Middle Age Miles

[UPDATED: Dead as of 2/26/19; Earning Now 1x] Venmo Earns 3x Ultimate Rewards Points on Chase Ink Preferred (Data Point)

Chase Ink Preferred earns 3x Ultimate Rewards UR points on Venmo
The Chase Ink Preferred card earns 3x UR points on Venmo

UPDATED 2/28/19, 3:45 pm CST: Doctor of Credit is reporting that 3x on Venmo using CIP is dead as of 2/26/19. We can confirm that our personal Venmo transactions on 2/26/19 earned 1x UR points. Rest in peace, great UR-earning method.

In our normal reading and research, we have seen data points suggesting that money transfers through Venmo using the Chase Ink Preferred (CIP) business card would earn 3x Chase Ultimate Rewards (UR) points.  So, we decided to experiment, test it out for ourselves, and get a fresh clean data point.

Experiment and Data Point

Good news – We can confirm that we earned 3x UR points when using Venmo with our CIP card!

Our transaction was made in late October.  It was a person-to-person transfer using a CIP card to pay.  Of course, the transaction incurred Venmo’s normal 3% fee for transfers funded with a credit card.

Here’s our confirming screen shot:

Our Analysis

To analyze, let’s use a $100 payment to make the math easier.  Venmo will charge a $3 fee on our $100 payment, for a total purchase amount of $103.  We’ll earn 3x on this transaction for a total of 309 UR points.  Effectively, we’ve “purchased” 309 UR points for $3, so our effective rate is 0.97 cents per UR point.

Given that we hold a Chase Sapphire Reserve (CSR) card, we know we can easily redeem UR points for travel at 1.5 cents per point – and in fact we do this regularly.  At a baseline value of 1.5 cents per UR point, we’re effectively buying UR points for 65% of what we can use them for.  Or, put another way, it’s about a 35% discount on travel purchases if we buy through the Chase portal.

In addition, with UR points, we also have the possibility of getting even greater value by transferring the points to one of Chase’s airline partners such as United, British Airways, Flying Blue (Air France/KLM), Singapore, or Virgin Atlantic – or by transferring to Chase’s highest-value hotel partner, Hyatt.

At this point, we’re not sure how scalable this is. We’re not familiar enough just yet with Venmo’s transaction limits or velocity limits to know for sure.  If you have additional information or data points along these lines, please let us know in the Comments.

We like having this option to pick up additional UR points cheaply by using the CIP card for our Venmo transfers.  We can use the UR points easily and quickly so that our initial expenditure isn’t tied up for long, and we can save money on our travels!

What are your experiences using CIP for Venmo transactions? Do you have additional information or data points that would be helpful?  Please let us know in the Comments!

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