Review: Citizens Bank Business Credit Cards
Citizens Bank offers two business credit cards, the Business Platinum Mastercard and the Everyday Points Business Mastercard . Both cards offer their own unique benefits and drawbacks, which we’ll review in this post so that you can determine if one of them is right for your business.
Citizens Bank’s Business Credit Card Common Features
Both the Everyday Points Business Mastercard and Business Platinum Mastercard feature no annual fees and offer many of the same benefits. It’s important to note that both provide access to Mastercard Easy Savings program, which allows you to save up to ten percent at participating merchants and four percent at the 10,000 plus participating restaurants.
Other Benefits Include:
- 24/7 account management via accessCARD Command
- Purchase Assurance and Extended Warranty
- Travel Insurance
- VAT Reclaim service
- Travel accident/baggage delay service
- MasterAssist Business Assistance Concierge Service
- Free additional cards
Citizens Bank cards offer considerable travel benefits, making them ideal for business owners who spend a lot of time on the road. In addition, both credit cards offer a 20-day settlement period. Combined with the 30-day payment cycle, you’ll gain access to 50 days’ worth of free working capital.
Both the Citizens Bank Platinum and Everyday Points credit cards also offer an introductory six-month zero percent APR on purchases.
Everyday Points and Platinum Penalty and Fees
The Citizens Bank Everyday Points and Platinum credit cards also feature the same penalty and fee structures. For example, both cards feature 25.49 percent APR for cash advances and convenience checks. Cash advances also incur a $10 dollar or 5 percent transaction fee – whichever is greater.
The fees and penalties can be quite substantial but are in line with many other business credit cards. Other penalties and fees include:
- 27.24 percent APR for late payments
- $1.50 or 3 percent foreign transaction fee
- $39 late payment and over withdrawal fees
- $20 returned payment fee
Differences Between The Platinum and Everyday Points Business Credit Cards
While both Citizens Bank business credit cards offer similar benefits, there are some key differences. The Citizens Bank Everyday Points Business Credit Card offers a generous point program, while the Platinum card doesn’t. You’ll receive 2 points for every dollar you spend.
Everyday Points Program:
- Up to 3.5 percent rewards on purchases made within the first 90 days
- Up to 1 percent cashback on purchases after 90 days
- Easily track rewards through Everyday Points site
- Can redeem for cashback, travel, and more
However, the Everyday Points Card charges higher APR interest rates. Depending on your credit worthiness, APRs are set at 13.24 percent, 18.24 percent, 21.24 percent, or 23.24 percent.
The Citizens Bank Platinum Card, on the other hand, features lower APR interest rates. Rates are set at just 10.24 percent, 16.24 percent, 19.24 percent or 21.24 percent, depending on your credit worthiness. The lowest APR rates offered are quite low by business credit card standards, making the Platinum card quite attractive.
Choosing Between the Everyday Points and Platinum Credit Cards
Both credit cards offer a compelling mix of benefits. If you decide to apply for a Citizens Bank Business Card, you should carefully consider which you’ll benefit from the most. The Everyday Points program is quite attractive, and the rewards could add up to a substantial amount over time.
However, some people never end up spending their points. If you’re not likely to use your points, you should take advantage of the Platinum credit card’s lower APR rates. Even if you use the points, you may still benefit more from the lower APR rate. If you’re going to be carrying a balance for a few months or more, the APR savings is sure to add up.
Conclusion: Both Citizens Bank Business Credit Cards Are a Good Choice
The Citizens Bank business credit cards offer a great mix of benefits, especially for travelers. The various insurance protections and concierge services will come in handy if you travel frequently. And while the Platinum card’s APR rates are lower, the Everyday Points card still offers competitive rates and great rewards.
Ultimately, you should read over the terms and conditions so that you select the card that’s best for your business. If you’ve used or applied for either of Citizens Bank’s business credit cards, share your experience with us in the comment section below.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.