Chase has announced a new small biz credit card, called the Ink Plus® Business Card. It turns out to be very similar to the Chase Ink Bold Business card (full review), but with the important difference that the Ink Plus is a credit card where you can carry a balance and the Bold is a charge card that you must pay in full each month. The current APR for both purchases and balance transfers is 15.24%.
The good news is that the Ink Plus has a sign-up bonus, offering 50,000 Ultimate Rewards points after your after spending $5,000 in the first 3 months your account is open. You can read about my Ink Bold bonus experience here. To briefly recap:
Ultimate Rewards points are very flexible:
- Cash. 1 point = 1 cent in cash, so 50,000 points = $500 cash.
- Travel. 1 point = 1.25 cents towards travel, so 50,000 points = $625 towards travel at the same prices at Expedia or Travelocity (no markups), split up however you like into multiple tickets, down to the penny.
- Frequent flier miles and hotel rewards points. Transfers directly to United miles, British Airways miles, Hyatt hotel points, and Marriott hotel points.
The card also has the following same Ink Bold features:
- Flexibility to pay your balance over time or in full
- Earn 5X points per $1 on the first $50,000 spent annually at office supply stores, and on cellular phone, landline, internet, and cable TV services
- Earn 2X points per $1 on the first $50,000 spent annually at gas stations and for hotel accommodations when purchased directly with the hotel
- No foreign transaction fees
- 1:1 point transfer to popular frequent travel programs with no transfer fees
- $0 Intro Annual Fee for the first year, then $95.
I noticed that you can buy Amazon.com gift cards at Staples and OfficeMax and get the 5x points, effectively discounting them 5% in cash (6.25% in travel), which may also help you with the spending requirement. Based on past experiences, you should be able to get this card and bonus in addition to the Ink Bold card as they are different cards. I already have the Chase Sapphire Preferred personal card and the Ink Bold card, so I’ll probably wait for a bit during my no-annual-fee first year and then try out this new card as well for my business.
Many people aren’t aware of the fact that they can apply for business credit cards, even if they are not a corporation or LLC. The business type is called a sole proprietorship, and you may be a consultant, freelancer, or other one-person business. This is the simplest business entity, but it is fully legit and recognized by the IRS. On a business credit card application, you should use your own legal name as the business name, and your Social Security Number as the Tax ID.
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