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If you're a business owner looking for a cash-back rewards card that rewards you for actual business spending plus comes with a low APR, flexible rewards and no annual fee, the Ink Business Cash℠ Credit Card might be the right fit for you. Plus, new card owners can take advantage of bonus cash-back offerings and a 0% APR on purchases in the first 12 months of card ownership (then, 14.74% - 20.74% Variable).
Earning cash back for business spending is easy with the Ink Business Cash℠ Credit Card. Even easier for new cardholders who can earn $500 in bonus cash back after spending $3,000 on purchases in the first three months of opening an account.
The Ink Business Cash℠ Credit Card offers flexible cash-back rewards, tracked as points, with no annual fee. The reward opportunities include:
Once you earn 2,000 points, you can redeem those points for a statement credit or an electronic deposit to your checking or savings account. Points can also be redeemed for gift cards and travel, but for those redemptions each point is worth a penny, so you have to earn 100 points to receive $1 in redemption value.
Here's a quick snapshot of some other perks of the Ink Business Cash℠ Credit Card:
As a business owner, the ability to earn cash-back rewards on purchases related to your business, including internet and phone services, can mean just a little extra padding on your bottom line - or at least the chance to feel a little better about purchases you'd be making anyway. The added benefit of having cards for your employees, where you can also manage their spending, helps you stay on top of all business expenses.
The no annual fee offering is also a great perk of this card. That, along with no APR for the first 12 months of card ownership for purchases (then, 14.74% - 20.74% Variable), means this could be a solid choice for new business owners funding start-up expenses or perhaps business owners who have a bit of debt they need to consolidate.
That said, it will be important to pay off your card each month or any rewards you accumulate will quickly be absorbed by interest charges after your intro period ends.
Having a business credit card is likely an essential part of your small business success, but it also shouldn't be something that requires a lot of your time and attention. Simple rewards-earning opportunities and numerous other tools make this card worthwhile.
While the $0 and generous cash back rewards program make the Ink Business Cash℠ Credit Card an attractive option for most small business owners, you might want to leave it at home if you plan a business trip overseas.
Ink Business Cash℠ Credit Card carries a 3% fee on all foreign transactions. The transaction amount is converted to US Dollars and then the 3% fee is applied. That can add up quickly over the course of an average length business trip.
What does that mean in terms of real expense? According to Travel Leaders Corporate, the average length of an overseas business trip is three days. Should a person spend $1,000 on food and beverages, entertainment, transportation, etc. during their trip, the added expense of the 3% foreign transaction fee would be $30. For someone whose job requires them to make one such trip per month, the added expense would be $360 per year.
It should also be noted that the 5% top tier of the Ink Business Cash℠ Credit Card back does include travel related expenses, which is a nice perk, but limited for those traveling abroad often.
|Cash Back on Gas||Cash Back on Groceries||Cash Back on Other|
|2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year||1%||Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Unlimited 1% cash back on all other card purchases with no limit to the amount you can earn.|
So you like the sound of the Ink Business Cash℠ Credit Card, but now you might be wondering, do you qualify?
The list of people who can apply for a small business credit card is long, and includes freelancers/self-employed individuals, entrepreneurs, small business owners/officers, owners/officers of established businesses, and owners/officers of startups. Most credit card companies define "business" quite broadly when it comes to considering applicants for small business credit cards. To qualify for a business credit card, you must be an "authorized officer" of a company. Basically, this means that you must have the legal right to enter into borrowing arrangements with financial institutions on behalf of a business. If you are the owner of a sole proprietorship business or the sole owner of a small business, you are already an "authorized officer." You are, after all, the only owner of the company. It can be more complicated determining who ranks for businesses that have multiple owners. In general, though, most owners are also "authorized officers."
Credit card issuers consider each application on its own merits, so don't assume you don't qualify just because your business might not fit that standard business model. Do keep in mind though that your personal credit history will likely be what is used to determine your eligibility and/or credit limit on a business card before you've built up a credit history for your business.
If your business doesn't have a tax ID number (EIN), you can enter your personal social security number instead. In general, try to have the following information handy when you apply:
To learn more about who can qualify for a small business credit card, and how to apply for one, be sure to check out our "Small Business Credit Cards 101" guide.
For small business owners who like to travel, the Ink Business Preferred® Credit Card is a great alternative to the Ink Business Cash℠ Credit Card. New cardholders can earn 100,000 bonus points after $15,000 spent on purchases in the first three months from account opening. That's $1,250 toward travel when redeemed through Chase Rewards®. With no foreign transaction fees and additional travel perks like trip cancellation/interruption insurance included, the Ink Business Preferred® Credit Card provides excellent travel benefits for the $95 annual fee. The Ink Business Cash℠ Credit Card is no slouch itself with a valuable bonus offer of $500 cashback after $3,000 in purchases made in the first three months from account opening, with a $0 annual fee.
The bonus point categories for the Ink Business Preferred® Credit Card categories are also geared towards frequent travelers, with cardholders earning three points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year, and one point earned per $1 spent on all other purchases. For an in-depth breakdown of how these two cards line up side-by-side, see our full Ink Business Cash℠ vs. Preferred® comparison.
The information related to these credit cards has been collected by CardRatings and has not been reviewed or provided by the issuer of the cards.
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The Ink Business Cash℠ Credit Card and the Capital One® Spark® Cash for Business are both excellent small business cards that earn uncapped cash back on purchases. Capital One® Spark® Cash for Business offers a $500 cash bonus once you spend $4,500 on purchases within three months from account opening.The Ink Business Cash℠ Credit Card also offers $500 cash back, but it's earned with a lower spending threshold, $3,000 in purchases made in the first three months from account opening, plus it also offers a 0% intro APR period on purchases for the first 12 months, (then, 14.74% - 20.74% Variable).
The Capital One® Spark® Cash for Business card does get the edge in simplicity with a flat rate uncapped 2% cash back earned on purchases while the Ink Business Cash℠ Credit Card has tiered rewards categories that earn between 1-5% cash back.
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With the Bank of America® Business Advantage Cash Rewards Mastercard® credit card new cardholders can earn a $300 statement credit when making at least $3,000 in net purchases within 90 days of opening an account - with no annual fee and cash rewards don't expire. Earn 3% cash back in the category of your choice, 2% cash back on dining and unlimited 1% cash back on all other purchases. You'll get 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
This is a good card for business owners who have substantial expenses from office supplies to internet, cable and phone services. The more you spend, the more you earn and those higher points can be redeemed for cash rewards or other products and services that support your business needs or bottom line.
With no annual fee, and the ability to control employee spending and limits, this card is a good option for business owners who want to effectively and efficiently manage spending, while earning money back that can be reinvested into their business.