Chase Platinum Business Credit Card Review

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Chase Platinum Star Rating

This Chase Business Platinum credit card may be the best business credit card for you if you have a very good credit history. There are several interest rates available for the card depending on your credit history. If you qualify for the best one it is a very impressive 9.99% APR (Plus Prime). On top of that the 0% introductory offer makes this a good card for people who intend to pay off credit over time.

There is one problem with using this card as a lending facility. Like other Chase cards the Platinum uses a ‘Two Cycle Average Daily balance’ method to calculate interest. This means that you will pay more interest than you may think for the APR. In reality this could average out to be equal to cards with slightly higher APR’s so it is still worth doing the sums. Try comparing the interest calculation with some of the other accounts we’ve looked at in our business credit card reviews to see what’s best for you.

Two Cycle Average Daily Balance

The monthly interest charge is worked out on the last two months average balance instead of the last one. Unless you clear your balance every month this means that you will pay more interest than normal. If you have a balance of $1500 dollars in January and $1000 in February your interest charged in February will be calculated on an average balance of $1250 instead of on your actual balance of $1000.

Online User-Friendliness

You can apply for the card online but Chase doesn't offer an instant decision.
Chase's website is clear and easy to use.
With Chase credit cards you receive quarterly expenditure reports generated for you.

Star Reviews Favorite Feature

0% on balance transfers in the first 12 months. (Only for business expenses) This is a rare offer! However you do have to prove that the transferred balance was spent on business related expenses.

Chase Business Platinum Features

Travel accident insurance
Emergency cash / card replacement
Purchase protection
No liability for unauthorized transactions
Discounts on business goods from partners
Online Account management

Introductory Pricing

Introductory APR on purchases – 0%
Introductory APR on balance transfers – 0% (only on business expenses)
Introductory Period – 12 months

Standard Pricing

Annual Fee – $0
Additional Cardholders - $0
APR on Purchases – 9.99% + Prime (Depending on your credit history)
APR on Cash Advances – 21.99% variable (based on prime)
Late Payment Charges - $15 up to a balance of $250, $39 thereafter
Grace Period – 20 days
Credit Limit - $35, 000
Over the limit fee - $35
Cash advance fee – 3%, $10 minimum
Balance Transfer fee – 3%, $5 minimum, $75 maximum
Free Online Reporting - Quarterly Reports Enable You to Monitor Your Business Spending
Platinum Business Benefits - Value Benefits Such as Travel and Emergency Assistance, Purchase Security and Extended Protection, and Travel Accident Insurance
Visa Business Partner Advantage - Savings of Up To 20% From Leading Retailers with Special Offers on Computer Equipment, Office Supplies and More

Customer Support

Chase offers 24 hour lost and stolen and 24 hour fraud help line phone numbers. You also have access to a customer service help line. It’s not hard to get through to an advisor, and the advisors seem to be very helpful and friendly. The online support is a bit lacking compared to other business credit cards, however you can email inquires to the customer service department and you should expect a response within 24 hours.

Upside:

Good introductory offer and very reasonable APR – 0% balance transfers

Downside:

No reward scheme – Improvement for online support is needed

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