Pros and Cons of the Office Depot Business Credit Card
Who Is This Card Great For?
This card is perfect for companies that want convenience, while still getting rewards. If you spend a lot of money on office supplies, and want a dedicated credit line for your purchases, this could be an ideal card for you. If you don’t have time to go to the store, and want perks like free delivery, easy billing, and exclusive offers, you should consider applying for this card.
The credit card application is very straight forward and only takes a few minutes. It requires basic business information like your company name, revenue, taxpayer information, number of employees, and monthly purchasing volume. It also requests the same personal and financial information for the individual that’s completing the application.
Annual Fee: There’s no annual fee for this card.
Statement Credit: You’ll receive a $50 statement credit if you spend $150 in the first sixty days of opening the account.
Rewards: Office Depot gives you 2 percent back in rewards on supplies, furniture, and technology, plus $2 for reviews and ink cartridge recycling. Although you don’t need to have the credit card to earn rewards, you’ll reach VIP level when you spend $500 in 12 months. This will give you five percent back on ink, toner, paper, printing services, free delivery, and birthday perks.
Departmentalized Billing: You can have multiple cards for your account to simplify billing for your business’s different departments. Office Depot will also send you an itemized statement each month, so it could save time in accounting, and makes reordering easy.
Interest Rate: Like many credit cards, the interest rate is high at 23.99 percent. There’s also a minimum finance charge of $2 per month, so if you don’t use the card often but still carry a small balance, you’ll have this minimum charge.
There are Cards with Better Office Rewards: If you plan to only shop at Office Depot or OfficeMax, this card might be nice for convenience, but there are other business cards that offer better rewards. For example, the American Express Simply Cash Plus Business Card provides five percent cash back on purchases from U.S. office supply stores and wireless telephone services. This card also has no annual fee. If you’re interested, you could link your Office Deport Rewards to this credit card and get the perks of both cards.
Credit Limit: Your credit limit is determined by your business’s income and a review of your debt, including the debt listed on your credit report. Depending on how much debt you have, your credit limit might not be high enough to cover your monthly office supply needs.
In Conclusion: Do You Want Convenience or Rewards?
The Office Depot Credit Card is an easy card to use, and keeps all your office purchases in one spot. If you don’t want to bother researching the best deals at different stores while still getting rewards, this card is right for you. On the other hand, if you’re looking to max out on deals and rewards, you’re better off choosing another credit card that doesn’t limit you to just one store and has a higher reward rate.
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.