Limited-time offer ends Monday, May 25th. The Chase small business credit card that I have written the least about is the Ink Cash® Business Credit Card. The Ink Cash usually doesn’t come with as big of a sign-up incentive as its Ink Bold and Ink Plus siblings, but is also has no annual fee for the first year and all subsequent years. The Ink Cash actually offers a better combination of upfront bonus and ongoing rewards utility.
If that sounds like you, someone who want a “keeper” business card with no annual fee, read on to learn about a few lesser-known quirks and a limited-time offer boost (previous bonus was $250).
- LIMITED TIME BONUS OFFER: Earn $300 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening
- Named “Best for Rewards for Small Business” MONEY® Magazine, October 2014
- Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year
- Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year
- Earn 1% cash back on all other card purchases with no limit to the amount you can earn
- 0% introductory APR for 12 months on purchases and balance transfers
- Free employee cards
- No annual fee
Digging into the features:
Sign-up bonus. Now, that cash sign-up bonus actually comes in the form of Ultimate Rewards points as 1 point = 1 cent in cash. So 30,000 points = $300 cash. However, you don’t get the 25% boost in value as you would with the Ink Bold or Ink Plus cards (that’s one reason why those have an the annual fee). However, if you already have one of those cards or a Chase Sapphire Preferred consumer card, you could transfer your points between Ultimate Rewards accounts and redeem using that other card’s 25% travel bonus.
Basically, if you partner this no-annual-fee card with one of the annual-fee cards (Ink Plus, Ink Bold, Chase Sapphire Preferred) at the time of redemption, you can boost the value. (You can have an Ink Plus and an Ink Cash card for the same business.)
Leveraging the 5% back bonus categories. Putting all of your small business cell phone, landline, and internet bills on the card and getting 5% back is pretty handy. For example, even just $200 a month x 12 months x 5% back is $120 back a year without changing your spending habits. Now let’s take the office supply store category and the fact that you can buy gifts cards to Amazon.com and other retailers at such office supply stores like Staples and OfficeMax… now you can effectively discount many of your other purchasing needs by 5% as well. Putting those purchases on such gift cards upfront can also help you meet the spending requirement for the bonus.
Many people aren’t aware of the fact that they can apply for business credit cards, even if they are not a corporation or LLC. The business type is called a sole proprietorship, and these days many people are full-time or part-time consultants, freelancers, or other one-person business. This is the simplest business entity, but it is fully legit and recognized by the IRS. On a business credit card application, you should use your own legal name as the business name, and your Social Security Number as the Tax ID. This is how I got all my cards before incorporating, and how my wife gets her business cards for her small side business.
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