Starting September 3, 2024, Chase will be reducing the referral bonus for the Chase Business Ink Card family back down from 40,000 bonus points to 20,000 bonus points. This offer was increased early 2023 and sadly will be coming to an end.
As of 9/3/2024, you’ll no longer earn 40,000 bonus points for each business. Instead, you’ll earn 20,000 bonus points for each business, up to 10, that gets approved.
While this might seem like a significant cut and disappointing, it is still a very generous referral program. Many other referral programs cap out at 100,000 points (5 successful referrals) annually. Let’s dive into what this change means and how you can maximize your rewards.
Understanding the New Referral Bonus Structure
Previously, referring a friend to a Chase Business Ink Card could earn you 40,000 bonus points (or $400). With the upcoming change, successful referrals will now earn you 20,000 points (or $200). While this reduction means you will need to refer more people to reach the same level of bonus points, it’s important to note that you can still earn up to 200,000 points annually. This simply means that instead of referring five people, you will now need to refer ten to hit the maximum annual bonus.
Recent Trends in Chase Referral Bonuses
Changes in referral bonuses are not uncommon in the world of award travel. Earlier this year, Chase reduced the referral bonus for the Chase Sapphire family from 15,000 to 10,000 points. While these adjustments can be disappointing, it is noteworthy that Chase has provided a three-month advance notice for the Business Ink changes, allowing cardholders to plan accordingly.
Why This Still Matters: Maximizing Value
Despite the reduction, the Chase Business Ink family remains a valuable tool for accumulating points quickly, especially in a two-player (P2) household. For instance:
- Ink Unlimited and Ink Cash: Previously, you could earn a minimum of 115,000 points ($1,500 value) between the sign-up bonus (SUB) and referral bonus. Now, you’ll earn 95,000 points ($950 value).
- Ink Premier and Ink Preferred: Previously, the combined SUB and referral bonus could net you 140,000 points ($1,400 value). Now, it will be 120,000 points ($1,200 value).
How to Refer and Start Earning
Referring friends and colleagues is straightforward. To access your referral links, visit the catch all website here. Enter your last name, the last four digits of your card, and your zip code to generate your personalized referral link.
Tax Implications to Keep in Mind
Remember, referral bonuses are taxable once you surpass 60,000 points ($600) across all Chase accounts. Expect to receive a 1099-G form at the beginning of the year, as these bonuses will be reported as income. While this might seem like a downside, the value of Ultimate Rewards points often outweighs the tax implications, especially if you redeem them wisely.
Final Thoughts
While changes to referral bonuses can be frustrating, the Chase Business Ink family still offers significant value. By continuing to refer and making the most of your points, you can maximize your rewards and enjoy the benefits that come with being a Chase cardholder.
Feel free to share your thoughts on these changes and how you plan to adapt your referral strategy in the comments below!
