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Liberty Bank Visa® Business Real Rewards Card

Liberty Bank Visa® Business Real Rewards Card

Earn 2,500 Bonus Points for Your First Purchase

Liberty Bank Visa® Business Real Rewards Card
  • Regular Purchase APR 15.74% to 24.74% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 15.74% to 24.74% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 25.74% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Excellent , Good
  • Intro Purchase APR 0% for 6 months from account opening date
  • Processing Network Visa
Best Benefits
  • Unlimited 1.5 points per dollar for all purchases
  • 0% introductory APR for purchases and balance transfers in the first 6 months
  • No annual fee
Rates & Fees
  • Intro Purchase APR: 0% for 6 months from account opening date
  • Regular Purchase APR: 15.74% to 24.74% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: 0% for 6 months from account opening date
  • Balance Transfer APR: 15.74% to 24.74% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: $5 or 3% of the amount of each transfer, whichever is greater
  • Cash Advance APR: 25.74% variable based on the Prime Rate
  • Cash Advance Transaction Fee: $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: 2% 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

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At a Glance

The Liberty Bank Visa® Business Real Rewards Card rewards cardholders with 1.5 points for every dollar they spend. There’s no limit to how many points you can earn, and new cardholders get 2,500 bonus points on their first purchase. What’s more, new cardholders can take advantage of 0% APR for six months on purchases and balance transfers. All these benefits are available without having to pay an annual fee.

Ideal for Those Who:

  • Own a business and want to earn rewards on their purchases
  • Don’t want to pay an annual fee to use a credit card
  • Would like to take advantage of 0% APR on purchases for six months
  • Need to transfer a balance and intend to pay it off in six months

Liberty Bank Visa® Business Real Rewards Card Review

If you are a business owner looking for a basic rewards card, then the Visa® Business Real Rewards Card from Liberty Bank may be the card for you. This credit card includes many of the same perks that the personal Real Rewards Card has. However, there are a few features on this card that can make running your business just a little easier.

This business credit card earns you 1.5 points on every dollar you spend. You can redeem your points for merchandise, gift cards, or travel. Additionally, you receive 2,500 bonus points when you make your first purchase. What’s more, you don’t have to spend a minimum amount to qualify for this bonus.

On top of the exciting points you can earn on this credit card, it also offers business owners two very special benefits. New cardholders can take advantage of 0% interest for six months on purchases. The same introductory APR also applies to balance transfers.

Business owners know that every penny saved is a penny earned. That’s why this credit card is so amazing for those who own their own businesses. You don’t have to pay an annual fee and can enjoy some of Liberty Bank’s lowest interest rates. Interested in signing up? Keep reading to learn more about this card and figure out whether it’s the right one for your business.

Earn Points for Your Purchases

The Liberty Bank Visa® Business Real Rewards Card offers cardholders a simple points system. You earn 1.5 points for every dollar that you spend. There are no limits to the points you earn. However, you have five years to redeem your points before they expire.

This earning rate is only half a point higher than the bare minimum that most (if not all) credit card issuers offer customers. You can find better earning rates with some other credit cards, and some of them offer as many as five points for every dollar spent. However, there are a couple of things to keep in mind:

  • These cards will typically include spending categories by which you only earn those extra points on certain types of purchases (like gas or airfare).
  • These higher point cards often charge a substantial annual fee.

So, while you may not earn that many points per purchase with this card, you know that you’ll be earning the same amount no matter what you purchase. Additionally, you’ll be saving your business money by not having to pay an annual fee.

When you’re using your Visa® Real Rewards Card, remember that there are certain types of transactions that will never earn you points. These include cash advances and balance transfers. This isn’t unique to this card, however, as hardly any rewards cards earn you points on these transactions.

On top of the points you regularly earn on your purchases, Liberty Banks gives new cardholders an enticing bonus offer. When you make your first purchase with this business card, you’ll automatically earn 2,500 bonus points. What’s more, there’s no minimum purchase amount required to earn these points.

When Can You Use Your Points?

When you use your Liberty Bank Visa® Business Real Rewards Card, you don’t necessarily earn points right away. Instead, your points will appear on your account at the end of your monthly billing cycle.

Additionally, Liberty Bank calculates your net purchases to determine how many points it awards you each month. Net purchases mean everything that you purchased minus any credits. In other words, if you spent $1,500 in a month but were refunded $100, you will only earn points on $1,400.

Waiting for your points to appear on your account once every month can restrict how you use your points. While this feature isn’t uncommon among rewards cards, there are some credit cards that add points to your account daily.

You should also know that you won’t see your initial 2,500 bonus points until six to eight weeks after you have earned them. All this being said, you will probably need to wait a couple of months before you start using the points you’ve earned.

Redeeming Your Points

As previously mentioned, you have five years to redeem your Liberty Bank Visa® Business Real Rewards Card points before they expire. This gives you a lot of time to rack up points and redeem them for some great prizes.

