Ink Business Cash Card Review - $500 bonus & 0% APR
The Ink Business Cash Card rates as one of the very best business credit cards available. The card comes with what might be the most generous ongoing rewards cash back offer in the industry. But it also adds a decent sign-on bonus, a 0% introductory APR, no annual fee, and one of the more reasonable interest rate structures in the industry.
But what makes this card even more compelling is that it’s issued by Chase. As one of the four largest banks in the U.S., and with a major global presence, it offers the full range of business services, as well as personal banking. The bank has more than 5,000 local branches, and over 16,000 ATM machines.
The Ink Business Cash Card could be just the beginning of a much deeper relationship with one of the largest commercial banks in the world. As your business grows, Chase will be able to provide you with the specific services you’ll need.
But let’s take a close look at the Ink Business Cash Card itself.
What Ink Business Cash Card Offers
The details of the card’s major benefits are as follows:
Sign-on Bonus: The Ink Business Cash Card provides bonus cash back of $500 when you spend at least $3,000 on purchases in the first three months after opening your account. The bonus will be earned as 50,000 points, which can be redeemed for $500 cash back (the points conversion is 100 points equals $1).
Rewards cash back: Rewards are offered in three tiers:
- 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on the Internet, as well as cable and phone services. This reward applies each anniversary year, and is worth to up to $1,250 per year.
- 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants. This reward applies each anniversary year, is worth to up to $500 per year.
- 1% cash back on all other purchases. This rewards tier is unlimited.
Rewards limitations: Rewards for purchases of airfare, hotels and car rentals qualify only if purchased directly from the airline, hotel or car rental agency. They will not apply if purchased through third-parties, such as travel agencies, vacation clubs, tour operators, discount travel sites, or booked as part of a travel package offered by unrelated merchants.
Rewards for other purchase categories are also similarly limited to direct providers. For example, groceries must be purchased from a grocery store, and gasoline from gas stations. Rewards will not apply if they are purchased through a discount store or warehouse club that provides those products, but does not specialize in them.
Redeeming your points: Points can be redeemed in any of the following ways:
- Gift cards
- Products and services made available through the program, or directly from third-party merchants.
Points expiration: Points don’t expire as long as your account remains in good standing.
Employee Cards: Employees can be added to the account as authorized users. If so, they’ll have equal charging privileges, unless individual spending limits are set for them. There is no additional cost for employee cards.
0% introductory APR: Ink Cash Business Card has a 0% APR on both purchases and balance transfers for the first 12 months.
Credit required: Good/excellent
Customer service: Available 24/7 by phone, for both credit card applications and account management.
Features and Benefits of the Ink Business Cash Card
Zero liability protection: You’re not responsible for unauthorized transactions when you report them quickly.
Fraud protection: The card includes the latest technology and strategies to monitor and detect fraud as soon as it happens. You may be contacted if Chase notices a change from your usual spending patterns. If you cannot be reached, they may place a temporary hold on your account.
Purchase Protection: New purchases are protected against damage or theft for up to $10,000 per claim, and $50,000 per account. The coverage pertains to purchases made within 120 days.
Extended Warranty Protection: This coverage adds up to one additional year to eligible warranties of three years or less, of any U.S. manufacturer’s warranty.
Auto rental collision and liability insurance: This coverage is primary when you rent a car for business purposes (compared to personal cards, where the coverage is secondary to your regular car insurance). It provides reimbursement up to the actual cash value of the vehicle for either theft or collision damage. Most cars rented in the U.S. and abroad will be covered. You must charge the entire rental on the card to be covered, and have regular car insurance coverage for liability.
Roadside Dispatch: You’ll be provided with an 800 number, which you can call at any time to get the help you need when you’re on the road. They can set you up for towing, a jump start, tire change, lockout service, winching, or gas delivery. The charge for the actual road service fees will be provided in advance, and billed to your card.
Travel and Emergency Assistance Services: You’ll have a benefit administrator you can call for either legal or medical referrals, or other travel and emergency assistance, if you are away from home and need help. The service will arrange assistance, but you will be responsible for the cost of any goods and services needed.
