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Reviews, Small Business

Edward Jones Business Plus MasterCard Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

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Edward Jones offers its Edward Jones Business Plus MasterCard® exclusively to existing clients of the investment firm. It’s currently running a 0% Introductory APR on balance transfers for the first 12 billing cycles plus a 0% introductory fee for balances transferred within 60 days of opening your account*. After the introductory period, standard APR applies, currently a 17.24% - 28.24% Variable.

Although this card is specifically for Edward Jones investors it’s worth examining the terms to weigh the offer. And Edward Jones clients should still compare the Business Plus MasterCard rewards program, rates and conditions with other cards before making a decision.

The Credit Card Offer at a Glance

You can earn cash back with the Edward Jones Business Plus MasterCard® in two ways.

Right off the bat you can earn a $150 Loyalty Invest™ Deposit after you spend $1,000 on your card within 90 days of opening your account! If you qualify for this reward the bonus will be credited to your account in 6 to 8 weeks.

The ongoing rewards program lets you earn 1.5 Loyalty Points® per eligible net $1 spent up to $40,000, 2 Loyalty Points® per eligible net $1 spent over $40,000. The points you earn can be redeemed for statement credits, travel, gift cards or charitable donations. You can also redeem Loyalty Points as cash deposits directly into an Edward Jones account.

MasterCard backs the Edward Jones business card, so it includes benefits like fraud protection and travel accident insurance. Another perk is Scoreboard Online Reporting, which allows you to manage and track your business expenses.

How to Apply for This Offer

Edward Jones clients have to contact a local financial advisor to find out the card eligibility requirements and to put in an application. The Edward Jones firm website has a convenient search tool that can help you locate an advisor in your area.

Fine Print and Fees

This card has no annual fee if you make at least one purchase per year, otherwise it’s $25. It charges a foreign transaction fee of 1% of each foreign purchase transaction or foreign ATM advance transaction. Ther’s a cash advance fee of 4% of each advance amount, $10 minimum. The balance transfer fee is 3%, $5 minimum.

When it comes to fine print details on the rewards program you have to speak with an Edward Jones financial advisor. If you decide to apply for the card make sure you have a thorough understanding of the disclosures before signing on the dotted line.

Pros and Cons

The twofer deal (0% intro APR balance transfer and 0% intro fee for balance transfers) is a clear pro of the card. It can save you a good deal of money in interest if you have expenses revolving month-to-month on another credit card. But on the other hand, if you’re not a client this card isn’t an option for you unless you’re interested in first opening an account with Edward Jones.

Alternatives to the Edward Jones Business Plus MasterCard®

The Capital One® Spark® Cash Select for Business and the Chase Ink Business Cash℠ Credit Card are two business cards that also offer cash back rewards and introductory APR specials that you should consider.

The Capital One® Spark® Cash Select for Business has no international transaction fee or annual fee. You can earn unlimited 1.5% Cash Back on every purchase. You can also earn an extra One-time $200 cash bonus once you spend $3,000 on purchases within 3 months from account opening. The card is offering 0% on purchases for 9 months; 13.99% - 23.99% (Variable) APR after that.

The Ink Business Cash℠ Credit Card also has a $0 annual fee. It offers a bonus: Earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening. The cash back rewards program lets you Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn.

Who Will Benefit from the Edward Jones Business Plus MasterCard®?

Edward Jones investors who want to transfer a balance and enjoy no interest for a full year will benefit the most from this card. However, the Ink Business Cash℠ Credit Card offers higher cash back rewards and lower interest if a balance transfer isn’t your main priority. And if you travel The Capital One® Spark® Cash Select for Business is a better bet because you can make international purchases without a fee.

The information related to the Ink Business Cash℠ Credit Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Reviews, Small Business

Wells Fargo Small Business Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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There are many online lenders offering small business loans these days, and for good reason – banks are notorious for their long underwriting process. If you want to get funding quickly, a bank typically isn’t your best option.

Getting a small business loan with Wells Fargo won’t take months, but it may take a little longer than an online lender.

It offers quite a few small business loans that are worth a look, especially its Fast Flex and Wells Fargo Business Loan Term Loan. The Term Loan is the most basic of its small business loans, and a good fit for any business looking to expand or get working capital.

You don’t have to have any accounts with Wells Fargo to apply for a Term Loan, but you will need to apply in person, so having a branch nearby is ideal.

A Fast Flex loan can get you instant approval, but you need a Wells Fargo checking account with deposits over $50,000 open at least 1 year.

Wells Fargo Small Business Loan Details

With a Wells Fargo small business loan, you can borrow $10,000 to $100,000 on 2, 3, 4, or 5 year terms. Fixed APRs start at 7.5% – and vary based on the length of the loan and your credit history.

