Chase Ink Retention & Why Keeping Cards is a Good Idea
I am a huge fan of the Chase Ink cards. In my family our businesses rely on Chase Ink and both my wife and I have a Plus and a Bold (discontinued) card. These cards of course have a $95 annual fee which is normally justified by all of the Ultimate Rewards points we earn.
With that said, I’m not sure if it makes sense to keep multiple cards and pay multiple annual fees. My wife’s oldest Ink card is a Bold Mastercard which she has had for a couple of years. In the past she has received a “Spend $5k receive 10k points” bonus as a retention offer (which worked out to 7x), but the annual fee still applied.
In that past scenario, the 10,000 bonus points more than offset the annual fee so it made sense. Today I had to call on my own Ink Plus. While I wasn’t sure if I would receive a similar offer to my wife or any offer for that matter, the results were actually as good as could be expected.
Today’s Ink Retention Call
After calling the number on the back of my card I eventually made my way to the retention department. The retention agent was very nice and after asking a few questions, she almost immediately offered to credit the $95 annual fee. This means that this Ink Plus will be a no annual fee card for the next year and will continue to earn valuable points for me.
One other important factor is longevity. Even though small business cards like the Chase Ink Plus/Bold don’t show up on a personal credit report, they do help to build your business’s track record with the bank. Chase is very strict with business card approvals and having a long track record with them certainly helps with approvals.
Why Not Cancel & Reapply
As many of you know, Chase has language in their applications that you can apply for a card again and get a bonus 24 months after receiving it before as long as the previous account has been closed. Since I already have other Ink cards, I could theoretically close this one and wait for the 24 month timeframe to get another.
Well that has sort of changed. Chase has cracked down on churners and is being incredibly strict with approvals for their own branded cards. (Ink, Freedom, Sapphire, Slate) This means that by keeping this card, I am not only strengthening my relationship with the bank, but am also making sure I still have access to the card’s benefits. If I close all of my Ink cards, Chase may decide to not approve me again based on their new rules.
Several people I know have received the same annual fee credit on their Chase Ink cards. It used to be nearly impossible to get them to waive the annual fee, but perhaps with these new application rules, new retention strategies have gone into effect. Now more than ever it seems a good strategy to keep your Chase cards (especially Ink) rather than churn them.