About Chase Ink Cash Business Card

By J.R. Duren
HighYa Staff

Looking for a solid credit card to help start your business? We offer our review to assist you to find out if the Ink Cash Business Credit Card from Chase is your solution because starting a business can be an expensive proposition.

There’s an endless list of things you need to buy – office furniture, supplies, computers, marketing services and more.

The Chase Ink Cash card claims to a be a solid option for you if you’re looking for a credit card to help offset all the expenses you plan on having.

Currently, the card is offering 0% APR on purchases and balances transfers for the first 12 months, a $200 bonus if you spend $3,000 in the first three months. It’s also got some interesting features we’ll talk about in a few minutes.

Is it worth it to sign up for this card? We wanted to know, so we did some research on the card’s benefits, fees, how it compares to other business cards and what other people are saying about it.

We’ll talk about each of these aspects, then end with our final observations about this card.

What Kinds of Benefits Does This Card Offer?

Cash is the big reward with this card. You’ll get 5% back on what you spend at office supply stores and on phone, internet and TV. You get 2% back on gas and restaurants, and 1% on everything else.

The rewards end once you spend $25,000 across all categories. The rewards you rack up during the year are paid out on your card’s anniversary date. You can choose if you want those rewards applied to your statement, transferred to a bank account or used for rewards like travel, gift cards and other perks when purchased through the Chase Ultimate Rewards program.

How Much Cash Can You Get Back?

In our opinion, there’s a lot of potential to get cash back here, especially if you plan on making big purchases in the next year. Think about it like this. If you know you’re going to spend $25,000 on furniture, supplies and computers at Staples, for example, you’re going to get $1,250 back. That’s a nice chunk of change at the end of the year, especially for a new company.

We think this perk alone could be a great reason for getting this card, especially if you know you’re going to hit the $25,000 limit with 5% purchases.

Additional Cards, Keeping Track of Your Spending

Business owners can add employee cards, set the spending limits on those cards and also get all the rewards points from those cards.

The card also comes with the Mobile Ink app, which lets you take photos of business receipts, tag them and file them for future accounting.

We believe this card has a decent set of benefits, but what about the fees you’ll have to pay? We’re covering that in the next section.

What Kind of Fees Come With This Card?

The Ink Cash card has a 13.49% APR. Be careful, though. If you make one late payment or have one payment returned, that APR will jump to 29.99% and may, according to Chase, stay that way for the rest of the time you have the card.

To give you an idea of how much that could cost you, let’s say you rack up $20K on your card six months into it. You’re still under the 0% APR, but imagine you, for some reason, forget to make your payment and you’re late. Your minimum payment on $20K before the penalty would be $600 based on the higher end of typical minimum payment rates.

With the penalty APR, that minimum payment jumps up to $1100. Our thoughts? Pay on time!

The card also carries a 3% foreign transaction fee and late fees ranging from $15 to $39.

How Does The Chase Ink Cash Business Card Compare to Others?

We wanted to get a sense of how the Chase Ink card fared when compared to similar cards, so we did a little research on the American Express SimplyCash card and the Capital One Spark Cash for Business.

The Amex has a 5%-3%-1% rewards tier that’s identical to the Ink in the 5% and 1% categories. But, their 3% tier only lets you choose one type of purchase. For instance, you can choose restaurants or gas, but not both like you can with the Ink.

SimplyCash offers a bigger cash bonus ($250 for $5K in purchases), but only has a nine-month 0% intro APR and standard APRs are between 12.49% and 19.49%, which is higher than the Ink’s straight 13.24%.

These numbers lead us to believe the Ink is a better choice for business owners. When compared to the Capital One Spark card, we think the Ink wins out as well. It has a lower APR (13.24% vs. 17.24%), a higher annual fee ($59 after the first year vs. 0$) and a single 2% rewards category for purchases capped at $25,000.

What are Other People Saying About the Ink?

Personal finance site Nerd Wallet’s Ink Cash page has seven reviews averaging 2.5 stars. Common complaints focused on Chase’s customer service rather than the card’s terms or rewards. The Ink gets 3.8 stars on Card Hub and a 2.4-star rating out of 19 reviews on Credit Karma, where users frequently complained about customer service and confusing changes to credit limits and APRs.

Positive comments centered on the rewards, with several different reviewers saying they use their Ink to automatically pay for their phone, internet and cable expenses.

These reviews are tricky because they knock the card for poor customer service, something unrelated to the decent benefits Ink offers.

Our advice? If you’re the kind of business owner who likes constant communication with your credit card company, our research shows you may be frustrated with Chase.

However, if you value good cash rewards over good customer service, it’s our opinion you’ll probably enjoy your Ink card.

As a side note, the Mobile Ink app gets poor reviews in Apple’s iTunes App Store (1.5 stars) and the Google Play store (2.5 stars). Reviewers said the app’s current version (at the time of research) is buggy and relatively unreliable.

Is the Chase Ink Cash Card Worth Your Time?

The Ink card offers some pretty impressive cash-back rewards for small business owners. As we pointed out, if you use your Ink to make $25,000 in purchases at office supply stores and for phone/internet/cable, you’re going to get $1,250 back every year. That, in our opinion, is a great perk.

We also think the 0% intro APR for the first 12 months is also a nice boost for a business owner who needs to make big purchases soon. But, this benefit comes with a warning. Pay your bills on time; if you’re late once, the 29.99% APR will kick in.

When you compare this card to other cash-rewards business cards, we think the Ink rates pretty well against the competition.

Now, we know that choosing the right business card is a really important decision. There’s a lot of money at stake, especially if you plan on spending $25,000 a year. Our advice is to take your time and do research. We’re constantly updating our reviews, so check our Credit Cards section; the most recent reviews are on the right side of the page.

Also, we found a really helpful article from The Wall Street Journal about how to choose the right credit card for your small business. They talk about a lot of the factors we mentioned in this article (APR, rewards, penalties), as well as give you several tools for helping you decide which card is best for you.

In the meantime, follow us on Twitter for the latest updates on credit cards, personal finance and more.

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