Thanks for joining me for episode 59 – Truist Business Cash Rewards Credit Card Review. I will take a deep dive into a promising new business card from a new bank that, from the looks of it, doesn’t appear on personal credit reports.
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Rough Transcript:
You’re listening to the Hurdy Gurdy Travel Podcast. I’m your host, Justin Vacula, here to help you travel the world at next to no cost through credit card points, miles, benefits, and rewards. Make money, save money, and take advantage of great deals!
Thanks for joining me for episode 59 – Truist Business Cash Rewards Credit Card Review. I will take a deep dive into a promising new business card from a new bank that, from the looks of it, doesn’t appear on personal credit reports.
Truist is a newly formed bank following a merger between BB&T and Suntrust banks. Truist now enters the scene, and even those who have had or have cards with BB&T and Suntrust can apply for new business credit cards with Truist. Those with SunTrust and BB&T accounts that haven’t yet transferred to Truist – either manually or automatically should be considered to be Truist customers. Personally, I’m really excited to hear about new credit cards, especially new business credit cards.
The new Truist Business Cash Rewards credit card and other business credit cards with Truist don’t appear to report to personal credit reports. New Truist options are great for veterans of the credit card game or those who have few options for new business credit cards. Maybe you’re waiting to be back under Chase’s 5/24 rule or want to keep personal credit clearer to leverage 0% apr offers or position for cards with banks having stricter underwriting, including US Bank and Barclays.
At the moment, recording in December of 2021, I’m waiting until April of 2022 to apply for business cards with Barclays and US Bank because a denial letter about eight months ago said I had opened too many accounts in the last 12 months. Following those applications, I’ll have to wait another eight months to get more credit cards with Chase. I’m out of business credit card options with other banks, including Wells Fargo, Citi, American Express. Hence, it makes sense to wait for Barclays, Chase, and US Bank, and I can weave in another business credit card with Truist rather than waiting and getting no new cards.
I don’t want to get more personal credit cards at the moment because decent business credit card options remain, and I can get back in with Chase. I also don’t see super-appealing personal credit cards I haven’t yet had except for Venture X, which I probably won’t approve due to my thick credit file, including 28 active cards and several canceled. US Bank and Barclays have good personal cards I haven’t yet had, but the business offerings are also good. The Truist Business Cash Rewards card, then, can be an excellent addition to my portfolio on the same day after my applications with US Bank and Barclays.
Truist Business Cash Rewards won’t necessarily be your first business card. It won’t be my first option, but this card may be better as a later option or even an early option if you’ve been declined by other banks and have a relationship with Truist, including a business checking account. Months ago, I opened a business checking account with Truist to gain a few hundred dollars as a welcome bonus. I likely now have a better chance of being approved for a business card with Truist since I have a banking relationship with them and because they recognize my business. Without a relationship, approval chances may be slimmer, so it can be a great idea to start with a business checking account, including a bonus when that moment comes.
Let’s get into details about the Truist Business Cash Rewards card. Sadly, there is no cash bonus as a welcome offer, but the card offers an introductory 0% APR for qualifying purchases. I prefer business credit cards like US Bank Triple Cash, offering a $500 welcome offer and 0% intro APR, but will take just 0% intro APR as a later game option, as I previously explained.
The Truist Business Cash Rewards card also has no annual fee, which is nice especially compared to the Truist Business Travel Rewards card that has a $49 annual fee after the first year and does not offer a 0% intro APR option. Sadly, value dramatically falls off past year one on the Truist Travel Rewards Card, so this is one reason why I would first get the Truist Business Cash Rewards card.
The Truist Business Cash Rewards card has bonus categories including 3% on gas, 2% at restaurants, and 2% at office supply stores. Bonused spend caps at $2000 per month and isn’t very interesting because cards like American Express Business Gold bonus gas spend at 4x and the fantastic Wyndham Business credit card with Barclay’s bonuses gas at 8x.
Even without a card bonusing gas at more than 2x, an extra 1% isn’t going to make a big difference unless you’re a super super high spender. 2x at restaurants and office supply stores is incredibly lackluster since many cards bonus all spend at 2% or better. However, because America loves math, and Truist feels a bit generous, Truist offers a 10% cash bonus on rewards for Truist business checking account holders. The 3% is 3.3% cashback, and 2% is 2.2% cashback.
The 10% bonus is interesting but doesn’t move the needle much. One can also get a 25% or 50% cash bonus with a large amount of money with Truist, but I can’t see doing this because the opportunity cost is too high. Finally, non bonused spending gives a meager 1%, but I can’t see spending much getting only 1% or 1.1% back unless I’m leveraging the intro 0% APR offer.
Overall, the Truist Business Cash Rewards card is an excellent later-game play for a 0% intro APR offer. Once one has exhausted options for other business cards and is looking to either get or stay under Chase’s 5/24 rule. It’s a gamechanger in the sense that it’s a new option for a free loan and some rewards, but it isn’t a fist pump and certainly isn’t something I would recommend for people who haven’t yet acquired many other business credit cards.
One other interesting point about Truist, according to a trusted source, is that they pull from Equifax personal credit reports. Suppose your Transunion and Experian reports have had heavy activity in the last six months. In that case, your valuation of Truist business cards may increase as, of course, it should be better than just sitting around waiting for time to pass before getting new credit cards.
Ladies and gentlemen, Romans, Countrymen, we have a possible win in the war on happiness with a new business credit card many listening may consider a freebie. Since this card is new to me and not much information about it is available. I have said that this card probably won’t appear on personal credit and should do this and that. I’ll do more research before applying, and so should you, but this does seem to be a great start. If you have any Truist information, please leave comments on YouTube and elsewhere!
We also don’t know how many credit cards Truist may allow, if the welcome offer is only once per lifetime, if one can have multiple business credit cards with Truist (and how long one should wait in between business credit cards), and if Truist wants detailed business information for a line of credit. I had to go in-branch to open my Truist business checking account, and the banker was satisfied with conversation, an EIN letter, and articles of organization for my business. Truist pulls from Experian personal credit, but does it report to business credit card bureaus? I don’t know.
Hopefully, Truist credit cards don’t have strict underwriting or scrutiny. Either way, I often suggest that people have a real business, not just a business in quotes or an alleged sole proprietor business not registered with a state. Eventually, you will run into roadblocks with a not-so-business business, so just play it straight and have more success…even if your business is just a small side gig.
Thanks for listening, and stay tuned for a future episode in which I will review other Truist business credit cards.
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