Last year, some of my readers and coworkers signed up for the Chase Ink Bold offer of 60,000 Chase Ultimate Rewards points after spending $5,000 in 3 months. By now, most of the annual fees have posted to their account and they are wondering whether to keep or cancel the credit card. I recommendation is cancel Chase Ink Bold and apply for Chase Ink Plus.
The offer for Chase Ink Plus 70,000 Ultimate Rewards signup bonus ends October 19th. This offer does not waive the annual fee, so you will end up paying $95 for the first year. If you currently have a Chase Ink Bold, I would cancel that card and recoup the $95 annual fee and apply for the Chase Ink Plus. Instead of paying $95 for 0 extra points, pay the annual fee of $95 for the Chase Ink Plus. Here are the card details for reference:
- Limited Time Bonus Offer: Earn 70,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That’s $875 toward travel when you redeem through Chase Ultimate Rewards.
- Named “Best for Travel Rewards for Small Business” MONEY® Magazine, October 2013
- Earn 5X points per $1 on the first $50,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year.
- Earn 2X points per $1 on the first $50,000 spent in combined purchases at gas stations and hotel accommodations when purchased directly with the hotel each account anniversary year.
- No foreign transaction fees.
- 1:1 point transfer to leading frequent travel programs with no transfer fees.
- $95 Annual Fee
Can you hold both the Chase Ink Bold and the Chase Ink Plus? The answer is yes. I currently hold a Chase Ink Bold Mastercard, Chase Ink Plus Mastercard, and a Chase Ink Bold Visa. This is because I’ve called for a retention bonus and each time they have offered me 10,000 UR points for keeping the card. To keep things simple, I would just hold one Chase Ink credit card at a time.
If you have the Chase Sapphire Preferred, I would downgrade the Chase Sapphire Preferred and just hold the Chase Ink Plus credit card. That is because the Chase Ink Plus easily pays itself off every year with its 5X bonus, but the Chase Sapphire Preferred is not worth the annual fee.
Surprisingly, I don’t have the Visa version of Chase Ink Plus yet, but I currently hold 3 Chase Ink credit cards. I think I may have too many Chase business credit cards because I was denied last time for the Chase United Mileageplus Business credit card. I need to start canceling some of these credit cards.
In conclusion, if you are about the pay the annual fee for a previous Chase Ink credit card, consider canceling the card and applying for this 70K Chase Ink Plus offer. If you are about to pay the Chase Sapphire Preferred annual fee, downgrade the card and apply for the Chase Ink Plus. If you have the Chase Ink Plus card already, keep it and carry on.