How You Can Earn 200K Chase Points While Paying Less Than $100 in Annual Fees

Updated: July 5, 2026, 8:30am CDT

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Table of Contents

Chase Has Numerous 100K Welcome Offers Right Now
Comparing Chase Credit Cards
Best Ways To Redeem 200K Chase Points
Final Thoughts

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The flashiest welcome offers are often synonymous with paying higher annual fees, but that doesn’t always have to be the case.

For a limited time, Chase has increased welcome offers on several affordable credit cards. If you act quickly, it’s possible to earn 200,000 Chase Ultimate Rewards points while paying less than $100 in annual fees cumulatively — here’s how.

Chase Has Numerous 100K Welcome Offers Right Now

It’s very rare that Chase has multiple 100,000-point bonus offers running simultaneously. At a minimum, each of these bonus offers are worth $1,000 for cash-back, but they potentially can be worth more. Here’s a full look at these welcome offers:

Ink Business Unlimited^® Credit Card: Earn ~~$750~~ $1,000 bonus cash-back after you spend $8,000 on purchases in the first 4 months from account opening.
Ink Business Cash^® Credit Card: Earn ~~$750~~ $1,000 when you spend $8,000 on purchases in the first 4 months after account opening.
Chase Sapphire Preferred^® Card: Earn ~~75,000~~ 100,000 points after spending $5,000 on purchases in the first 3 months.

The Ink Business Unlimited card and the Ink Business Cash card have no annual fees, while the Chase Sapphire Preferred has a modest $95 annual fee that hasn’t ever seen an increase, even as Chase has added new benefits over the years.

LIMITED TIME OFFER

Terms Apply / Rates & Fees

Ink Business Unlimited^® Credit Card

U.P. Rating

The Ink Business Unlimited card is a stellar option for business owners looking for a no-fuss uncapped 1.5% cash-back card without an annual fee.

Apply Now(at Chase's secure site)

Ink Business Unlimited^® Credit Card

The Ink Business Unlimited card is a stellar option for business owners looking for a no-fuss uncapped 1.5% cash-back card without an annual fee.

Welcome OfferEarn $750 $1,000 bonus cash back after you spend $8,000 on purchases in the first 4 months from account opening.
$750 $1,000

UP's Offer Valuation*:
$1,000

Annual Fee

APR

0% intro APR on purchases for 12 months; variable 16.74% - 24.74% thereafter.

Credit Recommended

Good to Excellent

Why We Like This Card

As a business owner, you likely keep pretty busy and probably prefer a credit card that just keeps things simple.

If so, the Ink Business Unlimited^® Credit Card might be just the card for you. From zero annual fee to a flat cash-back rate, the card is a no-frills option that you don’t have to think twice about.

Don’t forget too, 0% intro APR on purchases for 12 months; variable 16.74% - 24.74% thereafter.

Pros & Cons

Pros

1.5% cash-back on all purchases
No annual fee
0% intro APR on purchases for 12 months; variable 16.74% - 24.74% thereafter.

Cons

3% foreign transaction fee

Read Full Review

Card Highlights

Earn ~~$750~~ $1,000 bonus cash back after you spend $8,000 on purchases in the first 4 months from account opening
Earn unlimited 1.5% cash back on every purchase made for your business
No Annual Fee
Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards^®.
Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
Round-the-clock monitoring for unusual credit card purchases
With Zero Liability you won’t be held responsible for unauthorized charges made with your card or account information.
0% introductory APR for 12 months on purchases
Earn 5% total cash back on Lyft rides through 9/30/27.
Member FDIC

Financial Snapshot

APR: 0% intro APR on purchases for 12 months; variable 16.74% - 24.74% thereafter.
Foreign Transaction Fees: 3% of each transaction in U.S. dollars

Rewards Center

Chase Ultimate Rewards

LIMITED TIME OFFER

Terms Apply / Rates & Fees

Ink Business Cash^® Credit Card

U.P. Rating

This card offers great rewards and no annual fee. Any new business owner that needs to get going will enjoy this card.

Apply Now(at Chase's secure site)

Ink Business Cash^® Credit Card

This card offers great rewards and no annual fee. Any new business owner that needs to get going will enjoy this card.

Welcome OfferEarn $750 $1,000 when you spend $8,000 on purchases in the first four months after account opening.
$750 $1,000

UP's Offer Valuation*:
$1,000

Annual Fee

APR

0% intro APR on purchases for 12 months; 16.74% - 24.74% variable thereafter.

Credit Recommended

Good to Excellent

Why We Like This Card

The Ink Business Cash^® Credit Card has a lot going for it that makes it a compelling choice for small business owners. The card features a very lucrative 5% back on up to $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet, and cable TV services each account anniversary year.

When you factor in that the card has no annual fee, and 0% intro APR on purchases for 12 months; 16.74% - 24.74% variable thereafter. , you could be adding big value back into your business for no cost out of pocket.

