Here’s one thing you might want to add to the end of your 2012 to do list … apply for an Ink Bold or Ink Plus business credit card.
The current minimum spend is $5,000 in the first three months. Before the minimum spend was dropped a few weeks ago, the minimum spend was $10,000 in the first three months.
I can’t emphasize how much I like having both the Ink Bold and the Ink Plus credit cards as a small business owner. I’ve never been able to earn 94,615 miles in a month with a single card – until I got an Ink Bold.
All I can say is that I love being able to maximize the 5x offered at office supply stores. Sometimes this means paying a $4.95 fee to buy a $500 Visa card to use to pay for things for the business that I would already be spending. As part of the seminars I do with churches, I do quite a bit of driving, so the 2x for gas and hotels on the Ink Bold and Ink Plus cards is also a great benefit.
I’m not sure which card it will be, but I definitely plan to pay for the $95 annual fee to keep the card. That’s saying a lot because I usually avoid annual fees as if they could give me some strange disease.
Ink Bold and Ink Plus Minimum Spend Changes
Until April 2012, the minimum spend on these cards was $5,000. However, Chase announced that they would be increasing the minimum spend to $10,000. I knew $10,000 in three months would be way beyond my ability to reach, so I applied for the Ink Bold while the minimum spend was ‘only’ $5,000 in three months. Believe me, spending $5,000 in three months was beyond my expected spend rate.
However, what I did at the end was that I went to Office Depot and bought $1,000 worth of $500 Visa Vanilla prepaid cards. I did incur a $9.90 fee for both cards, but that was worth the 5,000 Ultimate Rewards points I’d earn, and it was worth deferring $1,000 of my minimum spend requirement beyond the first three months.
I’ve read on several blogs (as an example you can look here and here) that the Ink Bold and Ink Plus minimum spending discount will end 12/31/12. I haven’t confirmed this, as my Chase contacts are out for Christmas vacation (one which I’m sure is well deserved), and I want to give you as much time as possible to develop your strategy. If the minimum spend increases and you’re able to handle the $10,000 spend, then good for you. If that’s going to be a problem, I suggest you get in on the discounted minimum spend while you can.
I personally wouldn’t risk it. If you are thinking about applying for the Ink Bold or Ink Plus, I’d do it before 12/31/12 to guarantee you’ll be able to take advantage of the reduced minimum spend.
Application Link: Ink Bold or Ink Plus
If I’m wrong, you end up with the best current publicly published sign up bonus (50,000 Ultimate Rewards points), the best current credit card for earning points on ongoing spending (5x on office supply stores, cable, internet, and cell phone expenses), and access to the best online shopping portal (Ultimate Rewards Mall).
If you have any specific questions, you can either leave a comment or shoot me an email at htcheap at gmail dot com. I personally respond to every email and comment I get on this blog. Please don’t hesitate to ask.