U.S. Bank has launched the U.S. Bank Business Leverage Visa, a credit card for business owners that tailors its rewards categories to match your spending. The card has a $95 annual fee that new cardholders can skip the first year.
The card has 48 top-earning rewards categories, including advertising firms, airlines, gas stations and fuel dealers, hotels, insurance providers and more. Every month, you’re automatically assigned two top bonus categories based on where you spent the most. The categories adjust automatically, making it a low-maintenance rewards option.
Cardholders will earn:
- 2 points per $1 spent on purchases made in the top two categories where your business spends the most.
- 1 point per $1 spent on all other eligible purchases.
- 1 extra bonus point (up to a maximum of 100,000 bonus points) per $1 spent in the first year.
- Encore relationship rewards — up to $2,880 in cash back or 240,000 points annually — when you use a U.S. Bank payment solutions account to process card payments from your customers.
- Free employee cards.
Rewards can be redeemed for cash back, travel, gift cards and merchandise. There are no limits on the total points you can earn.
“One of the things we’re really proud of is the fact that we co-created this product with business owners,” says Heather Wolfsmith, senior vice president of small business credit card products at U.S. Bank. “It was created by business owners for business owners.”
Business cards that allow for personalized rewards categories are rare, but others do exist. The SimplyCash® Plus Business Credit Card from American Express and The Business Gold Rewards Card from American Express OPEN are two examples. Terms apply. Consider how much your business spends in certain categories to weigh the long-term value of a card.
The U.S. Bank Business Leverage Visa does charge a foreign transaction fee, so it might not be ideal for a business owner who travels overseas extensively. For other business owners, the card’s features and benefits might be worth a hard look, especially if you value a low-maintenance rewards option, relationship rewards, and the ability to keep all of your accounts at one institution.