Are you on the hunt for the perfect credit card that offers great rewards without an annual fee? Look no further than the Chase Ink Business Unlimited® Credit Card. This card is making waves in the credit card industry with its impressive benefits and rewards program. In this review, we’ll dive into everything you need to know about the Chase Ink Business Unlimited® Credit Card.
What Makes the Chase Ink Business Unlimited® Credit Card Stand Out?
The Chase Ink Business Unlimited® Credit Card sets itself apart from other no annual fee credit cards by offering an incredible welcome bonus. With this card, you can earn bonus miles for a limited time. This is a fantastic opportunity for those who can be approved for the card, as it’s not available to everyone.
So, who can qualify for this card? The Chase Ink Business Unlimited® Credit Card is specifically designed for small business owners. If you have a for-profit venture, you may be eligible. The term “small business” encompasses a wide range of activities, so you might be surprised to discover that you operate a small business without even realizing it.
One of the standout features of this card is that it earns Chase Ultimate Rewards® points, even though it’s marketed as cash back. If you have another participating Ultimate Rewards card, you can transfer your rewards and unlock even more value for travel points. It’s a great way to make the most of your rewards.
TIME’s Take on the Chase Ink Business Unlimited® Credit Card
According to TIME’s review, the Chase Ink Business Unlimited® Credit Card may not offer a wide variety of rewards earning options, but that’s part of its charm. If you value simplicity and want a solid return for all your purchases, this could be your new daily driver. With a minimum of 1.5% back on everything, it’s above average for a no annual fee credit card.
And let’s not forget about the incredible welcome bonus. There are very few no annual fee credit cards that can beat the Chase Ink Business Unlimited® Credit Card in that department. The bonus miles you can earn with this card are truly outstanding. In fact, Chase is effectively paying you $750 just to try out the card.
Chase Ink Business Unlimited vs Cash
If you’re wondering how the Chase Ink Business Unlimited® Credit Card stacks up against the Chase Ink Business Cash® Credit Card, we’ve got you covered. Here’s a quick breakdown:
- The Chase Ink Business Unlimited® Credit Card offers a flat 1.5% cash back on every business-related purchase and 5% cash back on Lyft rides (through March 2025).
- The Chase Ink Business Cash® Credit Card offers 5% cash back on $25,000 worth of office supplies and office-related services annually, 2% cash back on gas stations and restaurants (up to $25,000), and 1% cash back on all other purchases.
As you can see, both cards have their own unique benefits. The Chase Ink Business Unlimited® Credit Card is great for those who want a straightforward earning structure, while the Chase Ink Business Cash® Credit Card offers more bonus categories for specific spending.
Pros and Cons of the Chase Ink Business Unlimited® Credit Card
Let’s take a look at the pros and cons of the Chase Ink Business Unlimited® Credit Card:
Pros:
- Solid return for all purchases
- No annual fee
- Cash back can be converted into travel rewards
Cons:
- Only small business owners qualify
- Relatively few bonus spending categories
Who is the Chase Ink Business Unlimited® Credit Card For?
As mentioned earlier, the Chase Ink Business Unlimited® Credit Card is specifically designed for small business owners. If you run a for-profit venture, you may be eligible for this card. The good news is that many activities can be categorized as a small business, so you might qualify without even realizing it. From dog sitting with Rover to selling items on eBay, there are numerous ways to participate in a small business.
Additionally, the Chase Ink Business Unlimited® Credit Card is very accessible thanks to its annual fee. You can open and keep the card without paying any membership fees, making it a great option for building your credit history.
The card offers a minimum of 1.5% back on all purchases, which is above average compared to other credit cards. While other cards may offer higher returns for specific spending categories, the Chase Ink Business Unlimited® Credit Card guarantees a respectable return without needing to put in much thought.
Rewards Structure
The Chase Ink Business Unlimited® Credit Card offers a generous rewards structure for its cardholders. You can earn bonus miles as a welcome offer, and the card earns 1.5% back (1 Chase point per dollar) on all eligible purchases. Additionally, you’ll earn 5% (5 Chase points per dollar) on Lyft rides through March 2025.
While a 1.5% return may not seem groundbreaking, it’s actually higher than many other credit cards on the market. Most cards offer a minimum return of 1% or 1 point per dollar, so the Chase Ink Business Unlimited® Credit Card’s baseline earning rate is already impressive. It’s the perfect card for expenses that don’t fall into a bonus category, such as household maintenance or car repairs.
