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Last updated on November 8th, 2021
Vectra Bank AmaZing Rewards for Business Credit Card
Vectra Bank AmaZing Rewards for Business Credit Card
- Regular Purchase APR 16.15% variable based on the Prime Rate
- Balance Transfer APR 16.15% variable based on the Prime Rate
- Cash Advance APR 28.24% variable based on the Prime Rate
- Annual Fee None
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- Intro Purchase APR 0% for 6 months from account opening date
- Processing Network N/A
- No annual fee
- Earn up to 3X points on purchases
- 0% intro APR for 6 months on purchases
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 16.15% variable based on the Prime Rate
- Balance Transfer APR: 16.15% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 28.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $29
At a Glance
The AmaZing Rewards for Business Card from Vectra Bank earns up to 3X points on purchases and benefits from 0% intro APR on purchases and a solid points bonus for reaching spending goals within the first 90 days. The card also features a fixed rate APR and no annual fee.
Ideal for Those Who:
- Plan on using their new card to invest in their company
- Prefer a fixed interest rate over a variable rate
- Plan on issuing additional employee cards and want tools to monitor spending effectively
- Don’t want to pay an annual fee
Vectra Bank AmaZing Rewards for Business Credit Card Review
The Vectra Bank AmaZing Rewards for Business Card is a no annual fee rewards credit card that also benefits from 0% intro APR on purchases and a fixed rate after that.
How to Earn Points
The Vectra AmaZing Rewards for Business Card may share the same name as the AmaZing Rewards personal card, but how it earns points is completely overhauled. Where the personal card earns 3X points for the first 90 days and 1X points on all purchases after that, the business card earns up to 3X points every day.
Cardholders earn 3X points on purchases in the following categories:
- Mobile phone services
- Internet and cable TV
- Office supplies
- Landline phone services
Cardholders also earn 2X points on purchases made with airlines and car rental companies and a single point on all other purchases.
Introductory Bonus Offer
Companies also benefit from the opportunity to earn up to 100,000 points by meeting minimal spend requirements within the first 90 days. If they spend $5,000 on purchases, they’ll receive an extra 50,000 points; if spending $7,500 on purchases, they’ll double their bonus to 100,000 points.
One hundred thousand points have a cash value of around $1,000, which is a strong return on investment for making $2,500 in purchases each month, which, while daunting, is achievable for a company that issues additional employee cards. Even the 50,000-point bonus (worth $500) is a great perk.
How to Redeem Points
Points earned with the business card apply to the AmaZing Rewards Program. AmaZing points have an official value of $0.01 per point, which is the rate at which points can be redeemed for statement credits. The official value, while applying to all rewards, does not coincide with the value of other redemption options, but rather only for statement credit awards. Reward values will vary based on the current cash equivalent rate, such as with air travel or hotel bookings.
Redeeming points for cash back awards, such as statement credits, come with the caveat that these credits do not count towards existing balances. This means that even if you use the points accrued towards a statement credit, your current balance must still be paid without reward points.
There is no limit to the number of points that can be earned, though redemptions must start from 2,500 points. Like other reward programs, are payable in full with points, or as partial payment, paying the rest in cash. Points do not expire if the account is active.
0% Intro APR
The AmaZing Rewards for Business Card offers 0% intro APR on purchases for six months, allowing companies the wiggle room they need to finance significant purchases over the first half-year of their account. Since the first six months offer no interest on purchases, this is an excellent opportunity for companies to use their new card to finance infrastructure and technological improvements and earn the 100,000-point bonus at the same time.
Competitive Fixed Rate APR
The AmaZing Rewards for Business Card offers a reliable, fixed APR once the 0% introductory period finishes. The rate, set at 10.66% + Prime, isn’t as low as that found with the AmaZing Rate for Business Card, but that card also doesn’t come with points.
The rate with the Rewards Card is competitive, however, making it a good option for the company that wants to earn rewards while not getting punished for planning to carry a balance. This is a tight line to walk for a business card, but it is something the Vectra Bank credit cards do well.
Financial Monitoring Tools
IntelliLink is an online reporting tool that provides twenty pre-built reports to help businesses stay on top of the spending. IntelliLink Expense Management offers personalized expense reporting for those that want a more nuanced report, offering greater insights and a custom feel. And, when needed, the IntelliLink service offers regular training webinars to keep account managers up to speed with the latest software updates.
Vectra also offers companies different options for receiving their statements. Businesses can choose between one statement for the entire account or individual statements for all cardholders, meaning each employee can be held accountable for their purchases.
Should You Apply for the Vectra Bank AmaZing Rewards Business Card?
Overall, the AmaZing Rewards for Business Card is a rewards credit card that provides the low, fixed rate that companies need to succeed in today’s challenging marketplace. 3X points on purchases in categories for utilities and everyday bills is an exceptional value, as is double points for select travel expenses. The addition of up to 100,000 points when meeting the minimum spending requirements (a $1,000 value) is another nice perk.
This bonus is also made more possible thanks to a special 0% intro APR period of six months on purchases, which allows companies to spend on needed infrastructure and pay it down over time – while still earning a nice reward.
The card compares favorably with other similar business rewards cards, namely the BBVA Business Rewards Visa and the Fifth Third Business Rewards Card, though both of these cards come with a longer introductory 0% APR. These cards, however, feature a variable rate, whereas the Vectra has a fixed rate, evening the odds and removing some of the worries – and guesswork.