M&T Business Credit Card Review 2019

The M&T Business Credit Card is a plain vanilla card that is best for business owners who frequently carry a balance. It offers both a lengthy introductory 0% APR and an ongoing APR that’s hard to beat. You’ll pay as little as 12.49% APR, which is about five percentage points lower than average.

The best low-interest business credit cards come with 0% introductory offers of 12 months or longer, ongoing APRs of 14% or lower, and no annual fees. Many offer good rewards programs, as well. This M&T Bank business credit card offers solid introductory and ongoing APRs but offers no rewards, which limits its appeal. We give it 3.5 stars out of 5 stars possible.

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How We Evaluated the M&T Business Credit Card

The M&T Business Credit Card offers a strikingly low APR, but not a whole lot more. This card may be worth considering if you regularly carry a balance from one month to the next. Even so, there are better options for owners looking to minimize interest payments. The American Express Blue Business® Plus, for example, offers a mix of low APRs and big ongoing rewards. Also, this M&T Bank card is available in just eight East Coast states.

We considered the following criteria when grading this low-interest credit card, based on business owner wants and needs:

• Introductory APR: Whether the card offers a period of no-interest financing on purchases or balance transfers. The M&T Business Credit Card offers 0% introductory APR for 12 billing cycles on purchases and balance transfers.
• Ongoing APR: How much it will cost to finance purchases on the card. This card charges an ongoing APR as low as 12.49%, which is exceptionally low for a small business credit card.
• Annual fee: How much you’ll pay each year to own the card. The M&T Business Credit Card charges no annual fee.
• Additional benefits: Whether the card comes with free perks that may increase its value. The M&T Business Credit Card offers free perks like rental car insurance, purchase protection, and extended warranty protection.
• Ongoing rewards: The cash back or points you’ll earn by using the M&T Business Credit Card. You’ll earn no rewards on your spending.
• Introductory rewards: The cash back you’ll earn by reaching minimum spending requirements over the first few months of card ownership. The M&T Business Credit Card offers no sign-up bonus nor other introductory rewards.

If the interest rate is your driving force in deciding which credit card to apply for, the M&T Business Credit Card is a decent choice. However, several of our picks for the best small business credit cards offer APRs nearly as low as what the M&T credit card offers—and also come with rewards. The Bank of America® Business Advantage Cash Rewards Mastercard® charges an ongoing APR as low as 13.99% and offers up to 3% cash back.

How We Evaluate Low-interest Business Credit Cards

When grading a low-interest business credit card like the M&T Business Credit Card, we weight the introductory and ongoing APR heaviest. But we also take into account introductory and ongoing rewards, as well as additional features, like purchase protection and extended warranty protection.

We graded the M&T Business Credit Card using the following methodology:

Based on our 5-star rating system, where 20 points equal 1 star, the M&T Business Credit Card falls just short of earning 4 stars. In cases where cards receive excellent scores in most categories, we may award bonus points to boost the card’s rating by half a star.

This card offers an extremely competitive APR, but you won’t qualify for the best rates if you have fair credit. The U.S. Bank Business Platinum Card offers an APR that’s 0.25-point cheaper than the M&T Business Credit Card. Keep in mind: If you frequently carry a balance, other card features—like introductory and ongoing rewards—should be a secondary consideration.

Who the M&T Business Credit Card Is Right For

The M&T Business Credit Card is best for owners who don’t regularly pay their credit card bills off each month. This card could save you hundreds of dollars or more annually in interest payments over a card that charges an APR of 18% or more, like the Capital One® Spark® Cash for Business card.

This card is ideal for owners who live near an M&T Bank branch, as a branch visit is required to apply for this card. M&T has branches in Washington, D.C., and eight Eastern states: Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia.

M&T Business Credit Card Costs

The M&T Business Credit Card comes with an introductory 0% APR for 12 months on purchases and balance transfers. If you have to carry a balance, this is a decent card to own, as the ongoing APR is as low as 12.49%.

