The Bremer Bank Visa Business Bonus Rewards Card and its counterpart, the Bremer Bank Visa Business Bonus Rewards Plus Card are essentially the same as their consumer-oriented counterparts. Rather than offering one base point on all purchases and then double or triple points on only a narrow range of purchase types, these cards automatically adjust for bonus rewards points at the end of each billing cycle. The Bremer Bank Visa Business Bonus Rewards Card offers a 25% bonus and the Bremer Bank Visa Business Bonus Rewards Plus Card offers a 50% bonus on the net spending. For many people, this could be more rewarding than programs which only offer higher rewards for dining and travel purchases, or purchases at a single store.
Rates and Fees for the Bremer Bank Visa Business Bonus Rewards Card
One of the better aspects of the Bremer Bank Visa Business Bonus Rewards Card and the Bremer Bank Visa Business Bonus Rewards Plus Card are that they offer more competitive rates than many of the rewards cards on the market. The actual APR will depend upon the account holder’s credit rating and other factors, but range from 9.99% to 20.99%. At the high end, the APR is no better than most, but for those with decent credit ratings, the lower APR offers more flexibility for business spending without being over-burdensome.
Cash advances come with an APR of 23.99% and a transaction fee of 4% or at least $10. Convenience checks or balance transfers typically cost 3% of the transaction or at least $5. During an initial six month introductory period, however, balance transfers and new purchases have 0% APR. This introductory APR reverts to the account’s regular APR at the end of the first six months. Cash advances are not subject to the introductory offer of 0% APR. Foreign transactions cost 3% after conversion to US currency, although that is reduced to 2% when transactions in foreign countries are made in US Dollars to begin with.
The Bremer Bank Visa Business Bonus Rewards Card does not have an annual fee, however the Bremer Bank Visa Business Bonus Rewards Plus Card does come with an annual fee of $50. The latter card offers the same rates and fees otherwise, but for the $50 fee, the account holder gets the higher bonus points.
Introductory Offer for the Bremer Bank Visa Business Bonus Rewards Card
New accounts opened on either version of the Bremer Bank Visa Business Bonus Rewards Card are being offered a six month zero percent APR. That means for the first six billing cycles, no interest will be assessed for either balance transfers or for new spending. These terms do not apply to cash advances.
Rewards Program for the Bremer Bank Visa Business Bonus Rewards Card
The quickest perk with either of these cards is a small cash back bonus after the first purchase charged to the account. With the no-annual-fee version, that is $25. The Plus version of the card, which has a $50 annual fee, offers $50 back after the first purchase. It may be a wash with the Plus version of the card, but the additional points will add up more quickly and make that card more valuable with higher use.
Points can be redeemed for cash back as well as merchandise, travel expenses and more. Points may expire, but are good for a minimum of five years according the the current terms. There is also no limit on the number of points that can be earned. Redemption begins with 2,500 points, offering a relative value of $25 in cash back or gift cards. At higher point levels, the value may increase. For example, 25,000 points may be redeemed for $250 cash back or gift cards, but also may be redeemed for round-trip airline tickets valued up to $325. Travel perks are offered on over 150 different carriers and are not subject to blackout dates.
Points accrue at a rate of one point per one dollar spent in net purchases (after returns, credits, etc.). Because there is no limit to the number of points that can accrue, this card works well for businesses that spend frequently on the card and pay off the balance right away. While points do not need to be redeemed quickly, if the account holder is trying to reach a high point value reward, there is no guarantee that the points will not expire. In fact, there is a five year minimum on the life of the points in the account, which implies that a Bremer Bank Visa Business Bonus Rewards Card account will begin removing expired points after that period.
With the Bremer Bank Visa Business Bonus Rewards Card, a 25% bonus will be added to the earned rewards points from the current billing cycle each month, automatically. With the Plus version of the Bremer Bank Visa Business Bonus Rewards Card, a 50% bonus is automatically added.
Other Perks for the Bremer Bank Visa Business Bonus Rewards Card
Both versions of the Bremer Bank Visa Business Bonus Rewards Card offer the traditional benefits offered by Visa. Card holders have protection from fraudulent use of their account against unauthorized purchases, as well as coverage for rental vehicles against damage and theft.
Both cards come with online account management tools, which is a nice convenience. Free additional cards are also available for employees, each with individual spending limits. These are useful perks for businesses.
Bottom Line on the Bremer Bank Visa® Business Bonus Rewards Card
There are many rewards cards to choose from and a wide range of perks available on the market, often with no additional fee. When a fee is assessed for the privilege of having an account, the perks need to be worth the cost. In the case of the Bremer Bank Visa Business Bonus Rewards Plus Card, the additional points will add up much faster, but unless the card is being put into heavy rotation it does not present a huge increase in value after the $50 annual fee is figured in. The lack of additional perks beyond the basics offered for most Visa cards offers little incentive for the upgrade beyond the additional bonus rewards points that can be earned on monthly purchases.
The free version of the Bremer Bank Visa Business Bonus Rewards Card, on the other hand, offers a competitive rewards program at no additional cost and makes more sense for moderate to low volume use. In the case of both cards, as with most rewards programs, the rewards are only worthwhile if the balance is paid down every month. While there is the potential for a low APR for applicants with good credit, carrying a balance will negate the benefits of the rewards. If there is the chance that a balance will occasionally need to be carried, however, it is good to know that there is the possibility for a low APR with these cards.
Ultimately, these cards are best suited to small businesses where multiple employees will be using the account and the management tools will be useful. However, the rewards points can add up most generously compared to many other cards because every purchase is worth either 1.25 points per dollar or 1.5 points per dollar with the Plus card rather than merely having higher rewards rates for a narrow range of entertainment, travel or fuel purchases like many other cards. For this reason, the Bremer Bank Visa Business Bonus Rewards Card is certainly worth a closer look.