Advertiser Disclosure
X

Advertiser Disclosure: The credit card offers that appear on this site are from credit card companies from which MoneyCrashers.com may receive compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. MoneyCrashers.com does not include all credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others.

By

Dig Deeper

Become a Money Crasher!
Join our community.

Union Bank Business Visa Credit Card Review

At a Glance
union bank business visa credit card
3.5 / 5
Rating

Apply Now

Union Bank Business Visa Credit Card

  • Sign-up Bonus: None
  • Rewards: None
  • Intro APR: 0% APR on purchases and balance transfers for 6 months
  • Regular APR: 11.49% – 19.49% (variable)
  • Fees: 3% foreign transaction fee; 3% ($10 minimum) balance transfer fee for the first 6 months, then 5% ($10 minimum); 5% ($15 minimum) cash advance fee
  • Annual Fee: $0
  • Credit Needed: Good

Advertiser Disclosure: This post includes references to offers from our partners. We may receive compensation when you click on links to those products. However, the opinions expressed here are ours alone and at no time has the editorial content been provided, reviewed, or approved by any issuer.

The Union Bank Business Visa Credit Card doesn’t make our best small business credit cards list. Nor does it appear on our best low APR credit cards roundup. But that doesn’t mean this no-annual-fee business credit card has no value for small business owners seeking to build their credit or finance purchases at a relatively low interest rate. In fact, during the 6-month 0% APR introductory period, this card is a solid option for those seeking affordable business financing options or simply to cut costs at an existing small business.

The Union Bank Business Visa Credit Card doesn’t excel in every department. It doesn’t have a sign-up bonus or ongoing rewards program, so it’s not appropriate for business owners seeking returns on their everyday spending. It also doesn’t have a ton of fringe benefits, which are common on more exclusive business credit cards, like the Chase Ink Business Preferred Credit Card. And, though its minimum regular interest rate is pretty low, it’s part of a much wider range. Cardholders with less-than-perfect credit may be surprised to find their rates approaching 20% APR here.

Still, Union Bank Business Visa is a solid, no-frills credit card option for many business owners. Here’s what you need to know about its features, benefits, drawbacks, and overall suitability.

Key Features

Introductory APR

Union Bank Business Visa Credit Card has a 6-month, 0% APR introductory promotion on purchases and balance transfers. Neither type of transaction accrues interest during the promotional period.

Regular APR

Once the introductory period ends, the purchase and balance transfer APR rises to range between 11.49% and 19.49%, depending on your personal creditworthiness and prevailing interest rates. The rate is subject to change going forward.

The cash advance APR is set at 26.25% from the day you open your account, but can vary at any time thereafter. The penalty APR ranges as high as 29.99% and kicks in after a missed statement due date. Some of our best low-APR credit cards, such as Barclaycard Ring Mastercard, have even lower interest rates. (See Ring’s terms and conditions for more details.)

Important Fees

The Union Bank Business Visa Credit Card has no annual fee. Balance transfers cost the greater of $10 or 3% during the first six billing cycles and the greater of $10 or 5% thereafter. Cash advances cost the greater of $15 or 5%. The foreign transaction fee is 3% of the transaction amount. Late payments cost up to $39. Returned payments cost $35.

Visa SavingsEdge

Union Bank Business Visa Credit Card cardholders can avail themselves of merchant discounts through Visa SavingsEdge, a business-only savings program that counts a ton of popular vendors among its participants. Many participating vendors are food and hospitality companies, including plenty of national chains that you’re likely to encounter in your travels: Panera Bread, Red Robin, National, Alamo, and La Quinta Inn & Suites. Discounts range as high as 5% off your total purchase.

Visa-Backed Cardholder Benefits

Aside from Visa SavingsEdge, Union Bank Business Visa Credit Card’s Visa-backed benefits include:

  • Emergency lost card replacement and cash disbursement
  • Complimentary damage insurance on rental cars paid in full with the card
  • Access to a dedicated hotline for card-related questions (the Card Inquiry Service)

Credit Required

Union Bank Visa Credit Card is designed for business owners with good credit. Minor blemishes won’t disqualify your application, but serious credit issues (such as a personal bankruptcy) could be problematic.

Advantages

  1. No Annual Fee. Union Bank Business Visa Credit Card has no annual fee. If you don’t want to pay to keep your account open, you’ll like the sound of that – especially considering that this card doesn’t earn rewards.
  2. 0% APR Promotion. This card’s 0% APR introductory promotion applies to purchases and balance transfers for 6 months from your sign-up date. While that’s far from the most generous timeframe available, it’s better than the vast majority of business credit cards, which don’t offer introductory promotions at all. If you need to pay down an existing high-interest card balance or finance a major purchase without accruing interest, this card is worth a closer look.
  3. Low Ongoing Interest Rate for Qualified Cardholders. Applicants with very good to excellent credit are likely to qualify for ongoing interest rates at or near the lower end of this card’s range (11.49% APR). That’s better than most mainline business cards, which can charge 15% APR or higher.
  4. Great Discount Opportunities Through Visa SavingsEdge. Through Visa SavingsEdge, you can unlock discounts up to 5% at dozens of participating merchants, including national restaurant, rental car, and hotel chains. If you dine out often or travel domestically for business, you’re likely to make out well on this score.
  5. Nice Visa-Backed Benefits. Union Bank Business Visa Credit Card somewhat makes up for its lack of a rewards program with a solid lineup of Visa-backed benefits, including complimentary damage insurance on rental cars paid in full with the card, emergency lost card replacement and cash disbursement, and more. The best part: you don’t have to pay to use most of them.

