CFCU of Michigan Business Mastercard

CFCU of Michigan Business Mastercard Review

• Competitive APRs. CFCU of Michigan Business Mastercard has a fixed purchase APR that ranges from 8.99% up to 18%.
• No annual fee*. This is a great option for people looking for a low-maintenance cashback card. It gives you cashback on your eligible purchases, but you don't have to pay an annual fee for the privilege.
• Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 1% every time you make a transaction outside the U.S.
• Multiple business credit card benefits. Includes generous credit card perks, such as rental insurance, emergency support, extended warranty protection on purchases, price protection, purchase protection, travel accident insurance, travel assistance, trip cancellation insurance, and fraud protection.
• Fair or better credit required. You will have good approval odds if your credit score is above 600.

The Good

The Bad

Potentially lower than average purchase APRs. No annual fee. Multiple business credit card perks. Offers auto rental collision damage waiver. Extended warranty and price protection on purchases. Travel accident and travel assistance insurance. Trip cancellation insurance. Considers applicants with fair credit. Cardholders can earn rewards on purchases everywhere CFCU of Michigan Business Mastercard is accepted. CFCU of Michigan Business Mastercard reports to multiple credit bureaus.

Does not offer a signup bonus. Charges a foreign transaction fee of 1%.

Who is CFCU of Michigan Business Mastercard designed for?

This is a credit card issued by Community Financial Credit Union of Michigan. 

This business card is designed for small businesses with fair credit. The minimum credit score to apply is 600.

What are the relevant APRs?

This business credit card has a fixed purchase APR that ranges from 8.99% up to 18%. The card has a fixed balance transfer APR that ranges from 8.99% up to 18%.

It also has a fixed cash advance APR that ranges from 8.99% up to 18%. Note that late payments are subject to an APR of 18.00% if you are late or miss your payments. Typically, the penalty APR applies for a minimum of six months but can go on indefinitely.

What fees does it charge?

The following fees apply to this business credit card:

• There is no annual fee.
• A late payment penalty of up to $35.
• A returned payment fee of up to $12.
• An overlimit fee of $35.

Does it offer a cash back rewards program?

This business credit card offers a rewards program to its customers. The rewards program allows you to earn cash with every purchase you make. This business card offers rewards to small business owners that use the card to make purchases in the following bonus categories:

• Every Purchase
• Gas stations
• Hotels
• Restaurants

Can I get it with just an employer identification number (EIN)?

You can apply for this business credit card with your EIN number, but expect the credit card issuer to also require your Social Security number. This is because, as with most business cards, it requires you to personally guarantee the line of credit.

What are the benefits?

This business credit card provides the following benefits:

• Auto Rental Collision Damage Waiver
• Emergency Support
• Extended Warranty Protection
• Trip Cancellation Insurance
• Fraud Liability
• Price Protection
• Travel Accident Insurance
• Cellular Telephone Protection
• Travel Assistance
• Reports to major credit bureaus

What is the support contact email?

The support contact email for this business credit card is cumail@cfcu.org.

Does CFCU of Michigan Business Mastercard report your account activity to credit bureaus?

Yes, CFCU of Michigan Business Mastercard reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply?

• Visit the Community Financial Credit Union of Michigan .
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
• Check the information is accurate and submit your application.
• If you're denied click here to find out why your application may have been rejected and what you can do about it.