Chase Ink Business Card Agreement: Everything You Need to Know
When it comes to running a business, it`s important to have a credit card that helps you manage expenses and earn rewards. One option that many business owners turn to is the Chase Ink Business Card. But before you apply for this card, it`s important to understand the terms and conditions of the Chase Ink Business Card Agreement.
What is the Chase Ink Business Card Agreement?
The Chase Ink Business Card Agreement is a legal document that outlines the terms and conditions of using the Chase Ink Business Credit Card. It covers everything from interest rates and fees to rewards and account management. By applying for the Chase Ink Business Card, you agree to the terms and conditions outlined in this agreement.
Key Terms and Conditions
Here are some of the key terms and conditions outlined in the Chase Ink Business Card Agreement:
– Annual Fee: The Chase Ink Business Card has an annual fee of $95. However, this fee is waived for the first year.
– Interest Rates: The interest rate for purchases on the Chase Ink Business Card is variable and currently ranges from 14.24% to 20.24%. The interest rate for cash advances is also variable and ranges from 24.99% to 26.99%.
– Rewards Program: The Chase Ink Business Card offers rewards for every dollar spent. Cardholders earn 5X points per dollar spent on office supplies, internet, cable, and phone services, and 2X points per dollar spent at gas stations and restaurants. All other purchases earn 1X point per dollar spent.
– Introductory Offers: The Chase Ink Business Card often offers introductory bonuses. For example, new cardholders can earn 100,000 bonus points after spending $15,000 in the first 3 months of account opening.
– Late Payment Fees: If you miss a payment on your Chase Ink Business Card, you will be charged a late fee of up to $39.
– Foreign Transactions: If you use your Chase Ink Business Card for foreign transactions, you will be charged a foreign transaction fee of 3% of each transaction in U.S. dollars.
Important Considerations
Before applying for the Chase Ink Business Card, there are a few important considerations to keep in mind:
– Credit Score: To be approved for the Chase Ink Business Card, you will need a good credit score. Typically, a credit score of 680 or higher is recommended.
– Annual Fee: While the annual fee for the Chase Ink Business Card is waived for the first year, it`s important to consider whether this fee is worth it for your business. Be sure to weigh the rewards and benefits against the cost of the fee.
– Interest Rates: The interest rates on the Chase Ink Business Card are variable, meaning they can fluctuate over time. If you plan to carry a balance on your card, be aware of the potential interest costs.
– Rewards Program: The rewards program on the Chase Ink Business Card can be valuable for businesses that frequently spend on office supplies, internet, cable, phone services, gas, and restaurants. However, if your business spending doesn`t align with these categories, you may not earn as many rewards.
Final Thoughts
The Chase Ink Business Card can be a valuable tool for managing expenses and earning rewards for your business. However, it`s important to understand the terms and conditions outlined in the Chase Ink Business Card Agreement before applying. Be sure to weigh the costs and benefits of the card, and consider whether it`s the right option for your business.
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