Right from the start, you are eligible for a sign-up bonus of 80,000 Ultimate Rewards points once you spend $5,000 within the first three months of your membership. This may be an enticing reward for those of you who know you would easily be able to meet that requirement, but now you may be wondering if there is an annual fee. Yes, there is a $95 annual fee, however, Chase will waive this fee for the first year for those who apply for the card at a branch location. If you apply online, however, this fee cannot be waived.
How do the 80,000 points figure into dollars? According to The Points Guy (TPG), 80,000 points translates to $1,680 which is a comparable deal to the earlier, Ink Plus Business Card which offered 60,000 points after meeting a $5,000 spending requirement in the same amount of time; the first three months of membership. One thing to note is that the Ink Plus Business Card is no longer available to apply for. Those who are already have the card are still free to use it and are not affected.
The benefits and rewards of this card are quite profitable. There are several ways to use the points, and one thing to note is that as long as your account is open and you remain a cardholder, your points remain valid for you to redeem and you won’t ever have to worry about them expiring. Your points are redeemable for a wide variety of rewards including; cash back, gift cards, travel and more. Many businesses that require regular travel with their jobs will find this to be a valuable benefit. Use your points for hotel, airfare, transportation and more.
One beneficial way for point redemption is to redeem them using one of the Reward’s program 11 travel partners for either a stay at a luxurious hotel or for a premium-cabin flight on your next travel excursion. Points may also be redeemed for 1.25 cents each through Chase’s Ultimate Rewards travel portal. A 25% increase in their value.
Although the signup bonus of 80,000 bonus reward points once your application is accepted may be reason enough for you to apply for the card, but here there are more reasons why you should consider this card for your business expenditures as well. You can easily earn bonus points when you use the card for many of things you do with your business. Here is how you can earn more bonus reward points and how they are rated as a Chase Ink Business Preferred member:
- You will earn 3 points per dollar when you spend $150,000 on a combination of expenses which includes: Travel, internet, shipping purchases, cable and phone expenses and advertisement expenses when you use search engines and social media sites.
- 1 point per dollar on all other purchases you make outside the selected categories.
So, the breakdown of the points reward program is this: According to TPG’s estimates, your business expenditures in any of the 3 point categories will earn you a 6.3% return. There is a $150,000 cap each year anniversary of your account, for spending in all 3-point categories but there will still be the opportunity to earn 450,000 Ultimate Rewards points if you do happen to max-out on the 3-point bonus reward points, which in the end, would net you an extra 300,000 points over the set, 1 point per dollar earning base.
When you compare the rewards and benefits of the Ink Plus Business Card to other business reward cards, such as the Business Gold Rewards Card from American Express Open. Comparing online spending for advertising, Amex will give you 3 points per dollar spent in Membership Reward points. This is a 5.7% return and you have a choice of five categories to choose from with your spending, including, US purchases for advertising using preferred media. However, with Amex, your 3 points per dollar return is capped at $100,000 which means a higher return as well as a higher spending limit for your online ads when you spend with the Ink Plus Business Card. And more is always better, right?
When it comes to choosing a credit card for your business, making sure the benefits and rewards should match your spending. You want the benefits and rewards to be useable rewards that build but in the end, won’t benefit you or your business. Weighing out the benefits and rewards against the fees attached to the card, before applying, is the best way to determine if the card is the best for you.
The bottom line? There are many stellar perks when it comes to the Ink Plus Business Card. Knowing the bottom line of what you get when you are a member can help you weigh out the pros and cons of being a card holder. With the help of TPG, you can see how the reward points are rated, point-to-dollar so you can determine if you would be able to use them to benefit your business.
Here is the basic breakdown of the Ink Plus Business Card:
- Earn 80,000 signup bonus reward points instantly, once you spend $5,000 within the first 3 months of opening your account.
- Earn 3 points per $1 on the first $150,000 you spend in the select categories, at your account’s year anniversary.
- Earn 1 point per $1 spent on all other purchases with no limitations to what you can earn.
- Reward points are redeemable in gift cards, travel, cash back and more. As long as your account is open, your points are good and won’t expire.
- There are no foreign transaction fees attached to the card. Use it anywhere the card is accepted.
- Get additional cards for employees at no additional costs.
- $95 annual fee will be waived for the first year when you apply for the card at a Chase branch. This means that using the online link with Chase to sign up for the card will not give you the waived $95 annual fee. Keep this in mind so that if you sign up online and charged the fee, this is a surprise to you. The fee may affect you if you do not have any Chase branches near you to go into.