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Last updated on March 16th, 2021
Liberty Bank Visa® Business Card
Enjoy 0% APR for 20 months
- Regular Purchase APR 11.99% to 20.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 11.99% to 20.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 23.99% variable based on the APR
- Annual Fee None
- Credit Needed Excellent , Good
- Intro Purchase APR 0% for 20 months from account opening date
- Processing Network Visa
- No annual fee
- 0% APR for 20 months on balance transfers
- 0% APR for 20 months on purchases
- Option of central or individual billing for employees
- Intro Purchase APR: 0% for 20 months from account opening date
- Regular Purchase APR: 11.99% to 20.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 20 months on transfers made within 620 days from account opening date
- Balance Transfer APR: 11.99% to 20.99% 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 APR
- 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 Liberty Bank Visa® Business Card offers new cardholders 18 months of 0% APR on balance transfers and purchases. This credit card also features Liberty Bank’s lowest interest rates. Cardholders don’t have to pay an annual fee with this card.
Ideal for Those Who:
- Own a business
- Don’t want to pay an annual fee
- Prefer a lower APR over having extra perks
- Would like to take advantage of 20 months of 0% APR
- Need to transfer a larger balance and intend to pay it off in 15 months
Liberty Bank Visa® Business Card Review
The Visa® Business Card from Liberty Bank is the most basic business card that this financial institution offers its customers. Unlike Liberty Bank’s other options, this card offers no rewards.
However, what this credit card lacks in rewards it makes up for in other ways. For starters, this credit card features Liberty Bank’s lowest interest rates for business cards.
Additionally, this business credit card offers new cardholders 20 months of 0% interest on both balance transfers and purchases. In addition to these savings, cardholders also don’t have to pay an annual fee for this card.
Keep reading to learn more about the features of this credit card. You can also find out whether this card will fulfill your business needs.
Is Having No Rewards a Bad Thing?
When looking at cards like the Liberty Bank Visa® Business Card you may wonder whether having no rewards will be a detriment to your business. While earning rewards on purchases can definitely provide you with some value, not having a rewards card doesn’t mean you’re really losing out on something.
Many rewards cards charge an annual fee, which is an up-front expense you’ll be responsible for paying. In addition, many rewards cards (include Liberty Bank’s offerings) feature higher APRs. When you’re trying to keep your bottom line low, these extra expenses can add up.
Additionally, the rewards can seem more attractive than they may end up being. With Liberty Bank’s business cards, for instance, each point is only worth once cent. Even if you earn the highest points rate on a rewards card (3X with Liberty Bank), you’ll have to spend $3,000 to earn $90.
Furthermore, many rewards programs that earn you points are geared more towards personal users. As such, the prizes you can obtain with your points may not really serve your business.
No Annual Fee Saves You Money
The Liberty Bank Liberty Bank Visa® Business Card features no annual fee. This feature can save you lots of money in the long run. Many credit cards do feature annual fees that can cost you several hundred dollars a year.
In return for paying these fees, you often receive all sorts of glamorous perks. However, you may not need these perks as a business owner.
For instance, you may not find value in getting free airport lounge access if you’re not required to travel a lot for your business. If you’re not getting any such perks, paying an annual fee to use a credit card may not make any business sense, at all.
If you’re just looking for a credit card with which to make regular business purchases, you may want to consider a card that waives the annual fee. Especially if you’re a small business owner, even a low annual fee can be an unnecessary expense. In business remember that a penny saved is a penny earned.
0% APR on Purchases
While the Liberty Bank Visa® Business Card doesn’t offer many fancy perks, what it does offers can be a huge help to business owners. One of the most attractive features of this card is its introductory 0% APR on purchases for 20 months.
This is the most generous introductory APR that Liberty Bank offers business owners. From the date that you open your account, you have one year and three months in which none of your purchases will accrue any interest.
This feature can be a boon to new business owners who need to buy a lot of equipment right from the start. If you are opening up a salon, for instance, you can use your new Visa® Business Card to buy chairs, products, and other supplies and have 15 months to pay off your purchases interest free.
When you start a new business, your cash flow may not be so great. Any cash you earn might have to go towards other expenses. Having this cushion of time in which to pay off some expenses may keep you from struggling as your business grows.
0% APR on Balance Transfers
As with purchases, the Liberty Bank Visa® Business Card offers a 0% introductory APR on balance transfers. This is by far the best balance transfer deal that Liberty Bank offers. The most you can get on this bank’s other cards is six months of zero interest.
While a six-month no interest period might be great for purchases, it might not be so helpful for balance transfers. If you have a $10,000 balance on a high-interest credit card, you’d have to pay over $1,600 a month to pay it off with no interest. If you’re a new business owner, this might place a major strain on your finances.
What’s great about this balance transfer promotion is that the 20 months begin on the date that you transfer a balance and not the date you open an account. You do have over 600 days to make the balance transfer and take advantage of this deal. But if you wait an entire year to transfer a balance, you’ll still have 15 months to pay off that balance with zero interest.
Now, keep in mind that 0% APR doesn’t mean that balance transfers are entirely free with this Visa® Business Card. You are still required to pay a balance transfer fee, which is a percentage of the amount that you transfer.
Should You Apply for the Liberty Bank Visa® Business Card?
If you are a business owner who wants a credit card without all the bells and whistles, then the Liberty Bank Visa® Business Card may be right for you. You don’t have to pay an annual fee and receive some of Liberty Bank’s lowest interest rates.
On top of that, you have 20 months of 0% APR for both balance transfers and purchases. Overall, this credit card will save you the most money on business expenses over time.