U.S. Bank Triple Cash Rewards Business Card Review: Earn Unlimited Cash Back and an Annual Software Credit

The U.S. Bank Business Triple Cash Rewards World Elite Mastercard® makes it easier to run your business while rewarding you at the same time. Users can earn up to 3% cash back in everyday business purchase categories, plus even more on select travel through the U.S. Bank portal. Plus, you can earn up to $100 as an annual statement credit for recurring software subscriptions. And you'll pay no annual fee for any of it. Check out our U.S. Bank Business Triple Cash Rewards World Elite Mastercard® review to see if it's the right credit card for your small business.

This credit card is a good fit for: Small business owners who want to earn bonus rewards on everyday business purchases like office supplies and gas.

Top perks

This card has a wide range of useful perks, from unlimited rewards to an intro APR deal and more.

Up to 5% cash back rewards

To start, you'll get 5% cash back on select travel booked through the U.S. Bank Rewards Center. This includes prepaid hotels and car rentals.

Additionally, cardholders earn 3% cash back in these business-friendly bonus categories:

• Gas and EV charging stations
• Office supply stores
• Cellphone service providers
• Restaurants

Other purchases earn 1% cash back. Importantly, bonus cash back is unlimited, so there's no cap on how much you can earn for your qualifying purchases. Cash back rewards don't expire as long as your account remains open and in good standing.

You can redeem your cash back rewards right from your online account as a credit card statement credit or as a deposit into an eligible U.S. Bank checking or savings account.

Sign-up bonus

The U.S. Bank Business Triple Cash Rewards World Elite Mastercard® has a very competitive sign-up bonus. New cardholders can earn a whopping $500 cash back for spending $4,500 on their card in the first 150 days after opening an account.

Not only is the size of the bonus great, but so is the amount of time you have to earn it. Instead of the standard 90 days, you'll get 150 days. This makes it far easier for even smaller businesses to reach the spending requirement and score a bonus.

Annual $100 software statement credit

No matter what type of business you run, chances are good you have at least one or two recurring software subscriptions. The U.S. Bank Business Triple Cash Rewards World Elite Mastercard® comes with an annual $100 statement credit for eligible purchases from qualifying software service providers. This includes popular accounting services like FreshBooks and QuickBooks.

The statement credit will be automatically applied to your account after you've made 11 consecutive eligible monthly purchases. And as an annual credit, you can get it year after year. Not bad for a $0 annual fee card!

Intro 0% APR on purchases and balance transfers

Although intro 0% APR offers are common for personal credit cards, they're a bit harder to find in the business card world. But the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® comes with one of the best offers we've seen.

You can get 0% intro APR on new purchases and balance transfers for the first 15 billing cycles. Balance transfers must be made within the first 30 days of account opening to qualify for the intro APR offer (a balance transfer fee -- Either $5 or 5% of the amount of each transfer, whichever is greater. -- will also apply).

No annual fee

One of the more surprising aspects of the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® is that it has no annual fee. With all it offers, the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® could get away with an annual fee. The software credit alone would make an annual fee under $100 still worth paying. So, the fact that it has a $0 annual fee makes this card really stand out as a top-notch option.

What could be improved

With so many perks, it stands to reason this card also has a few drawbacks. Most are pretty normal for a small business credit card, however.

Foreign transaction fee

The main downside to the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® is that it does come with a foreign transaction fee equal to 3% of each transaction in U.S. dollars. These fees can be charged any time you make a purchase in a foreign currency. Foreign transaction fees are also charged when you make a purchase in any currency that routes through a foreign bank.

This means you won't want to use this card while traveling abroad. You may also want to avoid using your U.S. Bank Business Triple Cash Rewards World Elite Mastercard® to make purchases from foreign suppliers, even if those purchases are in U.S. dollars.

Penalty APR for late payments or excessive spending

We're all late sometimes, but you may want to be extra careful with your U.S. Bank Business Triple Cash Rewards World Elite Mastercard®. You'll also want to pay close attention to your credit limit.

The card comes with a penalty APR that kicks in if you:

• Make two payments more than five days late
• Make one payment more than 30 days late
• Make a payment that gets returned
• Go over your credit limit twice in a 12-month period

The penalty APR will stay in effect until you make at least six consecutive on-time payments of at least the minimum payment amount. You also can't go over your credit limit during that time.

Be particularly wary if you're taking advantage of the intro APR offer. A late payment or going over your limit can cause your intro APR offer to end early and your rate will increase to the go-to or the penalty APR.

Personal guarantee required

As with most small business credit cards, the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® will require a personal guarantee. This means you are accepting personal responsibility for repaying your business credit card -- no matter what.

In other words, even if your business goes under, you're still personally liable for repaying the balance on your U.S. Bank Business Triple Cash Rewards World Elite Mastercard®. If you default on the card, your personal credit could be negatively impacted.

The U.S. Bank Business Triple Cash Rewards World Elite Mastercard® is intended for business owners who have good to excellent personal credit. This is typically a credit score of 670 or above.

As a small business credit card, the U.S. Bank Business Triple Cash Rewards World Elite Mastercard® comes with a personal guarantee. As such, your personal credit reports and scores will be checked when you apply. Remember that U.S. Bank will look at your entire credit history, not just your credit scores, when considering your application.

See more options: Best Business Credit Cards

The U.S. Bank Business Triple Cash Rewards World Elite Mastercard® is ideal for any business owner who can maximize the cash back rewards and annual statement credit. But with no annual fee, even moderate spenders can get a lot of value from this card. However, watch out for foreign transaction fees if you travel abroad or make purchases from foreign suppliers. You can check our list of credit card reviews for other options if you need a card without foreign transaction fees.

Keep reading: Best Credit Cards

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.