There’s a monthly repayment plan with this loan and a $150 opening fee. No collateral is required.

Fast Flex Loan Details

A Fast Flex loan has a short, 1 year term, and ranges from $10,000 – $35,000. You can apply online, get funds as soon as the next business day, but there is a one time $195 opening fee.

Interest rates start at 13.99%, not including the impact of the $195 fee.

Use this loan if you need money quickly, but expect to pay a higher rate and the higher upfront fee as the cost of faster money. It will be more expensive than a standard Wells Fargo Small Business Loan if you pay it off in a year, but it will be less expensive than many alternatives that can get you the money the next business day.

The Pros and Cons of a Wells Fargo Small Business Loan

Pro: Unlike other bank loans, this is an unsecured loan, so Wells Fargo doesn’t require any collateral.

Con: Wells Fargo will send a check directly to you once you’ve been funded. Most online lenders will deposit the amount you’ve been funded for directly into your business bank account. While Wells Fargo claims to have a quick process, this could slow things down a bit.

Pro: Many lenders are only offering loans up to one or two years. Having a five-year term could make payments much easier to manage, as they’ll be lower. This is beneficial when paying once a month, as payments will be larger.

Con: If getting paid by check wasn’t inconvenient enough, to apply for a small business loan with Wells Fargo, you also need to apply in person. While there are plenty of branches located in the United States, you might not have time to set up an appointment and go. Online lenders make it easier to apply as you can upload all your documentation through their portals.

Pro: The APR range isn’t bad at all when compared with other lenders. Some are as high as 40%, and 4.25% is a very low starting point.

What Businesses Are Eligible For a Loan With Wells Fargo?

Wells Fargo says this loan is “ideal for established business owners who want credit for business expansion, leasehold improvements, and other business opportunities.”

It further expands on this in its lending principles document. Wells Fargo takes the following into consideration when deciding whether or not to loan to a business:

  • Personal credit history of the primary business owner – timely payments and responsible use of credit are a must
  • Your company should have decent cash flow, enough to support making payments
  • Liquidity in the business – if you experience a slow season, Wells Fargo wants to make sure you have other means of repaying the loan
  • You have the best chance of being approved if you’ve been in business for at least 3 years
  • Your business credit should be clean. Wells Fargo won’t lend to businesses with judgments or liens in the past 10 years
  • Your business should be showing a profit, at least in the last two years
  • Ideally, you have five open lines of credit for a strong credit history

Even if you only meet most of these requirements, you still have a chance of being approved for a small business loan. Wells Fargo places a lot of emphasis on good, strong credit history as well as business cash flow. You need to be able to show that your business is capable of repaying the loan.

Application Process and Documents Needed

Wells Fargo offers a handy list of things you should have ready before applying on its website, but here are the most important things:

  • Business bank account number and balance (bring statements if possible)
  • Annual business revenue (having tax returns will help)
  • Personal bank account number and balance (for the owner applying)
  • Basic business and personal information

Wells Fargo states it takes around three business days to review your application and documents. Expect to hear back about an approval by then. Remember, you’ll get sent a check via express mail, so actually receiving the funds may take another day or so, and that’s if no additional documentation is needed.

If you’re not approved, it could take ten to fifteen days to hear back with an explanation of why you were denied.

The Fine Print

There are no prepayment penalties, annual fees, loan documentation fees, or closing fees associated with this loan.

However, there is an opening fee of $150. This can be waived if you choose to open a Wells Fargo Business Services Package, and include your loan as part of it. The additional benefit you get from opening an account with Wells Fargo is a 0.25% rate discount when you set up automatic payments.

Which Businesses Benefit the Most from a Loan With Wells Fargo?

Businesses with good cash flow and great business credit that also have owners with good personal credit will benefit the most. As stated, the business needs to show that it’s profitable. If you’re looking to expand because you’ve been experiencing rapid growth, now is a good time to apply for a loan.

If you’re struggling to pay off any debt you have, or worse, have liens or judgments against your business, you likely won’t qualify for a loan.

Additionally, business owners with a Wells Fargo branch nearby will benefit even more, as you must apply for a loan in person. The closer the branch, the more convenient it will be for you.

Wells Fargo

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on Wells Fargo Bank’s secure website

Other Alternative Small Business Lenders

Wells Fargo does things a bit differently than online lenders. If you’re not a fan of having to drive to an appointment to receive a business loan, or don’t want to wait for a check to arrive in the mail, take a look at these alternative lenders.

Consider starting with LendingTree. The online marketplace empowers business owners to find the best deal for your business by allowing you to compare multiple financing options from various lenders in one place. You simply fill out a short form and may receive up to five business loan offers.

LendingTree

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on LendingTree’s secure website

LendingTree is our parent company

FundingCircle offers loans of $25,000 to $500,000 on terms of 6 to 60 months. Its interest rates range from 4.99% to 24.99%, and its origination fee ranges from 3.49% - 6.99%.

