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.