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Update: It turns out this offer is still only available via Business Relationship Manager. You may be able to get it, but you will likely still need a BRM. Not all branches have one and not all BRMs are seeing this offer.
Doctor of Credit reports that there will be an in-branch offer for 100,000 Ultimate Rewards points after $5,000 in purchases in the first 3 months that will be available for applications from April 29, 2018 to May 5, 2018 for National Small Business Week. The word is that this offer will be available to anyone applying with an in-branch banker. While there is an ongoing 100K offer available to those applying through a Business Relationship Manager, this offer is expected to be available with any banker in-branch.
- 100,000 Ultimate Rewards points after $5,000 in purchases in the first 3 months with the Chase Ink Business Preferred for in-branch applications during National Small Business Week (April 29 – May 5) (see your branch for details, Doctor of Credit has screen shots of the flyer/memo)
Key Card Details
- Earns 3x on the first $150K spend in the following categories: travel, shipping, internet, cable & phone services, advertising purchases made with social media sites and search engines
- No foreign transaction fees
- Cell phone protection if you pay your monthly service with the card
- Transfer to Chase Transfer Partners 1:1 or book travel through the Chase Ultimate Rewards portal for 1.25 cents per point
- $95 annual fee (may be waived the first year — see the offer details in-branch)
This will be an awesome offer for those who qualify, as 100,000 Ultimate Rewards points are worth at least $1,000 if you cash them out for $0.01 each, but are much more valuable if transferred to partners strategically. Our Reasonable Redemption Value for Ultimate Rewards points is 1.82 cents each, meaning that you can reasonably expect to redeem the signup bonus at a value around $1,820 — though you can certainly do even better with international premium cabin flights or the right hotel partners.
Unfortunately, this offer will still be subject to 5/24.
|Chase's 5/24 Rule: With most Chase credit cards, Chase will not approve your application if you have opened 5 or more cards with any bank in the past 24 months. Some exceptions that are NOT subject to the 5/24 rule include: British Airways, Hyatt, IHG, Iberia, Aer Lingus, Marriott Business, and Ritz Carlton.
To determine your 5/24 status, see: 3 Easy Ways to Count Your 5/24 Status.
No word as to whether or not this offer will be available online, though I wouldn’t expect it to be.
|Applying for Business Credit Cards
Yes, you have a business: In order to sign up for a business credit card, you must have a business. That said, it's common for people to have businesses without realizing it. If you sell items at a yard sale, or on eBay, for example, then you have a business. Similar examples include: consulting, writing (e.g. blog authorship, planning your first novel, etc.), handyman services, owning rental property, renting on airbnb, driving for Uber or Lyft, etc. In any of these cases, your business is considered a Sole Proprietorship unless you form a corporation of some sort.
When you apply for a business credit card as a sole proprietor, you can use your own name as your business name, use your own address and phone as the business' address and phone, and your social security number as the business' Tax ID / EIN. Alternatively, you can get a proper Tax ID / EIN from the IRS for free, in about a minute, through this website.
Is it OK to use business cards for personal expenses? Legally, it's fine. And, anecdotally, almost everyone I know uses business cards for personal expenses. That said, the terms in most business card applications state that you should use the card only for business use. Also, some consumer credit card protections do not apply to business cards. My advice: don't use the card for personal expenses if you're not comfortable doing so.
If you are under 5/24 and live somewhere near a Chase branch, this offer should probably be at the top of your list when it comes live next week. See: The best Chase cards that ARE subject to 5/24 for more on why. If it comes online, we will certainly post about it as soon as we see it.
H/T: Doctor of Credit