ORD-TGU, your 'net $375' only represents the difference between spending $50K paying rent (using Ink Bold to buy Vanilla Reloads, to then use at William Paid -- let's just call this whole thing 'WP' for short) over spending $50K elsewhere using your regular old CC.

But the comparsion doesn't mean anything.

Perhaps we've misunderstood what you meant, but, if for example one is deciding whether to use WP to pay rent, versus, not using them, the comparison is:

1) Using WP (*remember it means all that Chase Ink Bold stuff previously defined)

Reward = Rent Amount * (Ink Bold Reward% - Vanilla Reload Fee% - WP Fee %)
Reward = $50K * (5% - 0.8% - 2.45%)
Reward = $50K * 1.75%
Reward = $875

2) Not Using WP

Reward = Rent Amount * Reward percent for writing a check
Reward = $50K * 0%
Reward = $0

So, using 'WP' in the Ink Bold scenario actually nets you $875 on paying your $50K in rent, period, not $375. Unless of course you know of a way to pay rent where they only accept 1% credit cards, and they won't charge a fee for using that 1% card, and you're comparing this method (that I don't know of) against WP. That seems to be the 'net $375' you spoke of.

I think, then again, I may have misunderstood what you were comparing.

Indeed!!

Then it actually get's worse, far worse!

Reward = Rent Amount * (regular reward card% - WP Fee %)
Reward = $50K * (1% - 2.45%)
Reward = $50K * (-1.45)%
Reward = -$725