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Chase offers multiple tiers of business oriented credit cards; for instance, there are several cards that have upgraded offers through these come with upgraded costs. One such card is the Chase Ink Plus® Business Card which represents the upgraded offers on its lower counterpart, the Ink Cash® Business Card. Businesses that spend more money on average may look at the advantages and disadvantages of choosing the Ink Plus® Business Card over the Ink Cash® Business Card.
Benefits & Rewards
Upon comparison of the Ink Cash® and Ink Plus® Business Cards, the first major difference involves the sign on bonus reward. Businesses with the Ink Plus® are rewarded with 60,000 bonus points for spending at least $5000 within the first three months which is three times the reward of the Ink Cash® Business Card at a 66% increase in expenses.
This value of this initial point reward is two-fold. When redeeming these points for gift cards or cash back rewards applicable to account balance, the value of 60,000 points is $600. Due to special travel benefits associated with the Ink Plus®, redeeming 60,000 points towards travel expenses values this reward at $750. This is possible because a 20% discount is applicable for redemptions for travel expenses. You can find other great rewards credit cards here.
Similar to the Ink Cash® Card, businesses earn 5% cash back when making purchases on office supplies, cell phone, landline, internet, and cable services. The main difference is the cap limit for which this cash back rate is applicable; businesses can earn 5% cash back for the first $50,000 in expenses on an annual basis.
When making purchases at gas stations and restaurants, businesses earn 2% cash back (two points per dollar) for the first $50,000 of purchases annually.
A 1% cash back rate applies for every dollar spent on all other purchases with no cap limit on how many reward points may be earned. These reward points can be redeemed for gift cards, travel expenses, or simply applied to the account balance.
An extra benefit afforded to Ink Plus® cardholders is the free addition of employee cards, so multiple authorized users within the company can make expense on the behalf of the business
Rates & Fees
There is an annual fee of $95 for holding onto the Ink Plus® Business card as opposed to no annual fees for the Ink Cash® Card. There are some key differences and similarities in transaction fees between the Ink Plus® Business Card and the Ink Cash® Business Card. The Ink Plus® Card is not hampered by any sort of foreign transaction fee while its counterpart charges 3%. When a balance transfer is in order, a $5 or 5% fee is applicable with the decision over which rate going to the greater value. Cash advances are more costly than balance transfers with the rate being either $15 or 5% with the decision over which rate going to the greater value that is generated. These values are the same for both the Ink Cash® and Ink Plus® Business Cards.
Standard business oriented Chase penalty fees apply; for instance, a returned payment costs the cardholder or business $39 while a returned check does not generate a late penalty. In the case of a late payment, $15 is charged for balances less than $100, $29 is charged for balances between $100 and $250, and $39 is charged for balances over $250.
The APR for regular purchases and balance transfers ranges from 15.49% to 19.49% (variable) which is a slightly higher range than the Ink Cash® Card. An APR of 25.24% (variable) accompanies cash advance transactions; additionally, an overdraft advance APR of 25.24% (variable) also applies (these rates are identical between Ink Cash® and Ink Plus® Cards). The penalty APR for the Ink Plus® Business Card is 29.99% (variable) which is applied for late or returned payments.
While the Ink Plus® Business Card from Chase offers a larger sign on bonus reward, there are relatively few differences in benefits from its lower tier sister card. The main incentive (resulting from the major difference in benefits) to obtain the Ink Plus® lies in the magnitude of yearly expenses associated with the cardholder’s business. If yearly expenses easily exceed $25,000 on either of the special cash back categories, then using the Ink Plus® Business Card is justified assuming the annual fee does not pose any issues. Additional travel benefits provide a secondary incentive for using the Ink Plus® Business Card from Chase.
Author: Jeff Gitlen
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