Will Chase Ink Bold Eliminate Foreign Transaction Fees?

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Will Chase Ink Bold Eliminate Foreign Transaction Fees?

Million Mile SecretsWill Chase Ink Bold Eliminate Foreign Transaction Fees?Million Mile Secrets Team

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Kroozer (thanks!!) writes in to let us know that the Chase Ink Bold may eliminate the 3% foreign transaction fee.

“Since I obtained the Ink Bold card, I’ve been trying to get the 20% bonus for Chase checking customers.

In the process I have opened up a business checking account and now have a personal business banker at the local Chase branch.

Today he told me that he just returned from a (internal) conference call where he obtained the information that the Ink Bold card will eliminate the foreign transaction fees. For high spenders, it becomes much better card to keep than the Sapphire Preferred when the annual fee becomes due. Trade off the 2x points for dining and travel on the Sapphire Preferred against the Tier Bonuses with the Ink Bold.”

Potentially eliminating foreign transaction fees is just another example of how aggressively Chase is competing in the proprietary reward point (AMEX Membership Rewards, Citi Thank You points etc.) category.

Kroozer writes that the Chase Ink Bold may be a better card to pay the annual fee for if you can hit the tier bonuses:

  • 7,500 bonus points after spending $25,000
  • 15,000 bonus points after spending $50,000
  • 25,000 bonus points after spending $ 100,000

I believe that for most ordinary folks (Emily & I included!) who don’t spend a lot on credit cards and want to take award flights without paying a lot on taxes and fees, the Chase Sapphire Preferred with its double points on all travel and dining is a clear winner and is worth keeping for everyday spending (if such a thing exists after meeting your minimum spend requirements on other cards) and paying the annual fee.

For Big Spenders who can get the category bonuses, the Chase Ink Bold may be a better choice – especially if there are no foreign exchange fees.

But if the Big Spenders were to spend more than $3,166 on travel or dining annually and valued 1 Ultimate Rewards point at 1.5 cents per point they may be better off if they paid the annual fee for the Chase Sapphire Preferred as well.

That’s because $3,166 in dining and travel expenses is the minimum amount of spending needed to cover the cost of the $95 annual fee for the Chase Sapphire Preferred.

$3,166 in travel & dining spending X 2 points X 1.5 cents per point = $95.

This calculation will of course vary based on how much you value 1 Ultimate Rewards point.

Bottom Line:  Removing the 3% foreign transaction fee on the Chase Ink Bold will be a step in the right direction.  It makes the Chase Ink Bold a better card than the American Express Business Gold card for business owners who spend a lot of money on everything except airfare, gas, shipping and advertising.

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I am waiting to speak to the local branch business account manager but I called Chase and they didn’t know anything about eliminating the fees. Do you have any idea when this would go into effect?

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Million Mile Secrets

@AJK – You’re right that there is usually is an alternative use of the spending which should be considered. Perhaps I wasn’t clear, but I was comparing the Chase Ink Bold and the Chase Sapphire Preferred. Perhaps there is way to earn 2.0 cents per mile with another card, but that is not what what was compared in the post. Also, while you may get 2.0 cents per point in another program, that program likely has an annual fee which would also influence the calculation.

@EJS – I don’t have any inside information!

Actually, your calculations are a bit off. Though $3,166 at 3.0cpm = ~$95.00, you’re not taking into account the $3166 in points you could be earning if you had placed that spending on another card earning, for instance, 2.0cpm.

Thus, the real breakeven point would be $5277.33 (5277.33x.03=$158.32 less the $95 = $63.32, the same amount you’d get for putting $3166 on a card earning 2.0 cpm.)