Pros & Cons

Pros

Earn 5% back on up to $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet, and cable TV services each account anniversary year
Earn 2% back on up to $25,000 spent in combined purchases on dining and gas, and 1% back on all other purchases
Travel insurance and purchase protection

Cons

Spending caps in bonus categories
Low points earning outside of bonus categories

Read Full Review

Card Highlights

Earn ~~$750~~ $1,000 when you spend $8,000 on purchases in the first four months after account opening
Earn 5% cash back at office supply stores and on internet, cable and phone services each account anniversary year on the first $25,000 in combined spend
Earn 2% cash back on dining and gas each account anniversary year on the first $25,000 spent in combined spend.
Earn 1% cash back on all other purchases with no limit to the amount you can earn.
Earn 5% total cash back on Lyft rides through 9/30/27.
As a Chase cardmember, you’ll be automatically checked for a credit line increase at least every 6 months.
Complimentary three-month lnstacart+ membership.
No Annual Fee
0% introductory APR for 12 months on purchases
Member FDIC

Financial Snapshot

APR: 0% intro APR on purchases for 12 months; 16.74% - 24.74% variable thereafter.
Foreign Transaction Fees: 3% of each transaction in U.S. dollars

Rewards Center

Chase Ultimate Rewards

LIMITED-TIME OFFER

Terms Apply / Rates & Fees

Chase Sapphire Preferred^® Card

U.P. Rating

A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.

Apply Now(at Chase's secure site)

Chase Sapphire Preferred^® Card

A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.

Welcome OfferEarn 75,000 100,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
75,000 100,000 points

UP's Offer Valuation*:
$2,000

Annual Fee

$95

APR

19.24% - 27.49% Variable

Credit Recommended

Good to Excellent

Why We Like This Card

The Chase Sapphire Preferred^® card is one of the best travel rewards cards on the market. Its bonus categories include travel, dining, online grocery purchases, gas, EV charging, vacation homes, and streaming services, which gives you the opportunity to earn lots of bonus points on these purchases.

Additionally, it offers flexible point redemption options, no foreign transaction fees, and excellent travel insurance coverage including primary car rental insurance and emergency evacuation. With benefits like these, it’s easy to see why this card is an excellent choice for any traveler.

Pros & Cons

Pros

5x points on all travel booked via the Chase Travel portal
3x points on dining purchases, online grocery purchases (excluding Walmart, Target, and wholesale clubs), gas, EV charging, vacation homes (such as Airbnb and Vrbo), and select streaming services
2x points on all other travel worldwide

Cons

$95 annual fee
No elite benefits like airport lounge access or hotel elite status

Read Full Review

Card Highlights

Earn 100,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
Enjoy beneﬁts such as 5x on travel purchased through Chase Travel℠, 3x on dining, 3x on vacation homes, 3x on gas & EV charging, 3x on top streaming services and online groceries (excluding Walmart, Target, and wholesale clubs), 2x on all other travel purchases, 1x on all other purchases
Earn up to $100 in statement credits each account anniversary year for hotel stays through Chase Travel
Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
Get a year of complimentary Apple TV when activated by December 31, 2026 - a value of $156.
Complimentary DashPass which unlocks $0 delivery fees & lower service fees for a min. of one year when you activate by 12/31/27. Plus, a $10 promo each month on non-restaurant orders.
Receive one statement credit of up to $120 every four years as reimbursement for the application fee charged to your card for a Global Entry, TSA Precheck^® or NEXUS application.
Transfer points to leading airline and hotel loyalty programs
Member FDIC

Financial Snapshot

APR: 19.24% - 27.49% Variable
Foreign Transaction Fees: None

Rewards Center

Chase Ultimate Rewards

You might be wondering why you can’t simply apply for all 3 cards and all 3 welcome offers for a combined 300,000 in bonus points — while still staying under $100 in annual fees. While it is possible for you to hold both the Ink Business Cash card and the Ink Business Unlimited card, the terms state that you cannot earn the welcome offer on both.

Plus, when applying for multiple credit cards, you’ll want to be mindful of application rules. With Chase specifically, the issuer will generally deny any new applications if you’ve applied for more than 5 credit cards (from any bank) within the past 24 months — known as the Chase 5/24 rule.

If you’re eligible, picking up one of the no-annual-fee Chase Ink Business cards with the Chase Sapphire Preferred card is a strategic move worth considering.

Comparing Chase Credit Cards

To help you decide which Chase Ink card is right for you and see how they pair with the Chase Sapphire Preferred card, consult the following table.

