Chase Launches Credit Card Aimed at Construction Contractors
By Justin McHenry
Chase is targeting a specific niche with its latest small business credit card, launching the Chase Contractor Cash Rewards Visa Signature Card this week. In addition to offering 2% cash back on up to $20,000 of construction-related purchases per month (and 1% on any other purchases), the card has no pre-set spending limit and offers 0% financing for 60 days on construction-related purchases of over $1,000.
Chase believes this combination of flexible spending limits, same-as-cash purchases and competitve rewards will be enticing enough to get contractors to pay invoices with a credit card instead of through other check writing.
Chase calls the Contractor card the first in a series of small business card launches seeking to shift invoice-paying to credit cards, leading to the assumption that Chase will continue to target specific small business types and craft cards that are attractive to those particular customers.