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Chase Ink Business Cash Review
When it comes to business cards, you have a few choices in the way you sign up. You can use an EIN issued from the IRS, or you can simply use your Social Security Number as your tax identification number (if you are a sole proprietor). In the case of the Ink Cash, I decided to go the SSN route. When using this method, you only need to use your name as the business name (in the format FIRST NAME LAST NAME).
This often bypasses the verification of your business name and address, and can sometimes quicken the application time. After applying, I received the typical "we will notify you of our decision within 30 days" message. The next few days I called the automated status line, and was approved on day four without any additional verification.
Credit Limit Considerations
The application, although easier than with the Preferred, was not without mistakes. Chase typically does not like to extend more credit than 50% of your income, so it is best practice to reduce credit limits wherever feasible to minimums before applying for a new card.
I...forgot to do this.
Fortunately my Chase-extended credit was only around 40% of our household income, but I could have easily been closer to the mark for a denial. Do not make this mistake, as it can cost you a hard pull on your credit card and force you to call the reconsideration line to reduce credit limits (if they even allow you to at that point).
The Ink Cash offers 50,000 Ultimate Reward (UR) points after $3,000 minimal spend requirement (MSR). Assuming I only hit the MSR at the lowest rate of 1x, I will net an additional 3,000 UR points spent on the MSR. There is no annual fee.
For point evaluation, I use three difference situations:
Cash Back Option
Chase Sapphire Preferred / Chase Ink Business Preferred
Chase Sapphire Reserve
Transferring to partners always offers the potential for higher redemption (as much as 5-8% in some cases).
This is even higher than the return on spend from the Ink Preferred, although the total overall value is lower.
And it gets better, thanks to the bonus categories.
Normal spending on the card earns the typical rate of 1 UR point per dollar. The major value though comes from the bonus categories:
The 5 UR bonus category can be used on cell phone plans, internet bills, and potentially on gift cards at participating stores such as Staples or Office Max. Depending on the activation fee for these cards, you may come out ahead even assuming a pure cash-back redemption of 1%.
The 2 UR bonus category makes things even more interesting. Chase's Sapphire Reserve card offers the highest earn on restaurants at 3 UR points per dollar spent, but that card carries a hefty $450 annual fee. The Sapphire Preferred offers the same 2 UR points on restaurants, but it still has an annual fee of $95. And neither the Reserve or the Preferred offer 2 UR per point on gas stations.
This makes the Ink Cash a clear keeper card. The only way to earn more UR points at gas stations is via the Chase Freedom when the 5% bonus category aligns with gas stations. There are other issuers out there worth considering for sure, but if you're under 5/24, you're likely hitting Chase for bonuses first.
Chase Business cards are some of the most lucrative earners they offer, both from signup and category bonuses. The Ink Cash gives me 5% return on categories I spend each month, the highest non-rotational rate on gas stations for Chase cards, and an expected signup value of $530 - $795 (or more) depending on redemption methods. It has quickly become one of my favorite cards.
Do you have the Chase Ink Cash? What's your favorite card for gas station purchases? Have you ever made the mistake I did with leaving your credit limit too high? Let me know in the comments below!