Update: These offers have expired!
Previously the public signup bonus has ranged from 20K-30K points. 50K Chase points is by far the best public signup bonus for this card! In fact it’s one of the richest signup bonuses I’ve ever seen on a card that has no annual fee.
This card is marketed as a cash back card, which is why it says it has a $500 signup bonus. Don’t be fooled by that, in fact it earns Chase Ultimate Rewards points that can be cashed out for 1 cent each and you will receive $500 or 50,000 points for signing up.
You are able to get this card as well as the Chase Ink Business Preferred card, which offers 80K points after $5,000 of spending within 3 months. If you are approved for both cards you would have at least 138,000 points after meeting the spend thresholds.
What makes this card so great?
Besides for not having an annual fee and now having an awesome signup bonus, the Chase Ink Cash card is part of my Chase Quadfecta and is highly recommended for anyone trying to maximize their spending.
It earns a whopping 5 points per dollar at office supply stores and on internet, cable, and cell phone bills. It also earn 2 points per dollar on at gas stations and restaurants. You can earn the bonus points on up to $25K in annual spending on the 5 point categories and up to $25K in annual spending on the 2 point categories. Again, these categories are advertised as 5% cash back and 2% cash back, but you will actually get 5 or 2 Chase Ultimate Rewards points per dollar spent in those categories.
You can even earn 5 points per dollar for cell phones that are charged on your bill or bought from sites like Samsung.
You can earn 5 points per dollar for hundreds of other stores by buying gift cards at office supply stores like Office Depot/Max and Staples. If you shop at Amazon, Airbnb, Bed Bath & Beyond, Bloomingdale’s, BP, Cabela’s, Delta, DisneyLand/DisneyWorld, eBay, Express, Gap, Google Play, Groupon, Home Depot, iTunes, JCrew, Kohl’s, Lands End, LLBean, Lowe’s, Macy’s, Marshalls, Nike, Nordstrom, Safeway, Sears, Shell, Southwest, Starbucks, StubHub, Target, TJMaxx, Uber, Whole Foods, and much more, you can be earning 5 points per dollar by buying their gift cards at office supply stores on an Ink Cash card. Some gift cards are available online and many more are available in store.
Your local school or charity will be more than happy to accept donations of Amazon gift cards for supplies or any other useful gift cards for chinese auctions, raffles, fundraisers, etc. They will give you a tax deductible receipt for the full face value-the price you paid for the gift cards. And at the same time you’ll earn 5 points per dollar. So while doing good you can still get a nice chunk of points and you’ll save on your taxes!
You can even buy $300 Visa gift cards from Staples from the comfort of your home, which will earn 5 points per dollar.
Cash back on top of points:
This card is also eligible for additional cash back via Visa Savings Edge. That means you can get points plus 2% cash back at Chevron, Sheetz, AutoZone, or Texaco. You’ll earn points plus 3% cash back at NewEgg and Boost Mobile. You’ll earn points plus 4% cash back at Alamo, National, and MGM hotels. You’ll earn points plus 5% cash back at B&H, Lenovo, and Wyndham hotels. Some of those discounts are limited. For example the Boost Mobile and MGM cash back is capped at $100 per year. The NewEgg cash back is capped at $200 per year. The B&H cash back is capped at $150 per lifetime. However you can get unlimited free additional user cards and each of those get their own cash back limits!
The Ink Cash card offers 0% APR on purchases and balance transfers for 12 months.
While carrying balances on consumer cards can have a very harmful effect on your credit score, because the Ink Cash card is a business card, those balances won’t hurt your credit score.
Business card information, benefits, and 5/24:
This is a business card, but you may already have a business that needs a card to keep track of expenses. For example if your name is Joe Smith and you sell items online, or if you have any other side business and want a credit card to better keep track of business expenditures you can open a business credit card for “Joe Smith Sole Proprietorship” as the business. You don’t need to file any messy government paperwork to be allowed to do that. Just be sure to select “Sole Proprietorship” as the business type and just use your social security number in the Tax Identification Number field.
