Archives for May 22, 2018

Chase Ink Business Unlimited Card Review: $500 Cash Bonus, 1.5% Flat Cash Back, No Annual Fee

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone.”

inkunlimited2018Chase has freshened up their line-up of small business credit cards. The new Ink Business Unlimited Card is offering a $500 cash bonus for new cardholders and the simplicity of a flat, unlimited 1.5% cash back on all purchases. Here are the details:

  • $500 bonus cash back after you spend $3,000 on purchases in the first 3 months.
  • Unlimited, flat 1.5% cash back on all purchases with no limit. Simple.
  • 0% introductory APR for 12 months on purchases and balance transfers.
  • Free additional cards for employees.
  • No annual fee.

Ultimate Rewards points. The cash sign-up bonus actually comes in the form of Ultimate Rewards points at 1 point = 1 cent in cash. 50,000 points = $500 cash. If you have one of the other annual fee cards that offer a boost in value like the Ink Business Preferred, Sapphire Preferred, or Sapphire Reserve, you can transfer your points between Ultimate Rewards accounts and redeem using that other card’s 25% travel bonus. This can increase the value of your points.

You could think of this card as the small business version of the Chase Freedom Unlimited card.

Prefer airline and/or hotel points? You can’t transfer points to miles directly with this card, but if you transfer over your Ultimate Rewards points to the Chase Sapphire Preferred Card (or Ink Business Preferred card), then you can use that card to transfer into hotel and/or airline miles. If you value those miles/points at more than 1 cent per point, then your 1.5X rewards from this card can be significantly higher. Examples:

– You could earn 1.5 United miles per dollar spent.
– You could earn 1.5 Hyatt points per dollar spent.
– You could earn 1.5 British Airways Avios per dollar spent.
– You could earn 1.5 Southwest Rapid Rewards points per dollar spent.

For example, if you placed a perceived value of 1.5 cents on each United mile or Southwest Rapid Rewards point, then you’d receive 2.25 cents of perceived value per dollar spent with this card. Your actual numbers will depend on your own specific redemption choices.

Many people aren’t aware of the fact that they can apply for business credit cards, even if they are not a corporation or LLC. The business type is called a sole proprietorship, and these days many people are full-time or part-time consultants, freelancers, eBay/Amazon/Etsy sellers, or other one-person business owners. This is the simplest business entity, but it is fully legit and recognized by the IRS. On a business credit card application, you should use your own legal name as the business name, and your Social Security Number as the Tax ID.

Note that Chase has an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards from any issuer on your credit report within the past 2 years (aka the 5/24 rule). This rule is designed to discourage folks that apply for high numbers of sign-up bonuses. This rule applies on a per-person basis, so in our household one applies to Chase while the other applies at other card issuers.

Bottom line. The Ink Business Unlimited Card has a large sign-up bonus and flat 1.5% cash back with no annual fee. This card is best for people who want simple and straightforward rewards. If you have certain other Chase credit cards, you can transfer Ultimate Rewards points over to those cards and increase your value. Be sure to compare with other Chase small business cards – Ink Business Preferred and Ink Business Cash.

Chase Ink Business Cash Card Review: $500 Cash Bonus, 5% Back Categories, No Annual Fee

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone.”

inkcash2018Chase has freshened up their line-up of small business credit cards. The Ink Business Cash Card is offering a $500 cash bonus for new cardholders, along with 5% cash back and 2% cash back on select small business categories. Here are the details:

  • $500 cash bonus after you spend $3,000 on purchases in the first 3 months.
  • 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year.
  • 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.
  • 1% cash back on all other card purchases with no limit to the amount you can earn.
  • 0% introductory APR for 12 months on purchases and balance transfers.
  • Free additional cards for employees.
  • No annual fee.

Ultimate Rewards points. The cash sign-up bonus actually comes in the form of Ultimate Rewards points at 1 point = 1 cent in cash. 50,000 points = $500 cash. If you have one of the other annual fee cards that offer a boost in value like the Ink Business Preferred, Sapphire Preferred, or Sapphire Reserve, you can transfer your points between Ultimate Rewards accounts and redeem using that other card’s 25% travel bonus. This can increase the value of your points.

You could think of this card as the small business version of the Chase Freedom card.

Leveraging the 5% back bonus categories. Putting all of your small business cell phone, landline, and internet bills on the card and getting 5% back is pretty handy. For example, even just $200 a month x 12 months x 5% back is $120 back a year without changing your spending habits. Now let’s take the office supply store category and the fact that you can buy gifts cards to Amazon.com and other retailers at such office supply stores like Staples and OfficeMax… now you can effectively discount many of your other purchasing needs by 5% as well. Putting those purchases on such gift cards upfront can also help you meet the spending requirement for the bonus.

Many people aren’t aware of the fact that they can apply for business credit cards, even if they are not a corporation or LLC. The business type is called a sole proprietorship, and these days many people are full-time or part-time consultants, freelancers, eBay/Amazon/Etsy sellers, or other one-person business owners. This is the simplest business entity, but it is fully legit and recognized by the IRS. On a business credit card application, you should use your own legal name as the business name, and your Social Security Number as the Tax ID.

