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There are many reasons to get the Chase Ink Business Preferred® Credit Card. After all, who doesn’t want to earn up to 3x points on key business purchases and have flexible award travel redemption options? And let’s not forget about that 100,000-point signup bonus worth up to $1,250 in award travel by spending $15,000 in the first 3 months. But how hard is it to get the Chase Ink Business Preferred?
100k Bonus (Worth $1250 in travel): Ink Business Preferred® Credit Card
You may already know why you want the Chase Ink Business Preferred® Credit Card (if you aren’t sure, check out our in-depth Chase Ink Business Preferred review). However, you probably don’t know if Chase will approve your application. Before submitting an application, it’s important to know your approval odds.
Credit Score Needed for Chase Ink Business Preferred Credit Card
Although the Ink Business Preferred® Credit Card is a business credit card, Chase still uses your personal credit score to make an approval decision. Of course, you will also need business income to qualify and be at least 18 years old.
You have the best approval odds with a minimum of 740 credit score. It’s highly recommended you have excellent personal credit to get the Chase Ink Business Preferred. Having a personal credit score in the mid-700s or higher means you are most likely to receive an instant approval decision.
However, it’s possible to get approved with a score below 740. One of the best examples is from Lissa001 sharing their experience with a 640 credit score. “I was approved with a FICO score of 640 and have a couple of old collections on my account. I had to go through the verification process which took about 2 weeks and then was approved.”
It’s still best to wait to apply when your score is at least 700. Having high annual business revenues or existing Chase business products are two ways to boost your approval odds when you still only have good credit.
Number of Recent Credit Card Openings
Even if you have perfect credit, Chase can still decline your application if you have too many recent card applications. Although Chase doesn’t publish its application guidelines, Chase’s relatively strict “5/24 Rule” is well-known to card churners.
If you’re not familiar with this policy, expect Chase to decline your application if you have either opened or been listed as an authorized user for at least 5 credit cards in the last 24 months.
You might be able to bypass this rule by applying in-person at your local Chase branch. Otherwise, it’s best to play it safe and wait until you only have four or fewer new credit cards open less than 24 months.
If you need a business credit card for travel, you will need to apply for a non-Chase business credit card. It appears that Chase applies the 5/24 rule to all credit cards.
Qualify for the Chase Ink Business Preferred Signup Bonus
You can qualify for the Ink Business Preferred® Credit Card bonus offer as long as you spend $15,000 in the first 3 months of account opening. This is one of the best credit card signup bonus offers available.
It doesn’t appear that currently owning another Ink business credit card excludes you from this bonus. If you are a returning Ink Business Preferred cardmember, it can be worth asking a Chase representative if you qualify for a second bonus before applying.
Because this is one of the largest signup bonuses you may ever earn, it can be well worth waiting to apply once you are certain you can reach this high spending requirement.
The Chase Ink Business Preferred® Credit Card holds the honors of having the largest and most valuable ongoing Ultimate Rewards signup bonuses! It’s worth $1,250 when booking award travel through Chase as each point is worth 1.25 cents each. But the 100,000 bonus points can be worth more if you can make each point worth at least 1.25 cents each with the 1:1 airline and hotel transfer partners. You only have to be wise with how you transfer your points.
Thankfully, this bonus doesn’t have as many restrictions as the Chase Sapphire Preferred bonus where you can’t presently own another Sapphire product or have earned a Sapphire card bonus in the last 48 months.
Improving Your Chase Ink Preferred Approval Odds
You can improve your approval odds of getting the Ink Business Preferred Credit Card by practicing a few of these suggestions:
- Lower your credit utilization ratio on existing credit cards
- Avoid new credit card applications until applying for the Ink Business Preferred
- List your total annual income — taxable and non-taxable — when applying
- Open a Chase business bank account
- Submit paper application at a local Chase branch
Applying at a local Chase branch isn’t a practical option for every person. Thankfully, the Chase Ink Business Preferred® Credit Card is an option for any U.S. business owner at least 18 years old. You don’t have to live in a specific region to gain approval.
Chase Reconsideration Line
If your Ink Business Preferred® Credit Card application is declined, you can call the toll-free Chase reconsideration line at 1-800-453-9719.
Calling doesn’t guarantee the Chase agent will reverse the original decision. But it can’t hurt. Plus, you may get more information about why Chase won’t approve your application.
One instance where Chase will stand firm with their denial decision is if you have too many recent credit card applications. It doesn’t matter your five most recent cards are all issued by Chase, the Chase 5/24 rule is almost always a non-negotiable topic.
Depending on the agent’s response, you may use some of the following reasons to potentially switch your “No” decision to a “Yes.”
- I’ve been a Chase customer for X years.
- Can provide additional business documents to verify application details
- Never missed a payment on my other Chase credit cards
- Willing to accept a lower credit limit to get approved
- Will pay a lower annual fee than my current business credit card
- Travel extensively and plan on using the 25% travel redemption bonus and 1:1 point transfers
Be prepared for Chase to ask about your recent card applications and why you want another credit card. You may also need to explain your current business income and projected earnings. It’s a good idea to jot a few key business details on a piece of paper before calling so you can provide a detailed and well-thought response.
The Ink Business Preferred credit card is one of the best credit cards for purchasing flight tickets and one of the best credit cards for international travel. It’s worth the time and effort to call and get more information from an agent.
Ink Preferred Credit Access Line
Besides getting approved, you should also know what your initial credit limit might be. We don’t know how Chase determines your exact limit. But it can be influenced by your credit score, credit history, business revenue, and current credit card usage.
In the card pricing and terms document, Chase states your minimum credit limit will be $5,000. This is standard for Visa Signature credit cards. Well-qualified applicants can qualify for a higher limit of up to $25,000.
Chase may request additional information in order to get an Ink Business Preferred® Credit Card limit above $25,000.
Summary of Applying for the Chase Ink Business Preferred
Having excellent credit, business income, and fewer than 5 new credit cards means you have high approval odds for the Ink Business Preferred® Credit Card. Like any credit card application, do your best to optimize your personal credit report before applying. Your reward can include owning possibly the best Chase business credit card along with receiving an instant approval decision.
100k Bonus (Worth $1250 in travel): Ink Business Preferred® Credit Card
Chase Sapphire Preferred® Card
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $1,000 toward travel when you redeem through Chase Ultimate Rewards®.
- 2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 80,000 points are worth $1,000 toward travel.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash’s subscription service. Activate by 12/31/21.
- Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.
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