Chase INK Preferred No Longer Earns 3x on Venmo, Giftcardmall, and Simon

Reports indicate that as of February 26, 2019, Chase INK Preferred is no longer coding to earn 3x points on certain places which used to work. Three changes being reported are Venmo, Giftcardmall, and Simon Mall online (I believe that’s referring to simon.giftcardmall.com).

Still earns the regular 1x rewards, but no more bonus 3x earn. Big hit to manufactured spenders.

A reader comments that eBay fees also stopped earning 3x. There are likely some more things as well, probably due to some MCC’s being excluded.

Hat tip to reader beefer and r/churning

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Joey Doughnuts
Joey Doughnuts

I’m thinking of applying for this card and just putting the $5,000 spend requirement using Venmo to gain the 80,000 points. I’ve done this with many credit cards over the years without getting shut down but am wondering if Chase would shut me down for making the WHOLE $5,000 spend requirement using Venmo. Any recent data points of anyone doing this without a problem? It’s most likely fine but I just want to double check. Thanks.

Roy
Roy

Just got the Chase Ink Preferred and need some help getting to the bonus. Looking to send money through Venmo in order to cover a mortgage payment. Will this fly?

Drivesabrowntruck
Drivesabrowntruck

I can confirm after my 2/27 order at Giftcards.com has posted, it’s offically only giving 1X points. The new posted name is BHN*giftcards, while before it was giftcards.com LLC

THEsocalledfan
THEsocalledfan

Giftcards.com is also officially dead.

Christine
Christine

Say it ain’t so—Venmo is such a hit.

Ed
Ed

Damn. I use Venmo to pay rent. Lame

P
P

And I don’t see this news posted on blogs who promote the card for $$

philco
philco

Well in their defense they never actually posted about it when it was working either (thankfully).

Greg
Greg

Help me understand the big hit here. People would make payments on Venmo and incur a 2.5% fee in order to get 3x UR points? So they were essentially buying UR points at a slight discount. Do I have this right?

TR
TR

For venmo yes, but also consider the bonus you get spending UR thru the Chase travel portal.
The real big hit is you could buy GC online through a travel portal, get 3x UR and pay nearly zero net fees when considering portal cash back.

FLY
FLY

Venmo yeah they were buying them at a discount. you did get 3x on the fee as well.

GCM and SImon though wayyyyy bigger. even if you redeemed URs as cashback to offset the fees, it was essentially a 2.2% CB card.

Luke
Luke

Venmo charges a 3% fee, so the deal was worse than what you described.

Joe
Joe

Sooooo product change to CIC I guess.

Cliftonmcdnl

I just downgraded my CSR to another Freedom, so the Ink Preferred is the only UR earning/transferrable card I own. But now… what are the benefits of even keeping that one other than to haul my UR points? Unless there’s something I’m missing, I feel like there’s no areas where this card excels anymore. I just preferred the 3x on Travel over 2x with CSP since I have Amex Gold for dining.