Last updated on February 27th, 2023
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Webster Visa® Business Card
Webster Visa® Business Card
- 17.24% to 26.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 17.24% to 26.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 18 months from account opening date Intro Purchase APR
At a Glance
The Webster Visa® Business Card features no annual fee. New cardholders can also take advantage of 0% APR for 18 months from the date of opening an account. This introductory interest rate applies to both purchases and balance transfers. This business card also offers several billing options to help you run your business more efficiently.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- 0% APR for 18 months on purchases
- 0% APR for 18 months on balance transfers
- Choose between central, individual, and memo statement billing options
- Intro Purchase APR: 0% for 18 months from account opening date
- Regular Purchase APR: 17.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 18 months from account opening date
- Balance Transfer APR: 17.24% to 26.24% 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: 29.99% 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: 32.49% 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
- You don’t want to pay an annual fee
- You want a basic business credit card without rewards
- You would like to take advantage of 0% interest for 18 months on purchases
- You need to transfer a balance and intend to pay it off in 18 months
Webster Visa® Business Card Review
The Visa® Business Platinum Card from Webster Bank is this bank’s most basic business credit card. As such, it doesn’t earn cardholders any rewards.
What this card lacks in rewards it makes up for with Webster Bank’s lowest interest rates for business credit cards. Additionally, cardholders don’t have to pay any annual fees to use this card. This can save small business owners money in the long run.
This credit card’s greatest benefits are its introductory 0% APR offers. For 20 months, new cardholders can take advantage of having no interest added to their purchases. This can be a great advantage for new business owners who may need to buy equipment and supplies but can’t pay cash for it yet.
The same introductory terms apply to balance transfers. New cardholders can transfer a balance to their new Business Platinum Card and pay it off in 20 months with no interest. If a business owner has a balance on a high-interest credit card, this feature can help them get out of debt without having to pay anything additional.
This credit card also offers business owners several billing options that can help them better manage their business spending. Keep reading to learn more about these features and whether this is the right card for you.
Basic = Savings
You may wonder whether the Webster Visa® Business Card’s lack of rewards makes it an inferior card. The answer depends on what you need out of a business credit card.
Rewards cards may seem like they offer a lot of benefits to business owners. However, these benefits often come at a price. Most rewards cards charge cardholders annual fees. The more perks a card offers, the higher that fee can be. When you’re starting your business, every dollar can affect your bottom line.
But don’t the benefits outweigh the fee? It really depends on the card. Most credit card issuers use the same rewards catalog for personal and business customers. As such, the prizes available for redemption might not be anything you can use for your business.
Even if a rewards card has a low annual fee or no annual fee, there are other costs involved. With Webster Bank’s credit card offerings, rewards typically translate to higher APRs.
The Visa® Business Platinum Card features Liberty Bank’s lowest business card interest rates. In the long term, this can save your business a lot of money. For instance, a $10,000 balance on one of SNB’s other business cards can cost you $200 more in interest.
0% APR on Purchases
Another way the Webster Bank Visa® Business Card can outshine a rewards credit card is with its longer introductory APR period. Most other SNB cards only offer six months of 0% APR (if any introductory interest promotion).
With this card, you have 20 months of no interest on purchases. This promotional period begins on the day you get approved for this card.
This feature can present a major boon to new business owners. Most business owners need to purchase quite a lot of items when they first start out. However, their cash flow may be more of a trickle. As such, most new business owners rely on credit.
Having 20 months of no interest, though, can really help you buy what you need without having to pay any extra fees. This can be a huge savings for many business owners.
Say you need to furnish a new office for $10,000. Without this 0% APR promotion, you’d end up paying up to $2,249 in interest. With this promotion, you can pay off that purchase at only $666 a month to avoid paying interest on it.
It’s important, however, to decide on what you need to purchase before you sign up for this card. Remember that this offer begins on the date you open an account. The sooner you make your purchase, the more time you have to pay it off.
0% APR on Balance Transfers
The Webster Visa® Business Card also offers new cardholders a similar introductory APR on balance transfers. This credit card offers the best balance transfer deal out of SNB’s business credit cards.
When most people want to transfer over a balance from a higher-interest credit card, it’s usually a pretty significant balance. SNB’s other credit cards typically offer six months of 0% APR on balance transfers. This gives you very little time to pay it off, especially if you’ve yet to establish a steady stream of income from your business.
Having 20 months to pay off a credit card balance can take the strain off your finances, especially when you’re just starting your business. But there’s another feature of this promotion that makes it even more attractive.
You have 20 months to transfer a balance and take advantage of this offer. However, as opposed to the introductory purchase APR, the promotional period begins on the date that you make the transfer.
The Webster Visa® Business Card offers several billing options that can help you manage your business more effectively. While some smaller businesses only need to grant credit card access to the business owner, this isn’t always the case.
Some businesses have several employees who need to make charges. Even if you’re starting out small, your business may grow before you know it, which will require you to hire employees.
You have three billing options with this Visa® Business Card:
- Central bill
- Individual bill
- Central bill with memo statement
With the central bill option, only the primary account holder receives a bill. He or she is the only person responsible for paying the credit card bill.
The individual bill option is great for businesses in which employees must track individual expenses. With this option, each employee with card access gets his or her own bill. Each employee is required to pay his or her own bill. The primary account holder doesn’t receive a bill.
To have the best of both worlds, opt for a central bill with memo statement. With this option, the main account holder receives one bill with everyone’s charges. In addition, each employee receives a memo detailing his or her individual charges.
Should You Apply for the Webster Visa® Business Card?
This Visa® Business Platinum Card is a great option for business owners who are looking for a basic credit card option and don’t want to fuss with rewards. In exchange for foregoing rewards, cardholders pay no annual fee and receive lower interest rates.
Additionally, this credit card offers the longest 0% APR period of any Webster Bank business credit card. Having 20 months of no interest on purchases and balance transfers can really help new business owners make necessary purchases and cancel out debt from a high-interest credit card.
Even established businesses can benefit from these features if they need to make a large purchase or pay down a balance20