Connexus Credit Union Visa® Business Cash Preferred Card Review for 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
This article is part of a larger series on Best Small Business Credit Cards.
Connexus Credit Union Visa® Business Cash Preferred Card is a small business credit card offered by Connexus Credit Union and issued by Elan Financial Services. It offers an interest-free financing option of 0% on purchases and balance transfers for the first six billing cycles, 3% cash back on eligible purchases made in gas stations, cellphone service providers, office supply stores, and dining, and 1% cash back on all other eligible net purchases.
This makes it a viable option for traveling business owners and those who want to maximize their earned cash back rewards. On top of that, new cardholders can get a $25 cash back reward after using the card for their first business purchase.
If you wish to compare one card over another, choose a maximum of three cards on this page and click Add to compare to view the details in a side-by-side comparison.
Connexus Credit Union Visa® Business Cash Preferred Card
Intro APR
0%
Regular APR
16.24% to 25.24% variable
Annual Fee
None
Credit Needed
Good to Excellent
- 3% cash back on eligible purchases made at gas stations, cell phone services, office supply stores and on dining, including takeout and food delivery service purchases
- Unlimited 1% cash back on all other eligible net purchase
- $100 annual software credit, and will be applied every year to your account after 11 consecutive monthly software transactions.
Pros
- No annual fee
- With interest-free financing option
- No credit union membership needed.
Cons
- High cash advance and penalty annual percentage rates (APRs)
- Low rewards
- Short interest-free financing option
- Limited rewards
- Zero fraud liability: Elan Financial Services provide zero fraud liability for unauthorized transactions.
- Auto rental coverage: While certain terms, conditions and exclusions may apply, Elan Financial Services will ensure to inform you whether the auto rental coverage is needed for your business needs.
- Free employee cards: Not only will it help you keep track of employee expenses, but it’ll let you earn as many rewards as possible.
Intro APR
0%
Regular APR
16.24% to 25.24% variable
Annual Fee
None
Credit Needed
Good to Excellent
- 3% cash back on eligible purchases made at gas stations, cell phone services, office supply stores and on dining, including takeout and food delivery service purchases
- Unlimited 1% cash back on all other eligible net purchase
- $100 annual software credit, and will be applied every year to your account after 11 consecutive monthly software transactions.
Pros
- No annual fee
- With interest-free financing option
- No credit union membership needed.
Cons
- High cash advance and penalty annual percentage rates (APRs)
- Low rewards
- Short interest-free financing option
- Limited rewards
- Zero fraud liability: Elan Financial Services provide zero fraud liability for unauthorized transactions.
- Auto rental coverage: While certain terms, conditions and exclusions may apply, Elan Financial Services will ensure to inform you whether the auto rental coverage is needed for your business needs.
- Free employee cards: Not only will it help you keep track of employee expenses, but it’ll let you earn as many rewards as possible.
How We Evaluate Cash Back Business Credit Cards
When grading fixed-rate cash back business credit cards like the Connexus Credit Union Visa® Business Cash Preferred Card, we give the most weight to ongoing rewards. Then, we consider the introductory rewards, annual fees, introductory and ongoing APRs, and additional card benefits.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Ongoing Rewards | 25 | 30 |
Introductory Rewards | 10 | 20 |
Additional Features | 8 | 15 |
Annual Fee | 15 | 15 |
Introductory APR | 10 | 10 |
Ongoing APR | 10 | 10 |
Total Score | 78 | 100 |
Who the Connexus Credit Union Visa® Business Cash Preferred Card Is Best For
- On-the-go business owners: Those whose expenses revolve around gas stations and restaurants may want to consider this credit card, as it offers 3% cash back on purchases in these categories.
- Those planning to make large purchases within the next six months: The card offers an interest-free financing option of 0% on purchases and balance transfers for the first six billing cycles.
If this card doesn’t fit your needs, then see our guide to the leading small business credit cards. You may also want to check our Credit Card Marketplace for our evaluation of other business credit cards.
Connexus Credit Union Visa® Business Cash Preferred Card Fees
APR
- Introductory APR: 0% on purchases and balance transfers for the first six billing cycles
- Ongoing APR for purchases and balance transfers: 16.24% to 25.24% variable, which will adjust based on the prime rate
- Cash advance APR: 28.24% variable, which will adjust based on the prime rate
- Penalty APR*: 29.49% variable, which will adjust based on the prime rate. This APR will be applied to your account if you:
- Made payments five calendar days late twice or 30 calendar days late once
- Made a returned payment
- Exceeded your credit limit twice in 12 consecutive months.
*Note that this APR will be applied until you make six consecutive minimum payments when due without exceeding your credit limit.
