JPMorgan Chase Bank launched a new small business credit card called the “Ink” card that is the first Visa/Mastercard backed charge card. This move is a bold foray into the previously American Express only market of charge cards. Unlike a typical credit card a charge card must have it’s balance paid off in full every month and carries no interest rate.
There are 4 different variations of the “Ink” card offered by Chase with only one of them, the Chase Ink Bold card, being a charge card. The Chase Ink Bold card has a $95 annual fee (although the annual fee is waived for the first year), a variable line of credit that adjusts based on the spending habits of the small business, and rewards of up to 3% on certain business related purchases but in all reality most purchases will be capped out at an unlimited 1% cash back (which is less than the 1.5% that the phased out Chase Flexible Rewards Select Business Card had previously earned for its cardholders).
While this release of a new Chase small business credit card is a promising sign for small business owners, many of whom have traditionally been shunned by credit card issuers, it can still be a difficult thing for many small business owners to apply for and get approved for a small business credit card. Read through the small business credit card application tips guide to pick up a few quick things that you can do to improve your chances at getting approved for the best small business card and then be sure and use our free credit card “Chaser” to find and compare the very best credit cards!
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