Chase sent out a memo announcing that it will start streamlining old Ink business cards in early 2018 and likely convert grandfathered cards into one on the products currently available from Chase. Doctor of Credit reports the memo was sent out to bankers in the last few days and letters will be sent to cardholders this week to explain the upcoming changes. Those who still have a Mastercard Ink, Ink Classic Visa or Ink Bold Visa credit card should expect one of these notices in the mail.
Upcoming Changes to Old Chase Ink Cards
- All Mastercard Ink card will be replaced with Visa-branded cards
- Customers will receive new Visa cards in February 2018.
- Existing Mastercard will remain active until April 30th 2018.
- Account number, expiration date and CVV will change
- Grandfathered Ink products, including Ink Classic and Ink Bold, will be converted to current Ink programs
- Customers will receive new cards in February 2018
- Account number will not change
- Cards will have new expiration dates, CVV and rewards earning structure
We still do not know all the details of these changes, but it makes sense for Chase to streamline its credit card offering and also switch all Ink cards to just one issuer, Visa.
The major downside with this memo and the expected changes that will follow, is the demise of the Mastercard Ink cards. These cards are still earning 5X on several gift card sellers, even after Ink Visa cards stopped doing so. I doubt this will continue once new cards are issued.
The Ink Classic and Ink Bold credit cards will be converted to current Ink programs, which most likely will be the Ink Cash and Ink Plus credit cards. Ink Preferred is also an option, but I would hate for my Ink Bold to lose its 5X categories.
Ink Plus cards don’t seem to be affected by these changes, based on the limited info provided by this memo.
Let me know what you think and if you’ll be affected by these changes.