Chase Ink Business Unlimited Card Review: $500 Cash Bonus, 1.5% Flat Cash Back, No Annual Fee

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inkunlimited2018Chase has freshened up their line-up of small business credit cards. The new Ink Business Unlimited Card is offering a $500 cash bonus for new cardholders and the simplicity of a flat, unlimited 1.5% cash back on all purchases. Here are the details:

  • $500 bonus cash back after you spend $3,000 on purchases in the first 3 months.
  • Unlimited, flat 1.5% cash back on all purchases with no limit. Simple.
  • 0% introductory APR for 12 months on purchases and balance transfers.
  • Free additional cards for employees.
  • No annual fee.

Ultimate Rewards points. The cash sign-up bonus actually comes in the form of Ultimate Rewards points at 1 point = 1 cent in cash. 50,000 points = $500 cash. If you have one of the other annual fee cards that offer a boost in value like the Ink Business Preferred, Sapphire Preferred, or Sapphire Reserve, you can transfer your points between Ultimate Rewards accounts and redeem using that other card’s 25% travel bonus. This can increase the value of your points.

You could think of this card as the small business version of the Chase Freedom Unlimited card.

Prefer airline and/or hotel points? You can’t transfer points to miles directly with this card, but if you transfer over your Ultimate Rewards points to the Chase Sapphire Preferred Card (or Ink Business Preferred card), then you can use that card to transfer into hotel and/or airline miles. If you value those miles/points at more than 1 cent per point, then your 1.5X rewards from this card can be significantly higher. Examples:

– You could earn 1.5 United miles per dollar spent.
– You could earn 1.5 Hyatt points per dollar spent.
– You could earn 1.5 British Airways Avios per dollar spent.
– You could earn 1.5 Southwest Rapid Rewards points per dollar spent.

For example, if you placed a perceived value of 1.5 cents on each United mile or Southwest Rapid Rewards point, then you’d receive 2.25 cents of perceived value per dollar spent with this card. Your actual numbers will depend on your own specific redemption choices.

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, eBay/Amazon/Etsy sellers, or other one-person business owners. 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.

Note that Chase has an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards from any issuer on your credit report within the past 2 years (aka the 5/24 rule). This rule is designed to discourage folks that apply for high numbers of sign-up bonuses. This rule applies on a per-person basis, so in our household one applies to Chase while the other applies at other card issuers.

Bottom line. The Ink Business Unlimited Card has a large sign-up bonus and flat 1.5% cash back with no annual fee. This card is best for people who want simple and straightforward rewards. If you have certain other Chase credit cards, you can transfer Ultimate Rewards points over to those cards and increase your value. Be sure to compare with other Chase small business cards – Ink Business Preferred and Ink Business Cash.

Chase Ink Business Cash Card Review: $500 Cash Bonus, 5% Back Categories, No Annual Fee

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inkcash2018Chase has freshened up their line-up of small business credit cards. The Ink Business Cash Card is offering a $500 cash bonus for new cardholders, along with 5% cash back and 2% cash back on select small business categories. Here are the details:

  • $500 cash bonus after you spend $3,000 on purchases in the first 3 months.
  • 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year.
  • 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.
  • 1% cash back on all other card purchases with no limit to the amount you can earn.
  • 0% introductory APR for 12 months on purchases and balance transfers.
  • Free additional cards for employees.
  • No annual fee.

Ultimate Rewards points. The cash sign-up bonus actually comes in the form of Ultimate Rewards points at 1 point = 1 cent in cash. 50,000 points = $500 cash. If you have one of the other annual fee cards that offer a boost in value like the Ink Business Preferred, Sapphire Preferred, or Sapphire Reserve, you can transfer your points between Ultimate Rewards accounts and redeem using that other card’s 25% travel bonus. This can increase the value of your points.

You could think of this card as the small business version of the Chase Freedom card.

Leveraging the 5% back bonus categories. Putting all of your small business cell phone, landline, and internet bills on the card and getting 5% back is pretty handy. For example, even just $200 a month x 12 months x 5% back is $120 back a year without changing your spending habits. Now let’s take the office supply store category and the fact that you can buy gifts cards to Amazon.com and other retailers at such office supply stores like Staples and OfficeMax… now you can effectively discount many of your other purchasing needs by 5% as well. Putting those purchases on such gift cards upfront can also help you meet the spending requirement for the bonus.

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, eBay/Amazon/Etsy sellers, or other one-person business owners. 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.

