Last updated on July 5th, 2023
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Park National Bank Visa Business Cash Card
Park National Bank Visa Business Cash Card
- 13.99% to 22.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 13.99% to 22.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 23.99% variable based on the Prime Rate Cash Advance APR
- 0% for 6 months from account opening date Intro Purchase APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 3% cash back on eligible net purchases from office supply stores and cellular phone, landline, internet and cable TV services
- Earn 2% cash back on eligible restaurant and gas station net purchases
- Earn 1% cash back on all other eligible net purchases
- Enjoy 0% introductory APR for first six billing cycles on purchases and balance transfers
- Earn unlimited cash back
- Get $25 cash back bonus after making your first purchase
- 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 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
Park National Bank Visa® Business Cash Card Review
The Park National Bank Visa® Business Cash Card rewards business owners for the everyday expenditures that help build up their company. You can earn cash back for buying the things you need to make your business successful and save money while your enterprise expands.
How to Earn Points with the Park National Bank Visa® Business Cash Card
Business owners who use their Park National Bank Visa Business Cash Card for the things they need to build their company will discover that they can easily earn cash back on virtually every net purchase. Cardholders can earn cash back at three different rates are based on spending categories. These include:
- 3% Cash Back on Office Supplies and Utilities: Cardholders will earn 3% cash back on every eligible purchase they make at office supply stores, as well as on cellular phone, landline, Internet and cable television services. Whether you’re replenishing the toner for the printer, buying a desk lamp, or upgrading to high-speed Internet, you’ll earn 3% cash back just from spending money on the things you need to run a successful business.
- 2% Cash Back on Restaurants and Gas: Business owners can earn 2% cash back for every eligible purchase made at restaurants and at gas stations. Most people commute to work, so this perk may pay for itself simply by fueling up each week or so – and if you like to treat yourself while at the office, every lunch order you make at restaurants will also earn cash back rewards. This is also useful for entrepreneurs who like to do business over lunch – invite existing or prospective clients to dine with you and talk shop; when you foot the bill, you get rewarded.
- 1% Cash Back on Everything Else: Enjoy earning 1% cash back on every other eligible net purchase.Every purchase, large or small, counts towards your cash back total. You can even earn cash back from things like shipping costs, courier services, or from replenishing the water cooler with filtered water; all you need to do is use your Park National Bank Visa card when you make the purchase.
Cardholders can earn unlimited cash back rewards, which will not expire for five years from the billing cycle in which they are earned. Since this expiration date applies to cash back rewards, it’s actually easier for a cardholder to redeem their statement credit before it expires, rather than redeem points towards a specific type of merchandise or gift card. Cardholders can redeem cash back without having to meet the same points threshold one might need for a specific item they’d like to acquire. This cash back reward simplifies that process.
Points may only be earned from eligible purchases. The terms and conditions that Park National Bank assigns disqualify transactions like cash advances, balance transfers, and convenience checks – as well as returns and credits – from earning cash back.
As an additional incentive to use your new card as soon as possible, Park National Bank includes a special introductory bonus. Cardholders can collect a cash back reward of $25 after they make their first purchase. All they need to do is activate their card and swipe it for the first time to qualify for the bonus, which can be used towards any purchase. For context, if a cardholder wanted to earn $25 in cashback by making purchases in the categories above, they’d need to spend approximately $834 on office supplies and utilities, $1250 on dining and gas or $2,500 at the 1% reward rate.
How To Redeem Rewards Points from the Park National Bank Visa® Business Cash Card
Cash back rewards earned with the Visa Business Cash Card from Park National Bank can easily be converted into cash applied towards your monthly balance. Unlike their Visa Business Rewards PLUS Card – which rewards purchases with points that can be redeemed for travel savings, merchandise, gift cards, and cash – this card’s redemption options are slightly more limited but no less valuable. Cardholders who want a simplified rewards redemption option can turn the cash back they’ve accrued into a statement credit which can be applied directly to their overall balance or to a specific purchase on their statement. By visiting the online account portal and logging in, business owners can convert their rewards into savings each billing cycle. They will also have the exclusive option to convert their cash back rewards into a Visa gift card from their account.
