Hats off to Chase!

[Anonymous]

Just approved for 28k SL with Chase Ink Preffered!!!

And I got the lowest APR possible, 16.99%.

I had been dreading applying for this card for weeks since I already have the Ink Cash for our business.

But now I'm so happy I did!

[Fleuriste]

That is a fantastic starting limit!  I was debating between this card and the cash and ultimately chose the Cash for now because I wasn't sure I could make the 5K spend right now, I didn't want the AF, and the rewards categories are not great for my spending profile.  But that sign up bonus is really tempting!

[Anonymous]

Yeah for me it was the Sign up bonus as the deciding factor. I just got the Ink Cash in January so that's why I though I might get denied this one. So glad I was approved with a huge limit too! Thought I might have to reallocate from the Ink cash.

[Anonymous]

Aren't you way over 5/24 or was this approval under your fiancée's name?  Either way congrats,

[Anonymous]

Irish - Yes, sorry for the mix up it was under my fiancée's name but I manage both of our credit profiles so I was the one who filled out the app on her behalf.

Thank you, I thought it might be declined because of the Ink card or at minimum need to reallocate, because the Ink Cash has a 12k limit and that was the highest out of our business cards. It's strange BofA and Amex are the other cards we have and they both have about 6k limits and they both deny giving us CLI's yet Chase gives us 28k right off the bat.

[Anonymous]

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@Anonymous wrote:
Irish - Yes, sorry for the mix up it was under my fiancée's name but I manage both of our credit profiles so I was the one who filled out the app on her behalf.

Thank you, I thought it might be declined because of the Ink card or at minimum need to reallocate, because the Ink Cash has a 12k limit and that was the highest out of our business cards. It's strange BofA and Amex are the other cards we have and they both have about 6k limits and they both deny giving us CLI's yet Chase gives us 28k right off the bat.

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No biggie.  I understand about managing both as I do the same thing.  I was just curious about 5/24.  That is a very good luck it on a very good card.

[Anonymous]

Haha yeah it's hard sometimes, but it's good knowing whats going on in case there's a problem with any of the accounts. Since managing both I've raised her scores at least 50+ points and mine about 100 points.

For the Ink Preffered I'm not sure if we will keep it past the 1 year mark though.

Pros: 80k sign up bonus
More 3x UR categories than Ink Cash
25% More on Travel, though I've been told transferring directly gets you more value than that so...
No Foreign Transaction Fees (A big plus, but for some reason on our Ink Cash we've charged thousands in foreign transactions and not been charged any FTF)
Purchase Protection
Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.**

Cons: The $95 AF
Can earn more in certain categories using Ink Cash Instead
The 25% bonus is mainly useless if transferring directly to airlines. (Like Southwest). And we don't use hotels much.

So mainly to consider if we will earn enough points off those additional 3X categories to make up the AF.

What do you think? Is there something I'm missing?

[Fleuriste]

I think you have it right.  You can always PC that card down to an Ink Cash later, if you aren't earning enough in rewards to justify the $95 AF.  On the other hand, if you claim your business on your taxes (I know that some people have "businesses" to get this card) you might be able to deduct the AF.

[driftless]

The AF is only $95.00 so you should be fine.  I considered this card but the catergories don't work well for me.  Congrats on the new card.

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@Anonymous wrote:
Haha yeah it's hard sometimes, but it's good knowing whats going on in case there's a problem with any of the accounts. Since managing both I've raised her scores at least 50+ points and mine about 100 points.

For the Ink Preffered I'm not sure if we will keep it past the 1 year mark though.

Pros: 80k sign up bonus
More 3x UR categories than Ink Cash
25% More on Travel, though I've been told transferring directly gets you more value than that so...
No Foreign Transaction Fees (A big plus, but for some reason on our Ink Cash we've charged thousands in foreign transactions and not been charged any FTF)
Purchase Protection
Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.**

Cons: The $95 AF
Can earn more in certain categories using Ink Cash Instead
The 25% bonus is mainly useless if transferring directly to airlines. (Like Southwest). And we don't use hotels much.

So mainly to consider if we will earn enough points off those additional 3X categories to make up the AF.

What do you think? Is there something I'm missing?

---

[Anonymous]

Yeah but to justify it we would need to spend over $3,000 annually in:

Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, and on advertising purchases made with social media sites and search engines each account anniversary year.

Which we don't. 93% of our spend is on overseas purchasing. 1% on fuel, 1% on miscellaneous, 1% on office supplies, 1% on travel expenses (rental cars) and 3% on Dining. So how would this be more beneficial than the Chase Ink Cash for our business needs, and justifying the AF?