When searching for the best credit card for their small business, many people use Chase for its flexibility and the choices it offers to business owners. Chase offers a credit card plan to meet almost every business need.
Here are some of the most popular credit cards from Chase available today:
Rewards Credit Cards
Chase INK with Ultimate Rewards
This is the basic business rewards credit program. With no annual fee and a 0% introductory rate it is an appealing option. Every dollar spent earns reward points.
Account holders have access to business tools that can be used to manage and track their business expenses and the Chase cards are accepted around the globe.
The 0% APR applies for the first six months after opening a new account. After that time a variable rate of interest is charged. This rate may be 9.24%, 12.14% or 15.24% (at current rates) and will depend on the review of the credit history of your business.
In addition, during the first six months there is no balance transfer fee charged and after that time the rate paid on balances transferred to your Chase card will be the same as applied to the account for new purchases.
Overdraft Advances are available in some states but the cost of those in interest is quite high (almost 20% APR) and the interest rate for cash advances can be as high as 23%.
Chase INK Plus with Ultimate Rewards
This credit card allows users to earn as many as 25,000 bonus points annually and provides access to airport lounges for the major airlines. You can obtain additional cards to issue to employees and every dollar spent earns points
To qualify for this business account your business must have established a good credit rating.
The interest rate is variable and is currently 13.24%. Overdraft advances and cash advances are high as with most credit cards. This premium card carries a 3% balance transfer fee and there is no low introductory interest rate offered. The APR for purchases is based on Prime Rate plus 9.99%. After the first year there is a $60 annual fee.
INK Cash Business Card
Not all business owners are interested in earning points to redeem for gifts or in acquiring airline miles. For a small business owner who doesn’t travel, the best choice may be an account that gives money back for every purchase they make. The INK cash business card does exactly that.
This credit card rewards you with 3% cash back when you buy gasoline, eat at a restaurant, buy office supplies or shop at home improvement stores. Every other purchase earns 1% cash back. The cash back is unlimited and can be redeemed by check any time the cash value reaches $50 or more.
Chase allows the credit line on the business card to be adjusted in order to meet the needs of your particular business and provides free additional cards for your employees. There is no annual fee for this card.
For the first six months after opening a new account, the interest rate is 0% and there is a 3% charge for balance transfers. After the 0% APR expires, the cash card will have a variable interest rate of 10.24%, 13.24% or 16.24% depending on the credit history of your business.
Pay in Full
INK Bold with Ultimate Rewards
Chase offers INK Bold with Ultimate Rewards for those businesses that do not carry balances from month to month. Most of us think of revolving credit accounts when we think of the term charge card or credit card. For businesses, this is not always the case.
Small business owners may use a credit card simply as a way to make purchases easily and to create a full tracking system of the expenses of running their business. INK Bold is perfect for this use.
There are no finance charges because you pay the balance in full each and every month when the bill is receives. With this card you receive travel benefits and business tools as well as direct access to advisers dedicated to helping you track your business expenses. In addition, you do earn reward points for every purchase you make.
There are costs associated with the INK Bold card. After the first year, there is a $95 annual fee that you will be billed for and a 3% transaction fee applies to any international transactions whether converted from U.S. dollars or to U.S. dollars.
This card is available only for businesses and may not be used as a personal credit card account. The only caution in using this card is to be certain of your ability to pay the amount due in full each month in a timely way to avoid high fees or interest being applied to your account.