Chase offers two no annual fee cards in its collection of Ink business cards: the Ink Business Cash® Credit Card and the Ink Business Unlimited® Credit Card. On paper the two look nearly identical, with the same annual fee (none), the same excellent welcome bonus, and the same trick for turning cash back into Ultimate Rewards points. The real difference is how each card earns rewards, and that’s where the choice gets interesting.
Both cards are more complementary than competitive — but if you can only pick one, the decision comes down to where your spending actually goes. Deciding between the two is also more relevant than in the past, given that nowadays you can typically only earn the welcome bonus on one card or the other, and that’s definitely a major motivator in applying for cards.
The Ink Cash wins if your business spends meaningfully on internet, phone services, cable, or office supplies, since 5x points earning on a no annual fee card is unmatched. The Ink Unlimited wins if your spending is spread across lots of categories, since 1.5x points on everything beats the Ink Cash’s 1x points base rate. The Ink Cash is ideal for monthly phone bills and office supply spending, while the Ink Unlimited makes more sense for businesses with broad, varied expenses.
What the Ink Cash and Ink Unlimited Have in Common
Before getting to the differences, it’s worth being clear about how much the Ink Business Cash and Ink Business Unlimited share in common, because it’s most of the value proposition.
The Same $1,000 Welcome Bonus (100,000 Points)
Both cards currently offer an identical welcome bonus: $1,000 bonus cash back after spending $8,000 on purchases in the first four months from account opening. These are best-ever offers on the cards — not just matching the best offers seen in the past, but actually exceeding them.
Getting a bonus this large on a no annual fee card is quite literally unheard of. While the welcome bonuses are marketed as cash back, in conjunction with the right cards, these can be turned into full Ultimate Rewards points, valued at approximately 1.7 cents each. That makes each card’s bonus worth a staggering $1,700 — remarkable for a no annual fee card.
No Annual Fee on Either Card
Getting a no annual fee card that’s super rewarding is rare, especially when you consider the value of the welcome bonus. That applies equally to both cards here. The Ink Business Cash and Ink Business Unlimited are cards you can keep long term without any ongoing cost.
The Same Cash Back to Points Trick
Both the Ink Business Cash and Ink Business Unlimited are marketed as cash back cards, but the “cash” framing doesn’t tell the full story. In reality, the cards earn points, and each point can ordinarily be redeemed for one cent cash back — that’s how Chase arrives at the cash back valuations for both cards.
Fortunately there’s a trick to greatly increasing the value of those rewards. If you have either card in conjunction with another card that earns “premium” Ultimate Rewards points, you can do significantly better. These cards include the following:
- Chase Sapphire Preferred® Card
- Chase Sapphire Reserve® Card
- Ink Business Preferred® Credit Card
- Sapphire Reserve for Business℠
If you have one of those cards, your points become much more valuable. Not only can they potentially be redeemed at an advantageous rate through Chase Travel℠ using the Points Boost feature, but they can also be transferred to one of the Ultimate Rewards airline or hotel partners, which include the following:
3% Foreign Transaction Fees on Both Cards
Both the Ink Cash and Ink Unlimited charge a 3% foreign transaction fee, so neither card is a good choice for international purchases. If you travel abroad for business, you’ll want a different card for those expenses.
How the Ink Cash Earns: Capped 5x and 2x Points Categories
The Ink Business Cash earns rewards at tiered rates depending on the spending category. The card earns 5x points (5% cash back) on the first $25,000 spent combined each account anniversary year at internet, cable, and phone service providers, and at office supply stores. It earns 2x points (2% cash back) on the first $25,000 spent combined each account anniversary year at gas stations and restaurants. All other purchases earn 1x points (1% cash back).
The 5x earning rate is genuinely exceptional for a no annual fee card — it’s hard to find that kind of return anywhere without paying an annual fee. The 2x categories are solid but not remarkable. The weakness is the 1x base rate, which means spending outside those categories is relatively unrewarding.
How the Ink Unlimited Earns: 1.5x Points on Everything
The Ink Business Unlimited keeps things simple: it earns 1.5x points (1.5% cash back) on every purchase, with no categories and no caps. There’s nothing to track or optimize — every dollar earns the same rate.