- Due date: 24 to 30 days after the close of each billing cycle
- Minimum interest charge: No less than $1
Fees
- Annual fees: None
- Balance transfer and convenience check cash advance fees: Either 3% of the amount of each transfer/advance or $5 minimum, whichever is greater.
- Cash advance ATM, cash advance, and cash equivalent advance: Either 4% of the amount of each advance or $10 minimum, whichever is greater.
- Foreign transaction fees: 2% of each foreign purchase transaction or foreign ATM advance transaction in United States dollars or 3% of each foreign purchase transaction or foreign ATM advance transaction in a foreign currency.
- Late payment: $19 on balance up to $100/$29 on balances from $100 up to $250/$39 on balances of $250 or more.
- Returned payment: $35
- Overlimit: $39
Connexus Credit Union Visa® Business Cash Preferred Card Rewards
- $25 cash back will be applied to your account after your first purchase. Note that this will be applied six to eight weeks after the purchase and that this isn’t applicable for both balance transfers and cash advances.
- 3% cash back on eligible purchases made at gas stations and office supply stores and for cellphone services and dining, including takeout and food delivery service purchases.
- Unlimited 1% cash back on all other eligible net purchases
- $100 annual software credit that will be applied every year to your account after 11 consecutive monthly software transactions.
Cash back earned can be redeemed either as a deposit to a checking or savings account from Connexus Credit Union and will be deposited within one to two billing cycles or statement credit to either your credit card account or a Rewards Card with a $25 minimum redemption.
Connexus Credit Union’s Elan Rewards Program includes the aforementioned rewards included in the Connexus Credit Union Visa® Business Cash Preferred Card. Take note that:
- The rewards program is subject to change
- Rewards are earned on eligible net purchases (defined as purchases minus credits and returns)
- Not all transactions are eligible for cardholders to earn rewards, such as advances, balance transfers, and convenience checks
How To Make Payments on the Connexus Credit Union Visa® Business Cash Preferred Card
- Digital banking: Visit the Elan Financial Services’ credit card account portal to manage your Connexus Credit Union Visa® Business Cash Preferred Card and make payments on your remaining balance.
- Connexus Credit Union mobile app: Another way for you to pay your credit card bill would be through its mobile app—which is available for Android and Apple users.
- Nearest CO-OP branch: Connexus is part of the CO-OP shared branch network, making it easier for members to select transactions at the branch of another in-network credit union. Search for the nearest shared branch based on your business’s location to pay your credit card bills.
- Phone: You can directly pay your credit card bill by calling (800) 845-5025 and incur an additional servicing fee of $9, or you can transfer from your Connexus account through telephone banking by calling either (800) 438-2747 or (715) 847-4701. Payments made through either way will be received instantly.
Connexus Credit Union Visa® Business Cash Preferred Card Features
- Zero fraud liability: Elan Financial Services provides zero fraud liability for unauthorized transactions
- Auto rental coverage: While certain terms, conditions, and exclusions may apply, Elan Financial Services will inform you whether the auto rental coverage is needed for your business needs
- Free employee cards: Not only will it help you keep track of employee expenses, but it’ll let you earn as many rewards as possible
Pros & Cons of the Connexus Credit Union Visa® Business Cash Preferred Card
| PROS | CONS |
|---|---|
| Doesn’t charge any annual fees, making it easier to predict how much you’ll be paying for your credit card | Charges high cash advance and penalty APRs at 28.24% and 29.49% variable respectively |
| Has an interest-free financing option for both purchases and balance transfers at 0% | Has limited premium rewards, as 3% cash back rewards is only for purchases made at gas stations and office supply stores and for cellphone services and dining |
| No need to be a member of the Connexus Credit Union to apply, as this card is managed by Elan Financial Services | Has short interest-free financing option for both purchases and balance transfers at six billing cycles, which is shorter compared to other credit cards |
| Offers limited features as compared to other business credit cards | |
Connexus Credit Union Visa® Business Cash Preferred Card Alternatives
American Express Blue Business CashTM
American Express Blue Business CashTM is our top cash back business credit card as it offers 2% cash back on all eligible purchases of up to $50,000 per calendar year, and 1% when $50,000 cap is met. This makes it a viable option for those that want to maximize the rewards earned when using their business credit card. It doesn’t charge annual fees and has features expanded buying power, allowing you to spend over your credit limit when needed. Take note that it doesn’t allow cash advances, making it a disadvantage for those who need to take out a cash advance from time to time.
American Express Blue Business Cash™ Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
Intro APR
0% on purchases
Regular APR
16.24% - 24.24% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 16.24% - 24.24%, based on your creditworthiness and other factors as determined at the time of account opening.
