Business cards, and especially cashback business cards, don’t get enough credit in the rewards world. But, if you’re an avid points-and-miles collector and a business owner, you should keep cash rewards on your radar as well. The Ink Business Cash Credit Card from Chase recently increased its welcome offer to $500, and it definitely shouldn’t be overlooked.
The card earns 5 percent cash back at office supply stores and on internet and cable bills (capped at $25,000 per calendar year). It also earns 2 percent back at restaurants and gas stations (also capped at $25,000 annually). The earning structure is quite generous, but let’s take a look at some other reasons why you might want to apply for this small-business credit card.
$500 Bonus / 50,000 Ultimate Rewards Points
The Ink Business Cash Card is a cashback card whose rewards are worth 1 cent apiece when redeemed for statement credits. However, when paired with another premium rewards credit card issued by Chase, such as the Sapphire Preferred Card or the Chase Ink Preferred Card, the rewards transform to Ultimate Rewards points, which can be transferred to a variety of travel transfer partners. The card’s elevated bonus is now $500 back, or 50,000 points, which can be worth so much more when redeemed for premium travel.
The best part of the Chase Ink Business Cash Card is that you don’t have to pay an annual fee, and all your rewards cost absolutely nothing to accumulate.
Keep Your Business Expenses Separate
Owning a small business means dealing with clients and spending a fortune on bills, not to mention keeping track of all your business-related spending. You can make yours and your accountant’s lives easier during tax season by keeping your personal expenses separate from your business spending.
If you don’t think that you qualify for a small-business credit card, think again. Do you perform any work as a consultant? Do you sell goods on eBay or make crafts for Etsy? Perhaps, you do graphic design on the side? If you have a side hustle of any kind and have a good credit score, it is possible that you can get a small-business card. You don’t have to register an LLC right away and can apply as a sole proprietor with your Social Security Number. You might not even declare profit at first. Just be truthful on your application and use the line of credit responsibly.
It Doesn’t Count Toward Your 5/24 Status with Chase
Unless you’ve lived under a rock, you know that Chase won’t approve you for most of its credit cards if you have opened five or more credit cards with any issuer in the last 24 months. However, if you’re under 5/24 at the moment, you can time your card applications strategically. Although Chase will still pull your personal history for a business card approval, the bank will not count your card toward the 5/24 status. So, if you’re 4/24 and are approved for the Ink Business Cash Card, you can apply for one more personal Chase card. Of course further approval depends on your credit score and overall credit line extended across all Chase cards, but it is possible to apply for other Chase cards if some of your previous applications were for business cards.
The Chase Ink Cash Credit Card’s bonus of $500 is the highest it’s ever been, and we don’t know when, or if, it’s going back down. But just in case you’re on the market for a small-business credit card, don’t overlook the Ink Cash Card’s bonus category, generous sign-up bonus and no annual fee.
Do you think the Ink Business Cash card is worth an application?
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