Table of Contents
Introduction
When it comes to choosing a business credit card, there are numerous options available in the market. One such option is the KeyBank Business Platinum card. This article aims to provide a comprehensive review of the KeyBank Business Platinum card, analyzing its features, benefits, drawbacks, and overall value proposition. By the end of this article, you will have a clear understanding of whether the KeyBank Business Platinum card is the right choice for your business or if it falls short of expectations.
Key Features and Benefits
The KeyBank Business Platinum card offers several key features and benefits that make it an attractive option for business owners:
- Generous Rewards Program: The KeyBank Business Platinum card offers a competitive rewards program, allowing cardholders to earn points on every dollar spent. These points can be redeemed for travel, merchandise, gift cards, or even cash back.
- No Annual Fee: Unlike many other business credit cards, the KeyBank Business Platinum card does not charge an annual fee. This can be a significant cost-saving advantage for small businesses.
- Introductory APR: The card offers an introductory 0% APR on purchases and balance transfers for the first 12 months. This can be particularly beneficial for businesses looking to finance large purchases or consolidate existing debt.
- Flexible Credit Limit: The KeyBank Business Platinum card provides businesses with a flexible credit limit, allowing them to access the funds they need to manage their day-to-day operations effectively.
- Expense Management Tools: The card comes with robust expense management tools, including online account access, spending reports, and the ability to set individual spending limits for employees. These features can help businesses track and control their expenses more efficiently.
Drawbacks and Limitations
While the KeyBank Business Platinum card offers several attractive features, it is essential to consider its drawbacks and limitations:
- Limited Rewards Categories: The rewards program of the KeyBank Business Platinum card is limited to specific categories, such as travel, dining, and office supplies. This may not be ideal for businesses that spend heavily in other areas.
- Higher APR after Introductory Period: After the introductory period, the KeyBank Business Platinum card's APR can be relatively high compared to other business credit cards. This can be a significant disadvantage for businesses that carry a balance from month to month.
- Strict Approval Criteria: The KeyBank Business Platinum card has relatively strict approval criteria, making it more challenging for businesses with lower credit scores or limited credit history to qualify.
- Limited International Acceptance: While the KeyBank Business Platinum card is widely accepted within the United States, its acceptance may be limited internationally. This can be a drawback for businesses with global operations or frequent international travel.
Case Study: XYZ Company
To illustrate the potential benefits and drawbacks of the KeyBank Business Platinum card, let's consider the case of XYZ Company, a small manufacturing business.
XYZ Company frequently spends on office supplies, travel, and dining for client meetings. The KeyBank Business Platinum card's rewards program aligns well with XYZ Company's spending patterns, allowing them to earn significant points that can be redeemed for future travel or office equipment purchases.
However, XYZ Company occasionally carries a balance on their credit card, and the higher APR after the introductory period could result in increased interest expenses. Additionally, XYZ Company occasionally conducts business internationally, and the limited acceptance of the KeyBank Business Platinum card outside the United States could pose challenges during their overseas trips.
Overall, XYZ Company finds value in the KeyBank Business Platinum card due to its rewards program and expense management tools. However, they need to carefully consider the potential drawbacks and limitations before making a final decision.
Conclusion
The KeyBank Business Platinum card offers several attractive features and benefits, including a generous rewards program, no annual fee, and flexible credit limits. However, it is essential to consider the limitations, such as limited rewards categories, higher APR after the introductory period, strict approval criteria, and limited international acceptance.
Before applying for the KeyBank Business Platinum card, businesses should evaluate their spending patterns, credit history, and international needs to determine if the card aligns with their specific requirements. By carefully weighing the pros and cons, businesses can make an informed decision and choose a credit card that unlocks prosperity rather than stumbling at the key.
