M&T Business Rewards Credit 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.
The M&T Business Rewards Credit Card is best for business owners who want to earn unlimited fixed-rate cash back on all purchases regardless of spending categories. This small business credit card lets you earn an unlimited 2% cash back your first year, then 1.5% cash back after that. What’s more, it doesn’t charge annual fees and foreign transaction fees.
If you wish to compare one card over another, pick a maximum of three cards on this page and click Add to compare to view the details in a side-by-side comparison.
M&T Business Rewards Credit 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:
Fixed-rate cash back rewards on all purchases
Intro APR
0%
Regular APR
12.49% - 19.49% Variable
Annual Fee
$0
Credit Needed
Good - Excellent
- Unlimited 1.5% cash back on every purchase
- 0% introductory APR on balance transfers and purchases for 12 billing cycles (a balance transfer fee will apply)
- Variable APR of 14.49% to 21.49% thereafter
- No annual fee
- Add employee cards at no additional cost, plus ability to manage spend limits for users
- Global acceptance with chip technology
- M&T Assurance® for fraud prevention, detection, and resolution
- Multiple convenient ways to make payments, transfer funds, or review account detail, such as online with M&T Online Banking for Business or via the M&T Mobile App, at an M&T Bank ATM, or in person at any local M&T branch.
- Pay for purchases conveniently with Apple Pay®, Google Pay™, and Samsung Pay at millions of stores around the world by adding your card to a supported iPhone®, Android®, or an eligible Samsung device
- Save with no foreign transaction fee
Pros
- 0% introductory APR
- Introductory rewards
- No annual fee
Cons
- No sign-up bonus
- Low ongoing rewards
- Physical location in only 15 states
- Extended warranty protection: Visa will double the original manufacturer’s warranty up to an additional year on warranties of three years or less up to a maximum of $10,000 per claim.
- 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. Purchase security is limited to $10,000 per claim.
Intro APR
0%
Regular APR
12.49% - 19.49% Variable
Annual Fee
$0
Credit Needed
Good - Excellent
- Unlimited 1.5% cash back on every purchase
- 0% introductory APR on balance transfers and purchases for 12 billing cycles (a balance transfer fee will apply)
- Variable APR of 14.49% to 21.49% thereafter
- No annual fee
- Add employee cards at no additional cost, plus ability to manage spend limits for users
- Global acceptance with chip technology
- M&T Assurance® for fraud prevention, detection, and resolution
- Multiple convenient ways to make payments, transfer funds, or review account detail, such as online with M&T Online Banking for Business or via the M&T Mobile App, at an M&T Bank ATM, or in person at any local M&T branch.
- Pay for purchases conveniently with Apple Pay®, Google Pay™, and Samsung Pay at millions of stores around the world by adding your card to a supported iPhone®, Android®, or an eligible Samsung device
- Save with no foreign transaction fee
Pros
- 0% introductory APR
- Introductory rewards
- No annual fee
Cons
- No sign-up bonus
- Low ongoing rewards
- Physical location in only 15 states
- Extended warranty protection: Visa will double the original manufacturer’s warranty up to an additional year on warranties of three years or less up to a maximum of $10,000 per claim.
- 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. Purchase security is limited to $10,000 per claim.
How We Evaluate Cash Back Business Credit Cards
When grading cash back business credit cards like the M&T Business Rewards Credit Card, we first consider the ongoing rewards and then the introductory rewards. We also look at the annual fee, introductory and ongoing annual percentage rates (APRs), and card benefits.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Ongoing Rewards | 20 | 30 |
Introductory Rewards | 5 | 20 |
Annual Fee | 15 | 15 |
Additional Features | 10 | 15 |
Introductory APR | 10 | 10 |
Ongoing APR | 10 | 10 |
Total Score | 70 | 100 |
Who the M&T Business Rewards Credit Card Is Best For
- Business owners wanting to earn unlimited, fixed rewards: The card offers unlimited, fixed-rate cash back of 2% for the first year and 1.5% thereafter. This is applicable to all purchases, so you won’t have to monitor category spending.
- Business owners with existing checking or savings accounts with M&T Bank: If you already have an existing M&T account, getting this card will allow you to process credit card transactions seamlessly and make all transactions with just one bank.
M&T Business Rewards Credit Card Fees
APR
- Introductory APR: 0% APR for 12 billing cycles on purchases and balance transfers
- Ongoing APR: 12.49% to 19.49% variable, which will adjust with the prime rate
- Cash advance APR: 22.24% variable, which will adjust with the prime rate
- Balance transfer APR: 12.49% to 19.49% variable, which will adjust with the prime rate
- Penalty APR*: 24.99%
- Paying interest: At least 25 days after the close of each billing cycle
*Penalty APR will be applied if your APRs are increased and until you make six consecutive minimum payments when due.
