Over the last week we've seen reports that Chase will update it's Ink Plus Business Credit Card in the near future.
One of the major speculations was that Chase will scrap the 5x office supplies bonus earning category.
Per this Bloomber article it appears that this will be the case and Chase will be launching a totally new version of the Ink card.
The new card which will roll out later this year will be called Chase Ink Business Preferred.
There was no exact launch date mentioned in the article, but there are a few interesting details regarding what benefits the card will offer.
New Chase Ink Business Preferred
Here are the details we know so far:
- The card will be called the Ink Business Preferred.
- Sign-up bonus: 80,000 Ultimate Rewards after spending $5,000 within the first 3 months (OFFER EXPIRED).
- Bonus categories: Earn 3x points per $1 on travel, telecom, shipping, and advertising on social media and search engines (up to $150,000 per year).
- Release date: Currently unknown.
Will the Ink Plus Disappear?
The most likely scenario is that the Ink Plus will disappear sometime in the future before the Ink Business Preferred card is launched. This means it's likely that it is only time before applications for the card are pulled, but who knows when.
One major question that remains is what will happen to the existing Ink Plus card and whether or not the 5x-2x-1x earning structure will be grandfathered in for existing cardholders.
5/24 and Best Strategy
Whenever a new card product is released there is always potentially a best strategy to take advantage of the earning the most benefits and points.
Here's a breakdown of what may be the best strategy if you are either under or over Chase's 5/24 rule.
Under 5/24. If you are still under 5/24 you realistically have two strategy options. The first would be to apply for the Ink Plus card that currently offers a 70,000 point welcome bonus in branch. In the meantime you can also take advantage of it's 5x points earning an office supply stores, but who knows how long that benefit will last.
After the Chase Ink Business Preferred card is released and if Chase follows what it has done in the past, the new card will be considered a new card product. This means that you will be eligible to earn the welcome bonus on the new card (if you are still under 5/24), even you have earned the welcome bonus on the Ink Plus previously (it was actually possible to earn multiple Ink Plus welcome bonuses with different businesses).
In the worst case, if you apply now and the new card comes out within 3 months and it is not a different product, you should be able to get the bonus offer matched.
Over 5/24. If you are like many you're well over 5/24, which means you likely won't have access to this card if it falls under the rule (which it likely will be). However, like the Chase Sapphire Reserve card that was released in August it may be possible to be pre-approved for it in branch.
The best way to check is to go into a Chase branch after the card is launched and see what pre-approved offers pop up for you. If you're lucky this card will show up under the pre-approved Chase credit cards and you are automatically approved for it.