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Chase Ink Cash Business Credit Card — Worth the Expense?

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As one of the leading financial institutions in the United States – and around the world – JPMorgan Chase & Company provides a range of solutions for personal use and business. The Chase Ink Cash Business Credit Card is one such feature and provides businesses of all sizes a variety of benefits and perks on any purchases.

The Chase Ink Cash Business Credit Card was also named the ‘Best for Cash Back for Small Business’ by Money Magazine in 2013 – and it’s not hard to see why. The introductory rates and rewards are highly appealing, but it’s after the introductory rate has ended that business owners need to be aware of when signing on the dotted line.

Introductory rates are always the attractive perks associated with credit cards, but they don’t always last – so it’s essential that cardholders always read the small print to make sure they know exactly what they are signing up for when submitting the application. Currently, the introductory rate on the Chase Ink Cash Business Credit Card is 0% annual percentage rate for the first twelve months – this benefit extends to balance transfers, in addition to purchases. If you need to make a large purchase for your business or want to transfer a balance from a higher interest card, the first twelve months is the time to do it.

Once the introductory rate is over, the annual percentage rate increases to 13.24% — still a desirable rate compared to most reward credit cards. Additional benefits of the Chase Ink Cash Business Credit Card should be taken into consideration when making a choice between options.

Benefits of the Chase Ink Cash Business Credit Card

There are dozens of business credit cards on the market, so it’s going to take time and research to compare the different options. For the Chase Ink Cash Business Credit Card, there are plenty of perks that set this card above the rest, such as free cards for employees. Having additional authorized users on the account is a great way to earn rewards even faster – and you don’t have to worry about spending getting out of control. Account owners can set spending limits for the additional cards to prevent excess spending.

In terms of cash back, there are various ways in which to receive perks with spending.

  • 5% cash back with select categories – Earn this percentage back when spending $25,000 each year within office supply stores on products or supplies. The 5% cash back benefit may also be earned with paying for cell phone service, Internet and cable services, and landline.
  • 2% cash back for the first $25,000 spent each year at restaurants and gas stations.
  • 1% cash back is earned on all other purchases
  • No limits to rewards and no expiration dates

These benefits stand to reward business owners with monthly or annual expenses relating to business charges – unlike other business cards that allow you to earn a small percentage based on any purchases. The Chase Ink Cash Business Credit Card rewards cardholders who actually use the card for business supplies and related purchases. Depending on the annual spending of a business, earning a reward of 2-5% cash back is ideal. For those who think that spending $25,000 on the Chase Ink Cash Business Credit Card is difficult, that is where the free employee cards come in handy. Breaking the expenses up between employees – say five employees – makes it easier and faster to earn rewards.

One bonus to be aware of is the $200 cash back bonus that is rewarded to cardholders who spend $3,000 within the first three months of the card opening. It’s important to note that the required $3,000 does not include any cash advances or balance transfers – they must be actual purchases using the Chase Ink Cash Business Credit Card.

Terms and Conditions for the Chase Ink Cash Business Credit Card

The fees and rates associated with the Chase Ink Cash Business Credit Card are very competitive – in fact, after the $0 introductory rate for the first 12 months, the annual percentage rates increases to 13.24%, which is still a fairly low rate compared to other rewards cards. Balance transfers follow the same introductory rate and increase to 13.24% as the annual percentage rate – so it’s something to take advantage of if you are looking to get rid of high interest cards.

The annual percentage rate of cash advances is 19.24%, as is the overdraft advance annual percentage rate. One rate that any cardholder wants to know about is the penalty APR – this is often a substantial increase from the standard APR and remains the rate for the life of the account. Missing a payment or having a late payment is subject to this increase, which is 29.99%. Aside from the rate going into effect for any future purchases, the new penalty fee can apply to any current balances owed and comes with a fee of $15 to $39, depending on the amount of the balance on the card.

Transaction fees for cash advances comes to 5% or $15 of the transaction amount, whichever is a greater amount, while the fees for a balance transfer come to $5 or 3%, whichever amount is greater. The foreign transaction fee is 3%, which is a standard amount across the board when it comes to credit card fees. Always read the fine print associated with the card, as transferring a balance or obtaining a cash advance is usually not a part of the introductory cash back bonuses.

The Chase Ink Cash Business Credit Card is a competitive card when compared to other business or rewards credit cards – but it’s always a good idea to compare two or three cards to see which ones offer the best rates and low fees. Chase has a wide selection of business credit cards, so if the Chase Ink Cash Business Credit Card is not ideal in terms of the provided rewards, there are plenty others from which to choose.

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