Update 10/24/24: Sites with affiliate links are reporting this will end at 7 AM EST on 11/7/2024
Update 9/5/24: Public link also showing 90k now.
Update 9/3/24: Referral links have been updated to the 90,000 offer. (Online public links still show 75,000, though you can get the offer online in the login, as described in the previous update.)
Update 8/29/24: This is now live online by logging into your online login > hamburger menu icon > Business Credit Cards > Take a quiz (business, flexible, everyday). There is no simple online link yet. (ht Mel)
Update 8/26/24: This is now live in branch.
Original Post:
A source on Reddit reports that the no-fee Chase INK Unlimited signup bonus will be increasing on August 25, 2024 from 75,000 to 90,000.
When this goes live, there will be a few excellent deals that will be running concurrently:
- 90k on INK Unlimited; this will probably last for a few months
- 120k on INK Preferred through September 5, 2024
- 40,000 refer-a-friend bonus through September 2, 2024
The advantages of the 90k offer over the 120 offer:
- $0 annual fee vs $95
- 0% APR for 12 months
- $6,000 spend requirement vs $8,000
- 1.5x per dollar on the spend vs 1x per dollar
After being declined two months ago for the INK Preferred, I was considering lobbing in an application before September 5th. Now I’m thinking about waiting another months (so that it’s 3 months from my denial) and then hopefully applying for the INK Unlimited.
Related:
Ink Unlimited Denial DP for anyone out there
6/17 – Applied as sole prop @ 4/24 with an additional Ink Cash opened in December, instantly denied
6/18 – Received denial reason via letter for “Too many requests for credit or opened accounts with us”
6/18 – Called recon, denied a second time because because too many recently opened accounts (only at 4/24), too recent business application (again, in December 2024), business not old enough (1 1/2 years old). I thought 6 months would be plenty of time especially considering the only card I got in between was a CSP at the beginning of April.
Is there a cooldown period on specific INK cards? I’ve read through the terms and Chase doesn’t mention any cooldown period like their personal cards (e.g. 4 years like sapphire). Thanks in advance.
I think the terms once mentioned 24 month but I don’t believe it’s ever been enforced. However, Ink cards have been harder to come by the past year with many being denied who had never been denied before.
For reference,
Ryan:
(Reports) Chase Tightens Up Approvals On Business Card Applications
I just canceled the card, how long do I have to wait to apply again to earn the sign on bonus?
For anyone who opens an Ink ~every 3 months – do you usually try to wait a full year before closing an Ink you got a SUB on? TIA
I don’t personally open one every 3 months. Not sure you can anymore since they have tightened up on approvals. I do in fact hold the card for a year before closing.
I just opened an Ink at 3 months plus a few days since the last one. P2’s last one was also ~3.5 months. No recon for either and sole prop for both. I have Private Client, not sure if that helps.
Thanks for the info on waiting before closure.
Hey mate, are Chase INK Unlimited Signup Bonus Points always taxable? Or only taxable if you redeem as cash/statement credit? If you redeem as gift card, no taxes? What’s the average tax on it? 20% ? Just got my first ever credit card bonus 1099 🙁 I’m very sad now. thanks
I don’t know the answer on much of that… but I feel your pain getting a 1099-MISC.
I do know you would be taxed based on your tax rate, just like a 1099-INT or wages.
samsimon
We haven’t heard of anyone getting such a 1099. Maybe you had some other bonus that got the 1099? How much was the 1099 for? How much was your signup bonus? Was it MISC or INT? What other bonuses (referral, paperless, etc) did you get from Chase in 2024?
I think it’s for referral. it’s MISC. What’s the difference MISC vs INT? we would have to report both MISC and INT if got $600 exactly? thanks
Some banks report referral bonuses as Misc, some as Int… there would never be a case where you get the same $600 reported on both. A bank can issue one of each type for different bonuses though.
Same goes for bank bonuses, and that’s why people sometimes get puzzled when they don’t see a tax form from certain banks that consider those as Misc, and it’s because they didn’t meet the Misc threshold.
samsimon
You’ll get a 1099-Misc if you had over $600 in referrals. The actual SUB should not be taxed.
Thanks. I think it’s for referral. So if exactly $600 referral you would not get 1099?
Exactly $600, or more, yes. $599.99 or less, no.
samsimon
interesting, so the same goes for Capital One business credit card referrals? If less than $600 no 1099 ?
Referral earnings are taxable. Banks pretty much only send 1099s if over $600.
So as I understood doesn’t matter credit card or bank account referrals, so banks will send out 1099 if $600 or more in referrals? So if M and T bank account referrals I got $200 for referrals, I will not get 1099 ?
Not necessarily, the $600 is the IRS threshold for required reporting, but banks are free to send you a 1099 for lower amounts if they want to.
Agreed. They mostly only do that for $600+ but can and have for less. Worth noting it’s the taxpayer’s responsibility to report regardless of getting a 1099.
Sorry, $600 or more, as Gadget said.
I’m only seeing 75k for $6 spend. Anyone seeing better right now?
$6 spend? Wow. Oh, $6K spend.
The AF cards have higher bonuses, but higher spend. Good for the person that wants to collect the full set.
Bonus terms show up on my application if I’m using ‘Apply as a Guest’ but not when I’m logged in. Does that mean I’m not eligible?
Oct 2024 applied and was denied Ink Unlimited. Already had Ink Cash, Unlimited, and Preferred which had been opened conservatively at 5 months apart. Dec 2024, SM Chase and closed Cash and Unlimited since these had been open a year, and reduced extended credit on Preferred to $2,500. Applied 1/23/25 for Ink Cash and was approved instantly (over 90 days since Oct 2024 denial).
Was at 3 inks, most recent November. Closed 2 in Dec/Jan. Approved for new ink unlimited today.
Heads up this still shows on the best bonuses with 90k even though it’s 75k now