The new Ink Business Unlimited Card from the line of Chase business credit cards certainly ups the ante, even for Chase’s own portfolio. This might just be their most accessible business card yet.
This new Visa card is an incredibly important and relevant move for the bank, especially since the number of people who own their own businesses or are self-employed has been steadily increasing over the last five years. As more people are building their own brands, it’s essential to separate business expenses from everything else– and make sure your choice of card is optimized for both you and your business.
When this card says business, you don’t need to have a brick-and-mortar store or other business to require a credit card. The application for this particular card is designed to be flexible– just answer what type of business you own, the annual revenue, and the tax identification number (or social security number if you don’t have a business tax ID). When you’re applying, make sure you have an idea for what kind of expenses you’ll be covering with the Ink Business Unlimited card. This is particularly important for new business owners, or if you haven’t incorporated business credit cards into your professional finances.
From unlimited cash back to generous bonus points for travel spending, here’s what you need to know about using this card for all your business expenses.
The bonuses
0% APR for the first year
We get it: business revenue can fluctuate from time to time, despite your hard work and goals. Although the general rule should be to pay the balance off in full each month, the Ink Business Unlimited card has 0% APR on a carrying balance for the first 12 months. After that, your APR will land somewhere in the 14-20% range. This makes your potential APR higher than the average APR on a business credit card. This will be worth it if you are trying to build credit and plan to keep the card spending within a limit so you can pay it back every month.
Unlimited 1.5% cash back
Maximize your card’s use for non-reward spending and even the most menial supplies in order to get the most out of the unlimited 1.5% cash back.
$500 bonus cash back within the first three months
If you spend at least $3,000 within the first three months of having the card, you can qualify for $500 bonus cash back. You’ll get this bonus in the form of 50,000 Ultimate Rewards points, which can also be transferred to partners of Chase’s travel rewards program (instead of redeeming for cash back).
Rental car perks
For a usual car rental, you can put down your credit card as a form of secondary coverage– meaning after your primary insurance. The Ink Business Unlimited Card allows you to put the card as the primary coverage if you are renting for business purposes, meaning your personal insurance policy isn’t used and therefore put at risk. This protects you from deductibles or losses above a certain point. The card covers the vehicle’s cash value in case you get into an accident or theft.
No annual fee
One major perk that makes this card a contender is not charging an annual fee. Although cards with annual fees can seem like a great deal with their other policies, the reality is that the deal may not be as lucrative as you may think, especially when you just break even when comparing the usage of perks or cash back vs. the annual fee itself.
The restrictions
5/24 Rule
Your biggest restriction with this card is going to be actually getting it. You are unlikely to be approved for this card if you have opened five or more credit card accounts in the last 24 months. Applying for this card may not be the best option for business owners who have recently expanded the number of credit cards in their business wallet, or who have multiple credit lines for multiple employees.
Final Thoughts
This is an excellent card for newer businesses owners who have a decent credit score and credit history, but haven’t been trying to get multiple credit cards in the last couple of years. The travel perks are good, but the simple cash back and points policy are what really make this card a solid new option amongst its more seasoned competitors.
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