The only drawback to the Business Real Rewards Card is that there is no way to see what you can redeem your points for. Like many rewards programs these days, Liberty Bank’s rewards programs (managed through Elan) are secret. You won’t know how many points you need to earn to get a gift card or travel voucher until you sign up.

However, Liberty Bank does let credit card applicants know how much their points will be worth. Each point you earn with this Visa® Business Card has a cash value of $0.01 (one cent). That being said, the 2,500 bonus points you earn on your first purchase are equal to $25.

Cash Deposits or Credit Statements

The Liberty Bank Visa® Business Real Rewards Card catalog may not feature items that will benefit your business. This is because the same rewards catalog applies to personal and business credit cards.

If you’re okay with redeeming your points for personal rewards, then this detail might be attractive to you. However, earning cash back may allow you to put more money back into your business.

Luckily, you have two cash back redemption options with this Visa® Business Rewards Card. You can choose to receive a statement credit or get cash deposited into your checking or savings account.

In order to qualify for a cash deposit, you must have a checking or savings account with Liberty Bank. You also have seven days from the date that you earned your points to redeem them for cash deposit.

Opting for a credit statement, on the other hand, gives you a little bit more leeway. For starters, you don’t need to have a Liberty Bank checking or savings account. Furthermore, you can opt for a credit within one to two months after earning your points.

0% APR on Purchases

Another attractive feature of the Liberty Bank Visa® Business Real Rewards Card is its introductory APR offer. For the first six months after opening an account, new cardholders can take advantage of 0% interest on their purchases.

This means that you won’t have interest added to your purchases for the first six months that you have this card. Keep in mind, though, that the six-month period begins on the date that you sign up for this card and not the date that you make a purchase.

For new business owners, this feature can be very helpful. If you need to furnish a new office, for instance, you can buy what you need and have six months to pay it off without having to pay interest.

Just keep in mind that any balance that remains on your credit card after the promotional period will automatically accrue interest. As such, you should decide what you need to purchase before signing up for this card. That way you’ll maximize the time you have to pay it off.

0% APR on Balance Transfers

The Visa® Business Real Rewards Card from Liberty Bank offers a similar APR deal on balance transfers, too. Just as with purchases, new cardholders can enjoy six months of 0% interest on balances they transfer over from another credit card.

However, this deal may not be so attractive to business owners. For one, 0% APR does not equal free on this card. Cardholders must still pay a balance transfer fee.

Additionally, you’ll only have six months to pay off your balance. Considering that many business owners rack up quit a lot of expenses, you may struggle to pay off your balance before the interest kicks in.

If you are a new business owner, you might not be experiencing a steady cash flow yet. Having only six months to pay off a large credit card balance may eat away at your profits.

For instance, if you transfer a $12,000 balance, your monthly payments will come out to $2,000 if you want to pay it off in six months. If you’re specifically looking for a balance transfer credit card, you might be better off looking elsewhere.

Manage Your Business Spending with Customized Billing Options

If you have several employees who need to use your business credit card, the Liberty Bank Visa® Business Real Rewards Card can help you manage your spending more efficiently. Employee cards are free to obtain. Additionally, you can set a credit limit for each of your employees.

Cardholders can opt for one of three billing options:

  • Central bill (this is the default)
  • Individual bills
  • Central bill with memo statements

The central billing options means that the primary cardholder receives the monthly bill with everyone’s spending activity on it. This central bill doesn’t categorize individual employees’ spending but rather compiles everything all in one bill.

Selecting the individual bill option means that each employee will receive his or her own separate bill. The primary account holder does not receive these bills. With this option, each employee is responsible for paying his or her own bill.

For the best of both worlds, opt for receiving a central bill with memo statements. With this option, the primary account holder receives a bill with everyone’s charges on it. Individual employees receive memos that detail their charges, but they are not responsible for paying a bill. This is a great option for companies where employees need to track individual expenses.

Should You Apply for the Liberty Bank Visa® Business Real Rewards Card?

This Visa® Business Rewards Card can be a good option for business owners, especially if they already have accounts with Liberty Bank. No annual fee and reasonable APRs can save business owners on their bottom line.

The rewards feature isn’t the most generous, even among Liberty Bank’s business cards. However, it is better than the bare minimum. Additionally, you aren’t restricted on what purchases will earn you points. This can make the Business Real Rewards Card ideal for non-traditional businesses.

The introductory APR features are a nice bonus but not particularly competitive. If you really are looking to finance a purchase without paying interest, you might want to check out one of Liberty Bank’s other business cards. The regular Visa® Business Card offers a 15-month 0% interest period.

The same can be said about the balance transfer feature. Six months may be too little time to pay off a sizeable credit card debt. If you’re looking to pay off a huge balance, look for another card.