credit card advice
Though many likely think of wealthy Fortune 500 CEOs when they hear the words “business owner,” the vast majority of businesses are not major corporations. In fact, 99.7% of all US businesses are small businesses — more than half of which are home-based businesses.
Despite this contrast, it can sometimes seem that the majority of business credit products are aimed at the heavy hitters, rather than the everyday small business. When you’re working out of a home office, who wants to pay a $500 annual fee for travel rewards you rarely use?
Not so with the Chase Ink Business Cash℠ Credit Card. A no-annual-fee card with up to 5% cash back in useful business categories, the Ink Business Cash is designed for lower-revenue businesses that want a reliable, affordable way to save on everyday business expenses.
Earn Cash Back on Every Purchase
One of the most alluring aspects of the Chase Ink Business Cash℠ Credit Card is its purchase rewards. The card’s main cash back bonus category is appropriately business-focused, with cardholders earning 5% cash back on purchases made at office supply stores, as well as on internet, cable, and phone services. While robust, these savings are only good on up to $25,000 in combined category purchases each year.
In-office rewards aren’t the only way to save with the Ink Business Cash, however, as cardholders can also earn 2% bonus cash back on gas station and restaurant purchases, though this bonus tier also has a $25,000 purchase maximum each account anniversary year. All other purchases made with the card, including category purchases over the annual bonus rewards limit, will earn unlimited 1% cash back.
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- Earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening
- Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
- Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year
- Earn 1% cash back on all other card purchases with no limit to the amount you can earn
- 0% introductory APR for 12 months on purchases and balance transfers
- Employee cards at no additional cost
0% Intro APR on Purchases 12 months
0% Intro APR on Balance Transfers 12 months
14.99% - 20.99% Variable
Ink Business Cash purchase rewards are earned as cash back that can be redeemed for a statement credit or deposited into an eligible Chase bank account. Those who own a card with Chase Ultimate Rewards®, such as the Chase Sapphire Preferred® or Sapphire Reserve℠ can expand their redemption options by transferring their Ink Business Cash purchase rewards to an existing Ultimate Rewards® account.
The benefit to turning your cash back into Ultimate Rewards® is that you can potentially increase your per-point value. Essentially, cash back redemption gives you a flat-rate value of 1¢ per point, while redeeming rewards for travel or turning them into frequent flyer or hotel loyalty points can often net you 4¢ per point or more. So, the same $10 in cash back rewards could be worth $40 in travel.
Enjoy a Signup Bonus & 0% Intro-APR Offer
For most credit cards, the lack of an annual fee would also indicate the lack of a signup bonus — or, at the very least, the lack of a decent signup bonus. But here’s another place where the Ink Business Cash stands out from the crowd.
Not only does the fee-free business card come with a really solid signup bonus, but, better yet, the spending requirement for that bonus is actually reasonable, being realistically reachable for many small business owners. Just remember that you need to reach the required minimum within the first three months after opening your account to earn the bonus.
As nice as a pile of cash back can be, however, that may not be the most valuable bonus for some new cardholders. Instead, the introductory 0% APR offer available with the Ink Business Cash can end up being more lucrative for the small business owner who may need to carry a balance on their card, perhaps during that ever-important first year, when expenses (and profits) can be difficult to predict.
Beyond the signup and introductory perks, the Chase Ink Business Cash℠ Credit Card comes with a range of additional cardholder benefits, many of which can give you — and your business — a little extra peace of mind. Zero Liability protection, for instance, ensures you won’t have to worry about being held liable for unauthorized card purchases.
You can also shop with confidence with your Ink Business Cash card thanks to perks like extended warranty protection, which extends manufacturers’ warranties of three years or less on eligible products. Plus, enjoy purchase security, which Visa describes as, “When you use your covered Visa card and your purchase is stolen or damaged within the first 90 days, Purchase Security can replace, repair, or reimburse the item ($10,000.00 maximum per claim and $50,000 maximum per year).”
The Ink Business Cash card comes with some reassurance for the road, as well, offering travel and emergency assistance services, including legal and medical referrals. You’ll also receive an auto rental collision damage waiver when you decline the rental company’s collision insurance and charge the rental to your card. Your coverage will act as primary insurance provided you are renting the vehicle for business purposes.
Excellent Credit Required to Qualify
If a no-fee rewards business card sounds a little too good to be true, that’s because it might be — for some applicants, at any rate. The reason? The Ink Business Cash card isn’t available to just anyone, and we don’t just mean because it’s a business card. You’ll not only need to have a business to qualify for the card; you’ll also need excellent credit, too.
Of course, that’s not to say you won’t be approved if you have a credit score more firmly in the “good” range than the “excellent” one. However, the card is marketed specifically to those with excellent credit, and the typical Ink Business Cash cardholder has a credit score above 720.
You can avoid having your personal credit impact your approval chances by using your business’s credit instead of your own, though this won’t be an option for most new businesses that have yet to establish business credit. Be sure to apply with your business’s Employer Identification Number (EIN), rather than your personal Social Security Number, to have your Ink Business Cash card report on your business credit profile.
Expand Your Savings with Chase Ink Business Cash℠
Although the US is certainly home to a fair share of multimillion-dollar global corporations, the typical American business doesn’t have boardroom meetings and stock options. Instead, most US business owners are home-grown hard-workers building their business from the ground up.
At the same time, these small businesses still have many similar financing needs as their larger kin, including reliable revolving financing to handle the unpredictable expenses that come with building a business. Unlike cards that cater to the seven-figure crowd, the Chase Ink Business Cash℠ Credit Card is ideal for smaller businesses that want to save on their everyday costs.