Business credit cards that offer cash back

Using and maximizing a cash back credit card for your business can be an excellent way to create additional value. After all, you may get a percentage of your spending back in the form of cash or statement credit. Some business owners also find that the simplicity of a cash back business credit card is another reason for using one. For some busy entrepreneurs, not having to keep track of points or redemption options can be appealing.

In this article, we’ll share several Chase business credit cards that offer cash back, some tips for optimizing those rewards and additional information about how the IRS views credit card rewards.

Breaking down Chase business cash back credit cards of 2024

Chase Ink Business Premier℠

With the opportunity to earn a sign-on bonus, businesses that have high spending each month may find they can maximize the cash back rewards when they use the Chase Ink Business Premier℠ credit card. Features include:

• Earn a bonus after you spend a minimum amount on purchases within the first three months of opening the card
• Earn 2.5% cash back on large business purchases of $5,000 or more
• Earn unlimited 2% cash back on all other business purchases

This card also includes perks such as:

• Employee cards at no additional cost
• Account alerts to monitor spending

Chase Ink Business Unlimited^®

With an easy-to-manage flat rate cash back on purchases, small businesses who want a straightforward rewards program may likely find the Chase Ink Business Unlimited^® credit card an easy one to manage. Features include:

• Earn a bonus after you spend a minimum amount on purchases within the first three months of opening the card
• Earn unlimited 1.5% cash back on every purchase made for your business
• Low intro APR

This card also includes perks such as:

• Employee cards at no additional cost
• Account alerts to monitor spending

Chase Ink Business Cash^®

For businesses that make frequent purchases at office supply stores and have ongoing internet and phone service expenses, the Chase Ink Business Cash^® credit card may be a great choice. Like many Chase cards, this card allows you to redeem your rewards through Chase Ultimate Rewards. The Chase Ultimate Rewards program offers additional redemption options beyond cash back, which may add some appealing flexibility. The credit card allows you to earn rewards in the following ways:

• Earn a bonus after you spend a minimum amount on purchases within the first three months of opening the card
• Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
• Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year
• Earn 1% cash back on all other purchases

This card also includes perks such as:

• Employee cards at no additional cost
• Account alerts to monitor spending

How to use business credit cards to get cash?

You might want to be strategic with your business spending by using a cash back business credit card to make your business purchases in eligible categories. As a result, this spending may earn you a reward in the form of cash back. The cash back can be reinvested in the business or go toward reducing the credit card balance.

Is cash back on a business credit card taxable?

In most cases, credit card rewards are not considered taxable income by the IRS. Most rewards are viewed as rebates, but redeemed rewards can have tax implications. Generally speaking, cash back that you redeem as a statement credit is not considered income.

Tax laws and regulations can change over time. Review the terms and conditions of the specific credit card you're interested in to understand the rewards it offers and how they can be redeemed. You should consult a tax professional to determine the specific tax treatment of credit card rewards in your situation, particularly when a business is involved.

In summary

A cash back credit card can be a great way to maximize the dollars you spend on your business. If you pay off your balance in full every month and use your card in the designated spending categories, not only will you avoid interest and fees, but you may earn cash back rewards each year.

Your spending habits may greatly influence how lucrative your reward earnings may be. This is because different cards offer the ability to earn rewards based on spending in different categories. Do your research to identify which card best matches the spending habits of your business and allows you to redeem them in a way that works for you.