M&T Business Rewards Credit Card Review 2019

The M&T Business Rewards Credit Card is best for business owners with an existing relationship with M&T Bank. It offers 1.5% cash back on all spending, and an above-average 0% APR introductory offer on purchases and balance transfers. Then you’ll pay an ongoing APR of as little as 14.49%.

The best fixed-rate cash back business credit cards pay up to 2% cash back on all spending. They also offer introductory rewards of as much as $500. This M&T Bank card falls short on both measures, but it does offer a lengthy 12-month, interest-free period on purchases and balance transfers. After assessing its costs and benefits, we give the M&T Business Rewards Credit Card 3.5 stars out of 5 possible stars.

Shop & Compare All Top Credit Cards

How We Evaluated the M&T Business Rewards Credit Card

The M&T Business Rewards Credit Card is an unexceptional rewards credit card. Other small business credit cards offer higher introductory and ongoing rewards and better benefits. This card is most like the Chase Ink Business Unlimited^SM because both offer 1.5% cash back on all spending. However, that Chase small business card offers a much higher introductory bonus. Keep in mind that this credit card is available in just eight East Coast states.

We considered the following criteria when grading this cash-back business card, based on business owner wants and needs:

• Ongoing rewards: The cash back rewards or points you’ll earn by using the M&T Business Rewards Credit Card. You’ll earn 1.5% cash back on all 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 Rewards Credit Card offers 10,000 bonus points after you make $500 in purchases during the first 90 days.
• Annual fee: How much you’ll pay each year to own the card. The M&T Business Rewards Credit Card charges no annual fee.
• Additional benefits: Whether the card comes with free perks that may increase its value. The M&T Business Rewards Credit Card offers free perks like rental car insurance, purchase protection, and extended warranty protection.
• Introductory APR: Whether the card offers a period of no-interest financing on purchases or balance transfers. The M&T Business Rewards 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 14.49%, which is very good for a small business credit card that offers rewards.

The M&T Business Rewards Credit Card is a middle-of-the-pack credit card, as the best small business credit cards can beat it in nearly all categories we measure. For example, its introductory and ongoing rewards are no match for what the Capital One® Spark® Cash for Business credit card pays. You’ll earn $500 when you spend $4,500 during the first three months and 2% cash back on all spending. Still, if you’re an existing M&T Bank customer, this may be a card to consider.

How We Evaluate Cash Back Business Credit Cards

When grading cash back business credit cards like the M&T Business Rewards Credit Card, we weight ongoing rewards heaviest. We rate introductory rewards as slightly less important, but they still are the second biggest factor in grading a card. We also take into account the annual fee, introductory and ongoing APRs, and card benefits. This M&T Bank business card offers average introductory and ongoing rewards, as well as a strong 12-month interest-free period.

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

Based on our 5-star rating system, where 20 points equal 1 star, the M&T Business Rewards Credit Card would need to improve its introductory and ongoing rewards to earn a boost in our star-rating system. In cases where cards receive perfect scores in most categories, we may award bonus points to boost the card’s rating.

The best fixed-rate cash back business credit cards pay up to 2% cash back on all spending. They also offer introductory rewards of as much as $500, and introductory 0% APR on purchases and balance transfers for 12 months or longer. This M&T business rewards card ranks below the best cards when it comes to introductory and ongoing rewards.

Who the M&T Business Rewards Credit Card Is Right For

The M&T Business Rewards Credit Card is best for owners who spend up to $18,000 annually. That’s the threshold at which it makes more sense to choose a card that charges an annual fee but pays 2% cash back, like the Capital One® Spark® Cash for Business card.

It’s also best 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 Rewards Credit Card Costs

The M&T Business Rewards 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 14.49%. That’s a half point more than what the Bank of America® Business Advantage Cash Rewards Mastercard® charges.

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

• Introductory APR: 0% APR for 12 billing cycles on purchases and balance transfers
• Ongoing APR: A variable 14.49% to 21.49%, 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

If you need to transfer a balance, this card is about average when it comes to its balance transfer fee. The best 0% APR business credit cards charge a 3% balance transfer fee, while a card like the Chase Ink Business Cash^SM charges 5% on all balance transfers.

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

Your payment due date 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 potential due date on this card could be longer than other cards, like the Chase Ink Business Preferred^SM, which has a payment due date at least 20 days after the close of the business cycle.

M&T Business Rewards Credit Card Rewards

The M&T Business Rewards Credit Card offers fixed-rate rewards on all spending. It also offers modest introductory rewards, which could be worth $100 when redeemed for cash. You can earn $500 cash back with the Chase Ink Business Cash^SM card after you spend $3,000 within three months. Like the M&T Bank card, the Chase card charges no annual fee.

You’ll earn the following introductory and ongoing rewards with the M&T business card:

Introductory Rewards

M&T Bank offers 10,000 points worth $100 to customers who make $500 in purchases during the first 90 days. Although that’s a low spending requirement, many other small business credit cards offer a higher return, including the Bank of America® Business Advantage Cash Rewards Mastercard®. With that card, you’ll earn a $300 statement credit when you make at least $3000 in purchases within 90 days.

Ongoing Rewards

The M&T Business Rewards Credit Card pays 1.5% cash back on all purchases. This is the average fixed-rate return for a small business credit card that charges no annual fee. It equals the ongoing rewards rate offered by Capital One® Spark® Cash Select for Business and Chase Ink Business Unlimited^SM.

If you’re comfortable earning points instead of direct cash back, the American Express Blue Business® Plus Credit Card pays 2x points on all spending up to $50,000 annually. It charges no annual fee (see rates & fees).

