MBNA Platinum Plus MasterCard for Business: when you mean Business
Written: Aug 08 '01 (Updated Aug 25 '01)
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Pros: Employee misuse insurance, travel benefits, individual credit lines.
Cons: You have to pay the bill. :)
The Bottom Line: Accepted in 3 times as many locations as American Express and chock full of free benefits and services... when you really mean business check out this card.
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| netKat's Full Review: MBNA Platinum Plus for Business |
When you have your own business, it's a great idea to have a credit card designed specifically for business. Why? It puts you more in control of your business spending. The MBNA Platinum Plus MasterCard for Business affords any size business owner with some great benefits. With free cards for as many employees as you want, each with it's own individual credit limit, the possibility of tax benefits on interest, along with free employee misuse insurance, and quarterly statements, it simply makes good business sense.
- The Terms -
There is no Annual Fee on the card, nor is there an annual fee on any of the additional cards for your employees.
The Grace Period on purchases is at least 25 days from the statement closing date. If you pay the balance in full prior to the due date you will not be charged any of the accrued finance charges.
The Annual Percentage Rate (APR) is at a fixed rate of 13.99%. There is a promotional rate of 2.9% for the first five to six months (negotiate for six). This promo rate includes purchases, cash advances, and access checks.
There is a 3% fee for a cash advance with a maximum fee of $99. Some access checks are fee free, and some are not, so it definitely pays to call customer service in advance of using the checks to get some clarification.
Late fees and overlimit fees are both $29.
- The Employee Cards -
Each card issued to each employee will have a different account number and an individual credit limit. You have the power to set the credit limit on each individual card, the minimum being $500. As the business owner, you will receive a quarterly statement detailing the activity on each account. You will also receive a fully categorized year end summary to assist with your taxes. It should be noted, that finance charges paid on a business account could be a tax deductible business expense. Check with your accountant.
- Employee Misuse Insurance -
The number of cards your business has in total determines the amount of coverage made available to you should an employee misuse the card. If you have 2 - 4 cards, you'll be covered for $5,000 per card per year. If you have 5 or more cards, each card is covered up to $15,000 per year.
- Eagle Eye on Business Spending -
As the business owner, or key person on the account, you will receive the monthly statement for the entire group of accounts. The statements clearly delineate the usage of each individual account. In addition to the monthly statements, you will receive quarterly reports and a yearly summary, all free of charge
- Travel Benefits -
The Platinum Plus for Business card offers a nice package of included benefits for those who travel. By purchasing a common carrier ticket solely on the card, you'll be covered for up to $1,000,000 of travel accident insurance. Renting a car at your destination? In addition to a 10% discount on Avis Rent a Car, this card will provide up to $50,000 supplemental rental car insurance so there's no need to pay for extra insurance at the car rental agency. There is also $3,000 coverage on lost luggage, again, the full price of the ticket and rental car must be charged on the card in order to be covered with these benefits.
- Additional Benefits -
A couple of other benefits on the MBNA Platinum Plus card for Business are worth noting. There is a special discount available up to 42% on Airborne Express. There is also priority credit line increase decisioning... you'll get a same day decision on your request.
- Customer Service -
MBNA is generally well known for providing superior customer service. The business card is handled by a dedicated area within the bank populated by a staff devoted to growing your business by being your issuer of choice. I used to work for MBNA and I can attest to their focus on, and individual attention to, business Customers.
- The Website -
MBNA has vastly improved their website functionality and design. Customers have ready access to current account activity as well as statements up to 6 months old. I have not yet experienced the site being down. It's well organized, intuitive, and easy to set up online account payments.
- How is the Credit Reporting Different than on a Regular Individual Account? -
Although MBNA may pull a credit report on you in addition to looking at your business rating, this card will not report on your personal credit report and no employee credit reports will be pulled. This separates your business and personal credit histories. When you use a personal card for business, you lose this option.
- But What About American Express for Business? -
There are a couple of major differences between Amex and MasterCard:
MasterCard is accepted in approximately 3 times as many locations as Amex.
With a MasterCard, you can opt to pay your bill in full, or revolve as business needs dictate. With most Amex accounts, you must pay in full each month.
- In Conclusion -
In addition to having worked at MBNA for almost 7 years, I am also a longstanding Customer with the company. In over 8 years I have had only one bad service experience with them. I have found their benefits to be at least equal, and often superior, to other issuers. When your business means business, it's well worth looking into this business credit card program.
You may be interested in these related reviews:
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http://creditexpert.epinions.com/finc-review-6A47-7628467-39FFEF7B-prod1
An Ex-Employee Talks: the real scoop on credit cards
http://creditexpert.epinions.com/finc-review-4B88-1236751B-3884FDBE-prod1
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Horror of Another Kind: Credit Card Fiascoes: How other people's mistakes can save YOU money!
http://creditexpert.epinions.com/finc-review-5BF7-C7714F5-38E88159-prod2
Recommended:
Yes
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Epinions.com ID:
netKat
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 - Top 200 |
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Member: Kat
Location: Maryland
Reviews written: 166
Trusted by: 885 members
About Me:
Analytically inclined mom, bank officer, freelance writer, and internet addict.
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