If you’re like me and you run more than one business you can signup for multiple of the same card for each business to manage each businesses expenses separately.
All Chase cards that earn Ultimate Rewards are subject to 5/24 restrictions, read more about that here.
However, it’s important to note that business cards from most banks, including Chase business cards, do not get added to your 5/24 count of recently opened cards. That’s because business cards from most banks don’t show up on your personal credit report and the 5/24 count is based off of your personal credit report.
Another benefit of the card not reporting on your personal credit report is that when you spend money on personal cards your credit score will be hurt even if you pay your bill on time. A whopping 30% of your credit score is based on credit utilization. You can pay off your card bill before your statement is generated to avoid that, but that takes effort and laying out money well before you have to. Additionally it’s good to have the statement close with a couple dollars to show the card is active and being paid every month. On an business cards from banks like AMEX and Chase it’s just not reported, so you can wait until the money is due without it having a negative effect on your score. That also means if you close the card, it won’t have an effect on your credit score.
Cash back or miles:
You can of course cash out the points earned on this card for 1% cash back. I hope that you won’t do that. While this card can’t transfer points into miles, Chase allows you to transfer points to cards where they can be transferred into miles or redeemed for a greater value. My goal is to receive a value of 2 cents per point via transfers to miles and that makes the 2 points categories worth 4% back and the 5 point categories worth 10% back. The minimum value you can receive for your points is 1.5 cents each thanks to Sapphire Reserve and that makes spending on this card worth a minimum of 3% back for the 2 point categories and 7.5% back for the 5 point categories.
The signup bonus is marketed as $500, but it will actually come in the form of 50,000 points which are worth $750-$1,000.
If you or anyone in your household has one of the following cards, you can transfer your points into miles:
- Chase Sapphire Reserve (Earn 50K points for spending $4K in 3 months. $450 annual fee, less $300 annual free travel spend=$150 net annual fee).
- Chase Sapphire Preferred (Earn 50K points for spending $4K in 3 months).
- Chase Ink Business Preferred (Earn 80K points for spending $5K in 3 months. $95 annual fee).
Why I prefer miles over cash back: Chase Ultimate Rewards are highly versatile and valuable:
- If I want to stay in a 5 star Park Hyatt in the Maldives, Melbourne, NYC, Paris, Sydney, or Tokyo that would cost over $1,000/night, I can instantly transfer 25-30K points to Hyatt to do that, a value of up to 6 cents per point.
- If I need a last minute flight from Cleveland (or Chicago, Detroit, Miami, Montreal, Orlando, Pittsburgh, Toronto, etc) to NYC that can cost $500 each way, I can instantly transfer 7.5K points to British Airways to book a short-haul on American with no last minute booking fees. Or if American doesn’t have availability I can instantly transfer 10K points to United for their short-haul award. That’s a value of up to 7 cents per point.
- If I want to stay in a non-chain hotel that costs $300/night and don’t want to pay cash, I can redeem 20K points for the room thanks to my Sapphire Reserve card’s minimum redemption value of 1.5 cents per point.
- If I want to fly in a $25,000 ANA First Class Suite round-trip from the US to Tokyo, I can instantly transfer 110K or 120K points to Virgin Atlantic. That’s a value of up to 23 cents per point.
- If I want to book a $2,285 business class ticket on Air Canada to Tel Aviv I can redeem 152K points for the flight thanks to my Sapphire Reserve card’s minimum redemption value of 1.5 cents per point. Plus I’ll earn 25K United miles as it’s considered a paid flight.
- If I want to fly in a $11,000 Korean first class suite one-way from the US to South Korean, I can instantly transfer 80K points to Korean and take advantage of their amazing award availability. That’s a value of up to 14 cents per point.
- And thousands of other possibilities from Singapore couples suites to booking Southwest awards with 2 free bags and free cancellations, to stealing 2nd base in middle of an MLB game.
Will you be signing up for an Ink Cash card?