If forced to categorize, I’ve found that there are two main types of credit card users. Type A credit card users use debt to buy what they cannot afford and often pay much more than they need to thanks to interest. On the other side of the spectrum, Type B credit card users take advantage of deals offered by the issuing companies, like cash back, pay their credit card bills on time and in full, and never pay interest. Of course there are some grey areas in between, but these are the main philosophies. Type B users should know what deals are available, and this post contains a list of popular Chase credit cards.
Chase Platinum Business Card (apply here)
0% APR for 12 months on purchases and balance transfers, as low as 11.24% APR on purchases thereafter
No annual fee
The introductory rate of 0% APR is a good draw for this card, but watch out for the balance transfer fee. If you transfer a balance from another card when applying for the Chase Platinum Business Card, your balance will be subject to a 3% fee, no less than $5 and no more than $99. This is a business card, but if you do not have a business, you can still be approved. Businesses are not required for “business” credit cards. Your social security number doubles as a business tax identification number.
Chase Business Rebate Visa Card (apply here)
0% APR for 12 months on purchases and balance transfers, as low as 13.24% APR on purchases thereafter
No annual fee
The Chase Business Rebate Visa Card has a higher standard interest rate than the Chase Platinum Business Card, but Type B credit card users do not need to worry about the APR. You’ll be interested in this card thanks to the cash back rewards. When you use this card, you will receive 3% cash back on all purchases at restaurants, gas stations, office supply stores, building supply stores, hardware and home improvement stores. Everywhere else, you’ll receive 1% cash back. These rebates only pay off for those who pay the entire credit card bill every month. Any interest charge thanks to a late or incomplete payment will negate the value of cash back.
The cash back is earned in the form of points. 1 point is earned for every dollar spent (if the merchant is not of the special 3% types listed above). To receive a $50 check, cash in 5,000 points.
Chase Business Cash Rewards Card (apply here)
0% APR for 12 months on purchases and balance transfers, as low as 13.24% APR on purchases thereafter
No annual fee
With the Chase Business Cash Rewards Card, you have the potential to earn more cash back for your purchases, but the system is a bit more complicated. For the first $2,000 you spend during each billing period (month), you earn 1% cash back (in the form of points). The $2,000 is your net purchase amount, so if you buy a product on which you earn points and later return that product, your rewards are reduced by the value of the returned item. For every dollar you spend between $2,000 and $2,500 in one period, you will earn 5 points per dollar. For every dollar you spend above $2,500, you will earn 1.25 points. This structure allows the card to advertise “5% cash back,” even though that 5% is only available on at most $500 each billing period. (It’s always helpful to read the fine print.)
Chase TravelPlus Visa Card (apply here)
0% APR for 12 months on purchases and balance transfers, as low as 17.24% APR on purchases thereafter
No annual fee
While the Chase TravelPlus Visa Card required no annual fee for its use, it’s worth saying up front that the travel rewards program has an annual fee of of $29. That fee will appear on your first statement and allows you to redeem your miles for airline tickets, hotel stays, cruises, and car rentals, with no black-out dates. If these rewards, accumulated at the rate of 2 miles per $1 spent at an airline, car rental agency, or a lodging establishment and 1 mile per $1 elsewhere, are worth the $29 annual fee, then apply for this card.
Chase Freedom Credit Card (no longer available)
$50 cash back bonus
As low as 17.24% APR on purchases
No annual fee
The Chase Freedom Credit Card is interesting. This card allows you to choose your type of rewards. You can switch between accumulating points and cash back no more than once each billing period. Also, you earn 3% cash back in the top three categories in which you spend the most each billing period. The fine print explaining this feature is quite extensive, so read footnote 2 completely before applying for the card to make sure you understand exactly how that works. Additionally, this card is offering a $50 cash back bonus once you make your first purchase.
Any of these cards would be a good addition to a Type B credit card user’s wallet. These rewards are decent, and it’s getting more difficult to find decent rewards programs as credit card companies continue to tighten.
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