Table of Contents
Introduction
When it comes to choosing a business credit card, there are countless options available in the market. One such option is the SunTrust Business Cash Rewards card. With its promise of rewards and benefits, it may seem like an attractive choice for small business owners. However, before diving in, it is important to evaluate whether this card truly lives up to its promises or if it gets lost in the shadows of its competitors.
The SunTrust Business Cash Rewards Card: An Overview
The SunTrust Business Cash Rewards card is designed to cater to the needs of small business owners. It offers a range of features and benefits that aim to simplify financial management and provide rewards for everyday business expenses. Let's take a closer look at what this card has to offer:
1. Cash Back Rewards
One of the key selling points of the SunTrust Business Cash Rewards card is its cash back rewards program. Cardholders can earn up to 3% cash back on qualifying purchases, with no limit on the amount of cash back that can be earned. This can be a significant advantage for businesses that have high monthly expenses, as it allows them to earn rewards on their everyday spending.
For example, if a business spends $10,000 per month on office supplies, travel, and other qualifying expenses, they could earn up to $300 in cash back rewards each month. Over the course of a year, this could add up to $3,600 in extra cash for the business.
2. Introductory APR
In addition to its cash back rewards program, the SunTrust Business Cash Rewards card also offers an introductory APR of 0% for the first 12 months. This can be a valuable feature for businesses that need to make large purchases or carry a balance for a short period of time. By taking advantage of the introductory APR, businesses can save on interest expenses and free up cash flow for other purposes.
3. Expense Management Tools
Managing business expenses can be a time-consuming task, especially for small business owners who wear multiple hats. The SunTrust Business Cash Rewards card aims to simplify this process by providing expense management tools that allow businesses to track and categorize their expenses. This can help businesses stay organized, identify areas of overspending, and make more informed financial decisions.
Comparing the SunTrust Business Cash Rewards Card to Competitors
While the SunTrust Business Cash Rewards card offers several attractive features, it is important to compare it to other business credit cards in the market to determine its true value. Let's take a look at how it stacks up against some of its competitors:
1. Chase Ink Business Cash
The Chase Ink Business Cash card is a popular choice among small business owners. It offers similar cash back rewards, with up to 5% cash back on select categories. However, unlike the SunTrust Business Cash Rewards card, the Chase Ink Business Cash card also offers a sign-up bonus, which can be a significant advantage for businesses looking to maximize their rewards from the start.
2. American Express Blue Business Cash
The American Express Blue Business Cash card is another strong competitor in the market. It offers 2% cash back on all eligible purchases, with no annual fee. While the cash back rate is lower compared to the SunTrust Business Cash Rewards card, the American Express Blue Business Cash card also offers a 0% introductory APR for the first 12 months, making it a compelling choice for businesses that prioritize interest savings.
3. Capital One Spark Cash for Business
The Capital One Spark Cash for Business card is known for its simplicity and generous cash back rewards. It offers a flat 2% cash back on all purchases, with no limits or categories to worry about. While the SunTrust Business Cash Rewards card may offer higher cash back rates on select categories, the Capital One Spark Cash for Business card provides consistent rewards on all spending, making it a hassle-free option for businesses.
Conclusion
While the SunTrust Business Cash Rewards card offers attractive features such as cash back rewards, an introductory APR, and expense management tools, it is important for small business owners to carefully evaluate its value compared to other options in the market. By comparing the SunTrust Business Cash Rewards card to competitors such as the Chase Ink Business Cash, American Express Blue Business Cash, and Capital One Spark Cash for Business, businesses can make an informed decision that aligns with their unique needs and priorities.
Ultimately, the SunTrust Business Cash Rewards card can be a valuable tool for businesses that have high monthly expenses and can take advantage of its cash back rewards program. However, for businesses that prioritize sign-up bonuses, interest savings, or simplicity, there may be better options available in the market. It is crucial for small business owners to carefully consider their spending habits, financial goals, and preferences before choosing a business credit card.
