Credit Card Review: Chase Ink Cash

If I have to choose what type to points to earn for purchases, transferrable points currencies will always be at the top of the list. Chase Ultimate Rewards, a form of transferable points, is always an account I need to replenish. Next to signing up for new credit cards for bonuses, earning points for everyday spending is the best way for us to earn points. One of our biggest monthly expenses is our internet and cell phone bill and by having this card, I can earn 5x points on both of those in my sleep.

I’m dating myself here but originally, we didn’t have this card. Back in the day, Sharon applied for the Chase Ink Business Bold card. Back then, the Bold was a charge card and you needed to pay the balance in full every month. Chase eventually turned it into a credit card and stopped new signups since it was exactly the same as the Chase Ink Plus. You can add the Ink Bold to the list of discontinued credit cards that we’ve owned.

chase-ink-bold

We kept the card for a while after it was phased out and eventually decided to downgrade to the Chase Ink Cash card instead of having to continue paying the annual fee to keep the Ink Bold.

I think it was the right decision, as the Ink Cash keeps all the benefits of its predecessor but doesn’t charge an annual fee. At the time, the Ink Cash card didn’t pay a sign-up bonus but now that it does, it makes more sense than ever to sign up for it.

Chase Ink Business Cash

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Annual Fee

The Chase Ink Business Cash card doesn’t charge an annual fee.

Sign Up Benefits

This card currently has a $500 sign up bonus if you spend $3,000 on purchases in the first three months from account opening. Actually, you earn 50,000 points, which can be worth much more than $500 if you have a premium Chase card. We’ll get to that later.

Spending Bonus Categories

The Chase Ink Business Cash earns 5X/5% on the first $25,000 spent in combined purchases in the following categories each account anniversary (not calendar) year:

  • office supply stores (in person and online)
  • internet, cable and phone services

The card also earns 2x/2% on the first $25,000 spent in combined purchases in the following categories each account anniversary (not calendar) year:

  • gas stations
  • restaurants

All other purchases earn 1x/1% back with no limit on the amount you can earn.

3% Foreign Transaction Fees

This is not a card to travel internationally with since you’ll pay a 3% fee on any charges not made in U.S. dollars. Try to use a card that avoids these fees when traveling overseas or making charges in a foreign currency.

Auto Rental Collision Damage Waiver

Another great feature of this card is that it acts as primary coverage when you rent a car. In normal terms, if you get into an accident in your rental car, you can use the coverage from Chase before filing a claim with your own insurance. Most other companies offer secondary coverage (where you need to file a claim with your auto insurance first). One important thing to remember, though: coverage is primary ONLY when renting for business purposes. 

Travel and Purchase Protections

The Chase Ink Cash card does provide some travel protections for delays and lost luggage, covers your purchases against damage and theft, and even provides some extended warranty coverages. This isn’t the card I’d be thinking about when making those type of purchases but if you do need them, they’re there.

Not Everyone Can Get The Ink Cash Card

The Chase Ink Cash card is subject to the dreaded Chase 5/24 rule. If you’ve opened five or more new card accounts in the past 24 months, you’re not going to get approved for this card.

However, if you’re under 5/24, this might be a good card to get since business cards do not typically count towards your personal card count, allowing you to still sign up for other Chase cards subject to the rule (which is almost all of them by this point.)

Maximize Your Ultimate Rewards Points

While the Ink Cash card earns cash back, if you hold another premium Chase card such as the Sapphire Preferred, Sapphire Reserve or Ink Business Preferred you’re able to transfer points from the Ink Cash to those cards. When doing so, you’ve multiplied the value of the points by anywhere from 50% to over 200%. Just by booking through the Chase travel portal, you can get 1.25 to 1.5 cents per point, depending on which card you have. If you end up transferring the points to one of Chase’s partners, there’s no limit to the value you can get for the points. That’s how we got to stay at the Hyatt Centric Key West.

HyattCentricKW

Check out this article about how and why you should pool your Chase points into the most valuable account (you plan to keep.)

Final Thoughts

The business card market is full of cards paying out large premiums. You can earn 1.5 Membership Rewards for all purchases with the American Express Blue Business Plus card. Capital One has even started offering business cards with huge sign-up bonuses and great earning potential.

For us, earning 5x Ultimate Rewards for our cable, internet, and office supply purchases is enough reason to keep the no-annual-fee Ink Cash Business card.

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This post first appeared on Your Mileage May Vary

 

 

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