Disadvantages

  1. No Rewards. One of the biggest drawbacks of the Union Bank Business Visa Credit Card is its nonexistent rewards program. Purchases made with this card don’t earn cash back, points, or any other loyalty currency. If you initially sign up for this card to capture its interest-free financing or balance transfer period, you might find yourself with a “meh” card six months in. If you’re looking for a solid return on spending from a no-annual-fee business credit card, check out Chase Ink Business Cash Credit Card.
  2. No Account Opening Bonus. This card also doesn’t have a sign-up bonus. That’s a big drawback relative to other popular business credit cards – for instance, Capital One Spark Cash for Business offers new cardholders the chance to earn $500 within three months of account opening.
  3. No Overdraft Protection for Union Bank Deposit Accountholders. Unlike Union Bank’s consumer credit cards, Union Bank Business Visa Credit Card doesn’t offer overdraft protection for Union Bank deposit account holders. This is a big problem for business owners who occasionally overdraft their checking accounts due to liquidity issues or accounts receivable backlogs.
  4. No Travel Benefits. Though Union Bank Business Visa Credit Card has a decent lineup of Visa-backed benefits, it’s not a great choice for frequent travelers seeking perks like airport lounge access, complimentary in-flight inclusions, or priority boarding. If you regularly travel for business, you’d be better served by Platinum Delta SkyMiles Business Credit Card from American Express.
  5. Ongoing APR Can Be High for Less Qualified Cardholders. Though Union Bank Business Visa Credit Card has a low minimum ongoing APR, its maximum ongoing APR is on the high side – nearly 20%. If you’re seeking the flexibility to carry balances from month to month but don’t have perfect credit, this could add significantly to your total card costs.
  6. 3% Foreign Transaction Fee. Union Bank Business Visa Credit Card has a 3% foreign transaction fee. If you regularly travel outside the United States, this is likely to be a dealbreaker, especially since there’s no rewards program to partially offset the hit. Fortunately, plenty of business credit cards lack foreign transaction fees – the Marriott Bonvoy Business™ American Express® Card is a great place to start.
  7. Charges Penalty Interest. If you occasionally miss your statement due date due to liquidity issues or slow client payment, you may run afoul of this card’s penalty interest provision. Once you miss a payment, your interest rate rockets up to nearly 30% APR, potentially adding hundreds to your annual balance-carrying costs.

Final Word

Every business’s needs are unique. Your company might run super lean, with just the founders, a few contract employees, a handful of electronic devices, some basic overhead expenses (such as utilities in a home office or rent in a coworking space), and a modest portfolio of affordable B2B services.

On the other hand, you might run a capital-intensive company with lots of expensive equipment, huge stores of inventory, a full-time payroll, generous office space, and a team of highly trained (and well compensated) support professionals.

If your business is on the lean side, this card is definitely fine for you. If your operation is larger, you’d be better served by a more powerful business credit card, such as the no-limit charge cards offered by American Express OPEN. The Plum Card from American Express OPEN is a great choice and offers impressive payment flexibility to boot. Or, look into Union Bank’s commercial credit options, which are meant for firms with revenues north of $1 million.

Verdict
union bank business visa credit card
3.5 / 5
Rating

Apply Now

Union Bank Business Visa Credit Card

The Union Bank Business Visa Credit Card is ideal for business owners looking for interest-free financing on major purchases or a suitable target for high-interest transferred balances. It’s not appropriate for those seeking a return on spending, nor those looking for lots of valuable travel or business benefits.

Key benefits include the nonexistent annual fee, the 6-month 0% APR promotion on purchases and balance transfers, the relatively low ongoing rate for qualified cardholders, the Visa SavingsEdge discounts, and the Visa-backed benefits such as complimentary rental car damage insurance.

Important drawbacks include the lack of rewards and bonuses, the potential for a relatively high APR with substandard credit, the nonexistent overdraft protection feature (found on Union Bank’s consumer cards), the 3% foreign transaction fee, and the penalty interest.

Overall, this is a fine card for business owners seeking no-interest finance or balance transfers, and possibly for those looking to carry balances from month-to-month. For everyone else, better options exist.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci
Brian Martucci writes about frugal living, entrepreneurship, and innovative ideas. When he’s not interviewing small business owners or investigating time- and money-saving strategies for Money Crashers readers, he’s probably out exploring a new trail or sampling a novel cuisine. Find him on Twitter @Brian_Martucci.

Comments Disclosure: The below responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

  • Next Up on
    Money Crashers

    Couple Shopping Bags

    How Stores Trick You Into Buying & Spending More

    Have you ever walked into a store planning to buy just one or two things and walked out an hour later with a whole...
    Ivy League Worth Cost Admission

    College Admissions Scandal Revisited: Is an Ivy League Education Worth the Price?

    The recent college admissions scandal is an eye-opening example of how far some families will go to get their children into elite colleges. The...

    Popular on
    Money Crashers

    Sign Up For Our Newsletter

    See why 218,388 people subscribe to our newsletter.

    What Do You Want To Do
    With Your Money?

    Make
    Money

    Explore

    Protect
    Money

    Explore

    Save
    Money

    Explore

    Borrow
    Money

    Explore

    Manage
    Money

    Explore

    Invest
    Money

    Explore