If you’re a small business owner in need of a credit line, you may want to consider a credit card focused on small businesses. Not only can the money you earn off of credit card rewards help keep your business in the black, but using your small business credit card makes itemizing your purchases a breeze. One of my personal favorites, the Ink Cash® Business Card, is now offering new cardholders a $200 cash back bonus. Chase credits the bonus points after you make purchases totaling $3,000 or more in the first three months from account opening.
The Ink Cash® Business Card is issued by Chase and provides cardholders 5% cash back on the first $25,000 spent annually in office supply stores and on cellular phone, landline, internet and cable TV services (excluding equipment purchases).*
The card also offers 2% cash back for the first $25,000 spent annually at gas stations and restaurants. All other purchases earn 1% cash back, including all purchases after exhausting the $25,000 maximum spending amount for the above categories. There is no limit to the amount of cash back you can earn at the 1% level.
The Ink Cash Business Card also includes an introductory 0% APR on purchases for six months, allowing small business owners to make purchases without having to worry about interest payments during the introductory period. After the introductory period expires, the purchase APR will vary with the market based on the Prime Rate, and is currently 13.24%. Be careful when using these introductory 0% APR deals on purchases; if you cannot pay your 0% balance in full by the end of the introductory period, you may end up owing most of the back interest you weren’t charged at the time. It almost happened to me once, many years ago, with a store-branded credit card.
The card also currently offers an introductory 0% APR on balance transfers for six months, with a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. After the introductory period expires, the balance transfer APR will vary with the market based on the Prime Rate, and is currently at 13.24%.
Ink Cash Business Card has no annual fee. There is no additional fee if you want to provide your employees with additional cards linked to your account.
Chase has worked hard over the last few years to compete for small businesses. While American Express is probably the most well-known issuer for providing revolving credit to small businesses, Chase is offering a credit card a cash back bonus after meeting specified requirements and a 0% introductory APR on purchase and balance transfers for six months. Consider the Ink Cash® Business Card for your everyday small business needs.
Updated June 26, 2013 and originally published July 6, 2011.