Truist Launches New Visa Card to Capture SMB Spend

Truist has launched a premium credit card that it designed with small businesses in mind. The new offering, which the bank calls the Truist Business Premium Visa Infinite card, is the first Visa Business Infinite product from a super-regional, according to a press release.

Many small businesses rely on credit cards to finance their operations, according to a study that reveals that small businesses have used a corporate credit card more than a line of credit or a loan over the past 12-month period. 

Truist’s release of a Visa Business Infinite card shows how credit card issuers can compete for small business spend by offering a premium card that people may not associate with national names like American Express or Chase.

Chris Ward, Head of Enterprise Payments with Truist, said in the release that the card suits business owners who seek upscale benefits without hassles.

“It’s built around simplicity, speed, and safety, delivering straightforward rewards, strong protections, and seamless integration with our clients’ existing Truist relationships,” Ward added.

Truist will make its new card available exclusively through its branches and teams that focus on business banking. 

The bank’s launch of a new high-end card for businesses comes at a time when Truist is focusing on developing relationships with wealthy clients.

Over the summer, Truist announced that it was pouring more money into its branches in select markets, including Atlanta, Miami, and Philadelphia, in efforts to win more affluent customers. 

Credit cards can function as lifelines that help small businesses pay for expenses and manage their cash flow.

Joaquin Arguello, Executive Vice President, Retail and Institutional Banking Head at Terrabank, said that, in the U.S., small businesses are facing financial challenges, according to a recent report from The Financial Brand.

“Small businesses in the U.S. are dealing with tighter cash flow cycles, increasing vendor demand for faster payments, and rising employee-related operational costs,” Arguello said. “Our clients want financial tools that are flexible, easy to manage, and can scale with their growth.”

The Truist Business Premium Visa Infinite card stands to check those boxes for small businesses.

A 10% bonus awaits businesses that redeem the rewards they earn on the new card into an eligible business deposit account from Truist.

Businesses can earn 2% cash back on each purchase they make with the card in addition to a 10% bonus when they redeem the cash rewards they’ve earned into an eligible business deposit account with the bank.

Cardholders can also earn an extra $1,000 in cash back rewards when they use the card for eligible purchases of at least $15,000 within 90 days after opening a card account.

Banks that seek to gain more small business customers may consider leading with a discussion about their credit card program when pitching their products and services to prospective business clients. Leadership at Truist believes the right credit card can be a key tool that allows small businesses to prosper.

“We’re focused on helping small businesses grow with confidence and control — and this card is a powerful step in that direction,” Ward said.