Are you a small business owner?
Interested in a small business card that can help you manage your business AND earn you rewards on expenses? Looking for a great travel rewards card to maximize your business travel?
How about one that is offering a great bonus right now?
The Chase Ink Bold® Business Card is offering 50,000 bonus points when you open an account and spend $5,000 in the first 3 months.
50,000 points will get you $500 cash back or $625 towards travel rewards. That’s a pretty cool start to a pretty cool small business credit card.
This entry in Chase’s Ink series is aimed for those interested in premium travel rewards.
Chase Ink Bold® Business Card Review – The Nitty Gritty
So, first of all, This is a rewards points card and you will earn 1 point per dollar spent on ALL purchases, with no limits to how many points you can earn. Every time you use your card you are earning points.
Easy enough, right?
Then, you earn an additional 4 points for a total of 5 points per dollar spent on up to $50,000 in purchases at office supply stores and on cell phone, landline, internet and cable TV services (the $50,000 limit is 200,000 points for those who don’t want to do the math).
Cool, we have bonus points! But there’s more…
You will also earn one point extra for a total of 2 points total for each dollar of airfare and hotel accommodation net purchases when you book through their Ultimate Rewards site at chase.com/ultimaterewards
(Note that there is NO maximum number of points that can be earned on net purchases earning the 1 base point, or the additional 1 point on the Ultimate Rewards bookings.)
As you can see you have plenty of opportunities to not only earn points but earn extra points for the purchases you make.
And as we mentioned above you can now earn an extra 50,000 points when you spend $5,000 within the first three months of being a member.
Points Get You Rewards
All these points can be redeemed for travel, merchandise, gift cards, or experiences through Ultimate Rewards. In addition, the travel you book through Ultimate Rewards with your points gets discounted by 20%. So a $625 trip only costs you 50,000 points (worth $500 cash)!
There are no blackout dates or restrictions on these travel rewards, and your points don’t expire.
This card offers you free additional cards for all of your employees, so you can earn rewards on their business spending as well.
Fees and Responsibilities
There is an annual fee on this card. It is waived the first year; after that it is $95 per year.
There is NO pre-set spending limit. Chase comes up with a basic “limit” and then each charge that causes your balance to exceed that figure is evaluated based on your account spending and payment history and your experience with other creditors. If you think you will be charging a lot I’d give Chase a call and let them know before-hand so your purchase can go through quick and smooth.
However, YOU are able to set spending limits on any (or all) of your employees’ cards.
VERY IMPORTANT NOTE: This is a charge card: YOU MUST PAY YOUR BALANCE IN FULL EACH MONTH. You have 30 days to pay each monthly bill. So, you don’t have to worry about interest, but you DO have to worry if you can’t pay! Late fees go up to $39. Payments that are 60 days late or more get hit with a mighty default APR of 29.9%. If you tend to carry a balance on your card then a charge card may not be a great idea for you.
Remember, to qualify and receive your 50,000-point bonus, you must make purchases totaling $5,000 or more during the first 3 months from account opening. After you qualify, it takes 6 to 8 weeks for the points to post to your account. To be eligible for the bonus, your account must be open and not in default at that time. If you currently have or have had the card in the past, then you are not eligible for this bonus offer.
FREE Tools to Help Run Your Business
Ink offers a couple of really helpful small business tools to their cardmembers.
One is a free expense tracker app called Jot.
With this app, you and your employees can track and tag all of your expenses as you go on your mobile devices and/or on your computer. You can constantly monitor and categorize your and your employees’ purchases in real time. This data can be used to create reports and download data right into QuickBooks or Excel.
Chase also offers cardmembers Zip, a free invoicing tool.
With Zip, you can set up and send one-time or recurring invoices to your customers/clients. The program will even email payment reminders to customers if you choose. You can record your customers’ information into the program, and there is no limit to how many customers’ accounts you can manage. If you upgrade to Zip Pro (at an additional charge and with some fees attached), you can accept secure payments online, over the phone, by mail or in person; and keep track of these payments and mail out receipts. You can also establish auto-deduct payments for ongoing customer accounts. The program can deposit payments directly into your bank account.
These are some nice tools for a business owner to have!
There are NO foreign transaction fees on this card. If you do a lot of business travel, this could be a great benefit, since these fees can often be as much as 3%.
This card also entitles you to access to VIP lounges at 350 airports worldwide. The first two visits with your travel companions are free each year. After that, it is $27 per person, per visit.
Another nice benefit for frequent business travelers: you can transfer your points at full value (1:1) to a number of participating travel loyalty programs.
This is actually a pretty valuable perk that makes your Bold card very flexible for your travel needs.
Here’s a list of some of the programs you can transfer points to:
- British Airways Executive Club
- Korean Air SKYPASS
- Southwest Airlines Rapid Rewards®
- Virgin Atlantic Flying Club
- United MileagePlus®
- Amtrak Guest Rewards®
- Hyatt Gold Passport®
- Marriott Rewards®
- IHG® Rewards Club
- The Ritz-Carlton Rewards®
You see why it’s a great travel perk? You have more than just airlines here.
Cardmembers also get special discounts on services like Avis and Expedia, as well as access to helpful tools like exclusive small business webinars.
Chase Ink also offers payment collection services for business owners like Paymentech, which provides the terminal technology for you to accept in-person payments from smartphones, chip cards, contactless and standard swipe cards.
You get sent right through to a live customer service rep when you call – something much appreciated these days. As a business owner you don’t have time dealing with computer directories.
Finally, this card is accepted in twice as many places as American Express cards, so you can be pretty sure you can get rewards on most of your qualifying purchases.
Final Word On the Chase Ink Bold Business Card
Basically, if you are looking for a small business line of credit that is separate from your personal cards or you are looking for a card that offers small business tools as well as rewards, then a small business credit card like this one could possibly be more beneficial than just sticking with your favorite personal card. And remember, it’s a good practice to separate your business purchases from your personal ones.
It’s up to you to evaluate which benefits/rewards are most valuable to you and whether the card best rewards the kind of spending your company does.
50,000 points is a pretty hefty bonus for a card that could be very useful on earning you travel just by using your cards for typical business expenses you would incur anyway, while also providing you with useful tools to help manage your business. You also get a nice mix of options to transfer your points to making this a flexible travel points card.
*Be smart and make sure you read through the card details to make sure this card fits your needs and you understand the terms and conditions. Be aware that the terms may change after this article’s publication.