Review of the Chase Ink Business Unlimited Credit Card for 2023
Introduction
The Ink Business Unlimited provides small businesses with respectable cash back when more powerful cash-back cards wouldn't be worth the yearly fees or stricter credit standards. The Ink Business Unlimited provides a plethora of advantages that any small business owner may take advantage of, including unlimited 1.5% cash back rewards on all business purchases and a straightforward earning structure.
For new cardholders, The Ink Business Unlimited offers a variety of rewards. Over 12 months, it offers a 0% introductory APR on purchases; after that, purchases and balance transfers are subject to a variable APR ranging from 17.49% to 23.49%. A $900 bonus cash-back offer is available after spending $6,000 on purchases during the first three months of account setup, and there is a balance transfer fee of $5 or 5% of each transfer's value, whichever is higher. The account also comes with employee cards at no additional cost, purchase extended warranty protections, auto rental collision damage insurance, and other features that are useful daily.
The card is ineffective for business owners who want to make cash advances or transfer balances (though using credit cards for a cash advance is not advisable). Although it doesn't feature the longest introductory low APR period or the highest return on spending requirements, the Ink Business Unlimited card is still a fantastic choice among annual-fee-free cards.
Quick Facts
* On every purchase made for business, earn 1.5% in cash-back incentives.
* No yearly charge.
* Enjoy 12 months of promotional 0% APR on purchases, after which purchases and balance transfers are subject to a variable APR ranging from 17.49% to 23.49%. There is a $5 balance transfer fee, or 5% of each transfer's value, whichever is higher.
* When you spend $6,000 on purchases during the first three months of opening your account, you'll receive a $900 extra cash back.
* travel benefits like damage waiver insurance for car rentals and roadside assistance (for a charge).
Employee cards are free.
Rewards for the Chase Ink Business Unlimited Card
With the Chase Ink Business Unlimited card, rewards are simple: 1.5% cash back rewards on all business purchases.
A large welcome offer of $900 additional cash back is also included with the card when you spend $6,000 on purchases within the first three months of creating your account.
Redeeming Prizes
The Ink Business Unlimited offers a huge selection of possibilities for rewards redemption. Rewards on the card are given in the form of Chase Ultimate Rewards® points, which have no minimum redemption requirement and can be redeemed for statement credits or direct deposits. The Ultimate Rewards and Apple Ultimate Rewards programs can be used in conjunction with or in place of cash to pay for travel and shopping at Apple. Several businesses provide gift cards as a way to exchange earnings.
The Chase Sapphire Preferred® Card or Chase Sapphire Reserve® rewards earned on the Ink Business Unlimited card can be used as full-fledged Ultimate Rewards points and redeemed for higher value for travel or eligible Pay Yourself Back purchases, or transferred to Chase's travel partners such as United and Hyatt at a 1:1 ratio when used in conjunction with a premium Chase Ultimate Rewards-earning card like the Ink Business Preferred® Credit Card.
Rewards Possibility
The straightforward earning structure on this card has a cap on the number of rewards that can be accrued annually. Most of the time, using this card more often results in more rewards.
We must examine the bonus categories and estimate how much an example American small business may spend in each one to establish the rewards potential of the Chase Ink Unlimited card. To calculate the baseline income and spending averages across different categories, Forbes Adviser uses information from numerous government and business statistics. We base spending on a sole proprietorship with the same yearly income as the 70th percentile of wage-earning households, which is $107,908 annually.
According to Forbes Adviser, the typical small business's allowable credit card charges for expenses total $32,072. This amounts to $481.08 at a 1.5% cashback rate. This excludes the first-year welcome bonus received after completing the necessary spending.
0% Introductory Rates
During the first 12 months, purchases made with the Chase Ink Business Unlimited card have a 0% introductory APR; after that, purchases and balance transfers are subject to a variable APR ranging from 17.49% to 23.49%. There is a $5 balance transfer fee, or 5% of each transfer's value, whichever is higher.
Additional Advantages of the Chase Ink Business Unlimited Card
* Employee Cards: Free additional cards for employees on the same account.
* Collision Damage Waiver for Vehicle Rentals: While renting a car for work, damage insurance is mandatory.
* Access to a roadside dispatch service that is pay-per-use.
* Purchase Protection: For up to 120 days, purchases are insured against theft and damage up to $10,000 per claim and $50,000 per account.
* Extends the initial manufacturer warranties on qualified products by an additional year with Extended Warranty Protection.
* Account Alerts: When potentially fraudulent activity is found, Chase notifies account holders.
A Comparison of the Chase Ink Business Unlimited Card
Many of the same features from the Ink Business Unlimited are still included in the Chase Ink Business Cash, but the earnings structure is different. The Business Cash offers a limited category bonus earning of 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year and 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year, as opposed to the Unlimited, which earns a straightforward 1.5% cash back rewards on every business purchase. back on all other things considered back on all other things considered back on all other things considered back on all other things considered back on all
The choice ultimately comes down to whether or not a potential cardholder's business is likely to spend significantly enough in the category to make up for the lack of the additional half-percent of unlimited cash back. Everything else, including the welcome bonus, the $0 annual fee, and the introductory APR are the same between these two cards.
The Ink Business Preferred® Credit Card has a $95. fee, which is a major distinction between the Ink Business Unlimited and the Ink Preferred cards.
With its rewards program, Ink Preferred differentiates itself even more from Ink Unlimited's cash-back system. On the first $150,000 spent on travel and certain business categories each account anniversary year, the Business Preferred earns 3 points for every dollar spent and 1 point for every dollar spent on all other expenditures.
For a total redemption value of 1.25 cents per point, these points can be redeemed through the Chase Ultimate Rewards travel portal for 25% more value than the Ink Business Unlimited. Also, at a 1:1 ratio, Ultimate Rewards can be transferred to Chase's travel partners, like United and Hyatt, where the value will fluctuate but may be much higher.
The Preferred is probably more advantageous for companies that spend more in the bonus categories of Ink Preferred, especially when combined with another flat-rate cash-back card for all other transactions. The Ink Business Preferred is a more appealing choice for people who wish to maximize their travel benefits thanks to the ability to transfer points to partner programs.
American Express Blue Business CashTM Card vs. Ink Business Unlimited® Credit Card
The American Express Blue Business CashTM Card offers a no-annual-fee credit card that gets 2% cash back on all eligible purchases of up to $50,000 per calendar year, thereafter 1%, for companies who want to get more cash back on less spending. Rules apply. See our rates & fees. The Amex card will provide firms who spend less than $75,000 annually additional cash back.
For 12 months after the account is opened, the American Express Blue Business CashTM Card offers a 0% introductory APR on purchases; after that, a variable APR between 17.74% and 25.74% is in effect. In addition, it offers a $250 bill credit as a welcome prize after the first $3,000 in purchases made within the first three months of account setup. Apart from the welcome bonus, these cards may be a toss-up for smaller spenders because the American Express Blue Business Cash Card also grants access to Amex Offers, however for some this may appear comparable to Chase's Merchant Offers. The Ink Business Unlimited outperforms the competition for those who can spend more money.
Are You a Good Fit for the Chase Ink Business Unlimited Card?
The Chase Ink Business Unlimited offers relatively hassle-free earning and redeeming compared to other business credit cards, many of which have annual fees and offer unlimited 2% cash back or tiered earning systems that may be a better value for some consumers.
Small business owners who don't want to worry about whether or not their benefits are being maximized will probably find The Ink Business Unlimited to be a good fit. This card, which offers a still-respectable unlimited 1.5% cash-back rate plus several travel and business-related benefits, can be a good no-annual-fee choice.
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