The Chase Ink credit card is one of the best business credit cards in the US for your small business needs. Since there are several types of Chase Ink cards available, namely, Ink Cash, Ink Plus and Ink Bold Business, and all of them are offering a cash back signing bonus, I’ve decided to do an overview of these Chase business cards so that you can have a better idea of which one exactly will suit your business needs.
I’ll start off with a highlight of the benefits found in all the Chase Ink cards:
Cash back bonus. Chase is offering all new sign-ups bonus points ranging from 20,000 to 50,000 which equal $200-$625 cash back after making a minimum purchase with the card. We’ve only seen this cash back bonus offer in Chase business cards.
Earn at least 1% cash back or 1 point per dollar on all purchases. Whatever you spend on, you’re sure to get rewarded just for using your card.
Redeem for cash back. All cards give you the option to redeem your rewards in the form of cash back, which is cold hard cash which you can earn to offset your business expenses. All cards, except Ink Cash, let you redeem your points through the Ultimate Rewards program for a wide variety of rewards including travel without blackout dates or restrictions, merchandise, gift cards, cash or VIP experiences.
No limit to the amount of cash back or points you can earn. The more business expenses you put on your card, the more cash back or points you’ll earn, without any maximum cap.
Free monthly statements and quarterly management reports. Your expenses are itemized and categorized to make it easier for you to track your business’ spending.
Zero Liability Protection. If there are any unauthorized purchases made with your Ink business card, you need not pay a single cent.
Benefits like travel accident insurance, auto rental insurance, roadside dispatch, baggage delay refund, 24/7 real-person customer service, purchase protection, extended warranty, fraud early warning service, etc.
Brief overview of each Chase Ink card:
Ink Cash: No annual fee, and offers 20,000 bonus points (which can be redeemed for $200 cash back) after spending $3,000 in the first 3 months – one of the largest amounts ever offered for a business credit card. It gives you 5% cash rebate on office supplies, cable services, and telecom services on the first $25,000 dollars spent annually, 2% cash rebate on the first $25,000 spent annually on gas and dining expenses, and 1% rebate on all other things. Rewards are earned as points and 1 point equals 1% or $0.01 cash back. So if you have 5,000 points, they can be redeemed for a $50 check. Offers a 0% introductory APR on purchases and balance transfers for the first 12 billing cycles (13.24% Variable APR thereafter). I personally prefer Ink Cash to the other Ink cards because you get cold hard cash back, with which you can do whatever you want with it. Because of its generous cash rebates, Ink Cash won a spot in our Best Credit Cards for 2014.
Ink Plus: When signing up for this card, you will receive 50,000 bonus points when spending $5,000 within the first 3 months. This business card gives you 5 points per dollar, up to $50,000 annually, when you spend on office supplies, internet, telephone, cable TV and cellular phone expenses. You will also receive 2 points per dollar on the first $50,000 spent at gas stations and on hotel accommodations when purchased directly with the hotel, and 1 point for every other dollar you spend. No foreign transaction fees. Unlike Ink Bold, Ink Plus is a credit card, not a charge card. The benefits of this card will be maximized to the fullest if you spend between $25,000 – $50,000 annually on internet/phone/cable, office supplies, gas and hotel accommodation. $0 intro annual fee for the first year. After that, it’s $95.
Ink Bold: To reward new sign-ups, you’ll get 50,000 bonus points when spending $5,000 in the first 3 months with this Visa card. If you redeem that through Ultimate Rewards, they are worth $625 toward travel. Unlike the other Ink cards, Ink Bold is a charge card, not a credit card, and thus has a flexible spending limit, and doesn’t charge any interest. It gives you 1 point for every $1 spent on all purchases, 2 points for every $1 spent on gas and hotel stays, 5 points for every $1 spent on wireless and cable services and office supplies, and up to 10 points for every $1 spent at Ultimate Rewards. You may also convert your points to miles of participating frequent flyer programs at 1:1 value. There is no foreign transaction fee if you use this card to pay in a currency other than the US dollar. We highly recommend Ink Bold for a business owner who spends at least $50,000 a year on business expenses. $0 intro annual fee for the first year, After that, it’s $95.