Posted by William Charles on September 21, 2019
Business Credit Cards

Published on September 21st, 2019 | by William Charles

39

Bank Of The West 60,000 Point Business Credit Card Offer (Worth $450) [AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY]

Update 9/21/19: Bonus available again. Hat tip to Astheworldchurnd

The Offer

Direct link to offer

  • Bank Of The West is offering a bonus of 60,000 points after $5,000 in spend within 90 days on the Business Rewards Credit Card

Card Details

  • No annual fee
  • Card earns 2x points per $1 spent
  • Assume it’s restricted to AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY

Our Verdict

Looks like points are worth 0.75¢ each. Can be redeemed for statement credit or cash, but looks like you need an account with them to see what those redemption options cost (0.75¢ each is confirmed for gift cards). Card doesn’t make sense to use long term as it’s basically 1.5% back on all purchases and other cards earn at a rate of 2%+. I’m not sure what business documents they require, but you can’t apply online directly (redirects to a page asking for contact details).

As the main issuers crack down on sign up bonuses with new complicated rules we’re going to need to start finding these smaller banks and understanding their processes. This is something we already do with great effect when it comes to bank account bonuses so I’m confident we can do it for credit cards as well. Readers might be familiar with Bank of the West already due to the bank account bonus offers they have.

Hat tip to reader Curmudgeon



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Alex
Alex

The main question is, will this show up in personal credit for 5/24?

Ferris
Ferris

+1111

Max
Max

The mainer question is, will they approve anyone for this? IME smaller banks are very sensitive and conservative. 2 inquiries in the last 2 years? You mean you changed your phone plan! No way!

Alex
Alex

Touche

Jim
Jim

i hate this bank..

ap
ap

Why?

britchurner
britchurner

I called about 4 different numbers (local branch, BofW customer service, rewards program, business credit cards) and no-one was able to give me the answer regarding redemption options/rates for the 60,000 points (outside of gift cards), even after a 3-way call between departments.

The redemption rate for things like statement credit is not mentioned anywhere on the website – in fact, statement credit as a redemption option isn’t even mentioned as an option. No guarantees that it is 0.75c/point like gift cards, in fact I suspect it may be even lower, like 0.5c, so I’m gonna be wary on this one until I can get more info.

Ferris
Ferris

I talked to 2 CSRs and a Business Rep in a branch. I got 1 Yes, 1 No and 1 maybe. The Business Rep said he personally knew of people he opened cards for that it reported onto the 3 Consumer Bureaus – they had specifically mentioned it to him. He claimed you needed to have a “Corporate” account to not report to the 3 Consumer Bureaus, in which your tradeline would be over 50K and you would need some sort of a guarantor. Hopefully this information helps, but it looks like it will not be a good deal for most people.

Cameron
Cameron

Shouldn’t this go on the “top credit card” list? 9% back not restricted to travel? no fee. Or at least mentioned.

https://www.bankofthewest.com/small-business/credit-cards/business-rewards-mastercard.html

statement credits and gas cards are available: Not sure at what point value though

http://www.bankofthewestrewards.com

Austin
Austin

Just started the process to get this card. They’re pretty intense and most folks here won’t want to waste their time.

First they said I couldn’t apply, even though they are in my state (WI). I pushed back and asked them to reconsider, and then a business banker emailed me to setup a time for an introduction phone call.

After talking this morning with the banker it seems like it would be impossible to get approved for this card without a real business. I have a business with $2M annual revenue and real spend, but even still they want to see both personal and corporate tax returns to even apply for the card. They also want me to open up a business checking account to get the card, which I will try hard not to do.

I plan to apply, after their underwriting reviews my app which takes about a week. Will followup with any other DPs

Curmudgeon
Curmudgeon

I stopped by my local branch today and asked about this card. Picked up a fancy brochure and the one page application. Don’t know who Austin dealt with but my rep said there were no tax returns needed for this application.

Brochure provides two examples for statement credit:

7,500 points = $50 statement credit (.6667 cents/pt)
25,000 points = $200 statement credit (.8 cents/pt)

So, assuming the redemption doesn’t improve above 25,000 points, the 60k bonus is worth $480, or actually $560 once you include the 10k points from the initial $5,000 spend.

That makes an 11.2% return on a $5000 spend, which is way better than the 2% non-bonus category spending I’m getting now. I don’t think the card is a keeper because at best, 2x points really means 1.6% cash back, but I’ll gladly take the bonus.

Cameron
Cameron

Thanks for posting. Even better than I thought. Return on Bonus percentage is the best way to compare values, as far as Im concerned.

Nilastic
Nilastic

Did you get approved? Does this go against the 5/24?

Bill
Bill

Did the card count against 5/24 for you?

Closertothesun
Closertothesun

I’d be interested if 1) could do with a “business” and 2) doesn’t report to personals. Sounds like neither of those are true from the scant comments here though. But I’ll follow the thread for more info, and maybe when my business gets off ground and I give up on 5/24 its worth doing.