It’s important to note that the Chase Ink Business Unlimited® Credit Card earns Chase Ultimate Rewards points. These points can be redeemed at a rate of 1 cent per point. However, the real value comes when you transfer your points to another participating Ultimate Rewards card. With the right card, you can use your points to purchase travel, convert them into hotel points, or turn them into airline miles for free flights. The options are endless, and the potential value is incredible.
The Fine Print
While the Chase Ink Business Unlimited® Credit Card doesn’t charge an annual fee, it’s important to be aware of the fine print. Here are some key details:
- Balance transfer fee: Pay $5 or 5% of your transaction (whichever is greater) when initiating a balance transfer.
- Cash advance fees: Pay $15 or 5% of your cash advance (whichever is greater). Plus, you’ll face an increased 29.99% APR that starts accruing immediately.
- Returned payment fees: A $40 fee will be charged if your credit card payment doesn’t go through due to lack of funds or another reason.
- Late payment fees: A $40 fee will be charged if you submit a payment past your due date. Avoid this fee by setting up autopay for the minimum payment amount.
- Foreign transaction fee: The Chase Ink Business Unlimited® Credit Card charges a fee for foreign transactions, so it’s not the best option for international purchases.
Additional Hidden Perks
In addition to its impressive rewards program, the Chase Ink Business Unlimited® Credit Card offers a range of hidden perks that can enhance your cardholder experience.
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Intro APR offer: The card comes with an introductory APR offer, which can be a significant money-saving opportunity. If you have a large business purchase or multiple purchases that you can’t pay off immediately, this card can save you hundreds of dollars in interest.
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Primary rental car insurance: When you use the Chase Ink Business Unlimited® Credit Card to pay for your rental car reservation and waive the rental agency’s in-house Collision Damage Waiver (CDW), you’ll receive primary rental car insurance. This is a rare benefit among no annual fee credit cards. However, please note that this coverage only applies if you’re renting the car for business purposes.
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Purchase insurances: The Chase Ink Business Unlimited® Credit Card offers purchase protection and extended warranty protection for eligible items purchased with the card. This coverage protects against theft or damage for up to 120 days, with a maximum of $10,000 per claim ($50,000 per account). It also extends U.S. manufacturer’s warranties of three years or less by one additional year, giving you added peace of mind for your business purchases.
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Travel and emergency assistance services: While not necessarily a money-saver, the travel and emergency assistance services provided by the Chase Ink Business Unlimited® Credit Card can be a lifesaver during your travels. Whether you need medical and legal referrals, assistance with lost passports, or help arranging emergency travel, this benefit has you covered. While the advice is free, any additional services will incur charges.
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Roadside Dispatch: When you find yourself in a roadside emergency, simply call the dedicated number provided by the Chase Ink Business Unlimited® Credit Card. You can get help with towing, winching, locksmith services, jumpstarts, and fuel delivery. While some services may have associated costs, it’s a valuable resource when you have nowhere else to turn.
What Could Be Improved
The Chase Ink Business Unlimited® Credit Card is an excellent choice for those interested in its travel-focused benefits and Chase Ultimate Rewards structure. However, it does have room for improvement. One area that could use some enhancement is the foreign transaction fee. Charging this fee makes the card less attractive for international purchases or online transactions processed outside the U.S.
Another welcome addition would be the inclusion of a bonus category or two, similar to the consumer counterpart of the card. The Chase Ink Business Unlimited® Credit Card offers a solid 1.5% minimum earning rate on all purchases, but it lacks the added perks of bonus categories, such as earning more on travel or dining expenses. As the market becomes more competitive, a 1.5% baseline may not be enough to stand out.
Card Alternatives
If you’re still exploring your options, consider these alternatives to the Chase Ink Business Unlimited® Credit Card:
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Chase Ink Business Cash® Credit Card: This card offers bonus rewards on up to $25,000 in combined spending each year, as well as cash back on specific categories like office supplies and gas stations.
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Other small business credit cards: Take the time to compare other small business credit cards on the market. Look for cards that align with your specific spending habits and offer rewards that suit your needs.
Overall, the Chase Ink Business Unlimited® Credit Card is an excellent choice for small business owners who want a straightforward earning structure and the opportunity to earn valuable rewards. With its impressive welcome bonus and no annual fee, it’s definitely worth considering.