Consumer Payment Card News

BB&T New VISA Business Card

BB&T is introducing a Visa Business Card designed to help transform the way small businesses handle everyday business purchases, travel and entertainment expenses, and payments.

“BB&T has traditionally focused on servicing the small business segment, which represents more than 80 percent of the commercial market,” said Scott Qualls, manager of BB&T’s Revolving Credit Department. We believe the BB&T Visa Business Card will offer our small businesses what they need in a borrowing relationship to succeed in the marketplace. It’s simple, convenient and provides easy access to funds to help businesses better manage cash flow.”

The BB&T Business Card offers businesses the flexibility of carrying a balance from month to month with a low Annual Percentage Rate of Prime plus 5.9 percent. The annual fee is automatically waived for the first year and waived each additional year with minimum purchase requirements.

BB&T has added many benefits to its business card that, unlike many other cards, are provided at no additional cost. These include: ” A Cardholder Transaction Recap Summary, which provides an annual activity statement by type of purchase, date, amount, merchant name and location;

” Corporate liability insurance, which protects a business against fraudulent use of the business card by former employees;

” Common carrier accidental death insurance;

” Auto collision and damage waiver rental insurance;

” Purchase security and extended protection on purchases;

” A special toll-free number for customer service, emergency card replacement and emergency cash;

” Travel assistance services and more.

Using BB&T’s Visa Business Card, companies can issue separate cards to individual employees and obtain a single consolidated monthly statement or have individual statements sent to the authorized users.

The card is accepted at more than 12 million retail locations, more than 362,000 bank locations and at more than 184,000 automatic teller machines in 80 countries and territories displaying the BB&T, Honor or Visa logos.

‘Most small businesses find it cumbersome or very expensive to obtain a commercial loan, so they sometimes seek alternate, often personal, resources for funding,” Qualls said. “The BB&T Visa Business Card offers a simple application process with a convenient access to funds that allows a company to separate business expenses from personal expenses.”

BB&T, is the banking subsidiary of Winston-Salem based Southern National Corporation (NYSE: SNB), which has assets of $21 billion and operates 441 banking offices in 219 cities in the Carolinas and Virginia. It controls the largest share of deposits in North Carolina and the third largest share in South Carolina.

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