Terms and Conditions
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IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the United States fight the funding of terrorism and money laundering activities, U.S. law requires all financial institutions to obtain, verify, and record information that identifies each customer that opens an account.
What this means for you: When you open an account with us, we will ask for your and/or your business’s legal name, address, date of birth, tax identification number, and other identifying information that will assist us with identifying you and/or your business. We may also ask to see your photo identification (driver’s license) or other identifying documents. For businesses, we may ask for copies of certified articles of incorporation, an unexpired government-issued business license, a partnership agreement, or other documents that indicate the existence and standing of the entity.
| Interest Rates and Interest Charges | Visa® Business Cash Preferred Card |
| Annual Percentage Rate (APR) for Purchases | 0% introductory APR for the first 6 billing cycles. After that, 17.99% to 26.99% based on your creditworthiness when you open your account. This APR will vary with the market and is based on the Prime Rate. |
| APR for Balance Transfers | 0% introductory APR for the first 6 billing cycles for balances transferred within 186 days from account opening. After that, 17.99% to 26.99% based on your creditworthiness when you open your account. This APR will vary with the market and is based on the Prime Rate. |
| APR for Cash Advances | 31.24% This APR will vary with the market and is based on the Prime Rate. |
| Penalty APR and When it Applies | 31.49% This APR will vary with the market and is based on the Prime Rate, minimum APR 28.99%. This APR may be applied to your account if you: 1) Make payments 5 calendar days late twice or 30 calendar days once; or 2) Make a payment that is returned; or 3) If you exceed your Credit Limit 2 times in 12 consecutive months. How Long Will the Penalty APR Apply? If your APRs are increased for any of these reasons, the Penalty APR will apply until you make 6 consecutive minimum payments when due and do not exceed your Credit Limit during that time period. |
| How to Avoid Paying Interest on Purchases | Your due date is 24 – 30 days after the close of each billing cycle. We will not charge you interest on new Purchases if you pay your entire balance, or Plan Adjusted Balance if you have any Fixed Payment Program balance(s), in full by the due date each month. |
| Minimum Interest Charge | If you are charged interest, the charge will be no less than $1. |
| Fees | Visa® Business Cash Preferred Card |
| Annual Fee | |
| None |
| Transaction Fees | |
| Either 3% of the amount of each transfer or $5 minimum, whichever is greater. |
| Either 3% of the amount of each advance or $5 minimum, whichever is greater. |
| Either 4% of the amount of each advance or $10 minimum, whichever is greater. |
| Either 4% of the amount of each advance or $10 minimum, whichever is greater. |
| Either 4% of the amount of each advance or $10 minimum, whichever is greater. |
| $10 |
| 3% of each foreign transaction |
| A monthly fee not to exceed 1.6% of the original principal amount in a Card ExtendPay Plan or Card ExtendPay Loan.3 This fixed fee is disclosed upon enrollment and charged each month that you owe the applicable ExtendPay balance. |
| Penalty Fees | |
| $41 |
| $35 |
| $39 |
Fixed Payment Programs: From time to time we may offer to you the benefit of our Fixed Payment Program, Card ExtendPay, which allows you to pay off balances in fixed monthly payments over time. See your Cardmember Agreement for more information.
Business Owner authorizes Elan Financial Services ("we," "us" or "our") to obtain a consumer credit report and a business credit report for use in assessing his/her personal creditworthiness in connection with an Application by Business, of which Business Owner is an employee, principal, owner, partner, officer or guarantor, for a Business Real Rewards, Smart Business Rewards, Business Cash Preferred or Business Platinum, each an "Account". We need such consumer reports because Business Owner may have a direct, contingent, present or future liability to us for the Business’s obligation in connection with the Account. All applicants agree that, as long as the Account is open, we may obtain credit reports about the applicants from time to time. We reserve the right to consider the applicant for a lower line of credit if one was requested. This Application must be submitted by a Business Owner with authority to bind the Business to the terms of this Application Agreement. The Business Owner certifies that the execution, delivery and performance of this Application has been authorized by all necessary corporate action by the Business, and will provide evidence of such action upon request. If the Business is approved for an Account, the Business Owner requests and directs us to open an Account and to issue a Business Card (“Cards”) to any individual Employees of the Business, including the Business Owner, designated by the Business Owner on this Application or its addendum, or by any process agreed to by us and the Business. The Business Owner and the Business shall be jointly and severally liable for all charges on the account. Each applicant understands and agrees that we may increase or decrease the APR or credit limit assigned to the Account and/or the Cards within the Account or close the Account at any time based on our credit guidelines, credit report information, Account history or the financial circumstances of the Cardmember. At the time the Account is opened, individual Employees, including the Business Owner, will be issued Cards and a Cardmember Agreement governing individual use of the Account. Use of the Card or the Account will signify acceptance of the terms of the Cardmember Agreement, which may be amended from time to time. By providing us with a telephone number for a cellular phone or other wireless device, including a number that you later convert to a cellular number, you are expressly consenting to receiving communications—including but not limited to prerecorded or artificial voice message calls, text messages, and calls made by an automatic telephone dialing system—from us and our affiliates and agents at that number. This express consent applies to each such telephone number that you provide to us now or in the future and permits such calls for non-marketing purposes. Calls and messages may incur access fees from your cellular provider. All applicants must be at least 18 years old and agree that Accounts will be used primarily for business purposes, and not personal, family or household purposes. You agree that, in order to open and administer the Account that may be established as a result of this Application, we and the correspondent financial institution that solicited this Application may share certain information about you and your ongoing Account activity. Information from this Application may be shared with our affiliates. Cash access is subject to credit approval. You certify that to the best of your knowledge, the information provided about yourself, the name and address provided for the legal entity customer, and the information provided about the beneficial owner(s) and/or the individual with control over the legal entity customer is complete and correct.
