So you’re looking for a credit card for your new business. Here’s what to consider with the Ink Business Cash℠ Credit Card, before signing up.
1. Cash-back rewards on purchases
You earn up to 5 percent cash-back rewards, but this is only for the first $25,000 in spending (which is a limit that won’t take too terribly long to reach, as a small business). There are also spending categories that dictate how much cash back you receive.
That nice 5 percent only applies to purchases made at office supply stores and payments made for cell phone, landline, internet and TV services.
Otherwise, you receive 2 percent on gas and dining and 1 percent on everything else.
2. Decent sign-up bonus
If you spend $3,000 in the first three months after account opening, you’ll receive a bonus of $500. This requirement is far from difficult for the average business owner, even if you’re a small business. While, often, we’ll look at the sign-up bonus as a pay-off for an annual fee, you’ll be glad to know that the Ink Business Cash℠ Credit Card has no annual fee whatsoever.
Additionally, if you transfer your sign-up bonus from a cash-back reward to Chase Ultimate Rewards points, that’s 50,000 points you can then spend on travel. In order to transfer the reward to Chase Ultimate points, you will have to hold another Chase card: the Chase Sapphire Preferred card, Chase Sapphire Reserve or Ink Business Preferred card.
3. Extra protection
Purchase protection can be an important perk for businesses. Cardholders receive coverage on purchases for 120 days, up to $10,000 per claim and $50,000 per account per year. The card also includes extended warranties, extending U.S. manufacturer warranties by a year (if the current warranty meets the required standards).
In addition to purchase protection, the Ink Business Cash℠ Credit Card provides protection for company car rentals, covering both theft and collision damage.
4. Other, smaller perks
You can get a few other perks with this card. Get free secondary cards on the account for your employees. Access the Mobile Ink App, which is a great tool for tracking spending, filing receipts, monitoring employee spending and more.
So, is the Ink Business Cash℠ Credit Card worth it for you? Bottom line: Small business owners should consider it, but if you spend more than $25,000 on office supplies and your cell phone/landline/TV/internet coverage, it could do you well to look elsewhere. Additionally, if you don’t have another one of the necessary Chase cards required to transfer your cash-back rewards to Ultimate Rewards points, you won’t necessarily get the best value when it comes time to redeem.