Closing account and opening new Ink
 

Hi, I'm sorry if this is a stupid question, I'm still unfamiliar with all the ins and outs of managing accounts and points. I still have the old Chase Ink from like 2 years ago I think it was. I want to get the new one Ink card for the 80k bonus. Can I still get the bonus if I still have the old one active or do I have to close that one first and then apply? Is there a certain amount of time I have to wait before I can apply for the new one?

And also, when I am closing the old Ink account, can I or should I move my UR points to over to my Freedom account first before closing? If I don't, I will lose those points?

Thank you in advance. I just want to make sure I'm doing everything right.

Welcome to FT! The first thing you should do is educate yourself about the rules of the Chase Ink Biz card. Start by opening the WIKI at the top of the page. Read it all. You are eligible for the new card and bonus if it's been 24 months since you received the original bonus AND you don't have the current card (cancel it). But, you need to do something with your current UR points first. Options are: move them to your Freedom card, buy some flights and/or hotel stays or transfer them to an airline or hotel partner (30 days to do this or Chase will keep the points).

If I missed something there are 100s of members here who can give you more information.

Thank you, I appreciate the info.

So can I cancel the card and apply for the new one right away?

No. If you cancel, you need to wait 30 days before re-applying. Alternatively, you can downgrade your card to Ink Cash (no annual fee). You won't need to do anything with your existing points (they'll stay with the Ink Cash card) and you only need to wait a week to apply for Ink Preferred. Later, you can combine your old points from the Ink Cash onto your new Ink Preferred.

If you downgrade to the Ink Cash you don't get the Su bonus which I believe is currently 50K UR points

IMO he/she is better off getting the INK cash card from scratch, then cancelling the INK Preferred and getting the INK Preferred again a couple months later.

I was approved for a 5k limit (utterly ridiculous, but anyway), needed to charge a 6k travel expense. Called them and told them I needed 6k and was going to charge 3k, pay it, wait for the cl to go back up then pay the other 3k, agent said it was ok. Held my breath after the 1st charge, paid it right away. Credit limit jumped right back up so I paid the last 3k and left it on the statement til the statement end. Paid it off and no problems. I know that's not the recommended way of handling it and agents sometimes are not the most knowledgeable but I wanted to make my spend and have the entire expense on one card. Fortunately it worked. This took place in May.

OP is currently interested in applying for the Ink Preferred, not the Ink Cash. My suggested alternative does nothing to stop OP from getting the Ink Cash bonus any time in the future. If in a few months, OP would like to apply for Ink Cash and the 50k bonus, all the same options exist. Cancel or product change the Ink Cash (product changed from original Ink Preferred), then apply.

I was approved for 5k limit on Ink Unlimited - also ridiculous, and I had lowered CLs on biz accounts (and personal) before applying. Whatever also - plan on starting slwo a month or so and then calling in to get that raised.

How long after lowering CL before you applied for Ink Unlimited?

I am concern now as I lowered a bunch of Chase credit cards a few months ago to try for biz app instance approval which I may get. However, it appears that the overall CL from Chase might be reduced sufficiently.

Declined due to 5/24 even though business card on existing legitimate business. Guess I'll have to wait.

This seems to be a recurring source of confusion. Chase business card applications are subject to the 5/24 rule. Chase business card accounts are not included in the 5/24 calculation.

So... *sheepishly* just 1 day... but I intend on closing CIP (fee renewal is next month), so I just SM'ed to move 10k of credit line from that card to my CIU yesterday and this morning looks like it was honored, so no harm there.

Here's a data point. I got the Ink Plus in 2016. Downgraded to Ink Cash last month. Dropped to 4/24 last month. Applied for the Ink Preferred yesterday and got to 30 day noticed. Logged into my Ink account today and I see the Ink Preferred showing up. My mistake was that I did not send myself a referral email so I lost 20k points. Oh well.

Make sure the payment has posted to your checking account. Call Chase and tell them funds have cleared and you would like them to verify via a 3-way call (Chase will set up) between You, Chase and Your Bank.

When I had a similar issue I messaged and received the following response:
"Dear XXXXX, I would like to inform you that I see that you made a payment of $XXXXX on July 6, 2018. Your payment is pending for additional verification until July 14, 2018. Once we've verified your payment, your funds will be available, and we'll show your payment was effective the day it was received.

We can release the funds earlier, if you
- Provide proof that the payment cleared which includes your bank statement showing the dollar amount and date the payment cleared your checking account, or
- Request a three-way call between you, your bank and our payment team by calling the number on the back of your card."