[NY & CT only] Ridgewood Savings Bank Launches New Business Credit Cards ($500 Bonus)

Ridgewood Savings Bank has launched three new business credit:

  • Business Platinum Rewards Mastercard
  • Business Platinum Mastercard®
  • Business World Mastercard®

The most interesting is the Business World Mastercard. This card offers 50,000 points after $5,000 in spend within the first 90 days. These points can be converted to $500. The card has a $95 annual fee that is waived in the first year. Card also earns at the following rates:

  • Earn 3 points for every $1 spent on travel and dining
  • Earn 2 points for every $1 spent on gasoline
  • Earn 1 point for every $1 spent on all other purchases

Last October Ridgewood Savings Bank also launched personal cards with a bonus of up to $500.

Hat tip to reader Jason

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Jason
Jason

I have a bunch of DPs from my experience getting this card. Background: I live in New Jersey (in a part near New York but not officially in NY), I already had the Ridgewood Savings Bank personal credit card and got the bonus, I didn’t have a deposit account.

I applied for the business card, and I didn’t get an approval or denial, just a note that a decision was pending. A few days later, I got a phone call saying they didn’t process my application because I already had a card with them, and their current systems only allow one card per person. I told them that’s fine, and they could close my personal card to open the business card. They said I could do that, but I’d also need a business deposit account to get the business card.

They referred me to the business banking people, who helped me open an account (no bonus, but not fees either). The guy I worked with had to get a special exception from his compliance department because my business isn’t registered in New York. However, it’s an internet business so he said there could be some flexibility there. I don’t know if the fact that I live very close to their branches played a role. They don’t advertise the fees/features of their business checking account online so this process has to be done over the phone along with emailing documents, ID, etc. I had to show a certificate of formation, the letter from the IRS with my EIN and two forms of personal photo ID. In the end, my checking account was approved. I’ve opened a lot of accounts recently so I’m guessing they’re not Chex sensitive on the business side.

Once the business checking account was opened, they cancelled my first application, and I had to reapply (only 1 credit inquiry for the second application – the first application was never processed). My application was approved, and the card is on the way to me. I haven’t received any alerts about new accounts on my personal credit report, but it’s still early. In the end, it’s unclear whether this card is available to everyone, but the process you’d have to go through is going to be too cumbersome for most people.

ChurnForTheBurn
ChurnForTheBurn

Did this card report to your personal credit reports?

justmeha
justmeha

Jason did it report in the end?

Jason
Jason

justmeha – No, it never showed on my personal credit report.

roger
roger

Ridgewood Bank is Chex sensitive . I applied for a checkin acct as a precursor for the Credit Card applicn. However my chk acct was denied. I live in VA.

BrooklynNights
BrooklynNights

Ridgewood is in Queens, New York and near Brooklyn, New York etc. I wonder if a lot of their customers died during the plague and they are trying to build their business back

Brian
Brian

DPs on whether or not they report to personal bureaus? Out of 5/24 and was planning on grabbing some Chase Ink cards this month, but even with a healthy Chase Biz bank balance and lowering my CU, they’re still rejecting my legitimate business applications. Time to look elsewhere!

Thomas
Thomas

Theyre brand new. How would anyone know?

Brian
Brian

Fair! Didn’t know if they had offered other business cards in the past. I’ll report back…

J
J

Did you successfully get this biz card? Did it count toward 5/24?

justmeha
justmeha

Brian any news?

Gk
Gk

Question is, does this hit personal CR?

Davronchik
Davronchik

Do they require to have a checking account with them? Also, do they report this card on your personal report? What bureau do they usually pull from? Any data points would be appreciated

Avi
Avi

Look up DPs from DoC’s page on their personal cards.

Avi
Avi

The terms say “Exclusively for Ridgewood deposit customers,” so I’d guess a checking account is required.