Chase Business Credit Card
Number of Card Products8.8/10
Rates and Fees9.4/10
- Earn 80,000 bonus miles when spending $5,000 within first 3 months.
- Receive 3 bonus points for every $1 spent on travel.
- With United Explorer, first checked bag is free.
- Explorer card waves first year’s $95 annual fee.
- Best credit customers should finance at 18.24% APR.
- Certain business accounts may not be eligible for balance transfers.
- Default/penalty rate rises to nearly 30%.
- Credit Card APRs are variable and could increase as prime rate rises.
Chase Business Credit Card Review
Refer to the above summary for our Chase Business Credit Card Review. If you are a current or former customer, we’d like to hear from you. How was your experience? Are you a repeat customer?
Chase Bank offers many different services for businesses including small business bank accounts, merchant services and business lending. Their lending division provides small business funding to fit specific needs such as increased net working capital and cash flow management. The financing often comes in the form of term loans, import letters of credit, trade financing, SBA loans, small business line of credit, equipment financing or commercial real estate loans.
The news section on Chase’s site also offers business owners resources for owning and operating a small business. Topics include tax insights, legal advice, finance information and small business marketing tips.
But this review tries to determine the best Chase business credit card for you. While they don’t have the extensive lineup of cards that Amex or BOA have, the options they have should be beneficial to your business.
Chase Ink Business Preferred Credit Card
First up is the Chase’s Ink Business Preferred Card, with one of the most generous welcome offers we’ve come across. Case in point, 80,000 bonus points when you spend $5,000 in purchases within the first 3 months. The website states that these points can be used for $1,000 worth of travel rewards when you redeem through Chase Unlimited Rewards.
The card has variable APRs ranging from 18.24%-23.24%, depending on your creditworthiness and other factors (this is also their balance transfer rate). Keep in mind, not all accounts qualify for balance transfers so inquire with Chase regarding your specific situation.
While rates above 20% are higher with a secured loan, they are comparable with other alternative financing methods such as working capital business loans, personal loans for business or certain invoice finance products. Still, the high end of the APR range (23.24%) is actually lower than some other small business credit cards we’ve reviewed.
Ink Business Card Highlights:
· 80,000 bonus point offer for new customers that meet spending requirements.
· Earn 3X points on many travel related business expenses.
· No minimum interest charge
United Explorer Credit Card
Next is the United Explorer credit card. This Chase business credit card is a partnership between the bank, United Airlines and payments provider Visa. This product is tailor made for businesses that conduct extensive business travel with United Airlines. It might be of particular interest if you’re located near O’Hare Airport in Chicago, Illinois), United’s headquarters and one of their main U.S. hubs.1
Based on the credit profile, the APR ranges between 18.24% to 25.24%. This card competes with other travel rewards cards from issuers like Capital One, Bank America and Citibank.
After reading the disclosures, both of these cards have default or penalty interest rates that reach nearly 30%. Keeping up with your travel spend can help avoid facing such an expense. Regardless, 30% is less than some other bad credit business loans provided by some specialty finance companies.
Here’s a closer look. Remember, business credit card offers routinely change so always confirm the offers with card providers.
United Explorer card:
· Earn 50,000 Bonus Miles when you spend $3,000 in first 3 months.
· Receive 3 bonus miles for every $1 spent on qualified purchases (gas stations, restaurants, office supplies, etc.).
· No annual fee for first year (saves $95).
Chase Business Credit Card Pros and Cons
In addition to the commentary above, here are some further insights on the featured cards:
· Earn 80,000 bonus miles when spending $5,000 within first 3 months.
· May receive 3 bonus points for every $1 spent on travel.
· With United Explorer, first checked bag is free.
· Explorer card waves first year’s $95 annual fee.
· Best credit customers should finance at 18.24% APR.
· Certain business accounts may not be eligible for balance transfers.
· Default/penalty rate rises to nearly 30%.
· Card APRs are variable and could rise if prime rate rises.
Other small business cards we’ve scored:
· Bank of America Business Credit Card
· Capital One Business Credit Card
For more information on a specific Chase Business Credit card, please see their website or browse our reviews pages for other business credit card offers.