Chase Ink Business Cards & 5/24

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We now have three excellent Chase Ink Cards that are part of Chase’s business card portfolio. These include the:

  • Ink Business Preferred℠ Credit Card, which has a $95 annual fee and offers 80,000 Ultimate Rewards points after spending $5,000 within three months; the card offers 3x points in select categories
  • Ink Business Cash℠ Credit Card, which has no annual fee and offers 50,000 points after spending $3,000 within three months; the card offers 5x points in select categories
  • Ink Business UnlimitedSM Credit Card, which has no annual fee and offers 50,000 points after spending $3,000 within three months; the card offers 1.5x points on all purchases

All three of these cards are excellent, and I view them as complements rather than substitutes. Cardmembers can potentially get all three of these cards, for a total of 180,000 bonus points, not to mention a great portfolio of cards to use long term to maximize their small business spend.

On a recent post about deciding on my current credit card strategy, reader Old Flyer asked the following:

I am missing something from your statement that “… while the two business cards are subjected to the 5/24 restriction, applying for them doesn’t actually qualify as a further inquiry towards that limit.” I always thought Chase counted Business Cards issued by Chase (not AMX Business or Citi Business) for the 5/24 restriction. Have I been wrong all these years? Please further explain.

I’ve written a lot about the 5/24 rule, which is a Chase policy where they often won’t approve people for cards if they’ve opened five or more new card accounts in the past 24 months. While I try to simplify this as much as possible, this seems to be the greatest point of confusion from readers regarding applying for credit cards. That’s hardly surprising, because the policy sure isn’t simple.

The basics of 5/24

The idea is that you won’t be approved for many Chase cards if you’ve opened five or more new card accounts in the past 24 months:

  • A majority of new credit card accounts will count towards that limit, meaning that opening five or more cards in 24 months will make you ineligible for certain Chase cards
  • One exception is most business cards, including those issued by American Express, 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
  • The 5/24 rule doesn’t apply to all Chase cards, meaning that there are some Chase cards you can still be approved for if you’ve opened five or more card accounts in the past 24 months; this includes cards like The Hyatt Credit CardIHG® Rewards Club Premier Credit Card, and British Airways Visa Signature® Card

Chase Ink Business Cards & 5/24

This brings us to the big point of confusion for many. Are the Ink Business Preferred℠ Credit CardInk Business Cash℠ Credit Card, and Ink Business UnlimitedSM Credit Card, subjected to 5/24 or not?

Yes, Chase Ink Cards are subjected to 5/24, meaning that you can’t be approved for them if five or more new card accounts show on your personal credit report in the past 24 months.

However, when you do apply for a Chase business card, it won’t count as an additional card towards that limit. Let me explain in the form of an example. Let’s say you’re at 4/24 (four cards show on your personal credit report in the past 24 months), meaning that if you apply for one more card you’d be at the 5/24 limit:

Bottom line

I know this is complicated, but hopefully this helps clear things up. Yes, Chase Ink Business Cards are subjected to 5/24, meaning you can’t be approved if more than five new cards show on your personal credit in the past 24 months. However, actually applying for a Chase Ink Business Card typically won’t show on your personal credit report, and therefore wouldn’t count as a further card towards that limit.

In other words, always apply for business cards before personal cards if you’re trying to stay under that limit.

Does that make sense, or does anyone have more questions about this?

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Comments

  1. My question is if you are applying as a sole proprietorship using your personal SSN, will the business card then show on your credit report and thus be part of your 5/24 count? Thank you.

  2. @ Pauls98 — Nope, in my experience it still shouldn’t. Someone correct me if I’m wrong, please.

  3. Does anyone have experience on getting approved for multiple chase business cards and what the limits are and the timing?

  4. @Pauls98 and @Lucky: I have 3 business cards: Chase Ink Preferred, Chase Ink Cash, and AAdvantage Platinum Business – neither of them shows up on my credit report.

  5. @Larry. A few months ago (I was at 4/24) I applied for the Chase Ink Preferred first, got an instant approval. Next day I applied for the Chase Ink Cash – the dreaded “we need more time to consider your application” came up. Two days later got approved for that with a much smaller credit limit then the Ink Preferred.

  6. Weird choice of picture of the TK lounge, considering TK is not a partner of Chase’s programme.

  7. My Perfect Trifecta:

    — Chase Sapphire Reserve Visa: 3x on broadly defined categories of dining and travel.
    — Chase Ink Business Cash Visa: 5x on office supplies and on internet and phone services, all monthly big ticket items for me. Just got this one last week, including the 50K signup bonus that comes with it.
    — Chase Freedom Unlimited Visa: 1.5x on everything else.

    We shall never again leave a single point on the table… 😉

  8. @Daniel — thanks. I already have preferred and an old ink and am wondering if I can get a new one once I drop under 5/24.

  9. Ben,

    Somehow you always find a way to help your readers understand these rules, which can be daunting or confusing at times. Thank you for always supporting your readers, especially the older flyers!

  10. I will say it again, I was approved for a Chase Ink Business Cash card when I was at 5/24. Perhaps there are extenuating circumstances for some applicants, but because of my experience, if you’re at 5/24, I think it’s worth a try applying for a Chase Ink Business card. Good luck!

  11. How many Chase business cards are they likely to approve? I got the CIP in March and would like to get the SW Business so I can get the companion pass at the beginning of 2019. Would applying for another Chase business card hurt my chances of getting approved for the SW business? I’m 2/24.

  12. Try like I do if they turn u down So What apply @ another . Took years of intense training and proper education to burn the banks .

    CHEERs

  13. Good & helpful post. Thank you. Two quick questions:
    (1) I assume that this principle for the Chase Ink Business cards would also apply to other Chase Business cards like the Southwest Airlines Business Credit Card?
    (2) Have you heard of new rules for the Southwest branded Chase cards that will only allow you to get the bonus once every 4 years?

    Thanks for your help!

  14. @ Daniel — Yep, correct on point one. As far as point two goes, this is what I see for the terms:
    “This new Cardmember bonus offer is not available to either (i) current Cardmembers of this business credit card, or (ii) previous Cardmembers of this business credit card who received a new Cardmember bonus for this business credit card within the last 24 months”

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