Fees
- Annual fee: None
- Balance transfer fee: 4% of each balance transfer (minimum of $10)
- Foreign transaction fee: None
- Cash advance fee: 3% of each transaction (minimum of $10)
- Overdraft transfer: $8.00 for each transaction, but charged no more than once per day
- Late payment fee: Up to $35
- Unpaid convenience checks: Up to $25
- Returned payment: Up to $25
M&T Business Rewards Credit Card Rewards
- Receive 2% cash back for every dollar spent on purchases for the first 12 months after account opening
- Earn unlimited 1.5% cash back on all purchases after the first year
You can redeem your rewards for cash back, gift cards, airline travel, and merchandise through the M&T Bank rewards portal. One point is worth 1 cent when redeemed for cash, gift cards, or airfare; the redemption value varies 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.
How To Make Payments on the M&T Business Rewards Credit Card
- M&T Bill Pay: Cardholders can set up a payment schedule through M&T Bill Pay, giving you convenience and peace of mind.
- M&T mobile banking: You can pay bills instantaneously via the app, which is available for Apple and Android users.
- Online banking: M&T offers an online banking site where its helpful tools and services let you pay your bill, monitor your credit card transactions, and more.
- Nearest M&T bank branch: Click on this link to find an M&T Branch or ATM by State.
M&T Business Rewards Credit Card Additional Features
M&T Assurance®
When you use your card in person, online, in-app, and over the phone, you’re covered with M&T Assurance. It also offers real-time fraud prevention, detection, and resolution by screening your account 24/7, which helps detect suspicious card activity outside your regular purchasing pattern.
Chip Technology
Each M&T credit card contains an encrypted microchip. So, when your card is used at a chip-enabled terminal, you’re protected from fraudulent or counterfeit transactions.
Digital Wallet
Your M&T card can be linked to digital wallets like Apple Pay, Google Pay, Samsung Pay, and Garmin Pay. This feature lets you make purchases without your physical card at brick-and-mortar stores and your card details for online payments.
Pros & Cons of the M&T Business Rewards Credit Card
| PROS | CONS |
|---|---|
| 0% introductory APR: You can enjoy interest-free financing for 12 months on both purchases and balance transfers. | No sign-up bonus: It doesn’t offer a sign-up bonus when you meet a certain spending threshold. |
| Introductory rewards: You can earn 2% cash back for the first year after opening an account—the regular ongoing rewards rate is 1.5%. | Low ongoing rewards: The ongoing rewards rate of 1.5% is below average for a fixed-rate rewards card. |
| No annual fee: You can earn fixed-rate rewards without having to pay annual fees. | Physical location in only 15 states: This makes it difficult to handle credit card concerns as it only has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, Washington, D.C., and West Virginia. |
M&T Business Rewards Credit Card Alternatives
Chase Ink Business Unlimited®
The Chase Ink Business Unlimited® card is a great option for those who want a fixed-rate rewards system. You can earn unlimited 1.5% cash back rewards on all-business related purchases and receive a $750 bonus cash back after spending $7,500 on purchases during the first three months after account opening. The card even has an interest-free financing scheme of 0% APR on purchases for the first 12 months after opening an account, making this our top pick for the best sole proprietorship business credit cards, best credit cards for new businesses with no credit history, and best small business credit cards.
Ink Business Unlimited® Credit 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:
Pocketing 1.5% cash back on every single purchase
Intro APR
0% Intro APR on Purchases
Regular APR
15.49% - 21.49% Variable
Annual Fee
$0
Credit Needed
- Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase made for your business
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
- With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- 0% introductory APR for 12 months on purchases
Pros
- 0% introductory APR on purchases
- Unlimited cash back rewards on all purchases
Cons
- Introductory APR period doesn’t apply to balance transfers
- 5% balance transfer fee
- Charges foreign transaction fees
- Requires excellent credit to qualify
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes; it provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the US and abroad
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year
- Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of three years or less
Intro APR
0% Intro APR on Purchases
Regular APR
15.49% - 21.49% Variable
Annual Fee
$0
Credit Needed
Good, Excellent
- Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase made for your business
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
- With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- 0% introductory APR for 12 months on purchases
Pros
- 0% introductory APR on purchases
- Unlimited cash back rewards on all purchases
Cons
- Introductory APR period doesn’t apply to balance transfers
- 5% balance transfer fee
- Charges foreign transaction fees
- Requires excellent credit to qualify
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes; it provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the US and abroad
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year
- Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of three years or less
Amex Blue Business® Plus Card
American Express Blue Business® Plus is an excellent option if your business can spend at least $50,000 in a year. This small business credit card offers points on the first $50,000 in purchases each year and one point on all purchases thereafter. It also lets you earn 15,000 Membership Rewards® points after spending $3,000 on eligible purchases within your first three months of membership. These are what landed it a spot in our guide to the leading high-limit business credit cards.
The Blue Business® Plus Credit Card from American Express
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:
Pocketing 2x points per $1 and 0% introductory APR for 12 months
Intro APR
0% on purchases
Regular APR
16.24% - 24.24% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
- Earn 2X Membership Rewards® points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter.