Financing costs and fees on the M&T Business Credit Card include:

• Introductory APR: 0% APR for 12 billing cycles on purchases and balance transfers
• Ongoing APR: A variable 12.49% to 19.49%, which will adjust with the prime rate
• Annual fee: None
• Balance transfer fee: Either 4% of the amount of the transfer or $10, whichever is greater
• Foreign transaction fee: None
• Cash advance fee: 3% of the advance or $10, whichever is greater
• Late payment fee: Up to $35
• Returned payment fee: Up to $25
• Penalty APR: 24.49%, which may be applied if your account is past due 60 days; the penalty APR will apply until you make six consecutive minimum payments by the due date

Despite its low interest rate, this M&T credit card isn’t the best choice if you need to transfer a balance from another credit card. Look for a card that charges a 3% balance transfer fee, like the American Express Blue Business® Plus (see rates & fees). You may also want to explore our picks for the best business cards for startups.

How to Avoid Paying Interest on the M&T Business Credit Card

Your payment due date on the M&T Business Credit Card is at least 25 days after the close of the business cycle. Pay your balance in full by the due date to avoid interest charges. The time between the close of the cycle and the payment due date is fairly long, matching cards like the Capital One® Spark® Cash Select for Business.

M&T Business Rewards Credit Card Rewards

The M&T Business Credit Card offers no introductory nor ongoing rewards. This is rare, even among credit cards that charge low interest rates. American Express Blue Business® Plus offers an APR as low as 14.74%, but also 2x points on all spending up to $50,000 annually. The Bank of America® Business Advantage Cash Rewards Mastercard® offers an APR as low as 13.99%, as well as rewards as high as 3% on the category of your choice.

M&T Business Credit Card Additional Features

The M&T Business Credit Card includes several benefits provided by Visa Payments Processing. Complimentary perks include rental car insurance and extended warranty protection. A majority of small business credit cards offer these perks, although coverage benefits and restrictions vary.

You’ll receive the following free additional benefits with your M&T credit card:

Auto Rental Collision Damage Waiver

When you rent a car using your M&T Business Credit Card, you’re covered in case of accident or theft. Coverage is primary if the vehicle rental is for commercial or business reasons. If you rent a car for personal reasons, you may only be reimbursed for your personal insurance deductible. Many credit cards, like the CitiBusiness® / AAdvantage® Platinum Select® World Mastercard®, offer primary coverage.

What’s Covered With M&T Business Credit Card Rental Insurance

The auto rental collision damage waiver covers damage due to collision or theft. You’ll also be covered for towing charges and loss-of-use charges incurred by the rental car company. The coverage is valid for most cars, minivans, and sport utility vehicles. Antique or expensive vehicles aren’t covered, although Visa provides no price limit. Rentals of 31 consecutive days or less are eligible. These coverage standards are fairly common.

What’s Excluded From M&T Business Credit Card Rental Insurance

Your auto rental collision damage waiver coverage excludes:

• Injury to anyone or damage to anything inside or outside the rental vehicle
• Loss or theft of personal belongings
• Theft or damage due to intentional acts, or due to the driver being under the influence of alcohol, intoxicants, or drugs, or due to contraband or illegal activities
• Wear and tear, gradual deterioration, or mechanical breakdown
• Damage due to off-road operation of the rental vehicle
• Theft or damage from rental transactions that originated in Israel, Jamaica, or Ireland

These restrictions are common among credit cards that offers rental car insurance. Most business rewards cards offer some insurance coverage, but you’ll need to check if it’s primary or secondary before renting. Unlike the M&T Business Credit Card, some cards offer a coverage cap. The cap on the American Express Business Platinum Card®, for example, is $75,000.

Purchase Security

Visa may repair, replace, or offer reimbursement for items purchased with your M&T Business Credit Card that are damaged or stolen within 90 days of purchase, which is a shorter window than some cards provide. Chase Ink Business Unlimited^SM, for example, offers 120 days of protection. Coverage is limited to $10,000 per item.

What Purchases the M&T Business Card Covers

You must have purchased the item entirely with your M&T credit card to be eligible for coverage. Stolen items must be reported to the police within 48 hours of you noticing the theft. Coverage includes items purchased in the United States and in other countries. These coverage benefits are similar to what other cards that include purchase security offer.

