Question
Has anyone tried the Advanta Small business card? www.advanta.com. According to the website, there's no annual fee, 5% cash or travel rewards, and no limit on annual rewards.
Answer
Read the Terms and Conditions. The 5% rebate applies only to purchases in the bonus categories greater than $30,000 and up to $50,000 per year. Best case, if you used the card to buy $50,000 of gasoline, computers and other electronics, supplies, online advertising, utilities and telecommunications services you would receive $1,600 which is 3.2%. However, to the extent that you spend less (or more) in these categories or use the card in other categories the percentage will be diluted.
Cash Back rewards are earned based on the annual level of Net Purchases, excluding purchases in the Bonus categories, as follows: 0.75% on up to $10,000 in purchases; and 1.00% on purchases over $10,000.
Cash Back rewards are also earned on the Bonus categories of "gasoline and diesel fuel," "computers, computer supplies, electronics and office supplies," "online advertising services," and "utilities and telecommunications." Cash Back rewards on Bonus category qualifying purchases are earned as follows: 1.00% on up to $20,000 in purchases; 2.00% on purchases between $20,001 and $30,000; 5.00% on purchases between $30,001 and $50,000; and 0.50% on purchases over $50,000.
Answer
Thanks Mia. The "terms and conditions" wouldn't open up for me and the cover page was misleading. It sure doesn't look like a great deal.