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Last updated on May 3rd, 2021
Ocean Bank Business Rewards Preferred Credit Card
0% APR for 6 months
- Regular Purchase APR 9.74% to 17.74% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 9.74% to 17.74% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 21.74% variable based on the Prime Rate
- Annual Fee None for the first year. After that, $75
- Credit Needed Excellent , Good
- Intro Purchase APR 0% for 6 months from account opening date
- Processing Network Mastercard
- 0% introductory APR on purchases and balance transfers for 6 billing cycles
- Annual fee of $75 waived for first year; annual fee waived each year your company spends $15,000 or more
- Earn 1 point per $1 spent on every purchase; earn unlimited points
- Redeem points for cash rewards, travel rewards, and shopping rewards
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 9.74% to 17.74% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months on transfers made within 6 months from account opening date
- Balance Transfer APR: 9.74% to 17.74% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transfer, whichever is greater
- Cash Advance APR: 21.74% 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: 23.99% if account is 60 days or more past due
- Annual Fee: None for the first year. After that, $75
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $37
- Return Payment Penalty Fee: Up to $37
- Over Limit Penalty Fee: $25 fee per billing cycle if a transaction above the credit limit posts to the account
At a Glance
The Ocean Bank Business Rewards Preferred Credit Card puts your business spending to work; whether you’re lunching at your favorite restaurant or making purchases for your business, for every $1 you spend, you’ll earn unlimited points that can be redeemed for cash, brand name products, and travel opportunities. Business owners will love the introductory APR offer, since 0% APR on both balance transfers and purchases for 6 months after your account is opened can add up to big business savings even as you earn points.
Ideal for Those Who:
- Are a business owner who will use this card to spend $15,000 or more annually
- Want to pay down existing debt or make a large purchase to take advantage of the introductory APR offer
- Want a business rewards card with flexible point redemption options
- Want to earn unlimited points at a rate of 1 point per $1 spent on every qualifying net purchase
Ocean Bank Business Rewards Preferred Credit Card Review
The Ocean Bank Business Rewards Preferred Credit Card is designed with small business owners who love rewards and love to travel in mind. Business owners can earn unlimited rewards points from everyday spending, whether you’re shopping locally, making business purchases, or buying the office lunch. Flexible point redemption is a big plus with this card, since points can be used for cash rewards (redeem your points directly to your Ocean Bank checking or savings account, or apply them to a statement credit), travel rewards (cash in your rewards for flights, hotel stays, and even cruises), or shopping (choose from hundreds of leading electronics brands, small appliances, your favorite luxury brands, or a wide range of gift cards). You’ll earn 1 point for every $1 spent on qualifying net purchases.
0% APR for 6 Months On Purchases and Balance Transfers
Additionally, the Ocean Bank Business Rewards Preferred Card features a generous introductory APR that will certainly appeal to business owners who want to pay down a previous balance or make a large purchase for their company. Enjoy an APR of 0% – for both purchases and balance transfers (when the transfer is initiated within 6 months from account opening) – for the first six billing cycles after account approval.
This can set up your business for oodles of savings when you take advantage of the offer. There’s an annual fee of $75, but Ocean Bank provides more incentives: this fee is waived for the first year your account is open, and for each year your business spends $15,000 or more with this card; this means that business owners who consistently spend and reach that target will not pay an annual fee!
Business Tools and Protection
Another big draw for the Ocean Bank Business Rewards Preferred Credit Card is the protections that are offered by Ocean Bank and Mastercard®. Business owners will love the peace of mind that comes with knowing that they’re protected from fraudulent purchases; spend with confidence – you won’t be liable for unauthorized charges, so if your card is lost or stolen, you won’t have to worry. Cardholders will enjoy the Mastercard® Priceless Cities program (which features special events and experiences in cities all over the world), as well as identity theft resolution services, global emergency assistance, savings on airport meet and greet services, MasterRoad Assist Roadside Service for car rentals, coverage for trip cancellations or interruptions, and much more.
Should You Apply for the Ocean Bank Business Rewards Preferred Credit Card?
The Ocean Bank Business Rewards Preferred Credit Card offers an exceptionally low rate on purchases, 0% intro APR on both purchases and balance transfers, and no annual fee. On top of that, the card earns 1X points on all purchases, with a versatile array of redemption options available.
The $75 annual fee (which Ocean Bank waives for the first year) might seem excessive, but for companies that already bank with Ocean, spend at least $1,250 per month on their cards, and want an impressive interest rate on purchases, that is nothing to worry about.