Rewards Restrictions

The M&T Business Rewards Credit Card won’t pay rewards for:

• Balance transfers
• Cash advances
• ATM transactions
• Convenience checks
• Fees charged by M&T Bank, including finance charges

These restrictions on earning rewards are common among business credit cards that offer rewards programs. However, M&T Bank also says it reserves to right to decide whether a credit card transaction qualifies as a purchase for rewards purposes. This is not a restriction we’ve seen on other credit cards.

Unredeemed rewards expire at the end of the forty-eighth month from the time they were posted to your account. Only a few business rewards credit cards—like the Wells Fargo Business Platinum Credit Card—place expiration dates on card rewards. In addition, you will lose all of your unredeemed rewards if your account is closed or you commit any fraud or abuse related to the accrual of rewards on your account.

How to Redeem Your Rewards

You can redeem your rewards for cash back, gift cards, airline travel, and merchandise through the M&T Bank rewards portal. A point is worth one cent when redeemed for cash, gift cards, or airfare. The redemption value may be worth more or less than one cent when redeemed for merchandise and travel packages. When redeeming for cash, you can receive a statement credit or a deposit into your M&T Bank checking or savings account.

M&T Bank offers one unusual redemption option. You can set up automatic redemption, which will either credit your card account or deposit money into your bank account within two business days of the date on which it was earned. Most credit cards require you to take some action to redeem your points or cash back.

M&T Business Rewards Credit Card Additional Features

The M&T Business Rewards Credit Card is a Visa business card and comes with several standard benefits offered by the payments processing giant. Complimentary perks include rental car insurance and extended warranty protection. These perks are not uncommon for a small business credit card, but cardholders frequently overlook them.

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

Auto Rental Collision Damage Waiver

When you rent a car using your M&T Bank business 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 with this card for personal reasons, you may only be reimbursed for your personal insurance deductible. Many credit cards, like the Chase Ink Business Preferred^SM, offer primary coverage.

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

The auto rental collision damage waiver covers damage due to collision or theft. Rentals of 31 consecutive days or less are eligible. 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, like Ferrari and Maserati, aren’t covered. These coverage standards are fairly common.

What’s Excluded From M&T Business Rewards 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. You’ll also find that many cards, like the Wells Fargo Business Elite Card®, also restrict coverage in certain countries. Countries like Israel, Jamaica, and Ireland frequently require renters purchase separate insurance coverage.

Purchase Security

Visa may repair, replace, or offer reimbursement for items purchased with your M&T Business Rewards Credit Card that are damaged or stolen within 90 days of purchase. Coverage is limited to $10,000 per item. Business credit cards that offer this coverage typically limit coverage to either 90 or 120 days after purchase. Chase Ink Business Cash^SM offers 120 days of protection.

What Purchases the M&T Business Rewards Card Covers

To be covered, you must have purchased the item entirely with your M&T business rewards card. If your item was stolen, you must file a police report within 48 hours of noticing the theft. Coverage includes items purchased in the United States and abroad. These coverage benefits are similar to what other cards that include purchase security offer.

What Purchases the M&T Business Rewards 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

These exclusions are common among small business credit cards that offer purchase protection. There is no small business credit card that we’ve reviewed that waives exclusions like these.

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.

What M&T Business Rewards Credit Card Extended Warranty Protection Covers

You must have charged some portion of the purchase to your card to be eligible. The coverage begins the day after the original manufacturer’s warranty expires. All credit cards that offer extended warranty protection require the purchase be made with the credit card to be eligible for the protection.

What M&T Business Rewards 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

These types of restrictions are common among business credit cards that offer extended warranty coverage. Extended warranty protection is offered by most small business rewards credit cards.

Adding M&T Business Rewards Credit Card Employee Credit Cards

You may add M&T Business Reward Credit Card employee credit cards at no cost and set spending limits for all users. 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 set restrictions in its terms and conditions on the number of employee credit cards you can open.

If your company needs more than 100 cards or your annual revenue exceeds $4 million, you should consider a corporate credit card. Corporate credit cards may come with more robust spending controls and the ability to more quickly issue cards to employees than small business credit cards.

What M&T Business Rewards Credit Card Is Missing

Most small businesses will not be able to apply for the M&T Business Rewards Credit Card. This 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. If your business is located outside one of these states, consider the Chase Ink Business Unlimited^SM card, which offers the same ongoing rewards, but a much better introductory bonus.

M&T Business Rewards Credit Card Reviews

We searched the internet for user reviews of the M&T Business Rewards Credit Card, but were unable to find any. Reviews of the bank itself are mixed. Users with positive experiences tend to have multiple banking relationships and have added accounts because of their positive experience. Negative reviews often focus on customer service and bad experiences with home loans.

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

You must apply for the M&T Business Rewards Credit Card in person 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. Visit your local branch for more information.

As with most business credit cards applications, you’ll need to provide both business and personal information, like your Social Security number and business address.

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

Log in to your M&T Business Rewards 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. Unlike the M&T Business Rewards Credit Card, this bank’s other business credit card doesn’t offer rewards. The M&T Business Credit Card is best for owners looking for a low interest rate. You’ll pay one of the lowest interest rates available on a small business credit card.

Alternatives to M&T Business Rewards Credit Card

Choose a card other than the M&T Business Rewards Credit Card if you want to earn 2% fixed-rate rewards on all spending or you’re seeking a credit card that offers higher introductory rewards. You may also consider another credit card if your business budgets heavy spending in a specific category, like travel.

3 Alternatives to M&T Business Rewards Credit Card

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