Ben
Ben

+1

Gdawg
Gdawg

Direct Link above doesn’t work anymore. Offer still available via:
https://www.bankofthewest.com/small-business/credit-cards/business-rewards-mastercard.html

skolkjer
skolkjer

Bank of the West is also offering a $300 business checking bonus for having at least a $3000 balance on the last day of each of the two full calendar months following account opening. 10 qualifying transactions required within the same two months.

https://www.bankofthewest.com/campaigns/small-business/business-checking

klg
klg

Thanks for posting this. I think it might be easier to start w/chkg acct than card if only have a “business.” I started the application process, but first step is to leave contact info and a Biz Banker will get back to me. Hope this doesn’t mean have to go in-branch to open, as nearest branch is 90-min drive each way.

Did you apply for the biz chkg acct?

skolkjer
skolkjer

I haven’t opened it yet. Will try tomorrow. From my experience all business checking accounts have to be opened in branch.

Also, William Charles can you please make a post about the Bank of the West Business checking bonus? I don’t see a post on the website about it and I’m not sure how else to send you guys deals that I find. Thanks!

klg
klg

So, got an email back today saying that I’m not in their 19-state footprint (even tho I’m in AZ), so cant open an account. I think might be able to open if I made the 90-minute drive into closest branch, and if I happen to go there before 10/31 deadline, I might try.

Would be interested to know what kind of biz dox you need – must you have tax returns or is it ok to be a new “biz” w/no dox yet?

skolkjer
skolkjer

I resell items on Amazon. That has been fine for the purposes of a “business” in my past experience. Depending on the bank they might require a DBA (“doing business as”) or a fictitious name certificate to open a business account. I personally haven’t yet encountered a bank that requires tax returns. Just make sure you apply as a sole proprietorship (you can usually use your personal social security number instead of an EIN).

To get the DBA/fictitious name certificate it depends on where you live. They are either available at the county or state level. There is usually a filing fee which can range dramatically from 5 dollars to over 100 dollars.

I’ll let you know how my in-branch account opening goes tomorrow!

skolkjer
skolkjer

All I needed to open the account today in branch were my driver’s license and my social security number. I used my first and last name as the business name.

Whole process took about 1 hr.

klg
klg

Thanks for posting. If I have to go into the Big City I will try to open an account while I’m there.

klg
klg

If you scroll down to bottom of page and click on Contact Us, it says:

If you’d like to get in contact with us, then please do so by e-mail.
Will: will@doctorofcredit.com (site founder)
Chuck: chuck@doctorofcredit.com (senior contributor and editor)

Cameron
Cameron

I dont think this one used to have an online app. Maybe its worth doing now.

Enrico
Enrico

On the page it says “For businesses in existence less than 3 years, visit a branch for credit card solutions dedicated to you.”

Ferris
Ferris

I opened up a Biz checking and was pre-approved for this CC so applied. I didn’t get a TU or EQ pull, but I’m not sure about Experian. The banker said I would be receiving the card in 7-10 days, but he didn’t confirm I was approved, so I wasn’t really sure. He seemed to think it would report to personal bureau so I took a chance.

Ferris
Ferris

Update: HP on Experian.

Bill
Bill

We really Need to know if this card will report as a new account and count against 5/24. Please let us know if you are approved.

beat2def
beat2def

From the biz checking page one comment said, “The process to sign up was pretty painless and I was pre-approved for the business credit card with a 60k point bonus after 5k spend. I declined since they stated it would show up on my personal report and I didn’t want to risk a 5/24 slot.”
This marks two people whose banker said it does report to personal BUT bankers can be wrong (my problems with U.S. Bank. Ugh.) so this data point from Ferris would be great once he finds out for sure.

Bill
Bill

I saw that, but was hoping for a real world data point, because few if any bankers I know really understand the FICO / credit reporting mechanics at a detailed level.

Jay
Jay

Ferris

Any update on it reporting to personal report (and counting against 5/24) would be of great help… 🙂

Ferris
Ferris

It will take at least a full cycle for it to report. I did get approved, though.

Bill
Bill

Also, how much revenue did you report for your business?

Austin
Austin

Applied to and was rejected for this card today. Applied as a “business” through the online portal and called in via a number that a branch rep gave me to check the status of the application.

Central rep told me that my application went through, but that it wouldn’t proceed any further because $3k was not enough revenue and that it was internally flagged by the system as too little. No HP, and rep recommended I talk to a branch manager about the “business builder” funding (unsure if it’s a credit card) I can get from the branch.

I asked him about what I had to do to qualify for this card, as I hoped to increase my revenue past the $3k mark this year. He said that the system automatically flags anything under $50k revenue as “do not proceed” and rejects the application without a hard pull. He also mentioned something about there not being a duplicate application in the system, so applications definitely stay in there for some time (I would guess 30 days).

If you’re applying online as a “business”, I would recommend you:
1.) Have a “business” for at least 3 years, as otherwise it prompts you to go into the branch.
2.) Say at least $50k of revenue last year, although that may prompt them to require verification.

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