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January 31, 2007
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.
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