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Update: This post was written in error. The email shown below is being sent out to legacy INK Cash members who’s cards weren’t part of Ultimate Rewards and couldn’t transfer to other UR cards at all. There is no change to ordinary INK Cash cards. Oops!
Chase is sending out an email to their INK Cash cardholders about a positive change coming January 29, 2017:
On January 29th, 2017, your Ink Cash® Rewards will become a part of Chase Ultimate Rewards! Your Cash Back rewards that have not already expired will automatically transfer to Chase Ultimate Rewards where you’ll have even more benefits and options
Currently, INK Cash points are only valid for cash back unless you transfer them to a premium card like the INK Plus, INK Preferred, CSR, 0r CSP. Starting January 29th, these points will work like premium points which can be redeemed for travel. Even points previously earned will be able to be transferred. No other fee-free Chase card has that capability.
My understanding is that these points will function exactly like other Chase premium cards, and will be able to be transferred to travel partners + be redeemed at 1.25 cents-per-point. We’ll have to wait for more details from Chase to verify for certain.
The big question is whether this is a harbinger of things to come for the Freedom and Freedom Unlimited cards to become part of Ultimate Rewards as well. My personal guess is that this will not happen. The INK Cash move is part of a consolidation on the business card front, and the Freedom cards will continue being cash back cards.
Most of us have at least one premium card so it doesn’t really matter much, but some people don’t – especially those newer to the hobby since Chase now doesn’t approve cards easily. Also, if you don’t max out your INK Plus, you’ll be able to save the annual fee by downgrading to INK Cash, and still maintain the ability to transfer.
Hat tip to Matt
This is great news! I just downgraded my Ink Plus to Ink Cash and I do not have a Freedom card but just got in the Reserve card which makes it a goo combination. 🙂
Keeping this item open for comment is like leaving the lipstick out when you’re visited by a pig. The story here is not what this story says.
I spoke to a Chase rep today about this. My Ink Cash card is several years old and I was concerned that the earnings rate would change to match the current Ink Cash card. I was told I’ll still get the same rates (5% on office supplies, telecom, 3% on gas/dining/home improvement, etc) but now it would be Ultimate Rewards points.
If it works out that way this will be a welcome change and I won’t feel bad about giving up the Ink Plus to get the Ink Preferred, since it will save my 5x categories and I’ll only have to pay one annual fee.
wow, so the only benefit to keeping my Ink + is, (1) you can only get teh Ink Preferred now, with its 3x earns, and (2) it has a higher annual cap on the categories ($50K vs $25K for the Ink Cash).
My SO and I both have Ink + cards, and both are tired of paying the AF. I racked up about $29K in Office Supplies this year thanks to OM/OD’s VGC promotions, but i doubt i’ll do more than $25K again.
Bob, you should look into buying iTunes and other GCs when they are on sale at Staples and reselling them. You can easily make up the annual fee by doing this.
Coming up on my 1 year anniversary with the Ink Plus and just called to have it downgraded to an Ink Cash. Did not get a retention offer nor did she know about the new change outlined here.
i was told i can’t downgrade – so i paid the AF. Maybe now that i’ve paid it, they’ll let me?
You should be able to downgrade from Plus to Cash. Not sure why they’d say you can’t. Maybe try again?
Also how old has account been opened?
I got the email and this is for the “OLD” Ink Cash card that give 3% on Gas, 3% on Restaurants, 3% on Office Supplies, and 3% on Home Improvement.
This is a great deal now that the 3% will be in UR as when combined with Sapphire Reserve the percentage value rises to 4.5% for each category.
Just throwing out a theory (this theory just led me to pay the AF on my Ink+)…
I’ve got an Ink+ and a InkCash. Chase just came out with an InkPreferred that essentially lowered the UR earned from 5X to 3X. At the same time, they stopped allowing new sign ups for Ink+. This means that the only Ink business card that you can currently sign up for that earns 5X is the no AF InkCash. To me the addition of the InkPreferred (w/ only 3X) and deletion of Ink+ seems like Chase is ready to dump 5X earnings. I realize Ink+ is grandfathered into 5X, but it seems likely to me that they will either get rid of InkCash all together or reduce InkCash from 5X to 3X since there is no AF on that card. This led me to paying the AF on the Ink+ b/c I assume Chase won’t mind keeping around the “grandfathered” 5X on the Ink+ since there is an AF, but Chase would be very happy to change terms of InkCash to reduce 5X to 3X. I was all set to cancel my In this year, but these thoughts made me keep it for one more year in case Chase guts the InkCash.
So this is another card that earns 5x at OS stores?
There are two cards that earn 5x at OS: INK Plus (not currently available for signup) and INK Cash (available for signup).
I’m assuming the Ink Cash falls under 5/24?
Yes
Is this change applicable only to current card holders?
I think there is some confusion on what is really going on here. Chase has (at least) two different versions of the Ink Cash card. The original version which I had until recently only accrued points for cash back and had expiration periods on those points. The points on that card were not at all transferable to Ultimate Rewards cards (CSP, Ink+, etc.).
I recently converted this Ink Cash card to a “Ink Cash 521 Visa Signature Business Card with Ultimate Rewards” which finally allowed me to not only receive better bonus point categories but also transfer/combine those points to other UR cards with airline/hotel partners.
From what I can tell in the email posted, those with the original version of Ink Cash card will now be part of Ultimate Rewards and points earned will be able to be combined with other UR cards. What it doesn’t show here is if the cards are being converted to the “521” version with 5x on telecom/office supplies or not.
The Ink Cash & Freedom already have Ultimate rewards, they can be used on the Chase travel for flights and hotel. No transfer like the Plus or CSP. a lot of people think these cards are ONLY cash back.
The only thing new will be if they allow points transfer to partners.
Here is what my page looks like after moving some points from my CSP,
“Your 30,000 points are worth $300.00 towards travel when you book through Ultimate Rewards.
Not enough to get you there? Pay with your points, your Chase card, or both.”