Link: Apply now for the Ink Business Preferred® Credit Card with 120,000 bonus points
The $95 annual fee Ink Business Preferred® Credit Card (review) is one of the most lucrative business credit cards on the market. The card offers a massive 120,000-point sign-up bonus and a slew of valuable perks that make it worth keeping, from a great rewards structure to cell phone protection.
In this article, I wanted to cover the basics of Chase Ink Preferred Card approval and bonus eligibility. You might be surprised by how many people are eligible for the welcome bonus on this card (even if you have or have had the card), so let’s go over all of those details.
Chase Ink Business Preferred Eligibility Requirements
A common question is what you need to do to get the Chase Ink Preferred card, especially to be able to earn the bonus. The good news is that it’s pretty simple, and many people may be surprised by how few restrictions there are.
This doesn’t necessarily mean that it’s super easy to get approved for the card, but at least if you can get approved, earning the bonus is simple.
Who is eligible for the Ink Preferred Welcome Bonus?
While other Chase cards have 24 and 48 month rules regarding welcome bonus eligibility, the Chase Ink Preferred card does not. If you look at the terms and conditions, you won’t see any major restrictions associated with getting the welcome bonus.
For one, you’re eligible for the bonus on this card if you have another Chase Ink product, like the Ink Business Cash® Credit Card (review) or the Ink Business Unlimited® Credit Card (review).
But it goes further. You are eligible for the Chase Ink Preferred card welcome bonus even if you have had the same card before, and even if you currently have the same card. In fact, as long as your application for the card is approved, you can earn the welcome bonus.
If you have multiple businesses, it is also possible to get Chase Ink products for each of them. There are even many testimonials of people being able to get multiple copies of the same card for the same business. After all, it can be useful to separate certain expenses for accounting purposes.
I want to point out that most of the information above is based on anecdotal reports. But as you’ll see with the offer terms, it doesn’t contradict anything that’s been released directly by Chase.
Do you need a company to get the preferred ink?
The Chase Ink Preferred card is a business card, so you must own a business to qualify for the card (and you’re also supposed to use the card for business expenses). However, you don’t necessarily need a corporation, and even having a sole proprietorship would make you eligible.
If you are applying for the card as a sole proprietorship, you can use your name as your business name, your Social Security number as your tax ID number, etc.
What credit score do you need for Ink Preferred?
There is no uniform rule regarding what credit score you need to get the Chase Ink Preferred card, as credit score is one of many factors that are considered when getting approved for a card application. In general, I would recommend having a credit score in the “good” to “excellent” range if you are interested in applying for this card.
Personally, I probably wouldn’t apply if my credit score was below 700, and ideally, I would hope to have a credit score of 740 or higher. That being said, people with scores below this level have been approved, and conversely, people with scores above this level have been rejected. There are many factors that go into approval: your income, your credit history, the amount of credit Chase has already extended to you, etc.
Does the Chase 5/24 rule apply to Ink Preferred?
Historically, Chase has had what’s known as the 5/24 rule, which often means you won’t be approved for a Chase card if you’ve opened five or more new card accounts in the last 24 months. There are growing reports that this rule is no longer being consistently applied.
It’s hard to know for sure what’s going on here. Some people continue to get declined for their Chase cards due to too many new card accounts, while others don’t.
Chase Ink Business Preferred Approval Frequently Asked Questions
To answer some additional frequently asked questions about the Chase Ink Preferred Card…
Is it difficult to get approved for Ink Preferred?
Yes and no. There’s nothing particularly difficult about getting approved for the Chase Ink Preferred card, but Chase is one of the more difficult cards to get.
If you have a good credit score, a fairly long credit history, and are below the 5/24 limit, you have a good chance of getting the card. Even if you are over the 5/24 limit, you may still have a good chance.
How long does it take to get approved for Ink Preferred?
Chase credit card approvals can be instant, they can take a few days, or they can take a few weeks. In general, I find that Chase doesn’t issue many instant approvals, especially on business cards, so don’t worry if you get a pending decision response when you apply. It doesn’t mean you’re at risk of being rejected at all.
What is the minimum credit line for Ink Preferred?
If approved, the Chase Ink Preferred card will have a minimum credit line of $5,000. That’s because the card is a Visa Signature card, and that’s the minimum credit line allowed on Visa Signature products.
What credit bureau does Chase source from?
If you apply for the Chase Ink Preferred card, Chase doesn’t always go to just one credit bureau. It could be Equifax, Experian, or Transunion, depending on a variety of factors.
Is it bad for your credit score if your Ink Preferred loan application is denied?
What are the negative effects of being denied a credit card application? The only downside is that a new inquiry is made on your credit report, which could temporarily lower your score by a few points. While everyone’s situation is different, I personally don’t consider this to be a major problem, as temporarily losing a few points shouldn’t have any major consequences, and of course, getting approved has many benefits.
If your Ink Preferred application is denied, can you reapply?
Of course you can. If you’ve been denied a Chase Ink Preferred card application in the past, you can apply again. Just because you’ve been denied once doesn’t mean you’ll be denied again, especially if some aspect of your creditworthiness has improved (e.g., your credit score has gone up, the number of cards you’ve opened in the last two years has gone down, etc.).
In conclusion
The Chase Ink Preferred Card offers a massive welcome bonus of 120,000 Ultimate Rewards points after minimum spending, making now a great time to apply. If you don’t have the card yet, there are plenty of great long-term reasons to keep it, including bonus points on all sorts of purchases, excellent travel coverage, and exceptional redemption opportunities.
I hope the above answers the question of who is eligible for one of Chase’s most lucrative business cards. If anyone has any further questions about getting approved for the Chase Ink Business Preferred Card, please let me know.
What has your experience been since your Chase Ink Preferred card application was approved?