Need Advice - I'm a newbie!!

[arikor]

Hi all, I recently started using points credit cards personally and now want to do the same for my non-profit that I run.

I am selecting between different versions of the Chase INK

I will only spend maybe 10-15K/year on this card. Mostly it will be for things like groceries and supplies to help run a Jewish education org.

The travel card offers 80K points but has an APR first year and a $95 annual - maybe this can be downgraded after year 1? Also no foreign fees, which is somewhat helpful for our (limited) travel.

The cash-back cards have 0% first year and no annual fee. The cash back seems nice but not sure if as valuable as the travel points? We don't "need" the travel points but they're nice and at very least I'd offer them to employees as perks or something.

Any advice about which to go with? Thanks!!

[Dan]

https://www.dansdeals.com/credit-cards/businesscreditcards/get-chase-ink-preferred-ink-cash-card-heres-comparison-chart-differences/

[PillanSmye]

If APR is of concern to you, then you are planning to revolve debt.  In that case you need to be looking at cards with no rewards and low interest rates.   Rewards cards always have higher interest rates - that's how the lenders pay for the rewards.

[arikor]

Thanks. So I don't plan to revolve TOO MUCH - but maybe 1-3 months at a time depending on time of year. Often I'll pay off at once. Is there a general sense of how many months of holding it makes it no longer worthwhile?

[LoLo]

Thanks. So I don't plan to revolve TOO MUCH - but maybe 1-3 months at a time depending on time of year. Often I'll pay off at once. Is there a general sense of how many months of holding it makes it no longer worthwhile?

That would depend on the amount of debt you plan on revolving, but it's a dangerous road to take.

[ckmk47]

At 18% APR interest you're paying 1.5% a month.
If you make 1.5 ppd you break even in 1 month. And you lose money any time longer than that. 
This game is only played well if you pay off every month's charges.


If you can predict when you'll certainly pay it off, maybe that month use a point card. Otherwise stick with 0 APR cards.

[LoLo]

At 18% APR interest you're paying 1.5% a month.
If you make 1.5 ppd you break even in 1 month. And you lose money any time longer than that. 
This game is only played well if you pay off every month's charges.


If you can predict when you'll certainly pay it off, maybe that month use a point card. Otherwise stick with 0 APR cards.

He's referring to the welcome bonus value, not the ppd on spend.