$800 Tax-Free from Chase

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800jeopardy-200What would you do with $800 tax-free?

Chase wants you to use their new Chase Ink Business Preferred sooo badly that they will give you 80,000 Chase Ultimate Rewards points if you spend $5,000 on that card in the first 3 months it is open.

I need to repeat this… An $800 bonus!! That’s eight $100 bills. That’s forty $20 bills. That’s 80 sawbucks.

The old Chase Ink business card had a nice 50,000 point bonus.  80,000 is more than 50,000.

For more information on this card, shoot your eyeballs over to the right side of this website where it says “Chip’s Favorite Credit Card Offer$”.  Then encourage your mouse to click “Business Credit Cards”.  Once at the next page, it’s like the 9th card down.  Email me if you have ANY questions.

Full disclosure: I may get a commission if you apply using my link, so… Thanks!

How To Frugally Spend $5,000 in 3 Months…

Check out my post 11 Ways To Meet A Spending Requirement for ideas.  I use a card to pay for everything except my mortgage and natural gas bill.

Are You A Business?

This card is designated for “business”.  Fear not.  You can be a business even if you don’t have a Corporation or LLC?  If you just said, “A what?” don’t worry about it – you don’t have one.

What you do is apply for the card as a “sole proprietor”, which the IRS defines as “someone who owns an unincorporated business by himself or herself.”  It’s completely legal.  On the application put your name as the Legal Name of Business and your social security number as the Tax Identification number.  If you are the only person in your biz, that is one employee in the biz.  If asked, you are the owner.

If you have a little business on the side, you are a sole proprietor.  Are you an Uber driver, babysitter, nanny, handyman?  Heck, in Hollywood, I can’t swing a cat without hitting a dog walker… or a stand-up comedian or actor for that matter.  Or maybe you sell stuff online.  Congrats you’re a sole proprietor!

The Nitty Gritty on the Chase Ink Business Preferred card:

  • The 80,000 bonus is in Ultimate Rewards Points. You can redeem those for cash at a penny apiece.  You can also redeem them for gift cards.  I like the ultimate gift card, er uh… paper (aka CASH!)
  • If cash ain’t your thang, Ultimate Rewards Points are worth 25% more when you redeem them for travel through Chase Ultimate Rewards.
  • No Foreign Transaction fees.
  • You get 1 point for every dollar you spend.
  • You get 3 points for every dollar on the first $150K you spend on Travel, Shipping, Internet, Cable and Telephone. Also, on advertising purchases made on social media sites and search engines (I’m not exactly sure what that is).
  • You can also get Trip Cancellation / Trip Interruption Insurance, Purchase Protection, Extended Warranty Protection.
  • The card comes with Cell Phone Protection against theft or damage up to $600 for 3 phones, but there is a $100 deductible per claim. Therefore, this is not as good of a deal as the card I wrote about here – but it is better than nothing!
  • The $95 annual fee is not waived.

Are you still reading?

Excellent!  By now you may be saying, “Well, I get 80,000 bonus points but I have to pay a $95 annual fee.  So that’s really $705 tax free.”  Yes… BUT…  Don’t forget that you get points for making those purchases.

If you spend $5,000 you will get at least 5,000 Chase Ultimate Rewards points ($50 cash value).  If you spent $5,000 on the triple points categories, you will get 15,000 Chase Ultimate Rewards Points ($150 cash value).

So worst case you are up $755.  Best case you are up $855.  So I went with the $800.  Besides, JEOPARDY board answers don’t come in $755 or $855.

Again… For more information on this card, shoot your eyeballs over to the right where it says “Chip’s Favorite Credit Card Offer$”.  Then will your mouse to click “Business Credit Cards”.  Once at the next page, it’s like the 9th card down.  Email me if you have any questions.  Full disclosure: I may get a commission if you apply using my link, so… Thanks!

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