Note that Chase has an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards from any issuer on your credit report within the past 2 years (aka the 5/24 rule). This rule is designed to discourage folks that apply for high numbers of sign-up bonuses. This rule applies on a per-person basis, so in our household one applies to Chase while the other applies at other card issuers.

Bottom line. The Ink Business Cash Card has a large sign-up bonus and ongoing features of 5X/2X categories with no annual fee. This card is best if you have significant expenses in the special 5% and 2% categories above. If you have certain other Chase credit cards, you can transfer Ultimate Rewards points over to those cards and increase your value. Be sure to compare with other Chase small business cards – Ink Business Preferred and Ink Business Unlimited.

PSA: Cuisinart Recalls 8 Million Food Processor Blades

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bladerecallIn case you missed it during the holiday rush, Cuisinart has issued a recall of over 8 million food processor blades in the US and Canada. This covers a huge chunk of their machines sold in the last 20 years, including the one in my kitchen. The riveted blades can crack over time and leave small metal pieces in your food (yikes!).

This recall involves the riveted blades in Cuisinart food processors with model numbers that begin with the following: CFP-9, CFP-11, DFP-7, DFP-11, DFP-14, DLC-5, DLC-7, DLC-8, DLC-10, DLC-XP, DLC-2007, DLC-2009, DLC-2011, DLC-2014, DLC-3011, DLC-3014, EV-7, EV-10, EV-11, EV-14, KFP-7 and MP-14. The model number is located on the bottom of the food processor. The blades have four rivets and are silver-colored stainless steel and have a beige plastic center hub. Only food processors with four rivets in the blades are included in this recall. Cuisinart is printed on the front and on the bottom of the food processors.

Cuisinart will send you a free replacement blade if you contact them through their website at recall.cuisinart.com or call them at 877-339-2534 from 7am to 11pm ET Monday through Friday and from 9am to 5pm ET Saturday and Sunday. They have not offered anything further such as partial refunds or reimbursements.

I submitted my information online and received a confirmation e-mail. They were very vague with how long it would take to send the new blades.

Thank you so much for registering to receive your free Cuisinart replacement blade. Our blades are fabricated using precise manufacturing processes, which of course means, that they take some time to produce. We are producing new blades as rapidly as possible to meet the demand resulting from this replacement program.

When your blade is about to be shipped, we will send you an email so you can anticipate when it will arrive to the address you indicated on your replacement blade registration. In the meantime, you are able to use all other cutting implements and accessories that may have come with your Cuisinart food processor.

Southwest Airlines Rapid Rewards Plus, Premier, Priority Credit Card Review

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Chase and Southwest have expanded their personal credit card line-up to three cards. Here are the highlights which you can compare and contrast the bolded benefits.

Southwest Rapid Rewards Plus credit card

  • 40,000 Rapid Rewards points after you spend $1,000 on purchases in the first 3 months.
  • Additional 20,000 points after you spend $12,000 within your first year.
  • 3,000 bonus points after each Cardmember anniversary.
  • 2 points per $1 spent on Southwest® purchases and Rapid Rewards® Hotel and Car Rental Partner purchases.
  • 1 point per $1 spent on all other purchases.
  • $69 annual fee.

Southwest Rapid Rewards Premier card

  • 40,000 Rapid Rewards points after you spend $1,000 on purchases in the first 3 months.
  • Additional 20,000 points after you spend $12,000 within your first year.
  • 6,000 bonus points after each Cardmember anniversary.
  • 2 points per $1 spent on Southwest® purchases and Rapid Rewards® Hotel and Car Rental Partner purchases.
  • 1 point per $1 spent on all other purchases.
  • $99 annual fee.

Southwest Rapid Rewards Premier card

  • 40,000 Rapid Rewards points after you spend $1,000 on purchases in the first 3 months.
  • Additional 20,000 points after you spend $12,000 within your first year.
  • 7,500 bonus points after each Cardmember anniversary.
  • $75 Southwest annual travel credit.
  • Four Upgraded Boardings per year when available.
  • 20% back on inflight drinks, WiFi, messaging, and movies.
  • Earn tier qualifying points towards A-list status.
  • 2 points per $1 spent on Southwest® purchases and Rapid Rewards® Hotel and Car Rental Partner purchases.
  • 1 point per $1 spent on all other purchases.
  • $149 annual fee.

* Had this card before? You can get the bonus again if it has been 24 months since you got your last bonus:

This new cardmember bonus offer is not available to either (i) current cardmembers of this consumer credit card, or (ii) previous cardmembers of this consumer credit card who received a new cardmember bonus for this consumer credit card within the last 24 months.

