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Last updated on December 24th, 2020
SLFCU Visa Signature Business Card
- Regular Purchase APR 10.75% variable based on the Prime Rate
- Balance Transfer APR 10.75% variable based on the Prime Rate
- Cash Advance APR 10.75% variable based on the Prime Rate
- Annual Fee None
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- Processing Network Visa
- 1.00% year-end rebate on purchases
- No annual fee
- No balance transfer fees
- Regular Purchase APR: 10.75% variable based on the Prime Rate
- Balance Transfer APR: 10.75% variable based on the Prime Rate
- Cash Advance APR: 10.75% variable based on the Prime Rate
- Cash Advance Transaction Fee: $5
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: $25
- Return Payment Penalty Fee: $25
- Over Limit Penalty Fee: $25
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At a Glance
The SLFCU Visa Signature Business from Sandia Laboratory Federal Credit Union is a business credit card that offers a yearly 1% rebate on purchases and a low APR every day. The card also features no annual membership fee, no fee for balance transfers, and the benefits and protections that come from a Visa Signature Business credit card.
Ideal for Those Who:
- Already bank with Sandia Laboratory Federal Credit Union
- Want a low APR and basic cash back each year
- Want Visa Signature travel protections
- Plan to issue additional employee cards to maximize their rebate
SLFCU Visa Signature Business Card Review
The SLFCU Visa Signature Business Card is a cash back rewards business card that offers both a low interest rate on purchases, balance transfers, and cash advances, and a gimmicky “rebate” each year.
Receive a 1% Rebate Each Year on Purchases
SLFCU’s Visa Signature Business Card offers what It classifies as a 1% rebate on purchases at the end of the year. While this may seem impressive and unique, it amounts to nothing more than just cash back.
One-percent cash back isn’t overly impressive, especially given that there are plenty of no annual fee credit cards that provide companies with much more cash back on every purchase. That is not to say, however, that 1% cash back is bad. Given that businesses usually place plenty of spend on their company cards (especially when additional employee cards are distributed), 1% back can very quickly turn into a big pile of rewards, making the cash back rebate with this card an impressive year-end bonus.
Enjoy a Low APR
The SLFCU Visa Signature Business Card, like all the credit union’s other credit card products, features a low APR for purchases, balance transfers, and cash advances. While the rate varies based on the Prime Rate, the every day APR will be the Prime Rate plus 5% – with a floor interest rate of 10.75%.
Low APR is critical for a business card, as companies typically place a lot of spend on their cards, resulting in carrying a balance. The interest rate with the Sandia Labs FCU Business Card makes carrying a balance a breeze and can help companies stagger purchases over several months if needed.
SLFCU Must approve balance Transfers
Sandia Laboratory Federal Credit Union does not automatically allow companies to make balance transfers to their new SLFCU Visa Signature account. The credit union stipulates that they must approve all balance transfers. Fortunately, if they are approved, they will not charge a fee for conducting the transfer, though the interest rates will be the same as with a cash advance.
Sandia Laboratory Federal Credit Union Membership Requirements
Sandia Laboratory FCU is the largest credit union in the state of New Mexico in terms of assets, and the second-largest in membership – with over 84,000 members across both New Mexico and California.
Membership in the credit union is currently open to current and retired employees of any of the over 1,000 companies and associations that partner with Sandia Labs FCU. For a complete list of all the available partner companies, call the credit union’s toll-free number at 1-800-947-5328.
Membership is also open to:
- Members of the National Museum of Nuclear Science & History (New Mexico residents only)
- Members of the Albuquerque International Association
- Immediate family members or householder members of any of the above-listed individuals
How to Apply for an SLFCU Business Credit Card
As with any business credit cards, there are certain requirements applicants must adhere to when applying for the SLFCU Visa Signature Business Card. Beyond simply providing the completed applications, those applying for a business loan product must be able to provide the following information:
- Business and personal federal tax records for the most recent year. This includes any applicable personal K-1s or business and personal schedules.
- Profit and loss statements and balance sheets form the last fiscal year.
- Documents related to the formation of the business, including
- Business license
- Partnership agreement
- Articles of incorporation
- Articles of Organization
- Trust certification form
For any company seeking a credit limit that exceeds $50,000, the above information must be included with the application form. Otherwise, the above information may be asked for by Sandia Laboratory FCU advisors and must be presented on request.
Should You Apply for the SLFCU Business Visa Signature Card?
The SLFCU Visa Signature Business Card is a good business rewards credit card that is ideal for a very specific niche of business owners.
Though the SLFCU offers a very competitive APR and 1% cashback each year on purchases, many other quality business credit cards provide similar value. Other potential credit cards to consider include:
In all these instances, the credit cards mentioned also come with no annual fee. And, these are only a smalls election of potential rivals for the SLFCU Visa Signature Business Card, showing just how crowded the cash back business card space is.
So, for who does the SLFCU Visa Signature Card make the most sense? Well, for companies that want an exceptional APR on purchases and cash advances (and balance transfers when allowed) plus a basic cash back reward on purchases. Carrying a balance is a necessity for many companies, and this card does a great job at it; but the rewards on offer aren’t enough to drag non-SLFCU members away from their current banks.