The World Elite Mastercard US Bank Business Cash Rewards Mastercard is no longer available. You can consult our list of best cash back credit cards to find alternative options.
U.S. Bank Business Cash Rewards Mastercard World Elite Mastercard Full Review
Solid rewards, including 25% annual bonus
0% introductory APR on purchases and balance transfers for the first 12 billing cycles
US Bank’s business card service is below average
Commissions on foreign transactions
The benefits explained
- Solid rewards, including a 25% annual bonus: The best rate offered by US Bank Business Cash Rewards World Elite Mastercard is its 3% cash back on purchases at gas stations and office supply stores, and on phone service and equipment cellular. Few other cards beat this rate in these three categories, especially when this card’s annual rewards bonus is added to its total earnings. You earn an annual bonus of 25% of your total cashback from the previous year, earned at the 3% and 1% levels. The bonus is capped at $250, but you can spend up to around $700 per month on purchases that earn 3% cash back without hitting the rewards limit. Unless you’re spending more than that on gas, office supplies, cell phones, and services, the bonus essentially increases your income to 3.75%. On the other hand, some other cards correspond, sometimes entirely, to the rewards earned in the first year as launch bonuses. But the US Bank Business Cash Rewards World Elite Mastercard does this on an ongoing basis, which could be more lucrative in the long run, even if the match is only partial.
- 0% introductory APR on purchases and balance transfers for the first 12 billing cycles: The initial 0% APR might be longer compared to some consumer cards, but keep in mind that few business cards offer promotional interest rates on purchases and balance transfers these days. As such, it provides a welcome break if your business can use a bit of a break for more than a year to buy new supplies or make other purchases without generating interest payments (you’ll still have to make the payment minimum due each month, however.) as well as a welcome and extended interest rate holiday for any balance transferred.
- The US bank’s card service to businesses is below average: Companies do not necessarily interact very often with their credit card issuer. But when it’s needed, it’s often a matter of urgency and even stress, and you want a satisfying experience. Unfortunately, this is less likely to be the case for businesses that deal with US Bank compared to other domestic card issuers. In its 2020 U.S. Small Business Credit Card Satisfaction Study, JD Power ranked U.S. Bank last out of eight national card issuers. US Bank had a score below the average of 814 in the study.
- Foreign Transaction Fees: For a card whose name includes the word “world”, it is ironic that the Mastercard World Elite Mastercard US Bank Business Cash Rewards card is not a very good choice for transactions abroad. Certainly, the commission it imposes on purchases from sellers abroad is lower for those made in US dollars than in local currency: 2% against 3%. Yet many other business credit cards waive these fees entirely, including the Capital One Spark Miles for Business card.
This credit card might be suitable for current US Bank customers who want to keep all of their accounts with US Bank and make large purchases in the shopping categories of gas stations, office supply stores, and cell phones. /service providers. While the cash back rates aren’t exceptional, the simplicity of keeping all of your accounts with one institution may be worth the sacrifice in terms of cash back rates. Plus, it’s a good choice for businesses that want to make money but aren’t willing to pay annual fees for primary or additional employee cards.
US Bank Business Cash Rewards Bonus World Elite Mastercard
You can earn $500 in cashback for spending $3,000 in the first 180 days with the account holder’s card. The account holder’s card is defined as the card issued to the original applicant for the account and does not include spending on cards used by authorized employees.
It may take eight to 10 weeks after you meet the spending requirement for the cash back to be credited to your account. Existing and previous US Bank Business Cash Reward accounts are not eligible for the cash bonus, nor are account upgrades.
Reward Earnings Details
The U.S. Bank Business Cash Rewards World Elite Mastercard offers 3% cash back on the purchase of gas station, office supply store and cell phone/service provider and discount 1% cash back on all other purchases. As long as your account remains open, current and in good standing, you’ll also earn a bonus of 25% of your previous year’s rewards, up to a maximum of $250.
Gas station purchases do not include gasoline purchases at warehouse clubs, hypermarkets, supermarkets or convenience stores. Additionally, fuel purchases over $200 are also not eligible and will only earn a 1% reward.
There’s no limit to the amount of cashback you can earn, and the rewards don’t technically expire. That said, you lose any remaining rewards on your account if it is closed for any reason, inactive for 18 consecutive months, or if you fail to make the minimum payment due by the due date for two consecutive billing periods.
Reward Redemption Details
Many cards continuously deposit the cashback you earn into the card account or a bank account. On the other hand, you need to earn at least $25 in cash back on the US Bank Business Cash World Elite World Elite Mastercard before you can cash out these rewards. So going forward, you can only redeem extra cash back in $25 increments. This is more of an annoyance than a major inconvenience, but it could slightly delay and complicate accessing the rewards you’ve earned.
You can redeem your cash back as a deposit to a US Bank savings, checking or money market account, a US Bank Rewards card, or a credit statement to your account. In order to redeem your rewards, your account must be open and in good standing.
How to maximize your rewards
To get the most out of the US Bank Business Cash Rewards World Elite Mastercard, start by making sure you earn a $500 cash bonus. This task can vary greatly in difficulty depending on your business expenses. You will need to spend around $500 per month to get the $500 bonus. Then be sure to use the card for purchases in its bonus categories, which include gas purchased at gas stations and purchase at office supply stores. You earn this rate on your company’s spending on cell phones and services. Assuming you use automatic payments for your monthly cell phone bill, be sure to switch the card to this one to take advantage of the higher bonus rate. And if you’re buying a new phone from someone other than your carrier, check to see if the seller classifies as a “cellular” merchant with US Bank, as they should for you to receive the reimbursement rate on higher when purchasing telephone equipment.
US Bank Business Cash Rewards World Elite Mastercard Exceptional Benefits
- Mobile phone protection
- Identity theft protection
- Free employee cards
- Zero Liability Protection
- Global Travel Assistance
US Bank ranked last of eight card issuers with a below-average score of 814 in JD Power’s 2020 US Small Business Credit Card Satisfaction Study.
As a US Bank customer registered for online banking, you can enjoy free access to your TransUnion credit score once a month through the CreditView dashboard. You can speak to a US Bank customer service representative anytime by calling 877-351-8406.
The security features of this card are industry standard.
Fees to watch
This card charges a foreign transaction fee of 2% or 3%, depending on whether the transaction is in US dollars or foreign currencies.
The US Bank Business Cash Rewards World Elite Mastercard currently offers a bonus of up to $500 cash back. Additionally, the card offers an annual bonus of 25% (up to $250) on cash back earned that year.
That said, other cards may offer higher cash back rates, especially on all other purchases, so it might be worth considering alternative choices from other banks. And keep in mind that US Bank has a poor track record when it comes to serving business cardholders, according to a recent JD Power survey.
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