the secured card.

The Union Bank Business Secured Visa® credit card comes with a $30 annual fee and a variable APR that will depend on your creditworthiness and the market Prime Rate. If you make a late payment, make a payment that is returned, or try exceed your credit limit you may be bumped up to a higher penalty APR. Your security deposit on the card will be held in what Union Bank calls a “collateral account.”

Balance transfers to the card will cost you the greater of $10 or 5% of the amount transferred. A cash advance will cost you the greater of either $15 or 5% of the amount of the advance. There is a 3% foreign transaction fee on the card. Penalty fees on the card include a fee of up to $39 for late payments, $35 for returned payments, and $35 for trying to exceed your credit limit.

As a cardholder, you will enjoy online account access and have the ability to set spending limits—and spending alerts—on the cards your employees hold.

Who a Union Bank Business Credit Card Is Right For

The three Union Bank business credit cards serve three different kinds of business owners. For those who are still building credit, the secured credit card offers a way to boost your score while you spend money and make payments on the card. The Union Bank Business Visa® credit card is advertised as having a low interest rate, though the exact rate you pay will be based on your creditworthiness and the market Prime Rate.

Finally, the Union Bank Business Rewards Visa® credit card offers either 5x, 2x, or 1x points per dollar spent, depending on the category and whether you’ve hit the category’s annual maximum. That makes it a solid choice if you’re looking for a rewards card and don’t need to rack up miles with a particular airline or prefer the simplicity of a cash back card.

If you need a longer introductory 0% APR period for purchases and balance transfers, there are other cards on the market that might be a better fit. The same applies if you’re looking for a card that will offer you a generous welcome bonus when you start spending money on the card. And if you don’t like the idea of limits to your ability to earn rewards, you might prefer a card that offers unlimited cash back, with no annual dollar cap in rewards categories.

Sally Lauckner

Managing Editor at Fundera
Sally Lauckner is the managing editor at Fundera. Previously, she was senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has a decade of experience in digital media and has held various editorial roles at the Huffington Post, AOL.com, and Glamour magazine. Sally has a master's degree in journalism from New York University and a bachelor's degree in English from Columbia University. Email: sally@fundera.com.

Latest posts by Sally Lauckner (see all)

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