The Discover Business Card can be an effective tool to help your business remain consistently solvent. In an nutshell, this card’s best for saving on office supplies and fuel costs. However, there are overhead costs to consider other than fuel and copier paper. You have to meet all of your financial obligations readily in business. And there’s always the option to just use cash. However, this business credit card comes stock with various enticements aimed at making you choose to use it instead.
Features of the Discover Business Card:
- Discover is proudly boasting the fact that they are now providing customers with their FICA credit ratings along with their monthly card statements. Of course, this is a handy feature, but I’m not sure how helpful it really is. Most credit-conscious people probably already have other ways they use to keep up with their credit and other financial information. At any rate though, it can’t be a bad thing to receive it, and customers seem to like it.
- Discover also prides itself on providing superior customer care. In fact, they guarantee that you can always reach them – and that the assistance you receive will be from 100% U.S. Support centers.
- Unlike loads of other cards that will, the Discover Business Card will not raise your APR if you happen to make a late payment. That’s an attractive feature to me as I believe that sometimes a late payment is unavoidable. Life happens and people need forgiveness. This card also charges absolutely no late fee the first time you do happen to make a late payment.
- And to help you avoid any possible late fees, Discover allows you to pay your bill all the way until midnight of the due date via their web portal. No Internet available? That’s OK because you can call them on the phone and make the payment too.
- There are no foreign transaction fees associated with this business credit card. Discover understands that businesses thrive in an international marketplace, and they choose to reward their business customers with free foreign transactions. Oh yeah, there’s also no over-limit fees charged (see below). Brilliant!
- You will get a respectable 5% cash back on selected purchases, primarily office supplies though. It’s paid each quarter and the categories do change. For all other purchases you make outside of the 5% categories, except for fuel, you will receive only a 1% cash back credit. Hmm.
- If you happen to become unemployed, or your business goes under, Discover will work with you by lowering your rates, lowering your minimum payments due – or offering other relevant assistance as they are able. They claim that they want to help you grow your business, even if the going gets rough for a while. In this manner, of course, they hope to develop long-term customer loyalty. Nothing wrong with that.
Fee & APR schedule for the Discover Business Card:
- No annual fees;
- 0% APR through the last day of the June, 2014 billing cycle;
- APR between 12.99% and 19.99%, based on your credit rating, history and other variables as dictated by Discover;
- 23.99% cash advance APR;
- Minimum 21-day grace period each month (when payments are made on time);
- No foreign transaction fees;
Other fees of the Discover Business Card:
- Late payment fee (after the first one): $15 if balance is less than $100; $39 if the balance is 100 or more.
- Returned payment fee is $39.
- Returned check fee is $39.
- Cash advances cost the greater of $10 or 5% of the amount advanced.
- There is no fee for going over your credit limit as long as it is not over by $1000 or more. If you go over by $1000 or more, the fee will be $39.
- There is a $10 fee for making your payments over the telephone.
Discover Business Card Rewards Program Specifics
When you are approved for and receive your Discover credit card, you will also receive a detailed list of all terms and agreements. Until then, you can count on the following when you’re weighing out the pros and cons of the reward system. The 5% you get back applies to the first $2000 you spend on office supplies annually. You also get 2% on fuel purchases, again up to $2000 annually. On warehouse club purchases with the Discover business card, you get 0.25% cash back credit for the first $5000 spent and then a full 1% on purchases in excess of $5000. Your points earned also have the rather unique ability to be redeemed instantly via Amazon.com. The cash back rewards credits you earn never expire unless your account remains inactive for at least 18 months, or if your account is closed for any reason. You will also forfeit your points if you fail to make at least the minimum payment due for at least 2 months in a row. For more details, please visit the website.
Other perks of the Discover Business Card:
This card is accepted at more than 9 millions businesses across the planet and Internet. And speaking of shopping online, this card adds security from fraud and identity theft by allowing customers to assign PINs to their accounts. Additionally, there are direct phone lines reserved for all fraud claims. The Discover business card also has a strong reputation for helping new businesses develop the credit resources they need to succeed.
Overall, if your company has a mid-to-high traveling budget, then this card may not serve you well. The outlets for redeeming rewards points are rather limited, but if they fit your needs, then the Discover Business Card can be an excellent solution. For those that travel a lot, a card with travel reward points could be a more intelligent choice.