Chase will release a new premium business credit card later this year. It’s called the Chase Ink Business Preferred card and it will have a generous 80,000 point signing bonus and 3 points per dollar for the first $150,000 spent on travel, telecommunications, shipping and advertising on social-media and search engines. It will have a $95 annual fee. You can read more about the card here.

The fate of the current Ink cards was unclear and it was hinted that this new card would be an addition to the Chase Ink lineup. But TPG, who has been kind of the face of new Chase products lately, says that the Ink Plus card won’t be available once Ink Preferred is launched.

We still don’t know exactly when the Ink Preferred card will launch (Chase simply said “later this year”), but the issuer has confirmed that the Ink Plus will no longer be available to new cardholders as of that date.

Most likely if you already have an Ink Plus or Ink Bold card, you’ll be able to keep it and still earn 5% in some categories. If you value that, and if you’re able to get by the 5/24 rule, then you should apply for Ink Plus now and then apply for Ink Preferred, getting a total a 140K-150K in sign up bonuses. Ink Plus currently has a 60K offer online, or a 70K in branch with waived AF. Another benefit of applying in branch is that you can check for pre-approved offers that should bypass 5/24.