- 2X Priority Miles on every purchase on up to $50,000 annually
- 1X Priority Miles after you reach the yearly cap
- No foreign transaction fees
- Regular Purchase APR: 15.49% variable based on the Prime Rate
- Cash Advance APR: 18%
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: 18%
- Annual Fee: $75
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $24.95
At a Glance
The Priority Destinations World® Elite Business Mastercard is designed to fit into the wallets of small business owners with relatively low business expenses who travel from time to time for work. The 2X Priority Miles on all purchases make it easy to earn rewards and turn them in for free and discounted flights.
Ideal for Those Who:
- Run a small business that don’t plan to spend more than $50,000 per year with the card
- Want to cash in rewards for travel, in order to get the most value out of their Priority Miles
- Need a business card with a low annual fee and no foreign transaction fees
- Are interested in adding multiple cards to one account for employee use, but want a consolidated billing statement
Priority Destinations® World Elite Business Mastercard Review
Initially, the First Hawaiian Bank Priority Destinations® World Elite Business Mastercard may sound like an elegant credit card geared towards jet-setting business owners. While this card does earn rewards that can be redeemed for travel, the limited 2x Priority Miles rate and absence of additional luxury travel benefits make it better suited to small business owners with occasional travel needs.
First Hawaiian Bank Mastercard Rewards Value Breakdown
This Priority Destinations® First Hawaiian Bank Mastercard isn’t the most generous business rewards card, but it certainly isn’t the stingiest either. If you’re the owner of a small business, the 2 Priority Miles per dollar on all expenses may be enough to satisfy, considering the low-to-average APRs also included. However, owners of companies with high yearly expenses will likely feel stifled by the $50,000 spending cap on this rewards rate each year. That’s roughly $4,160 per month, and after reaching this limit, purchases will only earn 1x miles. In this case, other business cards can potentially provide better value, either removing this spending cap or offering higher rewards rates – and sometimes even both. With this credit card, you have an unlimited earning potential and the miles don’t expire, so even if you don’t use them often, you don’t have to worry about losing out on your rewards. You just need to keep the account active by using your card (or cards) at least once every 2 years. When you’re ready, there are a few different ways you can redeem your First Hawaiian Bank Mastercard rewards, and the option you choose affects their value.
Priority Miles Go Farthest with Travel
You’ll get the most value by far when you redeem these Mastercard business card Priority Miles for travel. With this redemption option, each mile is worth $.01. This means when it’s time to book your flight, you simply need to add two zeros to the price to calculate your required amount. In other words, a $100 ticket requires at least 10,000 miles to redeem. If you’re paying a portion of your fare in cash, you’ll still need to reach a certain level of points first. Some airlines require at least 100 miles, while others may request up to 2,500 minimum. To reach 100 Priority Miles, you’ll need to spend a mere $50, while 2,500 miles is equal to about $1,250 in spending. Altogether, not difficult requirements to fulfill for most businesses, though it may not be worthwhile if you’re looking for major travel rewards in a short amount of time. Combining the earning rate with the redemption rate, the most double rewards you can redeem in a year with the $50,000 cap is 100,000 (a value of $1,000). Redeeming is as easy as logging onto the Priority Destinations website. There, you can browse for hotels, flights, and even car rentals to prepare your business travel plans. With no blackout dates to worry about, you can rest assured that you won’t miss your important meeting.
Cashing In Your Miles
If exchanging your points for travel expenses isn’t your priority, you can also redeem for merchandise, cash, or gift cards. You’ll receive cash in the form of a check for $25 to $5,000, and your miles are worth about half what they would be for a flight. This means 10,000 miles would equate to $50, rather than $100. Meanwhile, the payout schedule for gift cards is a little more complicated. You can redeem anywhere from $25 to $500 with select stores like Target, Home Depot, and Amazon.com. Calculating the amount of miles you need, is where it gets tricky. The following chart can give a bit of insight into what you can expect when redeeming your FHB Priority Destinations World Elite Business miles for a gift card:
|Miles Required||Gift Card Amount|
Consolidate Your Bills – and Your Rewards
As a Mastercard business credit card, you’ll get a few perks that many other Mastercards offer. These include travel and purchase benefits such as:
- Insurance coverage for travel accidents
- Collision coverage for rental cars
- Travel assistance services
- Zero liability for unauthorized use of your card
Another perk that many business cards include is the ability to add additional cards to your account. This means you can give credit cards to your employees for company expenses in order to increase your earning opportunities. When you do this, First Hawaiian Bank offers to consolidate all of your statements and rewards earnings associated with the account into one simple monthly bill.
Should You Apply for the Priority Destinations® World Elite Business Mastercard?
If you use the card a fair amount on your business expenses and you’re only looking to get a couple of free flights a year out of it, the Priority Destinations World Elite Business card could be a decent asset for your business. This card may also be a fair option if most of your travels will be based locally, despite the lack of foreign transaction fees. You’ll be able to redeem your miles on less expensive flights from island to island, to and from the mainland, and on car and hotel rentals. Likewise, if your company doesn’t currently have yearly expenses over $50,000, you can maintain the 2X rewards consistently. You would want to use the card regularly regardless, in order to make up for the $75 fee since no other major travel perks are included. If these circumstances don’t sound like you, or you’re looking for a beefier rewards rate, you’d likely get more worth from a larger bank. The Ink Business Preferred Credit Card from Chase, for example, includes many of the same benefits and then some.