Long term plan for Ink Preferred

[CreditJim]

I really want the Ink Preferred, it would be perfect for my business as I travel constantly. At the moment I have the Ink Cash and Ink Plus. I am paying down a purchase on the Cash, and use the Plus day-to-day, putting on average around $5k/month on it and paying in full. Sometimes as much as $10k/month. My AF just hit on the Plus. I am thinking about closing it, rolling the credit limit into the Cash, and playing the long game with the aim of one day getting the Preferred. It was tough getting my second Ink - Chase took forever to eventually approve it, and I've read it's virtually impossible to get more than 2 Chase business credit cards, so that's the thinking behind closing one of them now. I can use my Amex BRG in the mean time for my monthly spend.

Do you guys think this plan will work? I could PC to the preferred, but it'd really pain me to miss out on the signup bonus,

[CreditUnionFan]

As you mentioned with the Amex BRG, there are many credit card lenders. 

IIRC, the caps of $25k (Cash) and $50k (Plus) are for the bonus categories only. If Chase UR aren't necessary to you, there are other options...  like the Sams Club Business MC. Yes, it requires a Sams membership, but 3% on travel and dining is uncapped, IIRC.

Once you have one UR card, you have the transferrability options. If you reimburse yourself from the business, the Chase Sapphire Reserve might be an option also to get the 3% on travel. 

I have five business credit cards with Chase, but they've made it clear that I can't have any more. I even talked to recon and asked about lowering a CL to keep an old account, but Chase was still concerned about the number of accounts. (not the CL alone)

[CreditJim]

Chase UR definitely is for me. I transfer to Hyatt and redeem to stays there. What I was trying to say is that for my business I don't utilize the 5x categories, so I'd be much better off with a card that earns 3x on travel. So the idea of closing the Plus would only be to assist me in getting the Preferred at a future date. I have the CSR but I don't mix personal and business spend at all, although I can use the CSR to transfer points.

[Revelate]

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@CreditJim wrote:

Chase UR definitely is for me. I transfer to Hyatt and redeem to stays there. What I was trying to say is that for my business I don't utilize the 5x categories, so I'd be much better off with a card that earns 3x on travel. So the idea of closing the Plus would only be to assist me in getting the Preferred at a future date. I have the CSR but I don't mix personal and business spend at all, although I can use the CSR to transfer points.

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I'd talk to them before doing anything drastic, or just cold app it before I started cancelling out current cards.  The sweet signup offer is to encourage people to pick it up, so walk in as encouraged and chat them up would be my plan.

If I had real side gig income or expenses that wouldn't legitimately roll up to a personal card the Ink Preferred is awfully purty; if I do start a real business, that plus Amex SCP would probably be my two targets for the LLC.

[CreditJim]

I will try. With two existing Chase business cards and being over 5/24 I don't think I'll have much luck.

[Revelate]

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@CreditJim wrote:

I will try. With two existing Chase business cards and being over 5/24 I don't think I'll have much luck.

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On the flipside 5/24 seems to be relaxed on the CSR based on a ton of datapoints from Reddit, might be here too.  It costs nothing to try

[CreditJim]

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@Revelate wrote:

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@CreditJim wrote:

I will try. With two existing Chase business cards and being over 5/24 I don't think I'll have much luck.

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On the flipside 5/24 seems to be relaxed on the CSR based on a ton of datapoints from Reddit, might be here too.  It costs nothing to try

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It's been relaxed recently? Or are you talking about the in-branch pre-approval method?

[Revelate]

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@CreditJim wrote:

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@Revelate wrote:

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@CreditJim wrote:

I will try. With two existing Chase business cards and being over 5/24 I don't think I'll have much luck.

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On the flipside 5/24 seems to be relaxed on the CSR based on a ton of datapoints from Reddit, might be here too.  It costs nothing to try

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It's been relaxed recently? Or are you talking about the in-branch pre-approval method?

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There are scads of datapoints with people getting the CSR even instantly being 8/24 or certainly nowhere close to 5/24.  Online apps even.  

[CreditJim]

Just checked my credit report and after 12/10/16 I was at 5/24. Just applied for CSR and it says pending I'll be under 5/24 in July, and with the changes to the Citi Prestige in August, that'll be a good time to switch to the CSR then.