News came out this morning from a Bloomberg article about rumors of Chase introducing a new card in the Chase Ink line titled the Chase Ink Preferred. Supposedly coming out later this year, it will come with a signup bonus of 80,000 Ultimate Rewards, but changed (devalued) bonus categories.
What we know about the Chase Ink Preferred
Unfortunately, what we know about the Chase Ink Preferred card is not a ton. The rumors are that it will come with an 80,000 point signup bonus, and no longer have the 5x category bonus on office supply stores. Doctor of Credit had heard rumors that all of the 5x categories AND the 2x categories (gas, hotel) would all be 3x. The Bloomberg article suggests other categories getting the 3x bonus (travel, telecommunications, shipping and advertising on social-media and search engines). The truth is probably somewhere in the middle as I’d imagine things are still a bit in flux at this point.
I can see why Chase might want to create a new Chase Ink Preferred card without the 5x bonus on office supply stores. I’d imagine originally the office supply bonus was meant for businesses, but in reality, I bet they have a ton of spend coming in on gift card and other deals that aren’t really “business” related.
Should you get a Chase Ink card now?
The real question at least for me is what will happen to people who already have a Chase Ink card (Ink Bold, Ink Plus or Ink Cash). The Chase Ink Plus is one of the few cards that I will pay the annual fee on. The amount of lucrative deals that exist mostly on gift cards and other things at office supply stores is worth much more to me
It’s still not certain whether current Chase Ink customers will be grandfathered in to the existing categories, but I’d say there’s at least a chance. So if you’ve been on the fence about getting a Chase Ink Cash or Chase Ink Bold card, I’d do it before too terribly long.
Why I (probably) won’t get the Chase Ink Preferred
Generally speaking, I’m a fan of credit card signup bonuses, and believe that, as long as you’re following the basics, you won’t hurt your credit score by applying for a large number of credit cards. But, I would highly suspect that the Chase Ink Preferred card, when it comes out, will be subject to the Chase 5/24 rule, and as such, both my wife and I will not be eligible.
If given the choice, I would keep my current Chase Ink Plus over the new Chase Ink Preferred because to me, the 5x bonus on office supply stores and telecommunication is worth much more to me. I hope that Chase keeps the Chase Ink Plus / Cash cards over
If you’re wanting to signup for a Chase Ink Plus or Chase Ink Cash card, the current top bonuses I’m aware of are 30,000 Ultimate Rewards after spending $3,000 in the first 3 months on the Ink Cash or 60,000 Ultimate Rewards after spending $5,000 in the first 3 months for the Ink Plus
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