Your business must have over $150,000 in annual revenue and 2+ years of operating history. A profit must have been reported on one of the last two years’ tax returns. You must not have had any bankruptcies within the past 7 years, and no more than 5 tax liens in the past 10 years. A minimum credit score of 620 is needed to qualify.

FundingCircle

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on Funding Circle’s secure website

smartbiz SBA Loans offer financing on $30,000 to $5,000,000 with a terms of 120 to 300 months. APRs range from 4.75% to 7.00%, and the origination fee is 0.00% - 4.00%. You need at least two years in business (two years of tax returns must be filed), and positive cash flow. A minimum credit score of 600 is needed to qualify.

smartbiz

APPLY NOW Secured

on SmartBiz’s secure website

Each of these alternatives also has a monthly payment.

Shop Around – It’s Worth the Time

While applying for a business loan online is easier than applying in person, it still pays to shop around for the best rates and terms. Small business loan programs vary wildly between lenders, and based on the industry your business is in, you could receive better rates from other lenders that have experience working with your industry.

If you think Wells Fargo has exceptional terms for your business, then it could be worth setting up an appointment to apply. However, don’t stop there – as long as you apply for business loans within a 30-day window, your credit won’t be impacted as much. Credit bureaus expect that you’ll shop around to find the best loan for your business, so take advantage.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Reviews, Small Business

Capital One Spark Cash Select for Business Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

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Capital One Spark Cash Select for Business Review

Are you looking for a new business credit card? The Capital One® Spark® Cash Select for Business has competitive interest, cash back rewards and benefits that will protect your money and purchases.

The Credit Card Offer at a Glance

You need an Excellent/Good credit score to qualify for this, card, which is generally considered 750, or above. You must also be 18 years or older with a valid social security number or Tax ID. And if you already have a Capital One credit card it must be in good standing to be approved for the Capital One® Spark® Cash Select for Business.

Credit Card Rewards

There are two different ways to make cash back from your spending.

First, you can earn unlimited 1.5% Cash Back on every purchase. There’s no minimum that you need to spend in order to start redeeming your cash back. And you can choose to redeem it as a statement credit or check.

You can also earn a One-time $200 cash bonus once you spend $3,000 on purchases within 3 months from account opening. If you qualify for the extra bonus it’ll appear as a credit to your statement within 2 months.

Other Credit Card Benefits

The Capital One® Spark® Cash Select for Business comes with several valuable benefits. You can add employee cards to the account for free and earn cash back on their purchases. The card comes with $0 Fraud Liability, so if your card is lost or stolen you’re covered.

There’s a Purchase Security benefit that will replace, repair or reimburse you for items damaged or stolen within 90 days of purchase. And you can get extra warranty protection of up to a year on select items.

Fine Print and Fees

Overall this business card has very straightforward terms.  What you see is what you get and there are hardly any extra fees. For instance, foreign transactions don’t cost you anything. And there is a $0 annual fee and no balance transfer fee.

The fine print terms you need to be aware of come into play if you don’t pay your bill on time. Late fees can be up to $39. And the 0% APR intro deal will end if a payment is received late.

Penalty APR is 30.65% variable and will be applied to your account if two or more payments are late within a 12-month period. However you can be considered for standard APR once again if you make on-time payments afterwards for 12 consecutive months.

Pros and Cons

The big pros of this card are clearly the rewards and benefits.

Let’s face it. Business owners often make large purchases. So benefits like Purchase Security and extended warranties give you peace of mind because you’re covered if the unexpected happens. The unlimited 1.5% Cash Back on every purchase and lack of administrative fees will also save you money.

The only real con of this card is its eligibility requirements. If you don’t have excellent credit you’ll have to work on building it before you can apply.

Alternatives to the Capital One® Spark® Cash Select for Business

The Ink Business Cash℠ Credit Card from Chase is a business card with comparable benefits and rewards you should also consider.

Ink Business Cash℠ Credit Card

The Ink Business Cash℠ Credit Card lets you Earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening. Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn..

Ink Business Cash℠ Credit Card

The information related to Ink Business Cash℠ Credit Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Ink Business Cash℠ Credit Card

Regular Purchase APR
14.74% - 20.74% Variable
Annual fee
$0
Rewards Rate
Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn.

Out of the two cards, the Capital One® Spark® Cash Select for Business will benefit you the most if you travel internationally often. The Ink Business Cash℠ Credit Card charges a foreign transaction fee of 3% of each transaction in U.S. dollars. The Capital One® Spark® Cash Select for Business doesn’t charge a foreign transaction fee, so you can make international purchases without worrying about the extra cost.

Check Out Other Small Business Credit Cards Here.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.