Truist Debuts Visa Card Aimed at Small Business Growth
Truist introduced a premium Visa card aimed at small business clients.
The Truist Business Premium Visa Infinite card makes the lender the first “super-regional” bank to offer a Visa Business Infinite product, according to a Thursday (Oct. 2) news release. The card is designed for small businesses with “meaningful annual spend.”
“This card is designed for business owners who want premium benefits without the hassle,” Truist Head of Enterprise Payments Chris Ward said in the release. “It’s built around simplicity, speed and safety—delivering straightforward rewards, strong protections and seamless integration with our clients’ existing Truist relationships. We’re focused on helping small businesses grow with confidence and control, and this card is a powerful step in that direction.”
The card is available exclusively through Truist branches and business banking teams, the release said. It lets users earn a $1,000 welcome bonus and has unsecured credit lines from $15,000 to $100,000 for approved clients.
The card is designed for entrepreneurs looking to streamline financial management and maximize value at a time when many of them are using credit cards to fund their operational expenses, according to the release.
The PYMNTS Intelligence report “SMB Growth Monitor: How Firms Use and Choose Credit Cards” found that more than half of small- to medium-sized businesses (SMBs) are using business and personal credit cards to fund their operations. Most new SMBs carry balances, which suggests a strain on cash flow.
“Credit card usage isn’t just a matter of convenience; it’s a window into SMBs’ survival tactics, aspirations and barriers to growth,” PYMNTS wrote in July.
Top-of-wallet card use is determined by the size of the SMB.
“Large SMBs prioritize high credit limits,” PYMNTS wrote. “Smaller ones want cards that help them grow, with tools to build credit, scale credit limits and access better perks over time. Meanwhile, firms in different industries have sharply distinct needs.”
Meanwhile, Truist announced in August that it will open 100 new branches and renovate 300 more in cities around the country as it targets more affluent clients. Locations include Philadelphia, Dallas, Atlanta, Austin, Miami and Washington, all areas with the potential to cultivate relationships with affluent customers.
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