Essential Cash Back Cards for Small Business Owners

If you own a small business, a business credit card can help you track your finances and earn extra rewards. While some business credit cards may have expensive annual fees, this one has no annual fee at all, making it a good choice for freelance workers and other small business owners on a tight budget.

Additionally, the Chase Ink Business Unlimited Card offers additional benefits, such as a promotional APR on new purchases and a flat cash back rate on purchases.

  • annual fee: $0

  • Welcome offer: Earn $750 cash back when you spend at least $6,000 within three months of account opening

  • award: Unlimited 1.5% cash back on every business purchase

  • Recommended credit score: Good to Excellent (670 – 850)

Unlike some other major business credit cards, the Chase Ink Business Unlimited card has no fees to register and hold the card. You can also get additional cards for your employees at no additional cost.

With the Chase Ink Business Unlimited Card, new card members can earn a $750 bonus when they spend $6,000 or more on new purchases or services within three months of account opening. Once you meet the spending requirements, the bonus will be paid into your account within six to eight weeks.

The Chase Ink Business Unlimited Card offers an introductory APR on new purchases; you can enjoy 0% APR for 12 months from account opening; thereafter, regular purchase variable APRs of 18.49% to 24.49% apply. A promotional APR lets you finance a major business purchase – such as a new office chair, laptop or photocopier – and have a full year to pay it back, interest-free.

While some cards have complex rewards structures, the Chase Ink Business Unlimited Card offers a simple 1.5% cash back on all business purchases

The Chase Ink Business Unlimited card is a great option for business owners who don’t want to worry about keeping track of changing bonus categories or different cash back rates. You'll earn a flat 1.5% cash back on every purchase, so you can use it to buy office supplies and electronics, pay for internet services, and earn cash back rewards.

You can redeem cash back rewards through the following methods:

  • cash: Redeem your point rewards for bill points or deposit directly into your checking or savings account.

  • gift card: Redeem points for gift cards to major restaurants and retail chains.

  • travel: Use your points to book flights, hotel stays and cruises through the Chase Travel portal.

  • Pay with points: Some retailers allow you to use points at checkout to pay for some or all of your purchase.

Points are worth one cent each when you redeem them for cash, gift cards or travel. But if you use points to pay for items at checkout, their value may be reduced.

Although there is no annual fee, the Chase Ink Business Unlimited card offers some valuable benefits:

  • Car Rental Collision Damage Waiver: If you decline the rental car company's insurance and pay for your rental with your card, you'll receive free car rental collision damage coverage.

  • Extended warranty protection: For eligible purchases with a warranty of three years or less, Chase will automatically extend the warranty by one year.

  • Purchase protection: New purchases are protected against theft damage or loss for 120 days from the date of purchase, up to $10,000 per claim and $50,000 per account.

  • Roadside Assistance: The Chase Ink Business Unlimited card lets you get roadside assistance without paying a membership fee. This service can assist you if your car breaks down and you need a tow or a spare tire.

  • Travel and Emergency Assistance: If you are traveling and need assistance with legal referrals or medical care, you can contact Chase's Travel and Emergency Assistance Line for advice.

The Chase Ink Business Unlimited Card is great for freelance workers, independent contractors, and small business owners who want a basic rewards card with no annual fee. You'll earn a simple cash back rate on all purchases, and you can redeem your rewards for cash, travel, or gift cards. The card also comes with additional benefits such as car rental insurance and roadside assistance.

Business owners who tend to spend a lot of money on certain categories, such as dining out with clients or business trips, may be better off with a rewards card that offers higher rewards rates in those categories.

  • No annual fee: The Chase Ink Business Unlimited card has no annual fee, so you don't have to pay to keep the card in your wallet.

  • Simple rewards: Some cards can be confusing, with complex rewards and points redemption programs. The Chase Ink Business Unlimited card is simpler, with simple redemption options.

  • New travel benefits: This card comes with surprisingly strong benefits for a no-annual-fee card, including car rental insurance, extended warranty protection, and purchase protection.

  • Charge foreign transaction fees: If you are traveling to other countries for business, please note that this card charges a 3% foreign transaction fee.

  • High spending demand for new cardmember benefits: To qualify for new card membership rewards, you must spend at least $6,000 in new purchases within three months. For freelance workers and micro-business owners, this spending requirement can be difficult to meet.

  • No Promotional APR on Balance Transfers: Although the Ink Business Unlimited Card offers a promotional APR on purchase, it does not offer 0% APR on balance transfers.

You can pay online through the Chase mobile app, call customer support, or send a check by mail:

Cardholder Services

PO Box 6294

Carroll Creek, IL 60197-6294

If the Chase Ink Business Unlimited card isn't right for you or your business, consider the following alternatives:

why we like it: Similar to the Ink Business Unlimited card, the Chase Ink Business Cash credit card has no annual fee. But it has a tiered rewards structure that makes it a better option for those who spend more on office supplies, internet or cable TV service, gas and restaurant meals.

Recommended credit score: Good to Excellent (670 – 850)

why we like it: With no annual fee, it’s an attractive option and makes it easier to get new card membership benefits; you can earn 15,000 Membership Rewards points if you spend at least $3,000 on purchases or services within three months of account opening. Additionally, you'll earn 2 points per dollar spent on your first $50,000 of purchases and 1 point per dollar spent thereafter (terms apply).

Recommended credit score: Good to Excellent (670 – 850)

why we like it: If you're willing to pay the $199 annual fee, this is a useful option for frequent travelers. You can earn higher reward rates on hotel stays and car rentals from Southwest Airlines, Chase partners, social media and advertising, and transportation and ride-sharing services. It also has additional benefits that the Chase Ink Business Unlimited card doesn't offer, such as TSA PreCheck or Global Entry fee credits and lost baggage reimbursement.

Recommended credit score: Good to Excellent (670 – 850)

The editor of this article is Rebecca McCracken

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. Financial product details, including card rates and fees, are accurate as of the date of publication. All products or services are provided without warranty. Check your bank's website for the latest information. This website does not include all offers currently available. A credit score by itself does not guarantee or imply approval of any financial product.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *