Earlier today, Mommy Points announced that Chase would soon be offering a 70,000 point sign-up bonus for the Chase Ink Plus card through the refer-a-friend channel. I just went on the Chase website and it appears the offer is now publicly available. The spending requirement for the 70,000 point version of the card is the same: $5,000 within 3 months, though the $95 annual fee is not waived the first year. This is as high as I’ve ever seen the sign-up bonus for the Ink Plus card. Last year there was a 60,000 point sign-up bonus and people were going nuts over it. The 70,000 point bonus, thus far, has only been a targeted offer.
Are 20,000 Ultimate Rewards points worth $95? Even if you value Ultimate Rewards conservatively at 1 point each, that 20,000 point bonus is worth $200. So you could certainly get the card and use 9,500 points to “pay yourself back” (a feature that will be going away in January) in order to cover the annual fee and come out ahead with 10,500 points to spare.
Earning 20,000 points through the cheapest option out there (Simon Mall gift cards) would cost $118 in fees, not to mention several excruciating trips to Walmart to unload those cards via Bluebird. So really, the $95 annual fee is worth paying no matter which way you look at it.
I’m all about the credit card sign-up bonus these days, so I say go for it. Existing Ink Plus cardholders earn 10,000 bonus points for each friend they refer that gets approved for the card. Referral bonuses are capped at 50,000 points per year. Unfortunately, I only have a Chase Ink Bold, so I can’t refer anyone. If you’re interested in referring someone or getting referred, feel free to work something out amongst yourselves in the comment section. As I said, a referral link is no longer necessary since the offer is now publicly available, but an option if you want to help someone else score an easy 10,000 points.
Seeing as I’m not tied up with Chase, I have no idea when this offer will go away. So if you’re short on Ultimate Rewards points or you’re of the mindset that you can never have enough of them, I’d take advantage of this offer ASAP. I have heard recently that Chase is making it difficult to get approved for a business card if you don’t have a legitimate business (not selling things on ebay isn’t a legitimate business), so keep that in mind.
If you’re wondering how to meet $5,000 in spending requirements now that it’s such a hassle, you can still buy Simon Mall gift cards for $2.95 per $500 and unload $1,000 via Amazon Payments, which isn’t going away until October 13, 2014. Or head to your local grocery store and see if they’re running a gas rewards promotion on Visa/Mastercard gift card purchases. Any way you slice it, $5,000 is easy to achieve.
This is a very generous bonus and one I think is absolutely worth getting, despite the $95 annual fee not being waived.
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