January 31,2007
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A Card for Contractors
Individual contractors now have a dedicated Visa card, thanks to Chase. The "Chase Contractor Cash Rewards Visa Signature Business Card" is meant to assist small contractors with expense reporting, customer invoicing, and financial management. As a perk, Chase is offering a two month zero-interest introductory financing for construction material purchases over $1,000. Obviously, the card was designed to compete with those offered by such building supply merchants as Home Depot and Lowes, which do not offer the business management tools.
The card offers cash back rewards of 2% on all construction materials (with a monthly maximum of $20,000 in purchases), with a full 1% cash back on all other purchases. The A.P.R. is prime + 4.99%. The card carries an annual fee of $50, which is free for the first year the account is open.