Why You Should Sign Up For the Ink Cash By May 20th
REPOSTING this since it is the final day before some potential changes could be made. Depending on your risk aversion it could be a good move to apply today if you were interested in the card. The new Chase Ink card will be released tomorrow and they usually only carry two Ink products at a time (axing the Ink Plus when the Ink Preferred was released etc.).
Doctor of Credit broke the news that a NEW Chase Ink card will be released on May 20th. It will be the Chase Freedom Unlimited of the Ink lineup. The new card will earn 1.5% on every purchase and it will come with no annual fee.
With the new card being introduced the common deduction most are making is that it will be replacing the Chase Ink Cash card. Chase has usually carried two Ink products and when a new one is introduced an old one is usually put out to pasture.
RELATED: Chase Ink Cash Credit Card Review
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Reading the Tea Leaves
There have been a lot of changes happening at Chase as of late and a few rumors as well. Chase just may be reducing the value of the Chase Sapphire Preferred some. And a quality source leaked that Chase is seriously considering moving away from points pooling in the Ultimate Rewards universe.
The points pooling rumor makes sense to me because the no fee cards offer an extreme amount of value when paired with the annual fee versions of the cards. The ability to pool your points with a premium card increases each no fee card’s points value by 50-100%. That means it is costing Chase 50-100% more than it needs to be. This is a problem for Chase especially after releasing the recent 3X earning offer on the Chase Freedom Unlimited.
If you pair that up with some of the other cost cutting changes that Chase has been doing and it looks like they are looking to trim some costs. They seem to be focusing the cost cutting on the Ultimate Rewards portfolio.
The Chase Ink Cash card may offer the best value of any card currently available when you talk about earning structure. It is the only card available that earns 5X points at office stores and on cable, phone and internet bills. The American Express Simply Cash earns straight cash back. That means it is the prime candidate to get axed…just like the Ink Plus did a few years back. The fact that people still carry the Ink Plus should give you some comfort that if they do pull the Ink Cash it seems likely they will let current card members keep the card for the time being.
Why Should You Consider Signing Up
There is a chance that none of this happens but there is also a risk of it being pulled. If you were already considering getting the card then I think you should do it before May 20th to reduce your risk of missing out. Especially since the bonus is at a all time high of 50,000 points which is better than most comparable cards.
If you sign up before May 20th it ensures that you are able to get in before it may be gone. If nothing happens in May then there isn’t really any harm done. By applying early you are hedging your bets and going with the safe play.
Remember that the Chase Ink Cash is a card that is under Chase’s 5/24 rule but it should not add to your 5/24 count. So if you are currently at 4/24 you will still be at 4/24 when approved. That is another reason it is worth jumping on now, since it won’t keep you from getting another Chase 5/24 card if you are approved.
If you are over 5/24 you may be able to still be approved for the card if you apply through a Business Relationship Manager – see Pam’s comment below!
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Conclusion
The Chase Ink Cash card is one of the best earners on the market and it has an increased bonus. If you were considering signing up for this card in the near future then you should seriously consider moving up the time frame for your application to before May 20th. I think it is the safe play and that there is a decent chance this card won’t be around much longer.
Make sure that you meet all of the business requirements before applying, that you are under 5/24, and that you are able to complete the minimum spend. If you don’t meet all of that criteria then wait until you do. It is better to wait and miss out then to use a hard inquiry and not be able to get the card or earn the bonus.
The Chase Ink Cash probably has the best bonus categories out there. Just be sure to transfer the points at the end of every month to a premium card, especially the 50,000 bonus points. You want to do that in case Chase changes the pooling rules. Even if Chase does eliminate pooling it would still be a valuable card. You would still earn 5% cash back at office stores, phone, cable, and internet purchases. It isn’t to hard to think of good ways to use that.
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[…] Good points. You can sign up for this card with my links, tired of being my own best customer Why You Probably Should Sign Up For the Ink Cash By May 20th. […]
Gotcha.. thx!!
Sorry – maybe misunderstood. Hold off on the product change? Or did you mean hold off on the transfer of UR from the biz ink preferred to a personal card (I have CSR, CF and CFU on personal. Was going to transfer all on the Ink Preferred Biz to CSR).
Thx!
Hold off on PC – I would do the transfer to CSR soon in case things change.
The new Ink Biz Unltd might also be a PC possibility for you, dep if the 1.5x everything is of more value? Something I’m considering down the road, at least.
If they eliminate transfers I wouldn’t touch it with a 10 foot pole. But if they stay intact it could be a good option. I think the Cash would be a better option for most people just like the Freedom vs Freedom Unlimited…except the Ink Cash is a vast improvement over the Freedom card.
I mean that Marty might consider a PC of his CIP to the new CIU & apply new for the CIC, depending on what the sign-up bonus looks like. I just got both the CIP & CIC and will downgrade the CIP in a year to the CIU. Definitely will hold onto 5x NF Cash as long as Chase lets us!
I thought I read some data points of shut downs for people transferring UR from their biz accounts to personal. Anything new with this or is it ok? I have about 90k in biz UR that I’d like to transfer.
I haven’t heard of that triggering shutdowns. As long as you are a user on both accounts you should be fine – especially if you are the primary cardholder.
Thanks! I’ll give it a shot.. appreciate it. I’m the only person on both accounts.
Can the Ink Preferred be product changed to the Ink cash (I spend more at office supplies, than the rest of the categories, but wanted the sign up bonus on the Ink Preferred). I realize I wouldn’t get the bonus again, and didn’t want to apply for another card, but was thinking I could product change down?
You can but with the rumors swirling around Chase shutting down transfers between cards in the next few months I would probably stand pat until the dust settles. If they back off that and you have a premium personal card then it is a great option imo.
Hey Mark, I was/am over 5/24, so I recently applied via my in-branch Business Relationship Manager. I was approved, but underwriting took longer than I’ve ever experienced.
Excellent – thanks for the DP. Looks like you may have got it just in time too!