VM Building Society has officially launched its VM Visa Platinum Business Credit Card, designed to deliver exclusive benefits to micro, small, and medium-sized enterprises (MSMEs) and corporate businesses.

This is to address challenges with access to short-term financing, cash flow management and the separation of personal and business finances faced by these entities.

The VM Visa Platinum Business Credit Card is a pivotal addition to VMBS’ credit card portfolio, following the roll-out of its personal credit card solutions—VM Visa Gold and VM Visa Platinum—last year. By extending these services to non-personal members, the card aims to enhance the operational efficiency of MSMEs and corporate entities and solidify VM’s position as a provider of quality business solutions.

Latoya Williams—assistant vice president of Lending Solutions and Business Services—said the business credit card is a testament to VM Group’s commitment to delivering on the needs of its business clients.

“This card is designed to address the specific financial needs of these businesses, offering unparalleled benefits and tools to support their growth and operational efficiency. At VM Group, we are dedicated to empowering businesses with innovative financial solutions that drive success and foster long-term relationships,” she said.

The business credit card offers a comprehensive suite of benefits tailored to meet the needs of MSMEs, including unlimited cash back on both local and international purchases, up to 55 days of interest-free financing, and exclusive perks such as four free visits to airport lounges per year through Visa Airport Companion and discounts at restaurants and retail outlets. 

Additionally, the card provides robust financial management tools with Visa Spend Clarity for Business, allowing businesses to customise spending categories, set limits for each cardholder, and utilize a dashboard for detailed tracking and analysis. With low annual fees, competitive interest rates, and enhanced purchase security through extended warranty and purchase protection, the card is designed to support seamless cash flow and account management.

The card’s features also allow larger corporate entities to optimize their operations and enhance profitability.

Williams noted that the launch of the business credit card not only enhances the credit card portfolio but also solidifies VM Group’s position as a key supporter of business growth and development in Jamaica and is part of the VM Group’s broader strategy to support MSMEs and corporates by introducing new, innovative financial solutions for businesses.

She said: “VM Group has been a cornerstone of financial services in Jamaica, and we are known for our commitment to the Jamaican people and our focus on promoting a culture of saving and financial empowerment. With the introduction of this credit card, we are continuing to lead the way in providing innovative solutions that address the evolving needs of our clients.”

In 2022, VMBS launched its Business Services Unit (BSU) and online business banking platform, facilitating more convenient services for clients. This is complemented by an integrated suite of business solutions from across the VM Group, covering business banking, corporate lending, investments and treasury, pension fund management, wealth management, property services and foreign exchange trading.