(Update: There is now a 70,000 bonus point bonus available if you apply for this card inside a physical Chase Bank branch. However, the $95 annual fee is not waived as it is for the online offer below. Via FW.)
Chase has 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 = $620 towards travel at the same prices at Expedia or Travelocity (no % markups), split up however you like into multiple tickets, down to the penny. Good for people who don’t like to bother with miles.
- Frequent flier miles and hotel rewards points. Transfers directly to United miles, British Airways miles, Hyatt hotel points, and Marriott hotel points. Best for folks that are willing to research and maximize their miles. Top up your account to reach an award, an transfer over only what you need.
The card also has the following same Ink Bold features:
- Named “Best for Travel Rewards for Small Business” MONEY® Magazine, October 2013
- Earn 50,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That’s $625 toward travel when you redeem through Chase Ultimate Rewards
- Flexibility to pay your balance over time or in full.
- Earn 5X points per $1 on the first $50,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year.
- Earn 2X points per $1 on the first $50,000 spent in combined purchases at gas stations and hotel accommodations when purchased directly with the hotel each account anniversary year.
- No foreign transaction fees.
- 1:1 point transfer to leading frequent travel programs with no transfer fees.
- $0 Intro Annual Fee for the first year, then $95
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 these days many people are full-time or part-time consultants, freelancers, 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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