topic Re: CSP vs Ink Plus in Credit Cards

CSP vs Ink Plus

Anonymous — Sun, 07 Apr 2013 20:26:16 GMT

Currently not applying for either, but what are the thoughts on these two cards?

To me, the Ink seems to be a better card, because the categories it covers (5x telecom and Office Supplies) aren't easily available on other cards, whereas 2x dining and travel are covered by lots of cards. It does have a higher initial spend requirement (5k vs 3k) but also a bigger bonus (50K vs 40k)

But most people seem to go CSP! Is this because people are wary of applying for business cards, because it doesn't help utilization, or are they really harder to get? (Or something else!)

Re: CSP vs Ink Plus

Anonymous — Sun, 07 Apr 2013 20:55:56 GMT

Don't you need to have a business, or at least be management level of a business to represent your firm to open a business card?

Re: CSP vs Ink Plus

Mailak — Sun, 07 Apr 2013 21:04:27 GMT

@Anonymous wrote:
Don't you need to have a business, or at least be management level of a business to represent your firm to open a business card?

I think people tend to put sole proprietor and just put their name for business name or something like that. It's not something that I would would do for myself. So, that's why I would go for the CSP over the ink meant for business.

Re: CSP vs Ink Plus

Anonymous — Sun, 07 Apr 2013 21:10:54 GMT

@Mailak wrote:
@Anonymous wrote:
Don't you need to have a business, or at least be management level of a business to represent your firm to open a business card?
I think people tend to put sole proprietor and just put their name for business name or something like that. It's not something that I would would do for myself. So, that's why I would go for the CSP over the ink meant for business.

to my understanding don't you either have to own your own business, or to be a consultant, in order to be a "self proprietor?"

I am interested in that card too, and I am self employed. However I am doing stock trades and investing in real estate, so I do not have a company registered since I'm doing it under all my name. Because of this I have always kept myself away from business cards

Re: CSP vs Ink Plus

Anonymous — Sun, 07 Apr 2013 21:14:18 GMT

Many people use this as sole props, advice given on various forums "if you sell stuff on ebay, yard sales you can apply etc." So the threshold is low. The app asks for business revenue, in theory they could ask for documentation/tax schedule but they don't seem to.

Re: CSP vs Ink Plus

Mailak — Sun, 07 Apr 2013 21:17:42 GMT

@Anonymous wrote:
@Mailak wrote:
@Anonymous wrote:
Don't you need to have a business, or at least be management level of a business to represent your firm to open a business card?
I think people tend to put sole proprietor and just put their name for business name or something like that. It's not something that I would would do for myself. So, that's why I would go for the CSP over the ink meant for business.

to my understanding don't you either have to own your own business, or to be a consultant, in order to be a "self proprietor?"

I am interested in that card too, and I am self employed. However I am doing stock trades and investing in real estate, so I do not have a company registered since I'm doing it under all my name. Because of this I have always kept myself away from business cards

Hmm, sounds like a bit of a gray area to me, where you are self-employed but are not incorporated. I think the terms and conditions should be fairly clear on who qualifies. It sounds as if you might possibly be eligible depending on the rules. I would check the T&C and the legalese!

Re: CSP vs Ink Plus

Anonymous — Sun, 07 Apr 2013 21:18:06 GMT

@Anonymous wrote:
Many people use this as sole props, advice given on various forums "if you sell stuff on ebay, yard sales you can apply etc." So the threshold is low. The app asks for business revenue, in theory they could ask for documentation/tax schedule but they don't seem to.

what i'm worried most is if they ever decide to ask me for any business documentation later on. I am kinda my own business but legally I did not registered one since there's no real need for me to. One fine day if they ever ask me for it, I don't want to have my card cancelled and fall into Chase's bad grace

Re: CSP vs Ink Plus

Anonymous — Sun, 07 Apr 2013 21:24:42 GMT

@Anonymous wrote:
@Anonymous wrote:
Many people use this as sole props, advice given on various forums "if you sell stuff on ebay, yard sales you can apply etc." So the threshold is low. The app asks for business revenue, in theory they could ask for documentation/tax schedule but they don't seem to.

what i'm worried most is if they ever decide to ask me for any business documentation later on. I am kinda my own business but legally I did not registered one since there's no real need for me to. One fine day if they ever ask me for it, I don't want to have my card cancelled and fall into Chase's bad grace

The T&Cs look fairly standard, apart from:

By becoming a MasterCard BusinessCard cardmember, you agree that the card is being used only for business purposes and that the card is being issued to a public or private company including a sole proprietor or employees or contractors of an organization.

I guess if your biz is selling on e-bay, using the card to get 5x off internet and phone, IS a business expense, but some other things might not be!

Re: CSP vs Ink Plus

myjourney — Sun, 07 Apr 2013 21:26:02 GMT

How do ypu file taxes W2 ...1099?

Re: CSP vs Ink Plus

Anonymous — Sun, 07 Apr 2013 21:28:33 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Many people use this as sole props, advice given on various forums "if you sell stuff on ebay, yard sales you can apply etc." So the threshold is low. The app asks for business revenue, in theory they could ask for documentation/tax schedule but they don't seem to.

what i'm worried most is if they ever decide to ask me for any business documentation later on. I am kinda my own business but legally I did not registered one since there's no real need for me to. One fine day if they ever ask me for it, I don't want to have my card cancelled and fall into Chase's bad grace

The T&Cs look fairly standard, apart from:

By becoming a MasterCard BusinessCard cardmember, you agree that the card is being used only for business purposes and that the card is being issued to a public or private company including a sole proprietor or employees or contractors of an organization.

I guess if your biz is selling on e-bay, using the card to get 5x off internet and phone, IS a business expense, but some other things might not be!

if one can prove he has a business registered to sell stuff on ebay or any e-commerce platform, he should be fine.

i do not have a business registered for that, and legally under tax laws I don't think I am classified as a business either by selling a few stuff online or offline unless I do register it

Re: CSP vs Ink Plus

Open123 — Sun, 07 Apr 2013 21:41:13 GMT

@Anonymous wrote:
Currently not applying for either, but what are the thoughts on these two cards?

In my view, the Inks are the better overall cards.

Given the usefulness of 5X on office supplies and all telecom/cable purchases, this card will earn points at a much faster rate than the CSP. Given that I've got the Ink, I'd rather pay the fee on the business card since it's a tax deduction and downgrade the CSP to the Sapphire for the 2X dining. This way, I can avoid the $95 CSP fee, and all of the points on the Sapphire will be fully transferrable because of the Ink card.