Balance Transfer Information: Balance Transfer Information: Balance transfer transactions from other Elan Financial Services accounts are not permitted. Balance transfers submitted at time of application will be held for 10 days before processing.
(a) The Elan Rewards Program is subject to change. Rewards are earned on eligible net purchases. Net purchases are purchases minus credits and returns. Not all transactions are considered to be Purchases and eligible to earn rewards, such as transactions posting as Convenience Checks; Balance Transfers; Advances (including ATM withdrawals, wire transfers, traveler's checks, money orders, foreign cash transactions, betting transactions, and lottery tickets); interest charges and fees; credit insurance premiums; and transactions to (i) fund certain prepaid card products, (ii) buy currency from the U.S. Mint, or (iii) buy cash convertible items. Upon approval, see your Cardmember Agreement for details. Subject to applicable law, you may not redeem Rewards, and you will immediately lose all of your Rewards, if your Account is closed to future transactions (including, but not limited to, due to Program misuse, failure to pay, bankruptcy, or death). Rewards expire five years from the end of the quarter in which they are earned.
(b) You will earn three percent (3%) cash back for every $1 in eligible net purchases at dining, including takeout and restaurant delivery, gas stations, electric vehicle charging stations, office supply stores and cell phone service providers. All other eligible net purchases may earn one percent (1%) cash back. Purchases of gasoline or electric vehicle charging greater than $200 will not be deemed to be a purchase of automotive fuel and as such will earn a reward of 1%. In addition, you will earn an additional 4% cash back above base earn (5% total) for every $1 in eligible Net Purchases spent on prepaid car and hotel reservations in the Rewards Center using your Business Cash Preferred Card. Prepaid car and hotel reservations in the Rewards Center are not classified as travel category merchant transactions and are not eligible to receive additional cash back for that category. Please allow 1-2 statement billing cycles for your cash back reward to appear on your credit card statement. Refer to the Rewards Center for full details. IMPORTANT CHANGE: Effective April 22, 2025, you will earn three percent (3%) cash back for every $1 in eligible net purchases at dining, including restaurants/restaurant delivery, gas stations and electric vehicle charging stations (excluding wholesale clubs and discount stores/supercenters such as Target and Walmart), office supply stores, cell phone service providers. A purchase will not earn additional cash back if the merchant's selected code is in a category that is not eligible for additional cash back earning. We do not determine the category codes that merchants choose and reserve the right to determine which purchases qualify for additional cash back. Cash rewards can be redeemed as a deposit to a checking or savings account with this Financial Institution only, which will be deposited within seven business days, or as a statement credit to your credit card account, which will be deposited within 1-2 statement billing cycles, a Rewards Card, Real-Time Rewards or Pay with Rewards when you checkout with PayPal. Cash back minimum redemption amounts and redemption values may vary and are subject to change without notice.
First purchase bonus will be applied 6 to 8 weeks after first purchase and is not awarded for balance transfers or cash advances. First use bonus is awarded only on the Authorized Officer purchases.
Cash Back Rewards cannot be used as payment for obligations owed to Elan Financial Services. Exception: Cardmembers can choose to redeem their earned Cash Back Rewards for a statement credit to be applied to their Account by accessing the Rewards Center. The statement credit will reduce the Account balance, but does not count as a payment and thus does not reduce the minimum payment due. There are no refunds, exchanges, replacements or conversions for currency, credit, other cash back, except as otherwise noted. Determination and payment of tax liability is the sole responsibility of the Cardmember.
(c) Participation. To participate in the Program, your Account must be open and in good standing under the terms of your Cardmember Agreement. We may alter, change, or terminate the Program at any time without advance notice. We may also disqualify Cardmembers who have violated any of these terms and conditions or the terms of their Cardmember Agreement with us. Determination and payment of tax liability is the sole responsibility of the Cardmember. The Program is void where prohibited by federal, state, or local law.
foreign cash transactions, betting transactions, lottery tickets and ATM disbursements), Convenience Checks, Balance Transfers, and Fees, credit insurance charges, transactions to fund certain prepaid card products, U.S. Mint purchases, or transactions to purchase cash convertible items.
Subject to applicable law, you may not redeem Cash Back Rewards, and you will immediately lose all of your earned Cash Back Rewards, if your Account is closed to future transactions (including, but not limited to, due to Program misuse, fraudulent activities, failure to pay, bankruptcy, or death).
Cash Back Rewards cannot be used as payment for obligations owed to Elan Financial Services. Exception: Cardmembers can choose to redeem their earned Cash Back Rewards for statement credit to be applied to their Account by accessing the Rewards Center. The statement credit will reduce the Account balance, but does not count as a payment and thus does not reduce the minimum payment due. There are no refunds, exchanges, replacements or conversions for currency, credit, other cash back, except as otherwise noted. Determination and payment of tax liability is the sole responsibility of the Cardmember.