The Ink Cash(SM) Business Card from Chase Bank is yet another innovative product Chase has unleashed this year. The card is designed for small and medium sized businesses with emphasis on online business tools, customizable options and enhanced management features.
Ink Cash business card from Chase is basically the cash back version of the Ink Cash personal credit card. Ink Cash allows you to earn up to 3% cash back on eligible business purchases with no limit on the amount you can earn. It also possesses features which allow you to manage employees whom also use the Ink card on a regular basis. You can manage their spending limits, track company expenses, identify potential tax breaks and track their rewards and measure their cash back potential.
The new and potentially useful feature of this business credit card is what Chase Bank refers to as “Blueprint.” Blueprint is targeted toward the customer who currently holds a Chase Freedom ($50 sign up bonus!), Ink, Slate or Sapphire credit card and can obviously be applied to this business credit card.
Features of Blueprint:
Full Pay: Normally when you make purchases with your credit card and do not pay off the balance in full each month your bank will charge interest from the date of that purchase. With “Full Pay,” the cardholder can choose one or more of 14 categories of purchases for which the bank will waive the interest on the interval between the date of purchase and the billing due date, even if you don’t pay it off at the end of the month. Please note that Interest will resume at the start of the next billing cycle.
Split It: If you want to put a large purchase on your credit card you can set up a payment schedule much like an installment loan, based either on how long you would like to take to pay off the debt OR how much you would like to pay per month (kind of like a small business loan).
Finish it: Create a plan to pay off this debt as expeditiously as possible.
Track It: Allows the cardholder to track expenditures and payments.
The most notable aspect of this semi-new program (launched in September) is the ability to create installment loans. Many people already use their credit cards for such a purposes (not recommended), and for those of you that do, the “Split It” program will at least provide you with a chance to get out of debt.