How credit card rewards can help with end-of-year small business expenses

For many business owners, the approaching end of the fiscal year means business expenses are about to build up quickly.

Using the right credit card—like the Chase Ink Business Unlimited® — can help you easily earn points on these purchases.

With the points earned, there are many opportunities to bring down the cost of these business expenses and put your points to good use.

Why the end of the year is great for credit card rewards

In the latter part of the year, you may be seeing an uptick in travel while also starting to think about holiday parties and employee gifts.

Credit card rewards can add up for every purchase. The real savings come into play when you redeem your rewards.

According to Chase’s 2023 survey, using credit card rewards around the holidays is common. Last year, Chase found that 33% of consumers planned on spending their credit card rewards on gifts, 25% on groceries for holiday meals, 23% on gift cards and 19% on something for themselves. For small business owners, 31% of the people surveyed said they’ll use their credit card rewards to keep overall spending down.

Ways to use your business credit card rewards

Many ways business owners are already spending at the end of the year can be converted into rewards.

Redeem points for gift cards

If you’re having a hard time finding the perfect way to thank your employees for a successful year, consider giving them a gift card.

With the Chase Ink Business Unlimited, redeeming points for gift cards is easy. Through the Chase Ultimate Rewards site, you can search for hundreds of gift cards to find the perfect fit, including many popular categories like spas, clothing stores, movie theaters and restaurants.

Some gift cards include multiple stores. For example, one option is the Fun & Fabulous gift card, which can be redeemed at Nordstrom, Bath and Body Works, The Cheesecake Factory, Victoria’s Secret, Sephora and Bloomingdales, giving the recipient plenty of options.

When redeeming your points for a gift card, you can typically redeem your points at a penny apiece — in increments of $25. For example, if you’re looking to purchase a $50 gift card, it’ll most likely require 5,000 Chase Ultimate Reward points. If you want your points to go even further, look for times when select gift cards are on sale.

Lessen your credit card bills

One of the simplest ways to redeem your rewards is for cash back. This option allows you to use the cash toward anything you desire — even paying off your credit card bill.

This will help you pay for any business end-of-year expenses you put on the credit card, such as team dinners, employee presents, holiday parties or other business needs.

With the Chase Ink Business Unlimited, you can redeem your points for any amount of cash back you desire, with no minimum or maximum threshold. You can get the cash back as a statement credit or deposited into your bank account.

Doing this may help make your end-of-year business expenses more manageable.

Pay for travel

Despite being advertised as a cash back credit card, the rewards earned from the Ink Business Unlimited can also be used towards your next trip.

Being part of the Ultimate Rewards program allows you to use your points when booking a hotel, flight, car rental or even activities through Chase TravelTM. Similar to the redemption value with gift cards and cash back, points are worth a penny apiece. You can also transfer rewards points to 14 partner travel loyalty programs, such as World of Hyatt, Marriott Bonvoy and United MileagePlus.

If you or your employees are taking a Lyft at any point, you can earn an increased 5% cash back for rides through March 2025. This is incredibly rewarding for rides you were going to take anyway, such as getting to a client meeting or home safely from your team’s holiday dinner.

How to maximize business credit card rewards earnings

If you’re looking to increase your rewards, you can use several strategies.

Check the bonus categories

If you want a new credit card, it’s important to confirm that the bonus categories — such as those that earn more rewards every time you swipe a card — align with your spending habits.

For example, if your business does a lot of travel, make sure the card you choose offers rewards for travel expenses.

Consider adding another credit card

While the Ink Business Unlimited is straightforward, it may benefit you to pair the card with another Chase Ultimate Rewards credit card. This will ensure you are earning as many points as possible on every purchase you make for your business.

For example, if a business owner has both the Ink Business Preferred and Ink Business Unlimited, they can choose which card to use based on the merchant and the category bonuses. This allows cardholders to earn even more Chase Ultimate Reward points.

While this requires cardholders to manage multiple credit cards, it’s well worth it to maximize business credit card rewards.

Keep an eye on special offers

The Ink Business Preferred offers money saving opportunities with Chase Offers.

With Chase Offers, cardmembers can save money on many popular purchases. The offers change frequently — and can only be used once per merchant. Offers can be from fast food, flower deliveries, entertainment and various other categories. You can view and save these offers through your Chase account.

Use your credit card frequently

You’ll get more rewards for every purchase you make. If there are current expenses you don’t currently put on your credit card, such as with certain vendors or team dinners, consider seeing if you can put them on the credit card to earn rewards.

Why the Chase Ink Business Unlimited card is ideal for business owners

Paying attention to different category bonuses can be confusing and even frustrating. The Chase Ink Business Unlimited card makes that easier.

With the card, you’ll earn an increased 1.5% cash back on every single purchase you make. This is a 50% increase on most credit cards that only offer 1% cash back, and you don’t have to worry about whether or not your purchase falls into a particular bonus category. It offers simplicity at its best — especially during this busy time of year.

Whether you take your team out for an end-of-year celebration, stock up on office supplies during Black Friday or treat your best employee to a restaurant gift card, you’ll be able to build up your rewards.

The bottom line

With the end of the year approaching, expenses will start to add up. There’s no better way to maximize each purchase than by using the best business credit card possible. With many easy ways to redeem your points, it’s no surprise to see why the Chase Ink Business Unlimited credit card is a favorite of business owners.