What Purchases the M&T Business Card Excludes

The following purchases are not covered by purchase security:

• Animals and living plants
• Antiques or collectible items
• Boats, aircraft, automobiles, and any other motorized vehicles
• Items purchased for resale
• Medical equipment
• Perishables or consumables, like perfumes, cosmetics, and limited-life items such as rechargeable batteries
• Real estate
• Traveler’s checks, cash, tickets, credit or debit cards, and any other negotiable instruments
• Used or pre-owned items

Small business credit cards that offer purchase protection frequently include similar exclusions.

Extended Warranty Protection

Visa will double the original manufacturer’s warranty by up to an additional year on warranties of three years or less up to a maximum of $10,000 per claim. This protection is not as robust as you’ll find on other credit cards. The American Express® Business Gold Card, for example, offers two years’ extra protection on warranties between two and five years.

What M&T Business Credit Card Extended Warranty Protection Covers

To be eligible for coverage, you must have charged some portion of the purchase to your M&T credit card. The coverage begins the day after the original manufacturer’s warranty expires. Credit cards that offer extended warranty protection typically require that you pay for the covered item with the card itself or through reward redemption.

What M&T Business Credit Card Extended Warranty Protection Excludes

The following purchases are not covered by extended warranty protection:

• Boats, automobiles, aircraft, and any other motorized vehicles
• Items purchased for resale
• Computer software
• Medical equipment
• Real estate
• Rented or leased items
• Used or pre-owned items

Business credit cards that offer extended warranty protection frequently include these types of restrictions.

Adding M&T Business Credit Card Employee Credit Cards

M&T Business Credit Card employee credit cards are available at no additional cost. Most small business credit card issuers charge no fee on employee credit cards, even if the primary card carries an annual fee. M&T does not restrict the number of employee credit cards you can open.

However, if you meet certain conditions, you may be better off with a corporate credit card. Corporate cards are designed for businesses with annual revenue exceeding $4 million and annual card spending of at least $250,000. The primary benefit of a corporate credit card is that company owners have no personal liability. And, since the balance must be paid in full each month, you’ll pay no interest.

What M&T Business Credit Card Is Missing

The M&T Business Credit Card is available only in the eight states in which M&T Bank has branches: Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia. Also, it doesn’t offer either introductory or ongoing rewards, making this card less valuable. Consider a card that charges low interest and offers rewards, like the American Express Blue Business® Plus.

M&T Business Credit Card Reviews

M&T Bank introduced the M&T Business Credit Card in June 2018. This relatively new offering hasn’t attracted any user reviews online that we could find. The bank itself has received numerous user reviews. Users with positive experiences say they enjoy the small-town bank feel, but also appreciate the bank offering a good online banking product. Users with negative experiences say they have to wait too long on the phone to receive help.

How to Apply for the M&T Business Rewards Credit Card

Apply for the M&T Business Credit Card at an M&T Bank branch. The bank has more than 750 branches in Washington, D.C., and eight states, including Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia. For more information, find your local branch.

When you apply, you will be asked to provide both business and personal information, including your Social Security number and business address.

How to Log In to Your M&T Business Credit Card Account

Log in to your M&T Business Credit Card account by providing your user ID and password. You can also contact customer service from the number on the back of your card.

Other M&T Bank Business Credit Cards

M&T Bank offers one other small business credit card, the M&T Business Rewards Credit Card. Unlike the M&T Business Credit Card, this bank’s other card offers both introductory and ongoing rewards. Plus, it offers a competitive APR that is just two percentage points higher than what the M&T Business Credit Card charges. Consider the rewards credit card if you want to earn 1.5% cash back on all spending.

Alternatives to M&T Business Credit Card

If you want a low-interest credit card, there are better choices than the M&T Business Credit Card. You can find a card that charges a similar interest rate, but also offers rewards or a longer 0% APR period.

3 Alternatives to M&T Business Credit Card

For rates and fees on the American Express® Business Gold Card, please click here.
For rates and fees on the American Express Blue Business® Plus, please click here.
For rates and fees on the American Express Business Platinum Card®, please click here.