Competitive Interest Rates and Fees from Park National Bank
In addition to their cash back bonus incentive, Park National Bank includes an introductory APR promotion that gives business owners the opportunity to save when they open a Park National Bank Visa Business Cash Card account. Cardholders will enjoy 0% interest on purchases and balance transfers for the first six billing cycles after their account is approved. Once this introductory APR period has passed, a mid-tier, competitive APR is applied. With proper planning, cardholders can really take advantage of an 0% APR. Making a large business purchase and carrying a balance while it’s paid off is that much easier when you know you won’t be charged additional interest fees after buying new computers for your workspace, or new office furniture. If you’ve previously had a credit card account and hold existing debt, you can also pay this debt down without accruing extra fees during this introductory period. Any business owner who budgets to pay down their large purchase or balance transfer completely during this time will see the savings really add up.
In addition, there is no annual fee associated with this business card, something which folks who are looking for a business credit card will celebrate.
Park National Bank Business Benefits
The Park National Bank Visa Business Cash Card is accompanied by a bevy of benefits and perks that business owners can use to grow their company. Park National Bank’s online expense management tool helps cardholders monitor their account, as well as organize and track their spending and budget for their business. It’s available through the MyAccountAccess portal. Cardholders can also decide how they’ll be billed, set up auto pay or pay their statement online, and download an annual account summary for their bookkeeping.
Additional business benefits are available thanks to Visa®, which include:
- 24-hour customer service
- Zero Fraud Liability
- Visa Secured (formerly known as Verified by Visa, this is a service that protects consumers while shopping online by assigning a personal password with participating merchants)
- Fraud Protection
- Account Truncation (a security measure that hides all but the last four digits of your account number and omits the expiration date from receipts)
- Extended Warranty
- Purchase Protection
- Auto Rental Collision Damage Waiver Insurance
- Visa SavingsEdge (special discounts that appear as statement credits)
- Travel and Emergency Assistance
Cardholders can also add employee cards to their account at no extra charge. Each employee card can have an individual credit limit, which is set by the account holder. Employee cards also earn cash back,which is pooled to the account of the primary cardholder.
Should You Apply for the Park National Bank Visa® Business Cash Card from Park National Bank?
The Park National Bank Visa Business Cash Card is a great fit for any business owner who wants to save their money while growing their business and get rewarded by making purchases with a credit card. Unlike its sister card, the Visa Business Rewards PLUS Card, this business cash back rewards card is not focused on travel spending but rather on the everyday purchases that make a business run smoothly.Extra cash back for spending on office supplies and utilities are particularly useful for entrepreneurs whose businesses rely on amenities like high-speed Internet, or whose employees require cell phones.Plus, office supplies are always necessary to help with a budding company’s day-to-day operations.
Ultimately, deciding which business card is best suited to your financial goals boils down to what the business needs and wants, and the type of business you run. For example, the BB&T Spectrum Cash Rewards for Business Credit Card offers comparable cash back rewards for spending in slightly different categories. This card from BB&T focuses on 3% cash back from gasoline purchases. While it still rewards for restaurant and office supply purchases, someone who runs a business that covers a lot of ground might find better use from a credit card that rewards business spending on fuel.
Another factor that business owners should consider before deciding on a credit card is the length of the introductory APR offer, if there is one. The Park National Bank Visa Business Cash Card has an introductory interest period of 6 months, but there are business cards on the market that extend this interest-free grace period. The Discover it® Business Card and the Blue Business Cash Card from American Express are two examples of cash back business credit cards with an introductory APR period of twelve months – double that of Park National Bank’s business offerings. Although they feature a longer intro APR, they are slightly less rewarding when it comes to their cash back opportunities, which are not as diverse or lucrative. If you own a business and need to make a large purchase, a lengthy introductory APR will be an enormous help when it comes to saving money, so carefully consider your financial goals and what you’ll use your business card for before making this decision.
All in all, the Visa Business Cash Card from Park National Bank is a lucrative tool that gives business owners the financial freedom to save money and earn cash back from making the everyday purchases that help them build their business.