Link: Apply now for the Ink Business Preferred® Credit Card with 120k bonus points
The $95 annual fee Ink Business Preferred® Credit Card (review) is one of the most profitable business credit cards. The card has a monster sign-up bonus of 120k points and offers a host of valuable benefits that make the card worth keeping, from a great rewards structure to mobile protection.
In this post I wanted to cover the basics of getting approved for the Chase Preferred Ink Card and qualifying for the bonus. You might be surprised how many people are eligible for the welcome bonus on this card (even if you own or have the card), so let’s go over all those details.
Chase Ink Business Preferred Qualification Requirements
There are often questions about what it takes to get approved for the Chase Preferred Ink Card, including the chance to earn the bonus. The good news is that this is fairly straightforward and many people may be surprised by how few restrictions there are.
That doesn’t necessarily mean getting approved for the card is super easy, but at least if you can get approved, earning the bonus is simple.
Who qualifies for the favorite paint welcome bonus?
While other Chase cards have 24-month and 48-month rules regarding welcome bonus eligibility, this is not the case with the Chase Preferred Ink Card. If you look at the terms, you will not see any major restrictions related to earning 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 ).
However, it goes beyond that. You are actually eligible for the Chase Ink Preferred Card welcome bonus even if you had that exact card before and even if you have that exact card now. Basically, as long as you get approved for the card, you can earn the welcome bonus on it.
If you have multiple businesses, it’s also possible to get Chase Ink products for each of them. There are even many reports of people being able to get several of the same cards for the same business. After all, there is potentially merit in keeping some expenses separate, for accounting purposes.
Let me point out that much of the above is based on anecdotal reports. But as you will see with the terms of the offer, this does not contradict anything directly published by Chase.
Need a business to receive Ink Preferred?
The Chase Ink Preferred Card is a business card, so you need a business to be approved 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 identification number, etc.
What credit score do you need for Ink Preferred?
There is no hard and fast rule on what credit score you need to be approved for the Chase Ink Preferred Card, as credit score is one of many considerations when getting approved for a card. Overall, I’d recommend having a credit score in the “good” to “excellent” range if you’re going to apply 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 lower than this are approved and conversely, people with scores higher than this are rejected. There are many factors that go into approval – your income, your credit history, how much credit Chase has given you, etc.
Does the Chase 5/24 rule apply to Ink Preferred?
Historically Chase has had what is known as the 5/24 rule, whereby you would often not be approved for a Chase card if you opened five or more new card accounts in the past 24 months. There are increasing reports that this is no longer consistently applied.
It’s hard to know for sure what’s going on here. Some people are definitely still getting turned down for Chase cards due to too many new card accounts, while others are not.
Chase Ink Business Preferred Approval FAQ
To answer some frequently asked questions when it comes to the Chase Preferred Ink Card…
Is it hard to get approved for Ink Preferred?
Yes and no. There’s nothing that makes getting approved for the Chase Preferred Ink card particularly difficult, but Chase is among the hardest issues to get approved for.
If you have a good credit score, a fair amount of credit history, and are under the 5/24 limit, you have a good chance of being approved for the card. Even if you are over 5/24, you may still have good odds.
How long does it take to be approved for Ink Preferred?
Approvals for Chase credit cards can be instant, they can take a few days, or they can take a few weeks. In general, I think Chase doesn’t issue many instant approvals, especially for business cards, so don’t worry if you get a pending decision response when you apply. This does not mean at all that you are likely to be rejected.
What is the minimum credit line for Ink Preferred?
If you’re approved, the Chase Preferred Ink Card will have a minimum credit line of $5,000. That’s because the card is a Visa Signature, and that’s the minimum credit line extended for Visa Signature products.
Which credit bureau does Chase pull from?
If you apply for the Chase Ink Preferred Card, there is no one credit bureau that Chase always pulls from. It could be Equifax, Experian or Transunion, depending on a number of factors.
Is getting rejected for Ink Preferred bad for your credit score?
What are the negative impacts of applying for a credit card and being declined? The only downside is that there is a new inquiry on your credit file, which can temporarily lower your score by a few points. While everyone’s situation is different, personally I wouldn’t consider this a big deal, as losing a few points temporarily shouldn’t have huge implications, and there are certainly plenty of advantages to be adopted.
If you are rejected for Ink Preferred, can you reapply?
You certainly can. If you’ve been turned down for the Chase Ink Preferred Card in the past, you can reapply. Just because you’re turned down once doesn’t mean you’ll be turned down again, especially if aspects of your credit worthiness have improved (for example, if your credit score has gone up, the number of cards you’ve opened in two years the last one has fallen, etc.).
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The Chase Ink Preferred Card offers a massive welcome bonus of 120,000 Ultimate Rewards points after meeting the minimum spend, making this the ideal 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 kinds of purchases, great travel coverage and incredible points redemption opportunities.
We hope the above answers the question of who qualifies for one of Chase’s most lucrative business cards. If anyone has any other questions about Chase Ink Business Preferred Approval, please let me know.
What has been your experience getting approved for the Chase Preferred Ink Card?