BOK Financial Visa® Business Cash Card
Earn Up to 3% Cash Back on Purchases
- Regular Purchase APR 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 23.99% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Good , Fair
- Intro Purchase APR 0% for 6 months from account opening date
- Processing Network Visa
- No annual fee
- 3% cash back on office supply and communications purchases
- 2% cash back on dining and gas
- 0% Introductory APR for 6 months on purchases and balance transfers
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months on transfers made within 186 days from account opening date
- Balance Transfer APR: 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 23.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Penalty APR: 28.99% variable based on the Prime Rate
- Foreign Transaction Fee: Up to 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $35
- Over Limit Penalty Fee: $39
At a Glance:
The BOK Financial Visa® Business Cash Card rewards cardholders with 3% cash back on office supply and communications purchases. Cardholders also earn 2% cash back on gas and dining and 1% on everything else. This card also offers 0% APR on balance transfers and purchases for the first 6 months that you have an account.
Ideal for Those Who:
- Don’t want to pay an annual fee to use their credit card
- Spend a lot on office supplies and phone/internet service for their business
- Want to earn cash back for their business expenses
- Would like to take advantage of 0% APR for 6 months
BOK Financial Visa® Business Cash Card Review
This credit card from BOK Financial offers a variety of benefits to cardholders. It features no fees, which is a plus for a rewards card.
Cardholders earn cash back through a tiered system that rewards you more on certain types of purchases. You can also take advantage of a limited time 0% APR for purchases and balance transfers. Keep reading to find out more about the features of this rewards card from BOK Financial.
Earn Points on Your Business Purchases
The most obvious feature of this credit card is its rewards program. The BOK Financial Visa® Business Cash Card earns offers cardholders a tiered rewards system.
What this means is that you earn different cash back amounts for different categories of purchases. This credit card had predetermined categories based on what the issuer considers to be the most popular spending categories for most business owners.
You earn 3% cash back on office supplies and telecommunications (cell phone, landline, internet, and cable services). This card also rewards you with 2% cash back on restaurant and fuel purchases. All other purchases earn you 1% cash back.
Keep in mind that most banks (including BOK Financial) don’t let cardholders earn points on certain financial transactions, especially balance transfers and cash advances. Additionally, you cannot earn points on gabling transactions with this credit card. This includes buying casino chips and lottery tickets.
As a special sign-on perk, the BOK Visa Business card offers new cardholders a $25 cash back bonus after making their first purchase. These rewards won’t appear on your account until approximately 6-8 weeks after your purchase.
The Downside of Having Fixed Categories
The BOK Financial Visa® Business Cash Card’s fixed categories might be appealing to some business owners. However, this one-size-fits-all rewards system might only work for those who own a specific type of business.
Awarding the most cash back for office supplies and telecommunications purchases can alienate cardholders who may have non-traditional businesses. Individuals who have food businesses or offer personal services may find that they won’t earn as much cash back with this card as someone with a tax filing business, for instance.
If you are looking for a business rewards card that is more tailored to your unique business needs, you may want to consider another business credit card.
How Rewards Are Issued
Even though the BOK Financial Visa® Business Cash Card advertises itself as being a cash back card, it doesn’t issue you cash back rewards right away. In fact, this card functions more like a points card.
The 3% cash back is like earning three points for every dollar you spend, and BOK Financial refers to your rewards as points. When you earn points, you have to actually redeem them in order to receive cash back.
BOK Financial issues cash back rewards in increments of $25. This means you must spend earn about with your Visa® Business Cash Card before you can redeem your cash back.
Each point is worth $0.01 (one cent), so you’ll need to earn 2,500 to redeem the minimum cash back. That means you’ll have to spend at least $833 in office supplies or telecommunications before you can redeem any rewards.
If you’ve earned 3,000 points, you can only redeem 2,500 of them. The remaining 500 points will remain on your account until you’ve earned enough to redeem another $25 credit.
Redeeming Your Rewards
While BOK Financial brags that there is no limit to how much cash back you can earn with this card, this isn’t entirely true. You can earn an unlimited amount of points within a certain period of time before they expire.
Your unredeemed points expire 5 years after they have been issued. Additionally, you have a very limited window of time in which you can redeem any eligible points.
The BOK Financial Visa® Business Cash Card lets you redeem your rewards in one of two ways. You can have your cash back deposited in a checking or savings account. However, you will need to have a banking account with BOK Financial in order to take advantage of this option.
Additionally, you only have seven days from the date that you are issued your rewards to redeem them as as a cash deposit. If you opt for a statement credit, on the other hand, you have a couple of months to redeem your cash back rewards.
A statement credit means that your rewards are applied to your credit card balance. If you redeem $50 in rewards, $50 get deducted from your existing balance. In addition to having more time to redeem your rewards, opting for a statement credit doesn’t require you to have a checking or savings account with BOK Financial.
One of the good things about the BOK Financial Visa® Business Cash Card is that you can obtain extra cards for your employees. If you need some of your employees to make purchases, you can request a card at no additional charge. Not every credit card offers this perk.
What’s more, you can opt to have individual credit card bills for each of your employees or a central bill with a memo statement. The individual bill means that each person who has access to the account gets his or her own personal bill at the end of each month. He or she is responsible for paying back any individual charges made on the card.
Having a central bill with a memo statement means that the primary account holder (usually the business owner) receives the monthly bill and is solely responsible for paying it. Each additional cardholder will receive a memo outlining their purchases and transactions for the month, but they don’t need to pay anything individually. This method allows all employees to pool their points together under a single account.
Keep in mind that default setting is to have a central bill without memo statements sent to your employees. As a business owner, having a central bill might be the best option as it lets you see all the charges made to your account in a billing period. Opting for individual bills doesn’t let you see all your monthly charges to the account.
0% APR on Purchases
Another feature of the BOK Financial Visa® Cash Card is that you can take advantage of 0% interest for six months on purchases. This feature is only available for six months from the date that you open an account. It’s a special promotional offer to get you to sign up for this card.
This is a great deal if you need to make some large purchases early on, like if you need to furnish an office or are just starting your business. You can earn points on your purchases without having to pay interest on them. If you pay off your balance within six months, it’s almost like BOK is paying you to use your card.
For example, if you use your card to purchase $5,000 worth of office supplies as soon as you get approved, you can pay that off in monthly installments of $833 before the promotional period ends. All the while you’ll be earning $50 in rewards.
0% APR on Balance Transfers
The BOK Financial Visa® Cash Card offers a similar promotion for balance transfers. You must make transfer a balance within 6 months to take advantage of this promotion. Consequently, you’ll have 6 months from the date that you opened your account to pay it off without paying interest.
This can be an appealing feature if you have a small existing balance on another credit card, especially if it charges you a high APR. However, six months isn’t a long time to pay off a large debt. Depending on the interest rate you get approved for with this card, you may end up in more debt if you transfer a balance.
Should You Apply for the BOK Financial Visa® Business Cash Card?
This BOK Financial business credit card may be a good option for business owners looking to earn cash back on their purchases. There is no fee, which is a nice touch for a rewards card.
The tiered points system can be beneficial for some types of office-based businesses. However, other types of businesses may find themselves earning the absolute minimum in cash back rewards.
If you need to purchase restaurant supplies, for instance, this credit card may only reward you 1% cash back. This can be bad news for restaurant owners.
Interest rates can be favorable if you have the credit to be approved for it, which can make this a dependable, long-term credit card. The 0% introductory APR offers are only universally attractive for making purchases. The balance transfer feature may only serve users with a small balance on a high-interest card.