The Union Bank Business Secured Visa Card is a credit card specifically designed for businesses. It provides access to capital, the ability to track and manage business expenses, as well as fraud protection and reward benefits. This review will explore the features and advantages of this card, as well as outline potential drawbacks that should be taken into consideration before signing up.
The Union Bank Business Secured Visa Card offers numerous benefits for businesses seeking to increase their purchasing power and flexibility. For example, funds can be accessed through cash advances or debit purchases from any location where Visa cards are accepted. Additionally, customers are given access to an online portal that allows them to monitor their spending activity in real-time. Furthermore, the card has built-in fraud protection measures such as zero liability coverage on unauthorized transactions and automatic reporting of suspicious charges.
In addition to these security features, the Union Bank Business Secured Visa Card also includes rewards programs which allow customers to earn points with each purchase they make that can then be redeemed for various items including gift cards or travel bookings. The rate of return varies depending on how much money is spent using the card but generally ranges between 1% – 2%. Finally, there is no annual fee associated with using this product so users do not have to worry about incurring extra costs when taking advantage of its services.
Overview
The Union Bank Business Secured Visa Card is a credit card designed to help small businesses manage their finances. The card offers up to $50,000 in purchasing power for necessary business expenses, with the option of setting aside funds as collateral against future purchases. It also provides an array of benefits including cash back rewards on select purchases and exclusive discounts and perks at participating merchants.
Additionally, it includes fraud protection services such as zero liability coverage and real-time alerts when suspicious activity is detected on the account. All these features make this card ideal for businesses seeking reliable financial solutions while managing risk.
The main benefit of the Union Bank Business Secured Visa Card is its flexible spending capabilities combined with low interest rates. With no annual fee and access to a variety of payment options, customers can pay off large balances quickly or spread out payments over time without incurring additional charges. Furthermore, customers have access to dedicated customer service representatives who provide personalized guidance and support whenever needed.
Eligibility Requirements
The Union Bank Business Secured Visa Card is available to all legal U.S. residents, age 18 or older, who have a valid Social Security Number and can provide current employment information. For business owners, an Employer Identification Number (EIN) may be used in place of the Social Security Number if needed. Applicants must also provide financial information such as income and credit history to demonstrate they are able to repay any money borrowed with the card.
To obtain approval for a Union Bank Business Secured Visa Card applicants need to meet certain criteria concerning their credit score, income level and other factors. Credit scores should typically range from 650-850; however, lower scores may still qualify depending on individual circumstances. Additionally, applicants must maintain at least $25000 annual revenue for sole proprietorships or partnerships and $50,000 for corporations annually in order to be approved. Finally, having had another secured card within the last year could impact eligibility status as well.
Features And Benefits
The Union Bank Business Secured Visa Card offers several features and benefits that make it an attractive option for business owners.
Features:
- Acceptance: The card is accepted worldwide wherever the Visa logo is displayed.
- Security: It comes with enhanced security features to protect against fraud, unauthorized purchases, and identity theft.
- Rewards Program: Customers can earn rewards points on eligible purchases which can be redeemed for cash back, travel rewards, and more.
Benefits:
- Cash Back: There are no annual fees or foreign transaction fees, so customers can take advantage of up to 1% cash back on select purchases.
- Low Interest Rates: This card has low interest rates on balance transfers and purchases.
- Credit Building Tools: Customers have access to credit building tools such as free monthly credit score tracking and personalized advice from financial professionals.
This card is designed to help small business owners manage their finances while also providing them with a range of valuable features and benefits. By using this card responsibly, customers can improve their credit scores over time while earning rewards along the way.
Interest Rates And Fees
The Union Bank Business Secured Visa Card offers a competitive interest rate of 13.99%. This is significantly lower than the average rate associated with business credit cards, which can be as high as 19.99%. The card also features no annual fee and there are no balance transfer fees or foreign transaction fees associated with this card. Additionally, cash advances have an APR (Annual Percentage Rate) of 26.74%, which is slightly higher than other similar products on the market but still well below the industry-standard of 28% to 30%.
Businesses looking for ways to finance their operations will benefit from using this card due to its low rates and lack of additional expenses that would otherwise add up over time. Customers can feel confident in knowing they are making sound financial investments when utilizing this product.
Application Process
The Union Bank Business Secured Visa Card application process is straightforward and easy to understand. To apply, potential cardholders must fill out an online form or contact a customer service representative by phone. Those who choose the former option will be asked to provide personal information such as name, address, Social Security number, and annual income. Upon successful completion of the form, applicants are automatically reviewed for approval within seconds.
Those who opt to call in can expect their applications to also be processed quickly. Representatives typically take less than five minutes to answer questions regarding eligibility requirements and offer advice on how best to build credit history with this card product. In addition, they may suggest other products that might better suit customers’ needs depending on their credit histories. Regardless of which method used for applying for the Union Bank Business Secured Visa Card all programs have prompt processing times and dedicated customer service professionals available should any issues arise during the process.
Customer Reviews
Moving to the customer reviews, it is evident that Union Bank Business Secured Visa Card has managed to garner positive reception among its patrons. Generally, customers are satisfied with the range of features and benefits offered by this card. Most notably, many customers appreciate the low-interest rate on purchases, balance transfers and cash advances as well as rewards they can redeem for merchandise or travel. This section provides a snapshot of customer opinions regarding different aspects of Union Bank Business Secured Visa Card.
| Feature | Review |
| Interest Rate | Low interest rate; competitive rates compared to other cards in the market |
| Rewards Program | Generous rewards with plenty of redemption options |
| Customer Service | Excellent customer service; prompt resolution to queries |
Overall, customers have been highly impressed with Union Bank Business Secured Visa Card’s offerings and services. Many users claim that this card is ideal for business use due to its affinity towards providing convenience and value when handling transactions. Furthermore, there is also appreciation for how quickly any issues were handled through their customer support team which was deemed helpful and professional throughout all interactions.
Conclusion
The Union Bank Business Secured Visa Card is an excellent choice for business owners who are looking to establish or rebuild credit. It offers the security of a secured card, along with features and benefits that make it ideal for small business owners. Eligibility requirements are not overly stringent, making this card accessible to many businesses in need of financing. Furthermore, interest rates and fees are competitive when compared to other similar products on the market.
Application process is straightforward and can be completed quickly online or over the phone. The customer service team at Union Bank has been highly rated by customers and provides assistance throughout the application process if needed. Additionally, there are numerous positive reviews from current cardholders detailing their satisfaction with the product overall.