Chase is well known for their personal credit card offerings, but have you spent some time looking at their business credit cards which can assist small business to grow. We will be reviewing here the features, benefits, and drawbacks of Chase Ink Business Cash card.
Chase Ink Business Cash Features
Earn cashback on business purchases
Cashback on personal cards are in categories such as gas, grocery and the usage of these cards will not yield any benefit when you buy office supplies. A business card such as the Ink Business Cash ,however, offers a cashback on business expenses.
You can earn 5% cash back on the first $25,000 spent in combined purchases each account anniversary year. The combined purchase category includes office supply stores, internet, cable, and phone services. Once the $25,000 limit is reached you would receive cash back at 1% percent.
You earn 2% cash back on the first $25,000 spent in combined purchases on gas, and restaurant each account anniversary. Besides this, all other purchases earn cash back at 1%.
No annual fee and availability of introductory APR
As a business, there may be many expenses on your list, but an annual fee need not be one. Chase Ink Business Cash is a no annual fee credit card and this is not only during the first year, but also for the years ahead unless Chase makes a change to the card terms and conditions.
Apart from the savings on the annual fee, the card offers an exciting APR offer for businesses. As a new business card holder, you can transfer your purchase balances at 0% intro APR for 12 months from the time you open your account and, after that, the APR rates will vary between 15.49 – 21.49% depending on your creditworthiness. A balance transfer fee is applicable, either $5 or 5% of the amount of each transfer, whichever is of greater value. It is important to remember that you could lose the introductory APR rate when the minimum payment due on the card is not made on the correct date and time.
You can receive 50,000 bonus points on your account worth $500 in value when you spend $3000 in purchases in the first three months of opening your account.
- Employee Cards at No Extra Cost: Whether you want to authorize one employee or three, now you can get an additional employee card at no additional cost. Chase Ink Business cash will send you all the transaction information so that you can monitor the expenses made on these employee cards and can make the repayments. You can also set a limit on an employee card beyond which the spending cannot be exceeded. An additional employee card can give your staff the autonomy over transactions that is required for taking immediate action, such as the purchase of inventory at a current cost rather than waiting for approval.
- Auto-Rental Collision Damage Waiver: You can be eligible for primary coverage that protects your vehicle against damage and theft when you rent a car for business purpose. You must decline the insurance provided by the rental company and charge the complete rental fee to the card to be eligible for this benefit. There are certain exclusions and you can find out more about them through your guide to benefits.
- Extended Warranty: Chase Ink Business Cash card offers an extra year of warranty on eligible warranties which have original warranty period as three years or less.
- Purchase Protection: You also get coverage to protect your new purchases up to 120 days against damage or theft. The card coverage available is up to $10,000 per claim and $50,000 per account.
- Travel and Emergency Assistance: The travel and emergency assistance can be used in case you are in need of legal, medical or translation service while you are in transit. When you place a call to the benefits administrator, they can assist you by arranging these services however the actual cost of the service is payable by you.
- Roadside Dispatch Service: In case of a tire change, towing services or vehicle jump start required, the Ink Business Cash card users can request for roadside assistance by calling 1-800-847-2869. This service is available 24/7 and 365 days a year.
- Zero Liability Protection: Zero Liability Protection ensures you are not responsible for any fraudulent or unauthorized charge that has occurred in your account or was made using your card.
All these features and benefits make this is a good business cash back card for beginners. You can keep your personal expenses separate from your business spending’s by using this card. Responsible usage of a business credit card and timely repayments can help build your business credit line, which in the future may mean approval of a higher credit limit when you apply for a new card or look for financing to grow your firm.
Chase Ink Business Cash card is not a favorable card if you are going to make purchases abroad. You will be charged 3% of the amount of each transaction in U.S. dollars for the purchases you make outside of the U.S.
Chase Ink Business Cash is suitable for anyone who is looking to earn rewards while a running small business.