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Chase Ink Plus Review

How to Choose a Small Business Credit Card

For small business owners, credit is vital. But with so many credit cards available that are designed for businesses, how can you decide which one is right for you and your company? Consider these factors to help you narrow down your selection (and be sure to scroll down to easily compare current promotions):

  • If you plan to pay your balance in full each billing cycle. look to maximize rewards with a business credit card with rewards. such as airline miles or cash back.
  • If you plan to carry a balance. look for a card with a low APR. Avoid charge cards, because they usually require that your balance be paid in full each billing cycle.
  • Deals and Promotions: Chase Business Credit Cards

    Cash Back with No Annual Fee. The Chase Ink Cash offers $200 bonus cash back after you spend $3,000 within the first 3 months from opening your account. You'll also get a 0% intro APR on purchases and balance transfers for 12 months. Afterwards, the variable APR is 13.24%. There is no annual fee.

    Travel. The Chase Ink Plus offers 60,000 bonus points after you spend $5,000 within the first 3 months from opening your account. That's worth $750 toward travel when you redeem the points with Chase Ultimate Rewards. Plus, there's no foreign transaction fee and you can transfer points 1:1 to leading frequent travel programs (with no transfer fees). There is a $95 annual fee.

    Is it worth the $95 annual fee? Read our review of Chase Ink Plus .

    What Type of Rewards Is Right for Your Business?

    Business owners are all in favor of earning more rewards while reducing costs. The banks know this — that’s why they keep flooding your mailbox with enticing reward promotions. They all give different reasons to sign up. How can you go about picking the right rewards program for your business?

    Here’s what it comes down to: Think about how your business spends money. All those office supplies, cell phone charges, gas station receipts, wining and dining of clients, airfare, hotel stays, and advertising expenses add up. And they add up quickly.

    Consider what type of expenses you are most likely going to put on your next card. Which of the following categories will be most represented or desired?

    © CreditDonkey

    • Travel. If a big chunk of your budget goes toward sending your employees to other places, paying for employees to stay near your office on occasion, or footing the bill for car rentals, then a travel-related business credit card is the way to go. While these cards tend to have higher annual fees, they can be deeply rewarding as you accumulate rewards that can be used to shave off the totals of hotel stays or airfare.
  • Cash is still king. Who doesn’t like a cash? If you want rewards but want it in a simple format, then narrow your search to a cash back credit card such as the SimplyCash from American Express, a CreditDonkey advertiser.
  • What to Consider When Choosing a Credit Card for Your Business

    Small business owners often rely on credit for day-to-day operations, making a reliable credit card vital for keeping their company up and running. Many owners tend to lean on their personal credit card to

    pick up those costs. However, it’s a smart move to use a small business-oriented credit card instead. This will help keep your personal and business expenses separate, which can be a lifesaver for accounting purposes and for maintaining your personal credit score.

    Keeping your personal and business finances separate when possible is a fairly easy decision. In contrast, choosing the right credit card for your small business can become overwhelming. Thankfully, here are three factors that will help you zero in on the credit card for your specific needs.

    As with any aspect of a small business, costs are important. Interest rates and annual fees are the two main costs associated with credit cards before you make your choice:

    • Interest Rate: Keep in mind that many of the cards also come with introductory rates. Don’t forget to read the full offer details, so you’ll know what the rate will be after the introductory period.
  • Annual Fee: The annual fee amount can vary greatly depending upon the perks that come with the card. Generally speaking, business rewards credit cards are going to have slightly higher interest rates and annual fee to help the card issuer offset the expense of the rewards and benefits. For that reason, make sure to weigh the benefits of the card with the associated rewards.
  • Rewards

    If you plan to pay your balance in full each billing cycle, then a rewards credit card may be a smart option for your small business. Your ability to pay on time is a critical factor, since rewards credit cards often feature a slightly higher interest rate than traditional credit cards. There are a variety of rewards options now available, so consider what would most benefit your small business:

    • Cash Back. Earn cash back on a percentage of your spending
  • Travel. Earn points or miles for airlines, car rentals, and hotels. This is a great option for small businesses with employees who travel extensively

  • Reward Points. Many of the cards allow you to earn points that can be redeemed for a variety of merchandise. Evaluate the merchandise offering in terms of value for your company’s needs.
  • While you’re comparing rewards options, read the fine print—take a look at spending caps and any other limits that may come with the rewards program. This step will help ensure that you’re choosing a card with perks that you can fully utilize.

  • Credit versus Charge Card

    Decide if you’re in the market for a credit card or charge card.

    Like personal credit cards, business credit cards allow you to carry a balance over into the next billing period, but with interest. This allowance gives small businesses the ability to pay off an expense over time.

    Alternatively, business charge cards usually require the balance to be paid in full during each billing cycle. This distinction typically isn't a realistic route for cash-strapped start-ups, and is better suited for more-established businesses.

  • If you pay attention to the factors above while checking out current promotional offers. you should be able to find a card you can put to work for your business.

    Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

    Category: Personal Finance

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