U.S. Bank Business Cash Rewards World Elite Mastercard Review

Full Review of U.S. Bank Business Cash Rewards World Elite Mastercard

Pros Explained

• Strong rewards, including 25% annual bonus: The best rate offered by the U.S. Bank Business Cash Rewards World Elite Mastercard is its 3% cash back on purchases at gas stations and office-supply stores, and for cell phone service and equipment. Few cards beat that rate on all three of those categories, especially when this card’s annual rewards bonus is added to its total earnings. You earn an annual bonus of 25% of your prior year’s total cash-back rewards, earned at both the 3% and 1% levels. The bonus is capped at $250, but you could spend up to about $700 a month on purchases that earned 3% cash-back without hitting the rewards limit. Unless you spend more than that on gas, office supplies, and cell phone equipment and service, the bonus essentially raises your earnings to a hefty 3.75%. By contrast, other cards may match, sometimes fully, the rewards earned in the first year as an introductory bonus. But the U.S. Bank Business Cash Rewards World Elite Mastercard does so annually, which could be more lucrative in the long run, even if the match is only a partial one.   
• Introductory 0% APR on purchases and balance transfers for the first 12 billing cycles: The introductory period is shorter than those offered by some business cards. But few offer promotional interest rates on both purchases and balance transfers. As such, zero interest offers a welcome break if your business needs some interest rate breathing room on new purchases. Plus you can reduce rates on other high balances with balance transfers. (You’ll still have to make the minimum payment due each month.)

Cons Explained

• U.S. Bank’s customer service for businesses is below par: When businesses need customer service from a credit card company, it’s often a matter of some urgency and even stress. You want a satisfying experience. Unfortunately, that’s less likely to be the case for businesses that deal with U.S. Bank, compared to other national card issuers. In its 2022 U.S. Small Business Credit Card Satisfaction Study, J.D. Power ranked U.S. Bank last out of seven national card issuer with a score of 823.
• Fees on foreign transactions: For a card with a name that includes the word "world," the U.S. Bank Business Cash Rewards World Elite Mastercard isn’t a very good choice for foreign transactions. Admittedly, the fee it imposes on foreign purchases is lower for those made in U.S. dollars than in local currency—2% versus 3%. Still, some business credit cards waive these fees entirely, including the Capital One Spark Miles for Business card.

Who This Card Is Best For

This credit card could be a good fit for current U.S. Bank customers who want to keep all of their accounts with U.S. Bank and make significant purchases at gas stations, office supply stores, and on cell phone equipment and service. While the cash-back rates aren’t stellar, the simplicity of keeping all of your accounts with one institution may be worth the lower earning rates. Additionally, it’s a good fit for businesses that want to earn cash back but aren’t willing to pay an annual fee for the primary or additional employee cards. 

U.S. Bank Business Cash Rewards World Elite Mastercard's Bonus

You can earn $500 cash back for spending $3,000 within the first 90 days of the account opening with the account owner's card. This is the card assigned to the primary applicant of the account and does not include spending on cards used by authorized employees. 

It may take eight to 10 weeks after you qualify for the cash back to be credited to your account. Existing and previous U.S. Bank Business Cash Reward accounts aren't eligible for the cash bonus, nor are account upgrades.

Rewards Earning Details

The U.S. Bank Business Cash Rewards World Elite Mastercard offers 3% cash back on gas station, office supply store, and cell phone/service provider purchases, and 1% cash back on all other purchases. As long as your account remains open, current, and in good standing, you’ll also earn an annual bonus of 25% of your prior year’s rewards, up to a maximum of $250.

Gas station purchases do not include purchases of gasoline at warehouse clubs, superstores, supermarkets, or convenience stores. Additionally, fuel purchases of greater than $200 are ineligible, and only earn a 1% reward.

There is no limit on cash back rewards. Moreover, your rewards won’t expire unless your account is closed for any reason, inactive for 18 consecutive months, or if you don’t make the minimum payment on your account by the due date for two consecutive billing periods.

Rewards Redemption Details

Many cards continuously deposit the cash back you earn into the card’s account or a bank account. By contrast, you must earn at least $25 in cash back on the U.S. Bank Business Cash Rewards World Elite Mastercard before you can redeem those rewards. This is more an annoyance than a major drawback, but it could slightly delay and complicate getting access to the rewards you’ve earned. 

You can redeem your cash back rewards in the form of a deposit to a U.S. Bank savings, checking, or money market account, a U.S. Bank Rewards card, or a statement credit to your account. In order to redeem your rewards, your account must be open and in good standing.

How to Maximize Your Rewards

Making the most of the U.S. Bank Business Cash Rewards World Elite Mastercard starts with ensuring that you earn the $500 cash bonus. To do so, you must spend $3000 in the first 90 days of opening your account. Then be sure to use the card for purchases at bonus rates at gas stations, office supply stores, and on cell phone equipment and usage. If you've enabled automatic payments for your monthly cell phone bill, be sure to switch to this card. If you plan to buy a new phone from a different carrier, be sure that it's classified as a cellular merchant with U.S. Bank so you can continue to earn the higher, bonus category rate.  

U.S. Bank Business Cash Rewards World Elite Mastercard's Outstanding Benefits

• Cell phone protection
• ID theft protection

Standard Benefits

• Free employee cards
• Zero liability protection
• Global travel assistance

Cardholder Experience

U.S. Bank ranked last of seven card issuers with a below-average score of 823 in J.D. Power’s 2022 U.S. Small Business Credit Card Satisfaction Study.

As a U.S. Bank customer enrolled in online banking, you can receive free access to your TransUnion credit score once per month through the CreditView dashboard. You can speak to a U.S. Bank customer service representative at any time by calling 877-351-8406.

Security Features

This card's security features are standard for the industry.

Fees

This card charges a 2% or 3% foreign-transaction fee, depending on whether the transaction is in U.S. dollars or a foreign currency. 

Final Verdict

The U.S. Bank Business Cash Rewards World Elite Mastercard could be a solid choice as your business credit card. It currently offers a bonus of up to $500 cash back on $3,000 in spending within the first 3 months. It also offers two, attractive 12-month 0% APR bonuses. Additionally, the card provides account holders with a 25% annual bonus (of up to $250) on the cash back earned in prior years. The regular rewards of 3% on gas, office supplies, and cell phone provider purchases, and 1% on all other purchases, are appealing.

Just keep in mind that U.S. Bank has a mediocre track record in business card customer service.