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Card Feature	Ink Business Unlimited^® Credit Card	Ink Business Cash^® Credit Card	Chase Sapphire Preferred^® Card
Welcome Offer	LIMITED TIME OFFER~~$750~~ $1,000Ink Business Unlimited^® Credit CardEarn ~~$750~~ $1,000 bonus cash back after you spend $8,000 on purchases in the first 4 months from account opening.	LIMITED TIME OFFER~~$750~~ $1,000Ink Business Cash^® Credit CardEarn ~~$750~~ $1,000 when you spend $8,000 on purchases in the first four months after account opening.	LIMITED-TIME OFFER~~75,000~~ 100,000 pointsChase Sapphire Preferred^® CardEarn ~~75,000~~ 100,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
Earning Rates	1.5% back on all purchases	5% back in combined purchases at office supply stores, cellular phone, landline, internet, and cable TV services each account anniversary year (on up to $25,000 spent) 2% back in combined dining and gas purchases annually (on up to $25,000 spent) 1% back on all other purchases	5x points on Chase Travel bookings 3x points on dining purchases, online grocery purchases (excluding Walmart, Target, and wholesale clubs), gas, EV charging, vacation homes (such as Airbnb and Vrbo), and some streaming services 2x points on all other travel 1x points on all other purchases
Card Benefits	0% intro APR on purchases for 12 months; variable 16.74% - 24.74% thereafter.	0% intro APR on purchases for 12 months; 16.74% - 24.74% variable thereafter.	$100 annual Chase Travel hotel credit $120 Global Entry, TSA PreCheck, or NEXUS credit every 4 years Complimentary Apple TV subscription for 1 year when activated by December 31, 2026 No foreign transaction fees
Travel and Purchase Coverage	Auto rental coverage Purchase protection Extended warranty coverage Travel and emergency assistance Roadside assistance		Auto rental coverage (primary) Trip cancellation and interruption insurance, emergency evacuation and transportation, and other travel insurance benefits Purchase protection, extended warranty protection
Annual Fee	$0	$0	$95

The Chase Sapphire Preferred card acts as the main anchor card, as having it allows you to combine the rewards earned on either Ink Cash card and convert them into fully transferable Chase Ultimate Rewards points — rather than just cash-back rewards.

Since you’ll need the Chase Sapphire Preferred card either way, the decision comes down to whether the Ink Business Unlimited card or the Ink Business Cash card better matches your spending habits. If your business spends a lot in the Ink Business Cash card’s 5% and 2% categories, that would be the better fit for you. However, some people may prefer the 1.5% catch-all aspect of the Ink Business Unlimited card.

Hot Tip:

If you think you’re not eligible for a business card, you might be surprised to learn that, even if you are a freelancer, have a side hustle, or are just in the beginning stages of starting a business, you are eligible for business credit cards.

Best Ways To Redeem 200K Chase Points

Once you’ve earned a combined 200,000 points in welcome offers from 2 of these cards, the next question is how you should spend them.

1. Receive $2,000 in Cash-Back

The simplest redemption available is cash-back, which comes at a redemption value of 1 cent per point, allowing you to redeem 200,000 points for $2,000 in cash-back.

This might not fully maximize the potential value of your points, but it still makes for a compelling option. After all, $2,000 can go a long way toward many of your monthly expenses, and earning $2,000 in bonuses for a combined $95 in annual fees is incredible value.

2. Up to $3,000 to $3,500 in Travel Value With Points Boost

When you book certain flights and hotels through Chase Travel using Ultimate Rewards points, you can use the Points Boost feature from your Chase Sapphire Preferred card for up to a 75% bonus.

On top-booked hotels and flights with participating airlines, your points can be worth up to 1.5 cents each, giving you a 50% bonus and making 200,000 points worth $3,000. Additionally, if you book premium cabin tickets with certain airlines, your redemption point value can be as high as 1.75 cents each, giving you a 75% bonus and making 200,000 points worth $3,500.

3. $4,000+ in Travel Value With Transfer Partners

At Upgraded Points, we value Chase Ultimate Rewards points at 2 cents per point because of their flexibility and ability to be transferred to a variety of Chase transfer partners, allowing you to then book luxury travel experiences for significantly less than their normal cash value.

Just as one example, you could book a first class award ticket to Tokyo with All Nippon Airways through the Virgin Atlantic Flying Club, a 1:1 transfer partner of Chase.

ANA 777 Suite — ANA’s The Suite. Image Credit: Ehsan Haque

One-way ANA first class awards start at 72,500 Virgin Points from the U.S. West Coast and 85,000 Virgin Points from the East Coast or Central U.S.

With 200,000 bonus points, you can easily book round-trip tickets and have thousands of points left over for your next redemption. Considering round-trip ANA first class fares between the U.S. and Tokyo can easily cost $15,000 to $20,000, these redemptions can deliver well over 10 cents per Chase Ultimate Rewards point in value.

Bottom Line:

There are many great ways to redeem your Chase points, and their flexible redemption options are what make them so valuable.

Final Thoughts

Earning large credit card welcome offer bonuses doesn’t have to be expensive. Right now, you can pair one of the no-annual-fee Chase Ink cards (the Ink Business Unlimited card and the Ink Business Cash card) with the Chase Sapphire Preferred card and earn 200,000 points from the welcome offers for just $95 in total annual fees.

These limited-time welcome offers won’t hang around forever, though, so if these cards seem like a good fit for you, be sure to take advantage of them before they end.