Consumer Payment Card News

Wachovia Introduces The VISA Business Card

Wachovia has introduced the Visa Business card to provide small businesses enhanced flexibility and a convenient means of funding and payment for everyday business expenses.
The Wachovia Visa Business card offers a simple way for small business owners to keep business expenses and personal credit card expenses separate, and it enables businesses to reduce petty cash and check usage. The card also allows small businesses to manage employee spending through preset spending limits and purchasing authorizations, and it simplifies bookkeeping and record keeping through categorized spending and summary reports.

“The many features and services the card offers provide small businesses is extremely useful management tooled,” said Michael F. Ryan, manager of Wachovia’s Small-Business Group.

Businesses can choose the federate structure that best fits their needs. A card with no annual fee is available, with an annual percentage rate on purchases Or the Prime rate plus 6.9 percent. There is no interest on current purchases if the monthly balance is paid in full by the due date. A low-interest rate option of Prime plus 2.9 percent on unpaid balances is also available, with an annual fee of $50 per card.

“The Wachovia Visa Business card will enable the bank to Fulfill the purchasing, record keeping and credit Bands of small businesses,. said Alan M. Welch, manager of Wachovia Bank Card Services’ commercial card division.

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