Test Ink Cash 2

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Overview

The Ink Cash is one of my favorite cards. It has no annual fee, and it earns valuable Chase Ultimate Rewards points with amazing category bonuses. 5X rewards for phone, TV, and internet is enough on its own to make this card worth having. The 5X office supply category, though, is where things get really interesting. Office supply stores such as Staples, Office Depot, and OfficeMax sell gift cards to other merchants, as well as bank gift cards. By purchasing gift cards from these stores, you can earn 5X rewards in far more categories of spend.

Rewards

Even though this card is advertised as a cash back card, it really earns Ultimate Rewards points. $500 in “cash back” is really 50,000 Ultimate Rewards points that can be redeemed for $500 in cash back.

Chase Ultimate Rewards points are super valuable and super flexible. At the most basic level, points can be redeemed for cash or merchandise, but you'll only get one cent per point value that way. A better option is to use points for travel. When points are used to book travel through the Ultimate Rewards portal, points are worth 1.25 cents each with premium cards (Sapphire Preferred or Ink Business Preferred, for example) or 1.5 cents each with the ultra-premium Sapphire Reserve card. Another great option is to transfer points from a premium or ultra-premium card to an airline or hotel program when high value awards are available (see this post for details). If your points are tied to a no-fee "cash back" Ultimate Rewards card, then first move those points to a premium or ultra-premium card before redeeming them in order to get better value.

Perks

  • Primary rental car theft and collision coverage when renting for business purposes.
  • 120 day purchase protection against damage or theft
  • One-year extended warranty on eligible warranties

Application Tips

This card is subject to 5/24, and you must have a business to apply. Unlike many other Chase cards, though, you CAN get the bonus on this card again even if you still have the same card open and/or received the bonus within 24 months.

Chase's 5/24 Rule: With most Chase credit cards, Chase will not approve your application if you have opened 5 or more cards with any bank in the past 24 months. Some exceptions that are NOT subject to the 5/24 rule include: British Airways, Hyatt, IHG, Iberia, Aer Lingus, and Marriott Business.

To determine your 5/24 status, see: 3 Easy Ways to Count Your 5/24 Status.
Applying for Business Credit Cards

Yes, you have a business: In order to sign up for a business credit card, you must have a business. That said, it's common for people to have businesses without realizing it. If you sell items at a yard sale, or on eBay, for example, then you have a business. Similar examples include: consulting, writing (e.g. blog authorship, planning your first novel, etc.), handyman services, owning rental property, renting on airbnb, driving for Uber or Lyft, etc. In any of these cases, your business is considered a Sole Proprietorship unless you form a corporation of some sort.

When you apply for a business credit card as a sole proprietor, you can use your own name as your business name, use your own address and phone as the business' address and phone, and your social security number as the business' Tax ID / EIN. Alternatively, you can get a proper Tax ID / EIN from the IRS for free, in about a minute, through this website.

Is it OK to use business cards for personal expenses? Legally, it's fine. And, anecdotally, almost everyone I know uses business cards for personal expenses. That said, the terms in most business card applications state that you should use the card only for business use. Also, some consumer credit card protections do not apply to business cards. My advice: don't use the card for personal expenses if you're not comfortable doing so.

If your application is denied: Call Chase’s reconsideration line to ask them to reconsider the decision. If you find that they denied you due to having opened 5 or more cards in the past 24 months, then make sure they are not counting any authorized user cards in your name. You may have to talk to a supervisor to get this done.

Another option is to ask your Chase banker in-branch to submit a special reconsideration form for you. Details about this form can be found here: Chase Special Consideration [Now for business cards only].

Meet Minimum Spend Requirements

Once you are approved for this card, you have three months to meet the required spend in order to get the signup bonus. With Chase, they’ll often actually give you more time: up to 115 days. If you think you’ll need more than 3 months to get it done, I recommend contacting Chase through secure message to ask for an exact date by which you must complete the spend.

You’re not supposed to use business credit cards for personal purchases, but it is quite common to do so. If you feel comfortable doing so, use the new card for all of your usual spend.

If your usual spend isn’t enough, consider paying a small fee to use your card to pay bills that can’t usually be paid by credit card, or to pay taxes, etc. See this post for many options for increasing credit card spend.

Keep or Cancel?

Keep! Since this card has no annual fee, there’s no reason to cancel it.  Plus, if you plan to cancel other Chase Ultimate Rewards cards, you can preserve your points by moving them to this card first.