- No Annual Fee
- Terms Apply
Pros
- 0% intro APR
- Welcome bonus
- Fixed rate rewards
- No annual fee
Cons
- Cash advance isn’t allowed
- Charges foreign transaction fees
- 2% cash back is capped at $50,000 in annual spending
- Expanded buying power: Enjoy flexible buying power, when your business needs it. Expanded buying power gives you the freedom to spend beyond your credit limit and help get business done. While the amount you can spend above your credit limit isn't unlimited, it adjusts with your use of the card, your payment history, credit record, financial resources known to us and other factors.
- Car rental loss and damage insurance: As a Card Member, You can be covered for damage to or theft of a rental vehicle in a covered territory when you use your eligible card to reserve and pay for the entire rental and decline the collision damage waiver at the rental company counter.
Intro APR
0% on purchases
Regular APR
16.24% - 24.24% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 16.24% - 24.24%, based on your creditworthiness and other factors as determined at the time of account opening.
- No Annual Fee
- Terms Apply
Pros
- 0% intro APR
- Welcome bonus
- Fixed rate rewards
- No annual fee
Cons
- Cash advance isn’t allowed
- Charges foreign transaction fees
- 2% cash back is capped at $50,000 in annual spending
- Expanded buying power: Enjoy flexible buying power, when your business needs it. Expanded buying power gives you the freedom to spend beyond your credit limit and help get business done. While the amount you can spend above your credit limit isn't unlimited, it adjusts with your use of the card, your payment history, credit record, financial resources known to us and other factors.
- Car rental loss and damage insurance: As a Card Member, You can be covered for damage to or theft of a rental vehicle in a covered territory when you use your eligible card to reserve and pay for the entire rental and decline the collision damage waiver at the rental company counter.
U.S. Bank Business Platinum
The U.S. Bank Business Platinum is our top-recommended 0% APR business credit card since it has an interest-free financing option of 0% APR on both purchases and balance transfers for the first 20 billing cycles. This makes it a great alternative for those that want a longer interest-free financing period. It also doesn’t charge any annual fees, making it easier for business owners to calculate their spending. However, it doesn’t offer any introductory and ongoing rewards for its new and existing cardholders, and you’ll need good to excellent credit scores to qualify.
U.S. Bank Business Platinum Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Extended 0% APR period on purchases and balance transfers
Intro APR
0% Intro APR on purchases and balance transfers for 20 billing cycles.
Regular APR
14.24% - 23.24% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good
- Limited time offer: 0% Intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR currently 14.24% - 23.24%.
- U.S. Bank Business Platinum Card
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
- Expense management tool VISA Spend Clarity is free to access and sync expenses, set employee card controls, generate reports, and more.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
Pros
- Offers a long 0% APR introductory period
- 0% APR applies to both purchases and balance transfers
- No annual fee
Cons
- No introductory and ongoing rewards
- Balance transfer fee is charged even during the introductory period
- Excellent/good credit score needed to qualify
- Extended warranty protection: U.S. Bank will double an original manufacturer’s warranty up to an additional one year for warranties of three years or less. Coverage is limited to $10,000 per item.
- Purchase protection: U.S. Bank offers purchase protection for items that are damaged or stolen within 90 days of purchase. The coverage is limited to $500 per claim and up to $50,000 per cardholder, per year.
Intro APR
0% Intro APR on purchases and balance transfers for 20 billing cycles.
Regular APR
14.24% - 23.24% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good
- Limited time offer: 0% Intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR currently 14.24% - 23.24%.
- U.S. Bank Business Platinum Card
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
- Expense management tool VISA Spend Clarity is free to access and sync expenses, set employee card controls, generate reports, and more.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
Pros
- Offers a long 0% APR introductory period
- 0% APR applies to both purchases and balance transfers
- No annual fee
Cons
- No introductory and ongoing rewards
- Balance transfer fee is charged even during the introductory period
- Excellent/good credit score needed to qualify
- Extended warranty protection: U.S. Bank will double an original manufacturer’s warranty up to an additional one year for warranties of three years or less. Coverage is limited to $10,000 per item.
- Purchase protection: U.S. Bank offers purchase protection for items that are damaged or stolen within 90 days of purchase. The coverage is limited to $500 per claim and up to $50,000 per cardholder, per year.
U.S. Bank Triple Cash Rewards World Elite Mastercard®
The U.S. Bank Business Triple Cash Rewards World Elite Mastercard® made it into our list of leading business credit cards for startups, best 0% APR business credit cards, and top cash back business credit cards. It offers an interest-free financing option of 0% on purchases and balance transfers for the first 15 billing cycles, lets you earn 5% cash back on prepaid hotels and car rentals, 3% cash back on eligible purchases at gas and electric vehicle (EV) charging stations, office supply stores, cellphone service providers, and restaurants, and 1% cash back on all other net purchases.