That flat 1.5x rate beats the Ink Cash’s 1x base rate on general spending, which is the core argument for the Ink Unlimited. For businesses whose spending doesn’t fit neatly into the Ink Cash’s bonus categories, the Unlimited will consistently out-earn the Cash on everyday purchases.
Ink Cash vs. Ink Unlimited: Where Each Card Wins
The math is straightforward once you know your spending patterns:
- Ink Cash wins on internet/cable/phone and office supply purchases (5x vs. 1.5x)
- Ink Cash wins on gas stations and restaurants (2x vs. 1.5x)
- Ink Unlimited wins on all other purchases (1.5x vs. 1x)
The break-even point for office supply and telecom spending is relatively low. If you spend a meaningful amount on phone bills, internet service, or office supplies each month, the Ink Cash will pull ahead quickly. If most of your business spending falls outside those categories, the Ink Unlimited’s flat rate wins by default.
The Welcome Bonus Eligibility Wrinkle
Here’s an important eligibility detail to understand before applying. Chase applies its 5/24 rule to both cards, meaning you generally won’t be approved if you’ve opened five or more personal credit cards across all issuers in the past 24 months. Business cards from most issuers don’t count toward that total, but Chase’s own business cards do count toward the limit in some interpretations — it’s worth understanding your situation before applying.
More specifically to these two cards, Chase’s terms state that you are not eligible for the welcome bonus if you have received a new cardmember bonus for the same card in the past 24 months. However, the Ink Cash and Ink Unlimited are considered separate products, so earning a bonus on one does not disqualify you from earning a bonus on the other — as long as you haven’t held that specific card and received its bonus within the past 24 months.
Benefits: Nearly Identical Protections
The Ink Cash and Ink Unlimited offer nearly the same suite of travel and purchase protections.
Rental Car Coverage
Both cards offer primary rental car coverage when you use the card to pay for a rental and decline the rental company’s collision damage waiver. Primary coverage means you can file a claim directly with Chase rather than going through your own personal auto insurance first — a meaningful benefit for business travelers.
Purchase and Travel Protections
Both cards include:
- Purchase protection: Covers new purchases against damage or theft for 120 days, up to $10,000 per claim and $50,000 per account
- Extended warranty protection: Extends the manufacturer’s warranty by one additional year on eligible warranties of three years or less
- Trip cancellation/interruption insurance: Up to $1,500 per person and $6,000 per trip for prepaid, non-refundable travel expenses
- Roadside dispatch: Pay-per-use roadside assistance program
Neither card includes travel delay insurance, baggage delay insurance, or trip delay reimbursement — protections you’d find on premium travel cards.
How I’d Choose: One Card, Both, or Neither
Get the Ink Cash if…
- Your business spends regularly on internet, cable, phone, or office supplies
- You want to maximize earnings in specific high-value categories
- You’re comfortable tracking category caps
Get the Ink Unlimited if…
- Your business spending is spread broadly across many categories
- You want simplicity with no categories to track
- Most of your spending falls outside the Ink Cash’s bonus categories
Get Both if…
- You want to maximize earnings across all spending: use the Ink Cash for 5x and 2x categories, and the Ink Unlimited for everything else
- You want to earn two separate welcome bonuses over time (subject to eligibility rules)
- You’re building a Chase Ultimate Rewards earning strategy across multiple cards
Skip Both if…
- You already have a card earning 2x or more on all purchases
- You’re at or near Chase’s 5/24 limit and have higher-priority applications
- You don’t have or plan to get a premium Ultimate Rewards card, limiting the points’ upside value
Bottom Line
The Ink Business Cash and Ink Business Unlimited are two of the best no annual fee business cards available, and the current $1,000 welcome bonus on each makes them especially compelling. The right choice depends on where your business spending lands: the Ink Cash is the stronger pick for businesses with meaningful telecom and office supply expenses, while the Ink Unlimited is better for broad, uncategorized spending. For many business owners, holding both cards and routing purchases strategically is the most rewarding approach of all.
