Another NEW 50k Ultimate Reward Bonus for No Annual Fee


Chase is really pumping the gas these days.

In March we saw the introduction of the 50k Ultimate Reward sign up bonus offer for the Ink Business Cash Card. Now we’ve got another lucrative new sign up bonus offer from the bank, this time via a brand new card called the Ink Business Unlimited. The sign up bonus, unlocked by spending $3,000 on the card within three months, is worth $500 in cash back unless you have a Sapphire Preferred, Sapphire Reserve, or Ink Business Preferred. If you have one of those Chase cards, moving your points from your Ink Business Unlimited Card account to the other account turns them into the more valuable kind of Ultimate Reward that can either be redeemed for more than 1 cent–value depending on which other card you have–or transferred to airline miles/hotel points for a potentially even higher value.

Just like the Freedom Unlimited, the Ink Business Unlimited earns 1.5 Ultimate Rewards per dollar spent on all purchases, has no annual fee, and charges foreign transaction fees. Not sure or don’t think you can apply for a business credit card? Don’t write off the possibility so quickly. Read How to Get Approved for Business Cards to learn more.

Credit Card links have been removed from posts and added to the menu bar at the top of every page of MileValue under the heading Top Travel Credit Cards.

Quick Facts

  • Sign Up Bonus: $500 Cash back OR 50,000 Ultimate Rewards after $3,000 in spending in the first three months
  • Value of Ultimate Rewards: Worth 1 cent each cash back OR can be transferred to seven airlines and four hotels for higher value if you also hold a Sapphire Preferred, Sapphire Reserve, or Ink Business Preferred
  • Category Bonuses: 1.5x on everything, with no cap
  • Global Acceptance: Visa, chip technology
  • Foreign Transaction Fee: 3%, do not use while traveling!
  • Eligibility: Chase 5/24 Rule applies, but opening this card does not count towards your 5/24 limit

Ultimate Reward Earning Card Roll Call

What are the different “Ultimate Rewards” all worth?

There are now seven separate credit cards you can earn Ultimate Rewards with. Not all earn the same kind of Ultimate Reward, however. Here’s a chart that breaks them down.

Credit CardAnnual Fee Value if Redeemed as Cash BackValue if Redeemed Through Chase Travel Portal Transferrable to Airline/Hotel Partners?
Freedom$01 centn/aNo
Freedom Unlimited$01 centn/aNo
Ink Business Unlimited$01 centn/aNo
Ink Business Cash$01 centn/aNo
Ink Business Preferred$951 cent1.25 cents eachYes
Sapphire Preferred $95 (waived 1st year)1 cent1.25 cents eachYes
Sapphire Reserve$4501 cent1.5 cents each Yes

If you do not have a Sapphire Preferred, Sapphire Reserve, or Ink Business Preferred card, the Ink Business Cash offers a bonus that is worth $500 cash back after making $3,000 in purchases within the first 3 months of account opening. You may want to open both the Ink Business Unlimited and one of the annual fee Chase cards to increase the value of the your bonus points. Having one of those cards means you can transfer the 1 cent a piece Ultimate Rewards earned by the Ink Business Cash card to your Sapphire Preferred, Reserve, or Ink Business Preferred account, and they magically turn into the kind of Ultimate Reward earned by that card.

$500 is still appealing, but not as good as 50,000 of the Ultimate Rewards which can either be…

  1. …redeemed like cash to purchase airfare, hotels, car rentals, and cruises with no blackouts at a higher value per point than 1 cent (see chart for varying values). When you redeem Ultimate Rewards like cash toward any flight, the operating airline sees you as a cash-paying passenger, so you also earn miles for your flights.
  2. …transferred to nine different airline or four hotel loyalty programs. Then they are whatever miles or points you chose, subject to those rules. I value Ultimate Rewards at around 2 cents each when used this way.

I certainly wouldn’t redeem my Ultimate Rewards for 1 cent each, and I probably wouldn’t redeem them for 1.25 or 1.5 cents each. Not when I could transfer these to one of these airline partners, for even more value:

Iberia Flat Bed Business Class between Sao Paulo & Madrid, which I booked for just 42.5k Avios and no fuel surcharges departing Brazil. British Airways Avios are a transfer partner of Ultimate Rewards.
Iberia Flat Bed Business Class between Sao Paulo & Madrid, which I booked for just 42.5k Avios and no fuel surcharges departing Brazil. British Airways Avios are a transfer partner of Ultimate Rewards. You can book this award too with just the bonus from the Ink Business Unlimited.

Category Bonus

Being able to earn 1.5x Ultimate Rewards on everything, with no cap to how many bonus Ultimate Rewards you can earn, is awesome. That being said, it’s probably not your best option for everyday spend unless…

a) there is a specific transfer partner you often utilize that is not a transfer partner of Amex Membership Rewards, or

b) you are a heavy spender on purchases that otherwise doesn’t earn a category bonus

The Blue Business Plus Card from American Express earns 2 Membership Rewards per dollar spent on all purchases. I value Ultimate Rewards and Membership Rewards around the same amount (2 cents)–so I’d choose the Blue Business Plus for everyday spend–but perhaps your valuation is different.

The wrench is the amount of otherwise non-bonused spend you can put on the card. If you have more than $100,000 annually in everyday expenses (depending on your point valuations), then the Ink Business Unlimited is a better choice since it has no cap on the amount of bonus points you can earn. The 2x category bonus on the Amex only applies to the first $50,000 in purchases annually.


If you have opened five or more new personal credit cards in the last 24 months, you will be denied for the majority of (but not all) Chase cards, including this one. This is the so-called Chase 5/24 rule.

Attempting to count your 5/24 total? You don’t need to count any new business card accounts. Chase looks at your personal credit report to determine your total new accounts for the purpose of this rule, and business cards don’t show up on your personal credit report. The only exceptions are business cards from Barclaycard and Capital One, which sometimes do.

If you’re trying to stay under your 5/24 count, then applying for the Ink Business Cash shouldn’t hurt that. Not even Chase business cards will be totaled in to your 5/24 count.

Also important to note is Chase’s intolerance to more than two card applications within a 30 day period. Don’t do it.

Is Chase ending our ability to combine points?

Frequent Milerreceived a report from a trusted source that Chase is actively looking at eliminating the ability to pool points in a household and the ability to move points to a more valuable card.

In other words, they might be ending our ability to move Ultimate Rewards earned from a card like the Ink Business Unlimited to a Sapphire Reserve account. That news broke about a month ago, and we haven’t seen any movement towards the banning of pooling Ultimate Rewards. Nonetheless, it is easy to shield yourself from Ultimate Reward devaluation by getting in the habit of moving your points over to your most valuable Chase account periodically (particularly right after earning a bonus).

Bottom Line

The brand-new Ink Business Unlimited was just released by Chase as the business counterpart to their Freedom Unlimited Card. You’ll earn $500 cash back or 50k Ultimate Rewards (if you have a Sapphire Preferred, Ink Business Preferred, or Sapphire Reserve account to transfer the points to) for spending $3,000 on the new card within three months of opening it. For no annual fee, that is an eye-popping bonus.

You’ll earn 1.5 Ultimate Rewards (or 1.5 cents cash back) per dollar spent on all purchases, just don’t use it abroad as 3% foreign transaction fees are collected.

Credit Card links have been removed from posts and added to the menu bar at the top of every page of MileValue under the heading Top Travel Credit Cards.

Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.

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