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
BEST FOR:
0% APR for 15 billing cycles
Intro APR
0% for first 15 billing cycles
Regular APR
16.24% - 25.24% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good
- Limited Time Offer: Earn $500 in cash back. Just spend $4,500 on the Account Owner's card in the first 150 days of opening your account.
- Introducing the U.S. Bank Business Triple Cash Rewards World Elite™ Mastercard® the card that gives back on all your eligible business needs.
- Earn 3% cash back on eligible purchases at gas stations and electric vehicle charging stations, office supply stores, cellphone service providers, and restaurants.
- 1% cash back on all other eligible net purchases.
- Earn 5% cash back on prepaid hotels and car rentals booked directly in the Travel Rewards Center.
- No limit on total cash back earned.
- Rewards never expire
- Earn an annual $100 statement credit for recurring software subscription expenses, such as FreshBooks or QuickBooks
- 0% Intro APR on purchases and balance transfers for 15 billing cycles. After that, a variable APR currently 16.24% to 25.24%.
- No annual fee
- Pay over time by splitting eligible purchases of $100-plus into equal monthly payments with U.S. Bank ExtendPay™ Plan.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
Pros
- 0% APR applies to both purchases and balance transfers
- Unlimited cash back rewards
- No annual fee
Cons
- Balance transfer fee is charged even during the introductory period
- Intro APR doesn’t apply to cash advances
- MasterRental car rental collision damage waiver: When you rent a car using your U.S. Bank credit card, you’re covered in case of accident or theft on all rentals made worldwide. Coverage is primary, which means you won’t need to use your personal auto insurance or accept the insurance offered by the rental agency. Coverage is capped at $50,000.
- Purchase assurance: U.S. Bank may repair or reimburse for items purchased with your U.S. Bank business credit card that are damaged or stolen within 90 days of purchase. Coverage is limited to $1,000 per loss, up to $25,000 per year, per account. Lost items and items left out of reach that others can see are not covered.
- Extended warranty protection: U.S. Bank will double the manufacturer’s warranty up to an additional one year from the expiration of warranties of five years or less. An item with a six-month warranty would be backed for an additional six months, for example. The issuer will replace the item or reimburse you up to the amount charged on your U.S. Bank card up to $10,000.
Intro APR
0% for first 15 billing cycles
Regular APR
16.24% - 25.24% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good
- Limited Time Offer: Earn $500 in cash back. Just spend $4,500 on the Account Owner's card in the first 150 days of opening your account.
- Introducing the U.S. Bank Business Triple Cash Rewards World Elite™ Mastercard® the card that gives back on all your eligible business needs.
- Earn 3% cash back on eligible purchases at gas stations and electric vehicle charging stations, office supply stores, cellphone service providers, and restaurants.
- 1% cash back on all other eligible net purchases.
- Earn 5% cash back on prepaid hotels and car rentals booked directly in the Travel Rewards Center.
- No limit on total cash back earned.
- Rewards never expire
- Earn an annual $100 statement credit for recurring software subscription expenses, such as FreshBooks or QuickBooks
- 0% Intro APR on purchases and balance transfers for 15 billing cycles. After that, a variable APR currently 16.24% to 25.24%.
- No annual fee
- Pay over time by splitting eligible purchases of $100-plus into equal monthly payments with U.S. Bank ExtendPay™ Plan.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
Pros
- 0% APR applies to both purchases and balance transfers
- Unlimited cash back rewards
- No annual fee
Cons
- Balance transfer fee is charged even during the introductory period
- Intro APR doesn’t apply to cash advances
- MasterRental car rental collision damage waiver: When you rent a car using your U.S. Bank credit card, you’re covered in case of accident or theft on all rentals made worldwide. Coverage is primary, which means you won’t need to use your personal auto insurance or accept the insurance offered by the rental agency. Coverage is capped at $50,000.
- Purchase assurance: U.S. Bank may repair or reimburse for items purchased with your U.S. Bank business credit card that are damaged or stolen within 90 days of purchase. Coverage is limited to $1,000 per loss, up to $25,000 per year, per account. Lost items and items left out of reach that others can see are not covered.
- Extended warranty protection: U.S. Bank will double the manufacturer’s warranty up to an additional one year from the expiration of warranties of five years or less. An item with a six-month warranty would be backed for an additional six months, for example. The issuer will replace the item or reimburse you up to the amount charged on your U.S. Bank card up to $10,000.
Bottom Line
Connexus Credit Union Visa® Business Cash Preferred Card is a great business credit card for business owners that want to get cash back rewards after using it for their business, need an interest-free financing option to make large purchases, and are always on-the-go. As one of the few business credit cards being offered by a credit union, you don’t need to be a member of Connexus Credit Union to qualify in getting the card.
If this card isn’t right for you, visit our Credit Card Marketplace to find one that’s a better fit.
