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Regularly charging your business expenses to your personal credit card can limit your personal purchasing power. Chase business credit cards allows you to tap into a new source of spending power, dedicated solely to those essential business expenses. What's more, only Chase business credit cards allow you to earn cash by frequently spending.
Chase Platinum Business Card
The most popular among the Chase business credit cards currently on offer is the Chase Platinum Business Card. This business card offers a 0% introductory rate for the first 12 months for both balance transfers and purchases. Additionally, like all Chase business credit cards, the Chase Platinum Business Card offers a reasonable rate of only 12.24% after the 12-month introductory period. And if this low rate is not inviting enough, the Chase Platinum Business Card also gives you the opportunity to earn a cash back reward of 3% on eligible purchases.
Among all Chase business credit cards, the Chase Platinum Business Card is very appealing to business owners and managers. Business owners and managers are given the opportunity to keep tabs on their company's business expenses by having exclusive online access to tools for account management and reports. Extra cards for your employees and colleagues are also free.
Chase Business Cash Rewards Card
If you are looking for a great rewards program for your business, then the Chase Business Cash Rewards Card is perfect for you among all the Chase business credit cards. The Chase Business Cash Rewards Card allows businesses to earn cash back, letting you stretch those business dollars.
The Chase Business Cash Rewards cash back program works as a rebate program. Qualifying purchases can earn up to 5%, and there is no limit on the cash rewards you earn, as long as you are a cardholder. A tiered system is used to determine the percentage of your earnings. Simply put, purchases ranging from $1-$2,500 will earn one point for every dollar. Purchases exceeding $2,500 will earn 1.25 points for every dollar. An accumulated 5,000 points earned entitles the Chase Business Cash Rewards cardholder to a $50 gift certificate.
Like other Chase business credit cards, car rental and travel insurance, and purchase protection plans are added benefits of being a Chase Business Cash Rewards cardholder. There is a 0% introductory offer for the first year, and upon expiration of the introductory period, a low interest rate of 14.24%. All you need to apply for a Chase Business Cash Rewards Card is excellent credit history.
Chase Business Card with Premiere Cash Rebate
If you are a business owner or manager looking to maximize a good rebate program for your business, then the Chase Business Card with Premiere Cash Rebate is for you. Aside from an excellent rebate program, the Chase Business Card with Premiere Cash Rebate also helps you keep tabs on your company's finances by giving you exclusive access to online reports and account management tools.
Like other Chase business credit cards, the Chase Business Card with Premiere Cash Rebate has an introductory offer of 0% for the first year. There is also a very low annual fee after the first year. However, interest rate is slightly high at 14.24% after the introductory period, and it applies to both purchases and balance transfers. Also, like other Chase business credit cards, a good credit history is needed for a successful application.
Whichever you choose among the Chase business credit cards available, it is always good practice to pay off your full balance each and every month. Continually carrying a balance and compounded interest may only negate the benefits you have earned from the rewards program you chose.
Business owners typically fall into one of three categories when it comes to biz credit.
1. They are very familiar with it and have established scores with the 3 national business credit agencies for their company. Their vendor accounts and credit cards report good payment history in their business name only and their personal credit is not tied to their business.
2. They are somewhat familiar with business credit and they may have a Paydex score with Dunn and Bradstreet. They also might have credit vendors and credit cards, but do not know if they are reporting their good payment history to the business credit agencies. They use their personal name and credit on most, if not all, business transactions.
3. They exclusively use their personal credit to finance their business and do not know the benefits of biz credit, or that it even exists at all. Their personal credit and assets are tied so closely to the business that if the company failed, their personal financial situation would be destroyed as well.
Unfortunately, many business owners fall into the two latter categories, or somewhere in between. It is hard to blame them since there is such a great deal of false or conflicting information floating around in terms of biz credit, especially on the internet.
There are very few sources out there that provide unbiased information about what business credit is and how to establish 3 good business scores. So how does biz credit help a company and how does one build a solid credit profile?
Having a good business credit foundation not only protects the owners personal credit and assets, but it also makes larger and less expensive financing available to a business including bank loans, alternative financing, business credit cards, lines of credit, vendor credit etc. Access to this type of financing can allow your company to:
- Free up working capital
- Take advantage of business opportunities
- Purchase/lease revenue generating equipment
- Grow and expand, etc.
The protection that separate business credit scores provide to a business owner�s personal finances cannot be understated. Many business owners end up destroying their own personal credit at the expense of their business, but it does not have to happen this way. There many tricks and tips that can be used to set up a business the right way in terms of credit. Any business, from brand new startups to 10 year old companies, can benefit from some of these tips.
Once the importance of business credit is understood, the next step is finding out how to build your scores. The main thing to remember is the number sequence 1-3-5. To establish a good credit profile for your company, you will need to get 1 business bank loan, 3 business credit cards, and 5 vendor lines of credit. These all need to report to at least one of the credit agencies in your business name only.
Personal guarantees are OK, as long as the credit account only reports in your business name. If you give a PG, whatever you do, make sure you do not pay more than a week late or miss a payment. This will defeat the purpose of trying to build up your business credit profile.