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Liberty Bank Visa® Business Rewards PLUS Card

Liberty Bank Visa® Business Rewards PLUS Card

Earn 20K Bonus Points

Liberty Bank Visa® Business Rewards PLUS 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 $99
  • Credit Needed Excellent , Good
  • Processing Network Visa
Best Benefits
  • Earn 1.5 points for every dollar you spend
  • Earn 3 points per dollar in your biggest spending purchase: cell phones, hotel, or airline
  • Receive 20,000 bonus points when you spend $2,000 in your first 3 months
  • No foreign transaction fee
  • Annual fee waived your first year
Rates & Fees
  • 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
  • Balance Transfer Transaction Fee: Either $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: Either $10 or 4% of the amount of each cash advance, whichever is greater
  • Penalty APR: 28.99% variable based on the Prime Rate
  • Annual Fee: $99
  • 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 Rewards PLUS Card earns cardholders three points for every dollar they spend in one of three categories. You can earn 3X points on cell phone service, hotel, or airline purchases. Cardholders also earn 1.5 points per dollar spent on all other purchases. New cardholders can earn 20,000 bonus points when they spend $2,000 in their first three months. This card also has no foreign transaction fees and waives the annual fee for the first year.

Ideal for Those Who:

  • Own a business and want to earn points on their purchases
  • Spend the most money on cell phone service, hotel reservations, or airline tickets
  • Plan to spend $2,000 in the first three months after signing up
  • Travel internationally and don’t want to pay foreign transaction fees

Liberty Bank Visa® Business Rewards PLUS Card Review

If you’re a business owner looking for credit card that will offer you rewards, you may want to consider the Visa® Business Rewards PLUS Credit Card from Liberty Bank. You can earn up to three points for every dollar you spend on cellular service, hotel bookings, or airline reservations.

However, you won’t earn points on all of these purchases. There is a particular way that Liberty Bank calculates what purchases you can earn three points per dollar on. It’s not overly complicated. However, it will require you to think about how you use your credit card in order to earn the most points.

The great thing about this card is that you will still earn points on all other purchases outside these three categories. However, you’ll earn half the amount of points on these purchases.

But do not despair, because there is a big plus to the Business Rewards PLUS Card. New cardholders earn 20,000 bonus points when they spend $2,000 in the first three months after opening an account.

New cardholders also get a nice break their first year of having this credit card. Liberty Bank waives the annual fee your first year, so rewards end up becoming that much more rewarding. Keep reading to learn more about the features of this card.

Earning 3X Points

The Liberty Bank Visa® Business Rewards PLUS Card allows cardholders to earn three points for every dollar they spend on specific types of purchases. These purchases need to be in one of three categories:

  • Cellular phone service
  • Hotels
  • Airlines

However, you won’t earn points on all of these types of purchases at once. Rather, Liberty Bank will calculate what you spent the most on in one month and issue you 3X points for those purchases.

This may sound a little more complicated than it actually is, so take this example. Imagine, if you will, that you spent $1500 in February on booking flights. This is more than you spent on any other type of purchase.

For the month of February, you will earn three points for what you spent on airfare. This means you’ll earn 45,000 points. You’ll still earn points on other purchases, but only half that amount (more on that in the next section).

Now, if your spending changes in March, and you spend the most on cell phone service, then you will receive 3X points on those purchases. This points system may seem generous at first, but it might only serve a specific type of business owner.

The Rewards PLUS Card is great for people who travel a lot for business. Airfare and hotel purchases are considerably more expensive than cell phone service bills. As such, you will be earning a lot more points on those types of purchases.

If you don’t travel that often for business, you may only be earning a few hundred points per month on cell phone bills. That being said, the points you earn may not justify the annual fee on this card.

Making Purchases from the Right Merchants

There is one important detail to take into account when earning points with this card. When you book flights or hotel stays, you must make the purchases directly through a business that is categorized as an airline or hotel. You may not be able to earn 3X points on airfare you book through a third-party agency, like Expedia, for instance.

While this may restrict how you earn points, it can also open up some possibilities. Because you earn points on airline and hotel purchases, anything you purchase directly from these types of businesses will earn you 3X points.

For instance, you can earn these extra points when you pay for extra baggage allowances, lounge access, or food and drinks through an airline. Additionally, you can also earn 3X points for ordering room service at a hotel.

Earning 1.5X Points

Liberty Bank Visa® Business Rewards PLUS Card also earns you points on your purchases when they don’t fall into one of the categories mentioned above. However, this is at half the rate of what you’ll earn on cell phone service, airline, and hotel purchases – 1.5 points per dollar, to be exact.

