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August 29, 2019

Review: South State Bank Business Credit Cards

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Fora Financial

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When you’re busy running a business, finding time to sort through credit card options can be challenging challenge. To help you save time, we’re reviewing the South State Bank Business Credit Card options. This will allow you to determine whether these cards can help you achieve your goals.

Are South State Bank Business Credit Cards Right for You?

Benefits & Drawbacks of South State Bank Business Credit Card Options:

South State Bank offers several business card options for small business owners. All cards are issued by Elan Financial Services.
  • VISA® Business Platinum Card: This is a non-rewards card that charges a lower interest rate. This can allow you to pay down your other credit card balances faster.
  • VISA® Business Real Rewards: The Real Rewards card allows you to earn 1.5 points monthly for every $1 you spend on eligible purchases.
  • VISA® Business Real Rewards PLUS: In addition to the benefits offered by the Real Rewards Card, Real Rewards PLUS allows you to earn three points monthly for every $1 you spend the most on. This includes purchases on cell phone services, hotels, or airlines.
  • VISA® Business Cash Card: The Cash Card pays you three percent cash back on eligible purchases from office supply stores, as well as phone and television services. In addition, you’ll also earn two percent cash back on eligible restaurant and gas purchases. For all other eligible purchases, you'll earn one percent cash back.
South State Bank also offers special cards for large corporations that generate over $5 million in net sales and nonprofits, as well as a purchase card for large corporations and organizations. All cards have EMV smart chip technology, expense management tools, and mobile payment capabilities. In addition, there’s no extra fee for adding employee cards. The Business Platinum, Business Real Rewards, and Business Cash cards are currently offering an introductory zero percent APR for the first six billing cycles on purchases and balance transfers and charge no annual fee. The Real Rewards PLUS card charges no annual fee for the first year. After that, the annual fee is $99. Rewards cards also come with introductory bonuses that allow you to earn extra points or cash back, and there’s no cap or limit on the number of points you can earn year-round. The primary drawback of these credit cards is the APR once the promotional period expires. The current APR of 16.24 to 25.24 percent is slightly higher than average, according to U.S. News & World Report.

How to Apply for South State Bank Business Credit Cards:

To apply for their VISA® Business Platinum card, South State Bank requires you to visit a branch. However, you can easily apply for one of their rewards cards online. The application form is relatively straightforward and can be completed in minutes. When applying for a card, both your business and personal financial information will be considered. The business information that’s required will include your business tax ID number, gross annual sales, legal structure, and industry. Personal details include your Social Security number, annual income, and ownership percentage.

How to Qualify for These Credit Cards:

To apply for a South State Bank credit card, you must be at least 18 years old and have a U.S. address. Also, you'll need a Social Security number. South State Bank doesn’t specify a minimum credit score to qualify for one of their business cards. However, they require excellent credit for their personal credit cards, which suggests a credit score of 750 or higher. In addition, you’ll be asked to show proof of personal income and annual sales, based on the information you enter in the online application. This is especially likely if your business is relatively new.

Conclusion: South State Bank Credit Cards Are Great if You Make Purchases in Certain Categories

South State Bank offers several cards with rewards tailored to a variety of businesses and needs. While the Business Real Rewards Card allows you to earn unlimited points for every dollar you spend on eligible purchases, you’ll earn even more rewards if your purchases fall into certain categories. Specifically, if you travel frequently, the Real Rewards PLUS card will likely earn you the most points. On the other hand, if you spend money on office supplies, the Business Cash Card might be your best bet.