Restrictions. All of these Southwest credit cards are subject to “5/24” restrictions, which means that your application will be automatically denied if you have opened 5 or more credit cards in the last 24 months (check your credit reports). Our household strategy is to have one person only apply for Chase 5/24 cards, and the other person applies for everything else. There is also this language on the consumer card:

The product is not available to either (i) current Cardmembers of any Southwest Rapid Rewards® Credit Card, or (ii) previous Cardmembers of any Southwest Rapid Rewards Credit Card who received a new Cardmember bonus within the last 24 months. This does not apply to Cardmembers of the Southwest Rapid Rewards Business Card and Employee Credit Card products.

Basically, you can get one sign-up bonus from a Southwest consumer card once every 24 months. You can also get one sign-up bonus from a Southwest business card once every 24 months. (Previously, you might apply for both a Plus and a Premier close together for example.)

60,000 Rapid Rewards points redemptions vary in a narrow range, but a reasonable approximation from my experience is over $900 in Wanna Get Away airfare (you are still liable for taxes and fees from $5.60 one-way). Importantly, Southwest does NOT have blackout dates or seat restrictions when you redeem with points. If $900 would have theoretically covered 8 free one-way flights, then with the Companion Pass you’d now be getting 8 free one-way flights for two people! You also can’t forget that Southwest still has the customer-friendly perk of two free checked bags per person. That’s a lot of free and flexible travel.

Another option to consider is gift card redemptions. You can still redeem 5,000 points for a $50 a Amazon.com or Wal-Mart gift certificate. That makes 50,000 points still worth $500 in Amazon or Walmart gift cards.

Our family policy is to not try out a new credit card unless it offers us $500 in total value. Just the free award flights from the points from any one of these cards is enough to satisfy that rule, and then you can add on the value of potentially qualifying for the Southwest Companion Pass.

Berkshire Hathaway Official Reading List 2015: Approved Books by Buffett and Munger

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tapdaceAmong the many booths at Berkshire Hathaway’s 2015 Annual Meeting was one run by a local bookstore. Each year, BRK approves a list of books, many of which have been mentioned in shareholder letters or other speeches by Warren Buffett and/or Charlie Munger. I always see media articles referring to this list (ex. 11 Picks from Warren Buffett’s Bookshelf), but here is the entire official list from The Bookworm.

“I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.” – Warren Buffett

Besides the well-known Buffett biographies and classic investing books, it still manages to include several investing books I’d never heard of before, as well as some intriguing non-investing books by Buffett’s siblings and children. There is even a comic book and a separate section for kids. Here’s the Amazon-linkified list, sorted by category in alphabetical order.

About Warren Buffett

About Charlie Munger

On Investing

General Interest

Family and Children’s Interests

Big Picture Financial Advice from Jonathan Clements

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clementsbookHere is some “big picture” financial advice from author and columnist Jonathan Clements. I’d like to collect enough of these tips from notable people and make a compilation post.

Clements recently wrote his last column “How to Live a Happier Financial Life” for the Wall Street Journal Sunday (which is ending publication), but he’ll still be writing for the main Wall Street Journal (on Saturdays). I’ll just paraphrase the bullet points below; read the full article for the details.

  • The biggest waste of time is commuting.
  • The best investment attribute to have is humility.
  • The biggest key to financial success is cheap housing.
  • The best way to spend money is to buy experiences.
  • Your top financial goal should be to have the ability to do fulfilling work, as opposed to working solely for a paycheck.

I guess he’s a sentimental guy because he also wrote a “last column” called “Parting Shot: What I Learned From Writing 1,008 Columns” in 2008 when he left the Wall Street Journal to join Citigroup (before coming back). Highlights below; read full article for details.

The question – What is the reason for all this saving and investing?

  • If you have money, you’ll worry less about it.
  • Money can give you the freedom to pursue your passions.
  • Money can buy you time with friends and family.

I checked and both articles weren’t behind a paywall at the time of writing, but that may change in the future.

Season’s Greetings!

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone.”

fam2014a

Thank you very much for reading My Money Blog this year. It’s now been over 10 years… where has the time gone! I still look forward to learning and sharing something new every day. Here’s hoping that you are happy, healthy, and moving ever closer toward your goals.

Remember that you can follow updates via RSS feed, daily e-mail subscription, following me on Twitter, or liking my Facebook page.

New Site Design

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Just a quick note that I finally updated this site’s design after many, many years. The primary goal of this redesign was to improve usability and readability across modern computer screens, which now span from 30″ widescreen monsters to 3.5″ smartphones. I’m also trying to improve navigation so that readers can easily find the more timeless posts amidst the many other time-sensitive posts. I still have a lot of work to do by going through my archives and cleaning things up.