In addition to earning 1.5 points for every dollar you spend on things that don’t fit into those categories, you’ll earn 1.5X points on anything you didn’t spend the most on in a month. In other words, if cell phone and hotel purchases didn’t constitute your greatest expense in a given month, you’ll only earn 1.5 points for those purchases.

This earning rate is slightly higher than the bare minimum most credit card issuers offer. It’s also the amount of points you’ll earn on all purchases with the Business Real Rewards Card from Liberty Bank. What’s more, that card doesn’t feature an annual fee.

If you examine your expenses and realize that your business doesn’t really spend money on airfare and hotels, you may want to rethink your plan to apply for this card. Otherwise, you’ll be paying an annual fee for rewards you may never earn.

When Do You Receive Your Points?

As opposed to some other credit cards that issue you points as soon as you purchase something, the Visa® Business Rewards PLUS Card only issues points once every month. You can’t, for instance, go on a shopping spree and expect to use your points the next day. That is unless that shopping spree took place right before the end of your monthly billing cycle.

Liberty Bank calculates your net purchases each month and then issues you points based on that number. For instance, if you spent $3,000 in a month and got refunded $200, you’ll only earn points for $2,800.

Each month, Liberty Bank will also look at which of the three 3X point categories you spent the most on to issue you those points. So, say out of the $2,800 you spent in a month, you spent $500 on airfare. You would earn 4,950 points in total for that month.

There is no limit to how many points you can earn in any category. However, you only have five years to redeem your points.

Bonus Points

As an incentive to sign up, the Liberty Bank Visa® Business Rewards PLUS Card also offers new cardholders bonus points. When you spend $2,000 in the first three months after opening an account, you become eligible to receive 20,000 points.

You’ll receive these points on top of any points you normally earn on your purchases. If you only spend $2,000 on one of the top earning categories, you can earn up to 26,000 points in your first three months. That’s like earning 13 points for every dollar you spend.

Now, you will have to wait a little longer to receive your points once you’ve met the spending requirement. These bonus points won’t appear on your account until six to eight weeks after you met this requirement.

Redeeming Your Points

The Liberty Bank Visa® Business Rewards PLUS Card gives you the opportunity to redeem points the way you want to. As previously mentioned, you have five years to rack up points before they expire. Elan Rewards manages Liberty Bank’s rewards programs.

Through the Elan website, you can access the catalog and choose to redeem your points for merchandise, gift cards, or travel vouchers. There’s just one problem. The rewards catalog is kept secret from the public, and only account holders can access it.

This makes it impossible to determine how many points you need to earn to obtain even the lowest value from the catalog. In addition, you can’t even find out if the catalog features anything you actually want.

Fortunately, cardholders can convert their points to cash back with the Business Rewards PLUS Card. Each point has a cash value of $0.01 (one cent). As such, your 20,000 bonus points comes out to $200. That’s like getting a 10% rebate.

You can opt to receive your cash back as a cash deposit or statement credit. For a cash deposit, you’ll need to have a checking or savings account with Liberty Bank. This isn’t necessary to receive a statement credit.

Taking this value into account, you can easily calculate how many points you need to earn to make up the annual fee amount of $99. You’ll need to earn about 9,900 points.

The amount of money you’ll need to spend to earn those points can vary depending on how you use your card. For instance, you’ll have to spend $3,300 in a high earning category to earn those points. If you need to travel a lot for work, that can come out to three long-haul flights (depending on where you live). As such, this card is ideal for those who conduct a lot of international business.

Saving Money on Fees

On top of earning points, the Liberty Bank Visa® Business Rewards PLUS Card also saves cardholders a little money on fees. For starters, you don’t have to pay an annual fee your first year. This means that you don’t have to worry about spending enough to earn enough points to make up for the fee.

If you include your 20,000 bonus points, your first year with this Business PLUS Card will often be your most rewarding. Afterwards, your earnings might not be so high.

If you do a lot of international travel, you’ll also see quite a bit of savings when it comes to foreign transaction fees. This business card has no foreign transaction fees, meaning you can use your card freely almost anywhere in the world.

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

The Liberty Bank Visa® Business Rewards Credit Card is an ideal option for business owners who do a lot of traveling. You’ll earn 3X points on purchases through airlines, which feature the largest ticket items for which you can earn these extra points. Additionally, there are no foreign transaction fees.

People who own nontraditional businesses or whose business needs don’t require them to travel may not find much value in this card. After all, you’ll only be earning 1.5 points for every dollar you spend for your business.

If this is the case, you should consider another Liberty Bank business card that will offer the same earning rate but not charge an annual fee.