Learn how to make an easy 100,000 points ($1000 cash or $1500+ in travel) with the Chase Ink Preferred business credit card!
Show notes:
Use my referral link to apply for the Chase Ink Preferred card.
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Rough transcript:
You’re listening to the Hurdy Gurdy Travel Podcast. I’m your host, Justin Vacula, here to help you travel the world at next to no cost with credit card points, miles, benefits, and rewards. Make money, save money, and take advantage of great deals!
Today’s episode focuses on the Chase Ink Preferred business credit card, which includes a massive welcome bonus of 100,000 points after $8000 spend in three months.
This welcome bonus is worth $1000 cash or $1500+ for travel – a high return on spend of about 12% to about 18% or more for a low annual fee of $95. Chase improved the Ink Preferred bonus from the old spending requirement was $15,000, so now is a great time to profit from this likely limited-time offer.
Rather than using the same old credit card, giving maybe a 1-2% return on most spending, or worse yet, cash or debit, it’s wise to add new credit cards to your wallet to get high welcome bonuses, travel benefits, bonuses on spending categories, and much more. Since 2018, I’ve opened numerous personal and business credit cards and shifted my spending to new cards to get what I consider to be very easy rewards from multiple banks.
Rewards, especially from welcome bonuses, have significantly impacted my life, amounting to plenty of vacations I wouldn’t have paid for out of pocket. I’ve also earned lots of cashback. Not only is most of my travel next to no cost, but I also often travel with better accommodations enjoying nice hotels, seat upgrades on flights, free food, status with various travel loyalty programs, and much more.
In August of 2023, the Chase Ink Preferred is one of the best available offers, especially when considering the 100,000-point welcome offer. Make the system work for you rather than being worked by the system.
In addition to the 100k welcome offer, the Chase Ink Preferred credit card offers 3x points on categories including shipping; advertising on social media and search engines; internet, cable, and phone services, and travel. Non-category spending earns 1x points. Points can be cashed out for one cent per point, so the 100k welcome offer is worth $1000, but I’d recommend using points for travel because you would get better value. I usually transfer my Chase points to the World of Hyatt hotel program and get 1.5 cents per point and often more, so 100k points would easily be worth about $1500.
Points transfers are very easy as you link your Hyatt account when logged into Chase’s website or app and select how many points you want to transfer. You can also transfer to other travel partners for decent value, including United, Air Canada, and Southwest or simply use the Chase travel portal for a fixed value of 1.5 cents per point to book travel.
As this is a business card, it helps to have an established business of a year or more and good personal credit with scores in the mid to high 700s. If you are just starting a business, consult your tax advisor and perhaps consider establishing an LLC through a website like IncFile or going the sole proprietor route for ease. However, taking shortcuts like sole proprietor can lead to credit denials or reconsideration calls with Chase. A business doesn’t have to make a large amount of money, as it can be something as simple as a podcast, YouTube channel, consulting, web design, or driving for rideshare services.
Already having a relationship with Chase, perhaps with other Chase credit cards or Chase checking accounts, personal or business, should improve your approval chances. A Chase personal checking account is usually a good first step before applying for a business card because you can establish or further build a Chase relationship. Very often, Chase will also give a $200 bonus for opening a personal checking account, so see checking account offers through Google and review terms.
Many getting started with points and miles have questions, usually about annual fees. With Chase and most card issuers, you’ll be held to paying an annual fee in the first year, but it’s well worth the investment as with the Chase Ink Preferred, you pay $95 for a bonus of 100k points and other features. After the second annual fee posts, about a year after the first annual fee, Chase gives a 30-day grace period to decide between keeping, canceling, or changing to a no annual fee card. Sometimes, calling in or using a chat feature can also allow for a retention offer.
With a retention offer, Chase or other issuers can waive or offset annual fees with points. You simply explain you are considering canceling the card because of the annual fee and sometimes get a retention offer. If you don’t get a retention offer, you can change the Chase Ink Preferred to a no annual fee card like the Chase Ink Cash or simply cancel the card and get an annual fee refund.
In no case, though, should you cancel the Ink Preferred card before the second annual fee posts because Chase can claw back the welcome offer and blacklist you from getting future cards because you may be viewed as gaming the system in a way they don’t like. You don’t want to be blacklisted because you can get additional personal and business credit cards with Chase. Take it relatively slowly, though, getting no more than one Chase card in a 60-90 day timeframe, because higher application velocity risks getting shut down.
Many starting with points and miles also wonder about new cards’ impact on credit. Many who ask this question have scores in the high 700s to 800+. I’m here to tell you that super-high credit scores come with high opportunity cost because they limit people from getting new cards with high welcome offers and benefits. Chase will hard pull one credit bureau for a drop of likely five points, no big deal. However, spending on Chase business credit cards doesn’t impact personal credit, so if a statement closes with a high balance, you won’t see a large drop.
Personally, I like to maximize my credit lines on many business cards to essentially get a 30-60 day no-interest loan with no negative impact on personal credit and invest that money in other places. Use the banks’ money or line of credit to make money. If you don’t use the full credit limit, that’s fine too, just make sure to spend the minimum $8000 on the Chase Ink Preferred to get the high welcome bonus. After opening and closing many cards, I haven’t ruined my credit. My credit scores usually peak in the high 700s, and I’m getting approved for many credit cards since 2018. Use your credit scores to make money, save money, and travel at low cost rather than sitting on high scores doing nothing with them.
People starting with points and miles also wonder, is it worth the effort? A credit card application takes just a few minutes and shifting spend I’m already doing to different credit cards is easy. This is a low amount of effort for a huge return. I log into my credit card accounts once a week to check everything is what it should be and make needed payments. Perhaps you’ll check every other week or maybe just put cards on autopay, but I prefer manual review and payments. I have lots of fun with this credit card hobby and even more using rewards for travel I otherwise wouldn’t take because I wouldn’t pay for it.
This may seem complicated or lots of information at first as it may be a new skill to learn, but the payoff is big even if you just get one or two cards a year. Most people who already manage their finances and existing credit cards will have a headstart. For the finer points of miles and points, I’m here to help, and, in addition to consulting through my Subscribestar page at Hurdy Gurdy Travel to guide you through the process, I have lots of free content through past podcast episodes and bonus YouTube videos.
Consider adding the Chase Ink Preferred business credit card to your wallet for a high welcome bonus with points worth more than $1500 of travel. Before signing up, please use my referral link at no cost to you to grant me a bonus along with your bonus. Listen to past episodes with special guests to learn how they win with the miles and points hobby.
Thanks for listening, and stay tuned for future episodes.
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Visit meetup.com/phillymilesandpoints to learn about Greater Philadelphia Travel: Credit, Miles, and Points meetups I host in Willow Grove, Pennsylvania. I hope to see you in person at a future event! Find a link in the show notes.
I’ll be speaking at the upcoming Lake Tahoe conference Zorkfest in October of 2023, which will include social events and sessions educating about miles, points, and gambling. Find more information at zorkfest.com, that’s z o r k f e s t dot com.
Listen to my other podcast, the Stoic Solutions Podcast, found at StoicSolutionsPodcast.com. My podcast guests and I offer practical wisdom for everyday life inspired by the ancient tradition of Stoic Philosophy from Greece and Rome.
Thanks for listening. Have a great day!