Applying For Chase Ink Business Cards: What You Need To Know

Filed Under: Chase, Credit Cards
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Chase has some of the all around best credit cards, in terms of the welcome bonuses, return on spending, and perks. This is especially true with their business credit cards.

For example, the Ink Business Preferred℠ Credit Card (review) has the single best welcome bonus of any credit card right now, and I’d argue is the most well-rounded business credit card. Meanwhile the no annual fee Ink Business Cash℠ Credit Card (review) and Ink Business Unlimited℠ Credit Card (review) have their best ever welcome bonuses right now, and are generally great cards for maximizing points.

I have all three of these cards, and Ford is in the process of getting all three as well (he was approved for the Ink Preferred under two months ago, was approved for the Ink Unlimited this week, and will soon apply for the Ink Cash).

So in this post I wanted to take a closer look at who is eligible for these cards, and how you can go about getting approved for all of them.

Who Is Eligible For Chase Business Cards?

Eligibility for a small business credit card is easier than you might think. You don’t need to have a big company, and don’t even need to be incorporated. Even a small side business with limited business revenue makes you eligible for a business credit card, even if you’re just selling things on eBay, do some consulting on the side, have a rental property, or do freelancing, for example.

It goes without saying that you should always fill out credit card applications truthfully.

What Are Restrictions On Applying For Chase Business Cards?

Chase’s general restrictions on applying for cards are as follows:

  • There’s no hard limit on how many Chase credit cards you can be approved for, but rather there’s often a maximum amount of credit they’re willing to extend you, in which case you may be asked to switch around your credit limits on some cards in order to facilitate an approval
  • There are inconsistent data points as to how long you have to wait between applications; my recommendation is to wait 30 days between Chase business card applications to be on the safe side
  • Chase business cards are subjected to the 5/24 rule, whereby you typically won’t be approved if you’ve opened five or more new card accounts in the past 24 months; I’ll talk more about how that works below
  • You can have (and earn the bonus) on each of the three “Ink” cards, so if you have the Ink Business Preferred you’re eligible for the Ink Business Cash and Ink Business Unlimited

How Should You Fill Out A Chase Business Credit Card Application?

Those who already have business credit cards are probably familiar with the application process, but for those who aren’t, here’s what you need to know. It can be intimidating to apply for your first business credit card, though even if you’re a small business or sole proprietorship, you should be eligible.

When applying for a Chase business card, you’ll be asked the following questions, in addition to the typical personal questions about your income, Social Security Number, etc.:

  • Legal name of business
  • Business mailing address & phone number
  • Type of business
  • Tax identification number
  • Number of employees
  • Annual business revenue/sales
  • Years in business

If you’re a sole proprietorship, how should you approach this? First of all, and most importantly, answer everything truthfully. I think the concern that a lot of people have is that they think they need an incorporated business, a separate office, etc., in order to be considered for a business card. That’s not the case:

  • You can use your name as the legal name of your business
  • The business mailing address and phone number can be the same as your personal address and phone number
  • If you’re a sole proprietorship, you can select that as your type of business
  • For the tax identification number, you can put your social security number
  • For number of employees, saying just one is perfectly fine
  • For your annual business revenue, there’s nothing with saying zero, or whatever the amount is
  • For years in business, there’s no shame in saying that it’s new, that it has been 1-2 years, etc.

How Hard Is It To Get Approved For A Chase Business Credit Card?

When it comes to getting approved for business credit cards, Chase certainly isn’t the easiest issuer. In general I find American Express business cards to be easiest to be approved for. However, getting approved for Chase business cards isn’t as tough as some people assume, at least if you have excellent credit.

In my experience instant approvals on Chase business cards are fairly rare, so don’t be worried if the approval doesn’t come through right away. You’ll usually get a pending decision response, and then eventually (hopefully) an approval.

For example, I’ve had the Ink Business Cash for many years, and late last year was approved for both the Ink Business Preferred and Ink Business Unlimited. In both cases I didn’t get an instant decision.

What Are The Best Chase Business Credit Cards?

There are three especially worthwhile Chase business cards to consider right now, and you’re eligible for all three of them, potentially (which means that you can earn the bonus on a version of the card if you already have another version).