Please let me know if anything is broken or just what you think of it. Thanks!

MyMoneyBlog.com Interview with Mint

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Money management website Mint.com recently did a brief interview with me, although we did cover a variety of topics. Here’s the link:

Personal Finance Interview with Jonathan Ping on Money Management

Sick Leave

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I’ve been getting my butt kicked by a bout of food poisoning, so posting will be light this week. Fever, chills, sweats, and I haven’t been able to keep down any solid food in over 48 hours. Blech.

What Does 200 Calories Cost? A Visual Guide (Economics of Obesity)

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WiseGeek has an interesting article on What Does 200 Calories Look Like?, where it photographs the portions of several foods that equal 200 calories and sorts them by weight. Here’s broccoli next to peanut butter on the same plate:

200 Calories Of Broccoli and Peanut Butter: WiseGeek.com

I thought it would be neat to extend this idea and see what 200 calories costs. So I extended my usual grocery trip by finding out the price per weight for each of the food items they selected. The results are below, grouped by price per 200 calories. Image credits go to WiseGeek.com. Please go there for the full versions, these are just thumbnails for reference.

Cost of 200 Calories: Less than 50 cents
image credit: wisegeek.com
Canola Oil
$0.07
image credit: wisegeek.com
Wheat flour
$0.07
image credit: wisegeek.com
Brown Sugar
$0.10
image credit: wisegeek.com
Peanut Butter
$0.17
image credit: wisegeek.com
Cornmeal
$0.20
image credit: wisegeek.com
Uncooked Pasta
$0.21
image credit: wisegeek.com
Glazed Donut
$0.23
image credit: wisegeek.com
Butter
$0.24
image credit: wisegeek.com
Salted Pretzels
$0.24
image credit: wisegeek.com
Wheat Dinner Rolls
$0.23
image credit: wisegeek.com
French Sandwich Roll
$0.24
image credit: wisegeek.com
Smarties Candy
$0.24

[Read more…]

Why You Should Make a New Year’s Resolution

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If you’re like me, you may wonder if a New Year’s resolution is even worth the bother. By chance, I was listening to an NPR interview today with a Dr. John Norcross, a psychology professor who decided to study this phenomenon. Listen, download the mp3, or read the transcript at NPR.org. Here are the highlights:

According to Norcross, 40-50% of people make New Year’s resolutions each year. How did they do when studied over time?

Dr. NORCROSS: In two of our longitudinal studies, 40 to 46 percent of New Year’s resolvers will be successful at six months. So, the half empty is it’s true, most people fail. But 40 to 46 percent is pretty impressive. […]

You know, I was tired of people saying resolutions never succeed, we shouldn’t even try them. And I said, well, wait a minute, these are life-sustaining behaviors. What’s the alternative? So, the alternative was to track people starting before January 1st with the same behavioral goals, with the same motivation to stop or to take the resolutions but who just weren’t going to do anything then. And that’s – and only four percent of them were successful at six months. So you go from four percent, all the way up to 44, 46 percent by taking a New Year’s resolution seriously and trying to do something about it.

10 times the success rate! So people who made resolutions had a 40% success rate as compared to 4% from those who had the same motivations but didn’t set resolutions. Definitely encouragement for would-be resolvers. More goods news is that the studies found that slips or short lapses in the resolution did not always lead to failure. Many people used the lapses to strengthen their determination.

How to set a good resolution. Norcross recommends setting attainable, realistic, and measurable goals. So lose 10 pounds instead of 50 pounds or “a lot of weight”. Save $100 more from each paycheck vs. saving an extra $15,000 somehow during the year. Grandiose goals set you up for failure, as you need to have inner confidence that the specific goal you set is achievable. This agrees with the popular SMART mnemonic that says that goals should be Specific, Measurable, Attainable, Relevant and Time-sensitive.

So, resolutions are good, especially if you do them right. However, you may want to keep number of resolutions to a minimum:

FLATOW: So you do one thing at a time, you know? Don’t say, I’m going to diet and quit smoking at the same time, because you’ll never get them both done.

Dr. NORCROSS: Well, there’s some interesting research on that. And that is, it depends how much time and commitment you have. If the two resolutions are related, then it may make sense to do it together. For example, losing weight and increasing exercise – most people see those things as going together. But if there are two very different resolutions, you may just be overwhelmed with the amount of time and energy that they call for. So, we ask people never more than two. If they’re related, two is great. Otherwise, just do one at a time.