Thursday, 27 January 2022

Chase Ink Business Unlimited Review

Chase Ink Business Unlimited Review
31 Jul

Hey I'm Adam Jusko from ProudMoneycom and in this video we're looking at the new Chase Ink Business Unlimited credit card

But before we do that I would ask you to please subscribe to our YouTube channel if you have not already and if you have already I thank you for doing so So, Chase has now just launched the third cash back credit card that it offers for small businesses This is the simplest of the three, with a 15% flat cash back rate on everything that you buy, no limits to how much cash back you can earn Yyou can get a bonus of 500 bucks ifyou spend $3,000 or more in the first three months of having this card

0% interest rate on purchases and balance transfers for the first 12 months that you have the card, but note that you have a balance transfer fee of a very high 5%, so think twice before you transfer any balances to this one No annual fee on this card, overall a very simple cash back card Now Chase does offer, like I said, two other cash back business cards How does this one compare? Well this one is a flat cash back, there are no categories to think about, it's really for someone that wants, obviously, rebates on purchases they make with their small business credit card but they don't really want to sit around and think about what categories they're buying in or maybe they buy in categories all over the board, and some of the categories in these other cards don't necessarily fit them So it makes sense to just get that guaranteed 1

5% cash back versus these other cards where they don't know how often they're really gonna spend in those categories So let's look at those and we can kind of see what the differences are The Ink Business Cash card is a card that also has no annual fee, it has the same bonus offer, but the way you earn cash back is different You get 5% back on office supplies as well as internet, cable and phone services, 2% cash back on gas and restaurants, 1% cash back on everything else that you buy Those are up to $25,000 per year in those categories

So if you are buying in those categories then that card is going to look better to you than the new Business Unlimited But not everybody's business sort of fits in those categories, so it all depends on where you are spending your money Now the third card here is a different scenario in that it has an annual fee The Chase Ink Business Preferred card has a $95 annual fee It has a big bonus that you can earn up front which is very enticing to many people — you can get an 80,000-point bonus which can equal $800 or it could even equal $1000 if you use those points toward travel within the Chase Ultimate Rewards program

You do have to spend five thousand bucks in the first three months of having the card in order for that to be true In terms of ongoing points, it gives you three points per dollar on travel, shipping, internet cable and phone services, advertising on social media and search engines, and then 1% cash back on everything else So that's got the nice bonus but then in terms of the categories you have to decide if that fits your spending or not And that $95 annual fee obviously comes into play So, obviously, again, this new card is a different formula

It's another way for Chase to keep throwing different offers at small business owners to see kind of what sticks If those other ones didn't stick because those categories didn't mean a lot to them, then having the 15% that you don't have to think about might stick better with somebody else that doesn't care as much or just doesn't really think about their credit cards that much And that 15% cash back is essentially like an extra 1

5% profit in their pockets, and that's good enough, that's all they want to think about, right? Now if 15% cash back is good, 2% cash back is better, right? So if you are someone that owns a small business, a lot of times you're a very small business, and you might be just as happy to get a different credit card that is a consumer card but that you put your business expenses on Yes, many banks frown on you doing that, but I think we all know that a lot of people do that if it makes sense for them So there are 2% cash back cards out there, the Citi Double Cash is one that comes to mind, probably the top of the market for most people If you can use put your business expenses on there, maybe that makes more sense to you especially over the long haul

It doesn't have that nice $500 bonus opportunity but could give you a lot more back over time So, overall, the Chase Ink Business Unlimited is a competitive card within the business credit card space, and it obviously fills a different hole for Chase in terms of the different offers that they can offer to small businesses, but it's not necessarily earth-shattering or something that you have to run out and grab and be the first one to have that because the rewards are so awesome It's another option, and if it makes sense for you, go for it But there's other options on the market as well So, thanks for watching

Please go to ProudMoneycom where we do other credit card reviews and personal finance news and other fun stuff too Thanks

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