Good evening everyone, I just got home and checked my mailbox. Inside, there was a letter from Chase with details about upcoming changes to the Chase Ink Bold Business Charge Card, effective August 31, 2015. Here is the summary of both changes:
- Currently, the Chase Ink Bold is a charge card, meaning you must pay your balance in full, otherwise you will be charged a fee. The new Chase Ink Bold will allow you to pay your balance over time (instead of being charged a fee, you will instead pay interest on any balance that is not paid in full by your payment due date).
- Currently, the Chase Ink Bold has a flexible spending limit whereby you are allowed to go over your preset spending limit. The new Chase Ink Bold will have a stated credit access line (aka a credit line/limit) that will be shown on your monthly statement.
In summary, if you pay your balance in full every month and do not go over your stated credit access line, then these changes do not affect you. This looks like Chase’s attempt to slowly transform the Chase Ink Bold into a Chase Ink Plus, which makes sense since only the Chase Ink Plus and Chase Ink Cash business cards are currently available for new applications.
Here is the back of the letter with a few questions and answers. Nothing surprising here, except that this change creates “greater flexibility and transparency” for my Chase Ink Bold Business Charge Card. What if I want less flexibility and transparency? I’m fine with the current level of flexibility and transparency of my Chase Ink Bold Business Charge Card.
Last but not least, here is the second letter showing interest rates, annual fees, and other fees. Nothing appears to have changed in that department, except for the fact that I now know what my interest rate is now (previously I had no idea, nor did I care to know).
If you have a Chase Ink Bold Business Charge Card, you will probably receive a similar letter in the next few days. I also have a Chase Ink Plus Business Credit Card, but I have not received any letter or documentation about any upcoming changes.
If you have any questions, please leave a comment below. Have a great weekend everyone!