- You’ve got the power to use your Card beyond its credit limit* with Expanded Buying Power.
- *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 at account opening.
- No Annual Fee
- Terms Apply
Pros
- No annual fee
- 0% APR for 12 months on purchases and balance transfer
- Welcome offer bonus points
- Expanded buying power
- Fixed-rate rewards
Cons
- Cash advances aren’t allowed
- Charges foreign transaction fees
- 2x points rewards are capped at $50,000 in spending
- Extended warranty protection: American Express will match the length of the original manufacturer’s warranty if it’s less than two years. It provides an additional two years if the original manufacturer’s warranty is between two and five years. Coverage is limited to $10,000 per occurrence and $50,000 per account each year.
- Purchase protection: The issuer will repair, replace, or reimburse you for an item purchased with the card that was damaged or stolen within 120 days of purchase. Coverage is limited to $1,000 per occurrence and $50,000 per account each year.
Intro APR
0% on purchases
Regular APR
16.24% - 24.24% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
- Earn 2X Membership Rewards® points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter.
- You’ve got the power to use your Card beyond its credit limit* with Expanded Buying Power.
- *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 at account opening.
- No Annual Fee
- Terms Apply
Pros
- No annual fee
- 0% APR for 12 months on purchases and balance transfer
- Welcome offer bonus points
- Expanded buying power
- Fixed-rate rewards
Cons
- Cash advances aren’t allowed
- Charges foreign transaction fees
- 2x points rewards are capped at $50,000 in spending
- Extended warranty protection: American Express will match the length of the original manufacturer’s warranty if it’s less than two years. It provides an additional two years if the original manufacturer’s warranty is between two and five years. Coverage is limited to $10,000 per occurrence and $50,000 per account each year.
- Purchase protection: The issuer will repair, replace, or reimburse you for an item purchased with the card that was damaged or stolen within 120 days of purchase. Coverage is limited to $1,000 per occurrence and $50,000 per account each year.
Capital One® Spark® Cash Plus
Capital One® Spark Cash Plus is a good option if you can pay your balance in full every month and if you need a flexible credit limit that adjusts to your needs based on your spending behavior, payment history, and credit profile. While it lets you earn up to $1,000 in the first six months after opening an account, $500 after spending $5,000 within the first three months, and $500 after spending $50,000 within the first six months, it charges an expensive annual fee of $150. However, this pay-in-full card offers unlimited 2% cash back rewards on all business-related purchases. It’s not surprising that it’s on our list of business credit cards with no foreign transaction fee and best instant approval business credit cards.
Capital One® Spark® Cash Plus Card
BEST FOR:
Businesses that want purchasing power and can pay their balances in full every month
Intro APR
None
Regular APR
None. There's no APR because your balance is due in full every month. Otherwise, you'll be charged a 2.99% monthly late fee
Annual Fee
$150
Credit Needed
Excellent
- Earn unlimited 2% cash back for your business on every purchase, everywhere, no limits or category restrictions.
- Earn up to $1,000 in the first six months; $500 once you spend $5,000 in the first three months, and $500 once you spend $50,000 in the first six months.
- Earn an annual $200 cash bonus every year you spend $200,000 or more.
Pros
- No preset spending limit
- Up to $1,000 cash bonus
- Unlimited 2% cash back on all purchases
- Opportunity to earn annual cash bonus
Cons
- Requires an annual fee
- Need to pay in full every month
- Requires excellent credit
- $0 foreign transaction fee: No foreign transaction fees on purchases made outside of the United States
- $0 fraud liability: Advance emergency replacement for lost and stolen card plus cash advance
- Roadside assistance: Emergency services such as jump-starting, tire changing, and towing
Intro APR
None
Regular APR
None. There's no APR because your balance is due in full every month. Otherwise, you'll be charged a 2.99% monthly late fee
Annual Fee
$150
Credit Needed
Excellent
- Earn unlimited 2% cash back for your business on every purchase, everywhere, no limits or category restrictions.
- Earn up to $1,000 in the first six months; $500 once you spend $5,000 in the first three months, and $500 once you spend $50,000 in the first six months.
- Earn an annual $200 cash bonus every year you spend $200,000 or more.
Pros
- No preset spending limit
- Up to $1,000 cash bonus
- Unlimited 2% cash back on all purchases
- Opportunity to earn annual cash bonus
Cons
- Requires an annual fee
- Need to pay in full every month
- Requires excellent credit
- $0 foreign transaction fee: No foreign transaction fees on purchases made outside of the United States
- $0 fraud liability: Advance emergency replacement for lost and stolen card plus cash advance
- Roadside assistance: Emergency services such as jump-starting, tire changing, and towing
Bottom Line
The M&T Business Rewards Credit Card offers fixed-rate, unlimited cash back on every purchase with no annual fee. This is ideal for business owners who don’t want to monitor bonus category expenses. Visit our Credit Card Marketplace to compare other business credit cards if this doesn’t fit the bill.
