Just like folks dream of bucket list destinations, many of us in the miles and points hobby have a wish list of cards they hope to get someday. But because of bank application rules, sometimes you can’t apply for the cards you want right away.
Million Mile Secrets team member Jasmin is impatiently waiting to fall below Chase’s “5/24” rule to become eligible for the card that most tempts her right now. I’ll let her tell you about it.
Jasmin: I’ve opened way more than 5 accounts in the past 24 months, so I can’t earn the sign-up bonus on most Chase cards. Yet!
My top priority when I fall below “5/24” is to apply for the Ink Business Preferred℠ Credit Card. Because the huge sign-up bonus will be a substantial boost to my Chase Ultimate Rewards points stash. And I’ll save money on cell phone insurance!
Why the Chase Ink Business Preferred Is Next on My List
Link: Ink Business Preferred℠ Credit Card
Link: My Review of the Chase Ink Business Preferred Card
The Chase Ink Business Preferred currently has the highest sign-up bonus of any Chase Ultimate Rewards points earning card. You’ll earn 80,000 Chase Ultimate Rewards points after spending $5,000 on purchases in the first 3 months of opening your account. That’s worth $800 in cash back or $1,000 in travel when you book through the Chase Ultimate Rewards travel portal!
You’ll also get:
- 3X Chase Ultimate Rewards points for every $1 you spend on travel, shipping purchases, internet, cable and phone services, advertising purchases made with social media sites, and search engines (up to a maximum of $150,000 in combined purchases per account anniversary year)
- 1X Chase Ultimate Rewards points on all other purchases
- Up to $600 in cell phone insurance when you pay your cell phone bill with the card
- 25% bonus when you redeem points through the Chase Ultimate Rewards travel portal
- Primary auto rental insurance (CDW) when renting for business purposes, plus purchase and extended warranty protection
The annual fee is $95 (NOT waived for the first year). But I’ll show you later why paying the annual fee on the Chase Ink Business Preferred is worth it for me.
I really want this card! Like team member Keith, I’ve been applying for small business cards exclusively for ~1 year because they don’t show up on your personal credit report. So Chase won’t include them when they consider how many cards you’ve opened in the past 24 months.
I’ll get below “5/24” in May 2018. It seems like I’ve been waiting forever! 🙁
I qualify for small business cards because I do reselling in my spare time. Even if you’re not making a ton of money, so long as you’re aiming to earn a profit, you could be eligible for a small business card with a side hustle.
Beyond the sign-up bonus, it makes the most sense to apply for a Chase small business card first when I fall below “5/24,” instead of a personal card. Because Chase small business cards don’t show up on your personal credit report either!
So I’ll still have room for another personal Chase card after I get the Chase Ink Business Preferred. If I applied in the opposite order (personal card before business card), the personal card would show up on my credit report. And knock me out of the running for most Chase cards for another spell.
I’ve got big plans for the Chase Ink Business Preferred sign-up bonus. But those aren’t the only reasons I want the card.
1. A Huge Boost Towards Big Travel
Like Daraius, Chase Ultimate Rewards are my go-to transferable points. Most often, I transfer them to Hyatt, because we’ve always received outstanding customer service (and incredible experiences) at Hyatt hotels. Seriously, ask my kids what their favorite hotel chain is (but don’t mention the DoubleTree cookie because that’ll skew the result). 🙂I earn a moderate number of Chase Ultimate Rewards points each month with everyday spending on my Chase Sapphire Preferred Card, Chase Freedom, and Chase Ink Plus (no longer offered) cards. But there’s always a sting when I transfer points to an airline or hotel partner and see my balance drop significantly.
Recently, I traveled to Paris with my mom and youngest daughter. And transferred 45,000 Chase Ultimate Rewards points to Hyatt for our 3-night stay at the Hyatt Regency Paris Etoile. We saved ~$800!
Paris was an incredible trip. But you know that crummy feeling you get when your bank account balance drops below your comfort level? I felt the same anxiety looking at the number of points I had left.
I’d already been dipping into my Chase Ultimate Rewards points a LOT this year. And I like to keep a decent stash of Chase Ultimate Rewards points on hand, in case we plan a last-minute trip, like team member Meghan recently did. Or need to travel for an emergency. It’s like a safety net.
So as much as the kids and I will enjoy Big Travel with the Chase Ink Business Preferred sign-up bonus, it’ll also be a psychological pick-me-up. The bonus will top-up my Chase Ultimate Rewards account to the point where I don’t cringe when I check the balance!
2. Protection for Cell Phone Klutzes (Like Me)
There was a (rather embarrassing) incident with my iPhone 6s recently. I broke the cardinal rule of cell phone safety – never leave your phone in your back pocket when you visit the restroom!
My iPhone went for a swim. Thanks to my cat-like reflexes years of motherhood, I was able to grab the phone with lightning speed out of the toilet (picture that if you will). And fortunately, all it sustained was screen damage. Meanwhile, I about had a breakdown thinking of all the vacation photos I hadn’t yet backed up! Lesson learned.
All this got me thinking about the cost of cell phone insurance. When I first got the phone, I signed-up for AT&T Device Protection, which costs ~$9 per month, or $108 per year. It covers screen repair ($89 deductible) or phone replacement ($225 deductible for my model) due to loss, theft, damage, or malfunction.
With the Chase Ink Business Preferred, I’ll get automatic cell phone insurance up to $600 (with a $100 deductible) when I pay my monthly bill with the card. It doesn’t matter that I used a different card to buy the phone, so long as it was purchased new. And it’s easy to file a claim.
The only downside is that Chase’s coverage does NOT include loss, but AT&T’s does.
Saving ~$108 on by skipping AT&T’s cell phone protection more than makes up for the $95 annual fee on the Chase Ink Business Preferred. That’s a great reason for me to keep the card for the long-term!
Yes, I’ll earn fewer Chase Ultimate Rewards points by paying my cell phone bill with the Chase Ink Business Preferred. It earns 3X Chase Ultimate Rewards points per $1 on phone service, compared to the 5X Chase Ultimate Rewards points per $1 I’m earning now by using my Chase Ink Plus (no longer offered).
But I’ll more than make up for the shortfall by shifting travel purchases, which earn 3X Chase Ultimate Rewards points per $1, to the Chase Ink Business Preferred. Because right now I’m only earning 2X Chase Ultimate Rewards points per $1 when I pay for travel with my Chase Sapphire Preferred. And I spend a LOT more on travel than I do on my mobile plan!
Bottom Line
Million Mile Secrets team member Jasmin can’t wait to fall below Chase’s “5/24” rule next year. And the first card she’ll get is the Chase Ink Business Preferred!
After meeting minimum spending requirements, the 80,000 Chase Ultimate Rewards point sign-up bonus will be a huge boost to her flexible points balance. And give her peace of mind if she needs to plan a trip with her family on short notice.
And because the Chase Ink Business Preferred comes with automatic cell phone protection when you pay your bill with the card, she’ll save ~$9 per month when she cancels her AT&T coverage. So the savings more than make up for the $95 annual fee.
Which card are you patiently waiting to apply for?