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Finding the right credit card can be a challenge, and it might be even more difficult if you’re trying to pick the right card for your business. You have to answer questions like, “Why do I need a new card?” or “What benefits are important to me?”
Whether you’re a small-business owner or a freelancer, business expenses add up, and there are cards available that offer rewarding benefits and points-earning potential on everyday purchases targeted toward businesses. The is one of these cards. But with a annual fee, is it worth the cost?
The was designed to be used for typical business expenses. You’ll earn 3 Ultimate Rewards® points per $1 on the first $150,000 spent on combined travel, shipping purchases, internet, cable, phone services and social media/search engine advertising each account anniversary year.
If any of those are regular categories you spend money on for your small business, check your budget and find out how much you’re spending. The ability to earn 3 points per $1 can add up quickly, and Ultimate Rewards® points can be redeemed for travel with nearly any hotel or airline or for cash back.
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If you travel for your business, the is a solid option. Maybe you don’t have any of the other expenses above, but the ability to earn 3 Ultimate Rewards® points per $1 on up to $150,000 in annual spending on travel can be extremely rewarding.
If you have to rent a car for business purchases, you can also save money by declining the car rental company’s additional insurance and using protection through your credit card instead. You’ll also benefit from trip cancellation and interruption coverage and roadside dispatch. When you redeem your Ultimate Rewards® points for travel through the Chase travel portal, they’re worth 1.25 cents each, and you can also take advantage of 1:1 transfers to Chase’s partner hotels and airlines like Hyatt and United for even more flexibility.
If you travel but you’re not set on this card, these are some of the other currently available.
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Do you have a manager or trusted employee who’s making work purchases? You can easily add an employee card to your account at no additional cost. That’s another card building up points for your account. You can adjust individual spending limits for each employee card, providing more leeway for more senior or more trusted employees. Just remember, this is still your account and you’re responsible for all of the charges made by the cards.
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The has one of the most valuable sign-up bonuses of any business credit card: .
As a small business with expenses, that might be an easy spending goal to reach — but if your monthly expenses are low, this could the time to upgrade something big for your business and earn some additional points.
Chase has several cards under the Ink label, and the other Ink business cards are good options too. While you can convert your Ultimate Rewards® points to cash, if you’re primarily interested in cash back for purchases, you might want to consider the or the — neither of which has an annual fee.
Even if you’re interested in points, think about what you want to exchange those points for. Chase Ultimate Rewards® points can be used toward purchases at Amazon.com, redeemed for travel credit, or used to acquire gift cards, but the best way to get value out of the is to make use of Chase Ultimate Rewards® transfer partners or the 25% bonus your points are worth when redeemed through Chase Travel. If you’re not using these benefits, it may not be worth paying the annual fee.
If a major part of your business is schmoozing clients, this may not be the card for you. There are no bonuses for spending on food, drinks or entertainment. Other cards do provide bonus points in those areas, so look into those options if dining and entertainment are major expenses for your business.
Some small businesses or freelancers can run lean. If your costs are low, it sounds like you’re doing something right. But the comes with a annual fee. If you aren’t spending much on shipping, internet or travel, then the 3 points per $1 spent bonus won’t do much for you.
With few expenses, it’ll take longer to earn back the fee in points, and that could mean you’re paying for something you aren’t using. Instead, consider a card like the that earns 1.5 points per $1 spent on all purchases and doesn’t have an annual fee.
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For some businesses, the will pay for itself in no time at all. But if you aren’t spending on travel, shipping, internet, cable, phone or search engine/social media advertising (or if you don’t want to deal with redeeming points), this card may not be for you.
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the , including those best for:
Planning a trip? Check out these articles for more inspiration and advice: