In case you have been living under a rock in the Maldives this past week you have probably heard of the biggest thing in the points world – a 70,000 point Chase Ink offer! Comes with a $95 annual fee. Reader,and credit card aficionado Mike knew of this first, and gave us a hint on The Forum it was coming soon. I need to apologize to Mike, because it was good info, but I just didn’t really give a crap.
Maybe I am a little jaded now, but I don’t get excited by points offers. I finally, begrudgingly, signed up for two cards this year, the Citi Executive for 100,000 AA miles and the Chase Ink 60,000 point offer (no annual fee) and frankly I need neither card. It’s not that I have a slew of points either, its just I know for sure that I am going to be caught holding these as we walk into a new devaluation.
So, I got the 60K Ink because it was better than the 50K, but it was still ‘Meh’. Its still just some points in a lump sum, and with travel already booked up throughout 2014, I have more than enough time to generate points without paying a whole bunch of money for them. Regardless of my lack of enthusiasm towards this new 70K offer, I secure messaged them asking for an offer match. I always recommend doing this, but do it sooner rather than later as Chase will be looking for a way out of matching if they can.
Here was my denial letter:
Thank you for contacting Chase about your credit card
account. We appreciate the opportunity to ensure you
receive any promotional offers available for your account.
The new offer provides 70,000 bonus points after spend of
$5,000 on purchases in the first three months from the
account open date however the offer does not provide an
annual fee waiver of $95.00 for the first year. The offer
you were booked into is a different offer of 60,000 bonus
point after spend of $5,000 on purchases in the first
three months and no annual fee in the first year.
If you have any further questions, please reply using the
Secure Message Center.
So, should I demand they match me and offer to pay the fee? Should I try to pay $95 for 10,000 ultimate rewards?
You might have already surmised that with my overall lack of desire to jump up and down over credit card points that the answer is no, and you are quite correct. Now, we could engage in a value conversation here, many people, myself included, might value an Ultimate Reward point at more than a penny each, maybe something like 1.5 cents if used well?
So, I could purchase these points at a discount by chasing the 10,000, pay $95 for $150 of points, a no-brainer perhaps…
However, the value of points is not only relative to the buyer, but I would also argue is variable. I have just earned 60K, and for the next 10K to be relevant to me I would need to have a travel plan. Without such an immediate plan I would be simply exchanging real money for a promissory note for future travel. The issue I have with doing this is that giving up such money equates to an interest free loan to Chase, and that I trust Chase as far as I could throw Jamie Dimon towards a dart board. I’m not giving up good money for points that I cannot immediately redeem, because every moment that they sit in the account they are at risk of devaluation, individual transfer partners might ‘enhance’ their programs, or Chase could lose some or all partners leaving me with just a 1:1 statement credit option.
Amazing Deal Alerts come daily now, before you get too excited think is the offer really worth it to you, often it is about timing. Another time, and another place I might apply for two of these 70K offers and pay $150 for each card, but not right now, so i’ll gladly pass and say ‘meh’ to your 70K offer Chase, thanks very much for the 60K.