Chase has one of the most impressive line-ups of credit cards today. As a cardholder of the no annual fee Chase Ink Business Cash Credit Card, I'm here to highlight why everybody, not just business owners should own this card.
I've owned the Chase Ink Business Cash Credit Card since I started Financial Samurai in 2009 and it is my go-to card for all business expenses. You don't even need to have an LLC, S-Corp, or need an Employer Identification Number. You can have the card as a freelancer/side-hustler.
Bonuses For Businesses
Ink Business Cash earns up to 5% cash-back rewards on qualified purchases, and it’s currently offering a sign-up bonus of $500 back after you spend $3,000 in the first three months after opening an account. $500 is like getting 16.7% cash back!
Let me share with you seven reasons why the Ink Business Cash card is great for small business owners and individuals. You don't need to have an Employer Identification Number to sign up. You can be an individual sole proprietor who might do some freelancing and side hustling.
1. No Annual Fee
If you hate annual fees, then the Ink Business Cash Credit Card is great because it doesn't have one. You won't feel pressured to spend money on the card to justify an annual fee. As a result, you will spend more prudently and wisely.
I love knowing that with no annual fees, I can just keep my card in my wallet and never feel like it is ever a financial drag.
2. $500 or 50,000 Ultimate Rewards Points
You can either get $500 in cash after spending $3,000 in the first three months, or you can get 50,000 points.
The 50,000 Ultimate Rewards points are worth about $1,000, or double the cash amount. You just need to figure out things you want to buy on the Chase Ultimate Rewards portal, or you can redeem for statement credit or cash back.
Due to the Ultimate Rewards program’s great selection of transfer partners, those points can get you far. There is surely something you need that you can spend your 50,000 Ultimate Rewards points on, especially since your points won't expire so long as you keep your no-annual-fee Ink Business Cash card open.
The below screenshot shows how I've accumulated 342,542 Ultimate Rewards points over the past couple of years. I could redeem them for $3,425.52 cash, or use them to buy $6,451.04 worth of stuff! I think I'll get some new electronics instead.
3. Earn up to 5% Back on the First $25,000 Spent in Certain Categories
Apart from the lack of an annual fee and the awesome sign-up bonuses, one of the biggest reasons to consider the Ink Business Cash Credit Card is that you can earn 5% back on the first $25,000 spent on business-related items.
These items include purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year. 5% back is industry leading in this category.
Further, you’ll also earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. If you are constantly driving and love to go out to eat, this is a great feature to take advantage of. 2% cash back is higher than the 1.5% cash back offered by some of my other favorite cash back credit cards.
Finally, you’ll get an unlimited 1% cash back on everything else your purchase, so you know you're always getting some rewards.
If you're really savvy, you can build points quickly with other Chase products, and effectively earn a much higher cash back percentage.
I've got a Chase checking account, Chase savings account, and two Chase credit cards to help me build points quicker. Consider concentrating your business with one line of products as well.
4. Great Eligibility
You don’t need to have a formal business to be eligible for the Ink Cash Card. In other words, there's no need to register an LLC, a C-corp, a S-corp and have an Employer Identification Number.
All you need to do is be a sole proprietor, which is basically anybody who wants to be. You can freelance online, write a blog that earns advertising revenue, drive for Uber, or mow the grass. If you earn income outside of your W2 day job, you can charge related expenses to your Ink Business Cash card and save money on taxes.
Below is a sample of a sole proprietor cupcake business with $100,000 in sales. You can charge the $25,000 in operating expenses on your Ink Business Cash Credit Card to rack up points quickly.
5. 0% Introductory APR
Ink Business Cash also offers a 0% intro APR on purchases for the first 12 months. This is great if you need to buy something expensive and need some time to pay it off.
Just make sure to pay off the balance in full before the 12 months is up. Otherwise, you will end up paying a variable interest rate on the entire balance for those 12 months and beyond.
6. Purchase Protection and Extended Warranty
One of the main reasons why I buy everything with a credit card is so that just in case I buy a lemon product, I have purchase protection and an extended warranty. If I pay for a lemon with cash, I'm often SOL.
Purchase protection with the Ink Business Cash card covers newly bought items for 120 days against damage or theft (up to $10,000 per claim and up to $50,000 per account). That is a lot of coverage!
As a cardmember you’ll also enjoy extended warranty for eligible purchases. We're talking a one-year extended warranty after the original one runs out. Not all items are covered, so double check.
7. Primary (Business) Rental Car Coverage
One day I was walking down the street and I saw a $500,000 Porsche GT lose control and ram into several parked cars on the side walk. The guy sitting on the street with his face in hands was sobbing because it was clear he did not have the money or the insurance to cover his damages.
The Ink Business Cash Card offers an auto collision damage waiver if you rent a car for business purposes and charge it on your card. Given the waiver, you can decline the rental car company’s collision insurance and be covered by the card in the case of theft or collision damage.
Just note that if you're renting a Porsche GT for personal use, the Ink Cash won't be of use. In this case, you should get my other favorite card, the Chase Sapphire Preferred, which offers primary rental car insurance.
Drive safe out there folks! Especially if it is a $500,000 vehicle!
The Chase Ink Business Cash Credit Card
There's a lot of reasons why I've owned the Chase Ink Business Cash card for so many years. It's truly a great no annual fee credit card with an exceptional rewards program that helps rack up points in a hurry.
The primary car rental insurance and purchase protection are both handy benefits as well.
Pay Off Your Credit Card Debt Faster With A Personal Loan
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About the Author
Sam worked in investment banking for 13 years at Goldman Sachs and Credit Suisse. He received his undergraduate degree in Economics from The College of William & Mary and got his MBA from UC Berkeley. In 2012, Sam was able to retire at the age of 34 largely due to his investments that now generate roughly $350,000 a year in passive income.
Financial Samurai was started in 2009 and is one of the most trusted personal finance sites on the web with over 1.5 million pageviews a month.
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Disclosure: Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states. www.nmlsconsumeraccess.org.
Disclosure: Credit card terms and features are subject to change.