Note that Chase has an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards from any issuer on your credit report within the past 2 years (aka the 5/24 rule). This rule is designed to discourage folks that apply for high numbers of sign-up bonuses. This rule applies on a per-person basis, so in our household one applies to Chase while the other applies at other card issuers.

Bottom line. The Ink Business Cash Card has a large sign-up bonus and ongoing features of 5X/2X categories with no annual fee. This card is best if you have significant expenses in the special 5% and 2% categories above. If you have certain other Chase credit cards, you can transfer Ultimate Rewards points over to those cards and increase your value. Be sure to compare with other Chase small business cards – Ink Business Preferred and Ink Business Unlimited.

Motivation: Take Advantage Of Being 29, 39, 49, or 59 Years Old

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone.”

40greatI’m turning 40 years old this summer. This number has always been a psychological marker for me. I’ve always wanted to be financially secure and have started a family by age 40. According to this Atlantic article by Daniel Pink*, I’m far from the only one. Consider marathons:

Four people in four different professions living in four different parts of the world, all united by the common quest to run 26.2 miles. But something else links these runners and legions of other first-time marathoners. Red Hong Yi ran her first marathon when she was 29 years old. Jeremy Medding ran his when he was 39. Cindy Bishop ran her first marathon at age 49, Andy Morozovsky at age 59.

All four of them were what the social psychologists Adam Alter and Hal Hershfield call “nine-enders,” people in the last year of a life decade. They each pushed themselves to do something at ages 29, 39, 49, and 59 that they didn’t do, didn’t even consider, at ages 28, 38, 48, and 58—and didn’t do again when they turned 30, 40, 50, or 60.

The article contains several other insights that definitely applied to me. According to Alter and Hershfield:

“People are more apt to evaluate their lives as a chronological decade ends than they are at other times,” Alter and Hershfield explain. “Nine-enders are particularly preoccupied with aging and meaningfulness, which is linked to a rise in behaviors that suggest a search for or crisis of meaning.”

According to psychologist Clark Hull:

At the beginning of a pursuit, we’re generally more motivated by how far we’ve progressed; at the end, we’re generally more energized by trying to close the small gap that remains.

You could tell yourself that being 29 is no different than being 28 or 30, or you can just use this behavioral quirk to reach your goals. I’ve been working on “closing the gap” in terms of getting all my financial affairs in order. Here are all the things that I’ve been working on as a 39-year-old:

  • Created a system to simulate a monthly “paycheck” so that things run smoothly and the bill gets paid even if I am not around to micromanage things (like I usually do). Dividends and interest flow to the emergency fund/cash buffer (savings account), which then automatically transfers a set amount each month to our day-to-day checking account.
  • Beefed up our cash buffer. As part of the above-mentioned system, I increased our cash hoard to two years of expenses in FDIC-insured savings accounts and CDs. The idea is that this buffer “bucket” feeds the checking account, but also gets replenished by income and interest from our portfolio. As larger upfront expenses like a home repair or used car purchase comes up, the buffer can take a hit. The dividends come in quarterly spurts. The buffer allows us to handle shocks without disruption.
  • Re-examined term life insurance. We are currently 10 years into a 30-year term policy with a level premium. We technically don’t need to replace any lost income anymore, so we considered canceling this policy. However, we decided that if something were to happen to one of us, we would still need to pay someone to replace childcare duties for three children. I don’t know how other single parents do it, but I know that I’d need help!
  • Moved some missing assets into revocable living trusts for estate planning purposes. When we created this trust, we were mostly concerned about having a plan in place to take care of the children in case something happened to both of us. After you create a trust, you must manually move/retitle all your various brokerage accounts into it, and the paperwork can be a pain.
  • Consolidated accounts. I still have a penchant for collecting new financial accounts, but I’ve also closed a bunch this year. Our grandparents used to hide money in jars around the house. I like to buy shares of Berkshire (BRK) and put them in brokerage accounts (often involving a bonus, and BRK gives off no dividends to worry about at tax time). I started over a decade ago with Sharebuilder (now Capital One Investing) and most recently got $5 worth from Stash.
  • Bought a used 2015 Toyota minivan so that we have a reliable family vehicle for the next 10 years. I love sliding doors. I hate the inconvenience of a car breakdown.
  • Started and put some money into a 529 plan for each kid. The amount isn’t enough to cover four years of college, we’ll just have to see how much it can grow as compared to tuition. I read somewhere that you should plan to save 1/3rd, fund 1/3rd from annual income, and leave the last 1/3rd for scholarships, grants, or student loans.

Everything on this list was being putting off because it was unpleasant. Most either dealt with the prospect of early death/severe disability, or annoying paperwork. The prospect of turning 40 got me over the hump. Next decade: Marathon at age 49?

* The article is actually an excerpt from his new book When: The Scientific Secrets of Perfect Timing.

https://www.renault.niko.ua/

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