What is Ink Plus Business Credit Card?
The Ink Plus Business Credit Card is a great business credit card. It is for entrepreneurs who are just starting out. Also, it is for entrepreneurs who:
- Spend a lot at office supply stores.
- And for those who spend on phone and internet services.
- Furthermore, it is for those who want to reward themselves with travel.
It is important you note this. With it, there are a few categories that you can earn 5x the points on. They are:
- Office supply stores.
- Internet services.
- Also, on telephone / cell phone charges.
Also, this makes it excellent for a starter entrepreneur. As one you can get 5x the points on:
- Setting up your business when buying new office furniture.
- And on pens and safety pins.
How You can Earn Points with Ink Plus Business Credit Card
When aiming at earning points with Ink Plus Business Card, note these. The following are what determine how you earn the 5x bonus:
- How the merchant is categorized, and not what you purchase.
- Buying snacks and cleaning supplies at an office supply store get 5x the points!
- Also, the Ink Plus’s gas station, and hotel bonuses are nice too. However, generally par for the course with business credit cards.
- All other net purchases not covered get one point per dollar.
There is a cap on the bonus categories of $50,000 in combined purchases. Everything you earn under the 5x points category goes towards a single cap of $50k. However, all gas station and nights booked directly with your hotel go towards a separate but still single cap of $50k.
How to Redeem Points for Rewards on Ink Plus Business Credit Card
You can redeem points for pure cash back, gift cards, or various awards and travel through the Chase Ultimate Rewards portal. Converting points to cash or a gift card is worth 0.01 cents per point. Also, exchanging points for Ultimate Rewards travel is worth 0.0125 cents per point.
100,000 points on the Ink Plus Business Card can be worth either $1,000 in cash back. Also, it can be $1,250 towards Ultimate Rewards travel.
Furthermore, you have the option of transferring points on a 1:1 basis for valuable miles. This can be at frequent travel program partners. Partners such as British Airways, United MileagePlus, and Marriott Rewards.
Maximizing the Rewards Rate for Ink Plus Business Credit Card
The rewards rate on this card depends on how much you spend on office supplies. Also, it depends on telecommunication services. These services are relative to your other expenses. Also, they are relative to how you redeem the points.
The more you shift the balance of your purchases towards office supplies and telecommunications charges (which get 5x points), the higher your overall rewards rate approaches a 5% return back. Also, it grants Ink Plus business cardmembers the opportunity to earn 25% extra.
This is by redeeming points for travel on the Ultimate Rewards website. Also, this multiplies your rewards by 1.25x. This table illustrates how Ink Plus rewards change. The change is based on how $40,000 gets spent. Also, it’s based how it’s redeemed on an ongoing basis. The rewards rate you earn on an ongoing basis ranges from 1% to 6.25%.
Tabular Chart of How Ink Plus Rewards Change
|$40,000 in Annual Spending||Points Accrued||Cash Value / Rewards %||Travel* Value / Rewards %|
|$40,000 on inventory and all other||40,000||$400 / 1.00%||$500 / 1.25%|
|$10,000 on office supplies, $30,000 on inventory and all other||80,000||$800 / 2.00%||1,000 / 2.50%|
|$20,000 on office supplies, $15,000 on travel (hotels), $5,000 on all other||135,000||1,350 / 3.38%||1,687 / 4.22%|
|$30,000 on office supplies, $5,000 on travel (hotels), $5,000 on all other||165,000||1,650 / 4.13%||2,063 / 5.16%|
|$40,000 on office supplies and telecommunications services||200,000||2,000 / 5.00%||2,500 / 6.25%|
There’s some confusion over whether the Ultimate Rewards incentive is 20% or 25%. It’s really the same benefit but two different ways of looking at it. 10,000 points is worth $100 in cash, or $125 in Ultimate Rewards travel. Redeeming for $125 in Ultimate Rewards travel is 25% more value than redeeming for $100 in cash ([$125 – $100] / $100).
Without this travel redemption bonus, it would have taken 12,500 points to redeem for $125. The 10,000 points (with the travel perk) is a 20% discount to the 12,500 points that would have been required ([12,500 – 10,000] / 12,500).
Signing Bonus for Ink Plus
Ink Plus Business Credit Card is currently offering 60,000 bonus points. Also, it is giving $750 when redeemed through Chase’s Ultimate Rewards Center. This is for travel.
To get the bonus points, you’ll have to charge at least $5,000 to your new credit card. This is within the first three months from account opening. There is a small grace period to account for the card’s processing. However, business owners should confirm when their three-month countdown ends.
Ink Plus Tools and Services for Business Owners
Some of the more thankless but necessary responsibilities of being a small business owner are the administrative side of operating a business: keeping track of expenses and receipts, and monitoring employee spending.
There are no fees for employee credit cards with the Ink Plus, and Chase makes it easy to manage each employee’s spending limits.
Also, it has developed an Android and iPhone app. This helps out Ink Plus business owners. Perhaps what’s most helpful to business owners is the instant alerts the primary card holder gets.
This is when an employee swipes a purchase on the card. It is great for peace of mind and keeping on top of expenses. Spending limits can be set individually.
Also, you can authorize an assistant manager to have more purchasing power. Furthermore, you can rein in another employee’s spending. Another feature that’s convenient is this. The ability to take a photo of a receipt. By which you can tag and file it with a specific charge.
This is for easier record keeping. Also, you can export transactions easily to various bookkeeping software such as Quicken, or Intuit, for profitability analysis or tax season.
Ink Plus Business Credit Card vs. Ink Business Cash Credit Card
The Ink Business Cash Credit Card is a $0 annual fee cash back card. It has lower caps on its special bonus categories. This that makes more sense for smaller businesses.
The bonus categories and points are similar. However, the maximums on the special categories are different. Please note this. The Ink Plus category cap is twice that of the Ink Business Cash Credit Card.
Furthermore, the fee for the Plus unlocks a 25% bonus in redemption towards travel. This is not the case with Ink Business Cash Credit Card. The Ink Business Cash Credit Card, however, has a nice 0% introductory APR on purchases. This is more sympathetic to businesses whose cash flows are more irregular, such as a start-up.
Tabular Chart of the Comparison
|Ink Plus Business Credit Card||Ink Business Cash Credit Card|
|Bonus Category Maximums||$50,000||$25,000|
|Travel Redemption Bonus||+25%||None|
|Intro APR||None||0% Intro APR on Purchases for 12 months|
|Ongoing APR||15.49% to 19.24% Variable||14.74% – 20.74% Variable|
In a Nutshell
By way of conclusion, it is important you note this. The Ink Plus Business Credit Card highlights bonus points for select purchases. Also, it has a redemption bonus for travel. However, on the other hand, some others just gives 2% cash straight back on all purchases.
If I may ask. How much does your credit card purchases swing towards buying at office big-box stores. Also, on paying for wireless and telephone bills? If those are a large proportion of your annual bill, then know this. The Ink Plus is generally a more rewarding card.