So you’re thinking of applying for the Hatch Business credit card for your small business. Smart move.
A good business credit card can be a game changer, helping you earn rewards, build credit, and gain valuable perks.
But with so many options out there, how do you know if the Hatch card is right for you? You need not worry; we did the research.
We’ll give you the inside scoop on the pros and cons of the Hatch card and how it stacks up against other popular small business credit cards.
By the end of this, you’ll know if the Hatch card deserves a spot in your wallet or if you’re better off with another option.
Overview of the Hatch Business Credit Card
The Hatch Business Credit Card is designed for small business owners looking to earn rewards on their business expenses.
Earn cash back on all purchases
You’ll earn an unlimited 2% cash back on all eligible purchases with no caps or limits. That’s a solid return and an easy way to earn money back on things you’re buying for your business anyway like office supplies, business travel, and more.
$0 Annual Fee
The best part is the Hatch Business Credit Card comes with no annual fee. So you can earn cash back rewards with no cost. Compare that to other popular small business credit cards that charge $95 or more per year.
Redeem your cash back for anything
You can redeem your cash back for statement credits to pay down your balance, gift cards to places like Amazon and Lowe’s, or have the money directly deposited into your bank account. The choice is yours.
Fraud coverage and reporting
As a business owner, fraud protection is important. The Hatch Business Credit Card comes with $0 fraud liability if your card is lost or stolen. You’ll also get access to your business credit score and reports to monitor for any signs of fraud.
Overall, if you’re looking for a simple, affordable way to earn cash back on your business expenses the Hatch Business Credit Card is a great choice.
The rewards rate is competitive, there are no hoops to jump through to earn or redeem, and the lack of an annual fee means you can really maximize the value. For a no-fuss business credit card, it’s hard to beat.
Hatch Business Credit Card Benefits and Rewards
The Hatch Business Credit Card comes with some sweet benefits and rewards to make business expenses pay off.
- You’ll earn 5X points per dollar spent on rideshares, 2X points on restaurants, gas stations and cell phone plans, and 1X point on all other purchases. Those points can be redeemed for cash back, gift cards, travel and more.
- New cardmembers can earn 50,000 bonus points after spending $3,000 in the first 3 months. That’s worth $500 in cash back or $625 in travel. Not too shabby!
Other Valuable Perks
- Extended warranty – Doubles the time period of the original manufacturer’s warranty up to one additional year on warranties of three years or less.
- Purchase protection – provides up to $10,000 per claim and $50,000 per year of coverage for damage or theft to your new purchases for a period of 120 days.
- Travel and emergency assistance services – Provides help in the event of emergencies like lost luggage or medical assistance when traveling.
- Zero fraud liability – You won’t be held responsible for unauthorized charges made on your card.
The Hatch Business Credit Card does come with a $95 annual fee, but if you can take advantage of the bonus points and benefits, it may well be worth it, especially for small business owners looking to earn rewards on common business expenses.
Compare it to other top business credit cards to make sure it meets your needs. With valuable rewards and useful perks, the Hatch Business Credit Card could be a great addition to your business wallet.
Drawbacks of the Hatch Business Credit Card and Alternatives
The Hatch Business Credit Card does come with some potential downsides to be aware of:
High APR
Depending on your credit, the Hatch Business Credit Card’s variable APR varies from 15.99% to 22.99%.
This is higher than some other business credit cards. If you don’t pay the balance in full each month, interest charges can quickly add up. Spend only what you can pay back each billing period.
Limited travel benefits
Unlike some competing cards, the Hatch Business Credit Card does not offer travel perks like lounge access, travel insurance or bonus rewards on travel purchases. If you frequently travel for business, a card that rewards travel may be a better option.
Foreign transaction fees
Purchases made outside the U.S. or in a foreign currency with the Hatch Business Credit Card incur a 3% foreign transaction fee. This can reduce the value of the cash back rewards you earn. If you make frequent international purchases, a card with no foreign transaction fees may save you money.
Alternatives to consider
For a business card with more generous travel benefits and lower fees, consider:
• Chase Ink Business Preferred® Credit Card – Offers 3 points per $1 on travel, no foreign transaction fees and solid travel perks. The first year is exempt from the $95 annual cost.
• Capital One® Spark® Miles for Business – Provides 2 miles per $1 on all purchases and no foreign transaction fees. After the first year, there is a $95 yearly cost.
• American Express Blue Business CashTM Card – Earns 2% cash back on all eligible purchases up to $50,000 per year, then 1% thereafter. No annual fee.
Comparing the pros and cons of various business credit cards can help you find the right one for your company’s needs and spending habits. The Hatch Business Credit Card may be a good starter card, but as your business grows, a card with more rewards and benefits could provide greater value.
Conclusion
You’ve now seen how the Hatch Business Credit Card stacks up. For small business owners looking for a simple cash back rewards card to use for common business expenses, it can be a solid option.
The generous rewards rates and flexible redemption options are appealing, and if used responsibly the card won’t cost you anything. However, the higher APR means you’ll want to avoid interest charges by paying on time and in full each month.
The bottom line is that if you can maximize the rewards and benefits without paying interest fees, the Hatch Business Card deserves a spot in your wallet.
But if you think you may carry a balance from time to time, you’re probably better off looking at other small business card options with lower interest rates. The choice is yours!