First there’s the Ink Business Preferred, which I consider to have the best welcome bonus of any credit card out there at the moment:

  • Welcome bonus: 80,000 Ultimate Rewards points after spending $5,000 within three months
  • Annual fee: $95
  • Return on spend: 3x points on the first $150,000 of combined purchases per account anniversary year on travel, shipping purchases, internet, cable, phone services, and advertising purchases made with social media sites and search engines

Then there’s the Ink Business Cash, which has its best ever welcome bonus at the moment:

  • Welcome bonus: $500 cash back (which can potentially be converted into 50,000 Ultimate Rewards points) after spending $3,000 within three months
  • Annual fee: $0
  • Return on spend: 5x points on the first $25,000 of combined purchases per account anniversary year at office supply stores, and on internet, cable, and phone services, as well as 2x points on the first $25,000 of combined purchases per account anniversary year at restaurants and gas stations

Then there’s the Ink Business Unlimited, which also has its best ever welcome bonus at the moment:

  • Welcome bonus: $500 cash back (which can potentially be converted into 50,000 Ultimate Rewards points) after spending $3,000 within three months
  • Annual fee: $0
  • Return on spend: 1.5x points on all purchases

Is There An Ideal Order In Which To Apply For Chase Cards?

Given that applying for Chase business cards won’t count towards your 5/24 limit, in general I’d recommend applying for Chase business cards before applying for Chase personal cards.

If it were me, I’d pick up the Ink Business Preferred first (since I consider it to be the most well rounded of the three cards), and then would pick up either the Ink Business Cash and/or Ink Business Unlimited, depending on whether you value the 5x points in select categories, or 1.5x points across the board, more.

How Does The 5/24 Rule Impact Chase Business Credit Cards?

Chase has what’s known as the 5/24 rule, whereby you typically won’t be approved for a Chase card if you’ve opened five or more new card accounts in the past 24 months.

One exception is most business cards, including those issued by American Express, Bank of America, Barclays, Chase, and Citi, generally won’t count as an additional card towards that limit, because they won’t be shown on your personal credit report.

So you will want to check your 5/24 status before applying for a Chase business card. One positive thing is that while Chase business cards are subjected to the 5/24 rule, when you’re approved for them they don’t count as a further card towards that limit.

In other words, if you’ve opened four new accounts in the past 24 months and then apply for a Chase business card, you’ll still be at four cards. If you then apply for another Chase business card, you’ll still be at four cards.

See this post for everything you need to know about the 5/24 rule for Chase business cards.

Bottom Line

Chase has some fantastic credit cards, and in particular, they have great business credit cards. This includes the card that I consider to have the single best welcome bonus out there, as well as a cards with best-ever welcome bonuses right now.

Not only do the cards have great initial bonuses, but they have excellent bonus categories, ranging from 1.5x points on all purchases, to 3-5x points in select categories.

Applying for business credit cards in general can be intimidating for new businesses, though I recommend giving it a try using the above tips, and you’ll probably be pleasantly surprised by the results.

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Comments
  1. Thanks, Lucky for the helpful information. I am applying for the chase ink business preferred but this time around they are asking me for percentage of ownership of the company. I have a small consulting company with my wife. They are asking for her details as well. I’m under 5/24 she is not. Will they run her credit as well? If so, should I wait for her to also be under 5/24?

    Thanks for the help!

  2. Nice post. I do have a couple of questions, though.

    How does it work applying for Chase cards when you have the same card for a separate business? Can you get the card again for the other business?

    Can someone who is an officer of a small business but not an owner get one of these cards?

  3. I would like more information on what to do if they ask for verification for sole proprietor business. What documents may I provide for proof of business address? What if “a friend” lives with their parents and is unable to provide a utility bill in their name?

  4. For some reason, I was turned down for Ink Unlimited. I was approved for Ink Preferred in February and Ink Cash in June. I applied for Ink Unlimited at first of October and was turned down . I called and Chase would not switch around credit limits to approve card. I was at 4/24, if you don’t count the Chase business cards. I wonder if sometimes business cards do count to 5/24.

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