The Offer
- 1st Source Bank is offering a $200 bonus on the 1st Source Bank smart business rewards card after $500 in spend within the first three months
Card Details
- Card earns at the following rates:
- Earn 2 points in your top 2 spend categories each month, automatically
- Earn 1 points on all other purchases
- $95 annual fee, waived first year
Our Verdict
Not a huge bonus, but given the spend requirement is so small it should be worth doing. Unfortunately we have no idea what they are like with approvals, but they have offered bank bonuses in the past.
Anybody know whether this issuuer reports the biz card to bureaus?
To preface, this card is apparently a partnership between certain small banks and elan, which another commenter had mentioned.
Anyway, I also had this question and found someone on myfico with a data point. (https://ficoforums.myfico.com/t5/Business-Credit/How-to-get-approved-for-Elan-Financial-business-credit-card/m-p/6309802/highlight/true#M35589) They say that they had contacted elan and elan said that they report to Dun and Bradstreet, but not to the personal credit bureaus. That said, I’m not sure if the other party in this partnership, namely, 1st source bank would report though since I haven’t found a data point specific to 1st source bank.
This is just a regular Elan issuer offer, of which there are hundreds:
https://www.google.com/search?q=%22SMART+BUSINESS+REWARDS+CARD%22+site%3Acreditcardlearnmore.com
Ex: Associated Bank has this at https://www.associatedbank.com/business/credit-and-lending/business-credit-cards
The annual fee makes this pretty useless IMO.
Ugly debit card too 🙂
Waived year one, so, really, no harm in closing after 12 mo, long after you got the SUB.
I agree, the annual fee is not an issue since you can just close the card after you get the bonus and before 1 year is up.
That said, I wonder if you’re able to churn these cards since there are so many of them all personalized for different banks. So getting one from one bank, then getting another one from another bank, etc. Apparently, I’ve got quite a few local banks that offer this elan “smart business rewards” card. Very interesting.
Very interesting indeed!