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Update: Some offers mentioned below are no longer available. View the current offers here: The Enhanced Business Gold Rewards Card from American Express OPEN
The Ink Bold with Ultimate Rewards card, which currently offers 50,000 points when you spend $5,000 within 3 months, is the Chase Sapphire Preferred business card equivalent. This means you can use these Ultimate Rewards points to transfer instantly at 1:1 ratios to United, Continental, British Airways, Korean Airlines, Hyatt, Priority Club, Marriott and Amtrak. This sign-up bonus alone is enough points for two roundtrip coach awards or one way in business to Europe – not bad for a card with no annual fee for the first year ($95 thereafter). Ultimate Rewards points are really flexible – you can transfer them to anyone else’s frequent flyer/hotel accounts and you can even combine them with other people’s Ultimate Reward accounts.
In addition to the sign-up points, the other key benefits are:
Update- it looks like Chase is really trying to take business from the new Amex Business Rewards Gold card: Ink Bold now gives 5 points per dollar on cable, internet, wireless and other communications and 2 points per dollar on gas and hotels.
Chase is also giving Priority Pass membership- granted you still have to pay $27 per lounge entry, but its a decent option to have nonetheless.
The Ink Bold is a charge card, which means there is no pre-set spending limit (which is the flexibility that many businesses require).
The Ink Bold is a business card, which means that it is secured by your personal credit (they will run an inquiry against your SSN), but it will sit on your business line of credit, meaning it won’t show up on your personal credit reports after you get it.
The Ink Bold offers threshold spend bonuses: Update: The threshold bonus is no longer offered. Once you exceed $25,000 in net purchases you will receive 7,500 bonus points, once you exceed $50,000 in net purchases you will receive an additional 15,000 bonus points, and once you exceed $100,000 in net purchases you will receive an additional 25,000 bonus points.
If you have Chase Business checking accounts, having an Ink Bold card attached will waive any monthly fees (so you don’t have to require a minimum monthly balance).
Additionally, if you are business checking customer you earn a 20% bonus on all points through the Business Exclusives program
Also, Chase is getting rid of foreign transaction fees on this card, making it good for international use as well.
I had been waiting to apply for the Ink Bold, but I just applied so I could have time to get approved via the reconsideration line before Monday. I actually have several LLCs with their own EIN (Tax ID numbers), so I’m thinking/hoping this application process will be seamless. I applied last night and got a “we are considering your application message,” which isn’t too uncommon with Chase these days.
However, the normal reconsideration line does not handle business card requests – you have to call the business lending department between 8am and 8pm EST. I will update you all on my experience once all is said and done.
Update: I called this morning and had a super friendly rep who verified some information and then recommended me for approval. This comes at a good time, because my Ultimate Rewards account is dwindling! Even after the introduction of the Chase Sapphire Reserve, the Chase Sapphire Preferred is still a fantastic choice if you want to avoid the Reserve’s $450 annual fee, earn 2x on all travel & dining and earn a 50,000 point sign up bonus.
If you don’t have an official LLC you can still get this card by entering your social security number as the business tax ID, though you may be asked to justify your application, so be prepared for that. If you legitimately have no business or plans to have a business in the future then I do not recommend applying for this card.
Even after the introduction of the Chase Sapphire Reserve, the Chase Sapphire Preferred is still a fantastic choice if you want to avoid the Reserve’s $450 annual fee, earn 2x on all travel & dining and earn a 50,000 point sign up bonus.
Details: Even after the introduction of the Chase Sapphire Reserve, the Chase Sapphire Preferred is still a fantastic choice if you want to avoid the Reserve’s $450 annual fee, earn 2x on all travel & dining and earn a 50,000 point sign up bonus.