How to Sign Up for the Ink Business Cash Card
You can apply for the Ink Business Cash Card online with a one page application. You will be required to supply the following information:
- Business name
- Complete business mailing address
- Type of business
- Business phone
- Number of employees
- Tax ID number
- Annual revenues
- Years in business
- General industry information
You’ll also be required to provide personal information. That will include the name and home address of the authorizing officer, as well as the date of birth, primary phone number, email address, Social Security number, mother’s maiden name, and total personal gross income.
The application will also give you the option to add employee cards, or to set up balance transfers. You’ll then e-sign the necessary disclosures and certifications, and submit your application.
Ink Business Cash Card Pricing
The Ink Business Cash Card has the following APR and fees:
APR: 0% introductory APR for 12 months on both purchases and balance transfers, then 15.24% to 21.24% variable APR, depending on your creditworthiness.
APR for cash advances: 27.24% variable APR
Annual fee: $0
Balance transfer fee: The greater of 5% of the amount transferred, or $5.
Cash advance fee: The greater of 5% of the amount advanced, or $15.
Foreign transaction fee: 3%
Late payment fee: $39
Other Chase Business Services
Apart from the terms, features and benefits offered by the Ink Business Cash Card, one of the major advantages in using this card is the large number of both business and personal services offered by Chase.
For example, specific business services offered by Chase include:
- Business lines of credit
- Merchant services
- Business debit cards
- Commercial banking (for businesses with annual revenues of at least $20 million)
- Business checking accounts
- Payroll services, in conjunction with ADP
- Other business services, including credit card processing, collection services, and foreign exchange transactions
As one of the largest commercial banks in the world, Chase has every business service you need, and the ability to help your business grow.
Ink Business Cash Card Pros and Cons
- Employee cards available at no extra cost.
- Generous sign-on bonus, worth up to $500 on just $3,000 in purchases in the first three months.
- One of the most generous rewards programs in the industry, offering up to $1,750 in cash rewards on select business expenses each year.
- Unlimited 1% cash back on all other purchases.
- Flexible rewards redemption, including cash, gift cards, travel, and select products and services.
- No annual fee.
- 0% introductory APR for 12 months on both purchases and balance transfers.
- The interest rate range is on the more reasonable end of the credit card spectrum.
- The most generous rewards are available for select purchases, which may not apply to your business
- Rewards apply only to direct providers, such as airlines, office supply stores and grocery stores. The same purchases made at discount stores or travel agencies won’t be eligible.
- A 3% fee applies to foreign transactions, which will be a problem if this is a major part of your business.
- The balance transfer fee of 5% is high. Many credit cards charge just 3% for this fee.
Should You Sign Up for the Ink Business Cash Card?
Is the Ink Business Cash Card the best business card available? We can’t say that for sure, but it’s certainly in the top two or three. Other business cards may do one or two things better than this one, but the strength of the Ink Business Cash Card is that it seems to do everything well.
The $500 bonus offer ranks well among business credit cards and the rewards cash back is attractive. You can earn up to $1,750 per year just on the specific business-related purchases, as well as 1% on everything else. If you make these purchases on an annual basis, your cash back rewards could improve your cash flow by at least a couple thousand dollars per year.
The cash back factor itself is also significant. Miles or points need to be redeemed in very specific categories, like travel. But Ink Business Cash Card allows you to take your rewards in cash, gift cards, products and services, and yes, even travel. That’s the kind of flexibility than any business would welcome.
On the financial side, the card comes with a very reasonable interest rate range, as well as the 0% introductory APR for 12 months, and no annual fee. Meanwhile, the ability to add employee cards at no additional expense is tailor-made for a growing business.
And let’s not forget that this card is issued by Chase. That will give you access to any needed business banking services, as well as personal banking.
The major disadvantage of this card is the 3% foreign transaction fee. It could be a dealbreaker if you do a significant amount of international business. But otherwise, the Ink Business Cash Card should be a winner for most businesses.
If you’d like more information, or if you’d like to sign up for the card, visit the Ink Business Cash Card website.