Chase is out with a new, record high bonus offer for the Ink Business Cash credit card. If you haven’t reached your Chase 5/24 limit and are eligible to apply for business credit cards, do not miss out on this offer. For spending $3,000 within three months of opening the Ink Business Cash card, you’ll earn either $500 in cash back or 50,000 Ultimate Rewards transferrable to airline and hotel partners for outsized value. I’ve never seen the bonus on this card so high.
The Ink Business Cash card is marketed as a cash back card. But what you actually earn as a sign up bonus is 50,000 Ultimate Reward points, worth 1 cent each if the Ink Business Cash is the only Chase card you have, but worth a lot more if you also hold an Ink Business Preferred, Sapphire Preferred, or Sapphire Reserve card. That’s because those cards earn the kind of Ultimate Rewards that I value at 2 cents each– because they transfer to nine airline and four hotel loyalty programs–and you can transfer Ultimate Rewards between your Ink Business Cash account and your Ink Business Preferred, Sapphire Preferred, and Sapphire Reserve account. Transferring the points turns them into the more valuable kind of Ultimate Reward.
- 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: 5x on on the first $25,000 spent at office supply stores and on internet, cable and phone services each account anniversary year, 2x on the first $25,000 spent at gas stations and restaurants each account anniversary year, 1x on everthing else (no cap)
- Global Acceptance: Visa, chip technology, and no foreign transaction fees
- Eligibility: Chase 5/24 Rule applies, but opening this card does not count towards your 5/24 limit
Sign Up Bonus & Value of Ultimate Rewards
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 Cash and one of those more premium 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…
- …redeemed like cash to purchase airfare, hotels, car rentals, and cruises with no blackouts at a higher value per point than 1 cent
- …transferred to nine different airline or four hotel loyalty programs. Then they are whatever miles or points you chose, subject to those rules.
If you use these like cash toward airfare, hotels, car rentals, and cruises, you will get either…
- 1.25 cents of value per point if you have the Sapphire Preferred or Ink Business Preferred card, making the sign up bonus worth $625 toward travel, without the hassle of searching for award space.
- 1.5 cents of value per point if you have the Sapphire Reserve, making the sign up bonus worth $750 toward travel, without the hassle of searching for award space.
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.
While both $625 and $750 sound better than $500, you can still do better. I wouldn’t redeem my Ultimate Rewards like this. Instead of redeeming the points like cash, you can transfer your Ultimate Rewards to one of the 13 airline and hotel partners.
Transferring Ultimate Rewards to Airline/Hotel Partners
The airline partners are awesome because of their versatility. The partners include at least one member of each alliance plus Virgin Atlantic and Southwest. And they include programs with region-based miles, distance-based miles, and airline points.
United miles are awesome for economy and Business Class awards with no fuel surcharges and solid Saver award availability. Korean miles are awesome for the best First Class award space in the world. Singapore miles are awesome to fly a double bed in the sky or to get to Hawaii or South America. British Airways and Iberia Avios are good for short economy flights on oneworld partners…and they even offer the occasional Business Class sweetspot.
The most valuable hotel partner is Hyatt, but you’ll generally get more value transferring to airlines.
Overall, I value Ultimate Rewards at 2 cents each because of the transfer partners, so a 50,000 point bonus is worth $1,000 to me.
The Ink Business Cash offers 5x at office supply stores and on internet, cable, and phone services. You’ll also get 2x at gas stations and restaurants.
Each category bonus has a cap on rewards after $25,000 per card member year. So, for example, once you earn 50,000 Ultimate Reward points from gas station and and restaurant purchases, your earning rate will switch to 1 Ultimate Reward per dollar spent.
The Ink Business Cash has no foreign transaction fees. It also has chip technology for global acceptance, so it’s a great card for overseas travel.
The card has no annual fee. That is amazing for such a large bonus.
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 the Ink Business Cash card. 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.
The Ink Business Cash credit card from Chase is offering $500 cash back (Ultimate Rewards worth 1 cent each) for spending $3,000 on the card within three months of account opening. If you have a Sapphire Preferred, Sapphire Reserve, or Ink Business Preferred, you can transfer the points earned by your Ink Business Cash card to one of those other accounts to turn them into the kind of Ultimate Rewards that can be transferred to 13 airline/hotel programs for an estimated value of 2 cents each.
If you’re not blocked by the Chase 5/24 rule, I highly recommend going after this offer which has never been higher. If you don’t have a Sapphire Preferred, Reserve, or Ink Business Preferred, I also recommending pairing the Ink Business Cash card with one of those to drastically increase its earning power.
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.