Give Yourself the Best Chance of Approval for the Ink Business Preferred!

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If you like Chase Ultimate Rewards points as much as I do, you’re probably interested in the new Ink Business Preferred card from Chase!

The new Chase Ink Business Preferred card comes with 80,000 Chase Ultimate Rewards points after completing minimum spending.  You can get Big Travel with the sign-up bonus by transferring the Chase Ultimate Rewards points to airline & hotel partners!

Chase Ink Business Preferred Approval Tips

Transfer 80,000 Chase Ultimate Rewards Points to United Airlines and Get a Free Trip to Cape Town!

I’ll give you some tips to make sure you have the best possible chance to be approved.

Chase Ink Business Preferred Approval Tips

Link:   Chase Ink Preferred

The Chase Ink Preferred currently has an 80,000 Chase Ultimate Rewards point bonus after you spend $5,000 on purchases in the first 3 months after opening your account.

This is the highest public sign-up bonus I’ve seen for a Chase small business card.  And one of the best sign-up bonuses of any card right now!  It also comes with:

  • 3 Chase Ultimate Rewards points per $1 on the first $150,000 spent in select categories each anniversary year, including travel, cell phone bills, and shipping
  • 1 Chase Ultimate Rewards point per $1 on all other purchases – with no limit to the amount you can earn
  • $95 annual fee
Chase Ink Business Preferred Approval Tips

80,000 Chase Ultimate Rewards Points Is Enough for 3 Nights at the All-Inclusive Hyatt Ziva Cancun!

Lots of folks will be applying for this card.  So I’ll give some Chase Ink Business Preferred approval tips.

1.   Have a Good Credit Score

The Chase Ink Preferred is still a relatively new card.  So there aren’t many data points on what it takes to be accepted yet.  But you can bet it’s similar to the card it’s designed to replace, the Chase Ink Plus (no longer available).

Most folks recommend NOT applying for travel credit cards unless your credit score is above 700 (and I agree!).  There are reports of applicants being approved with credit scores under 700 for the Chase Ink Plus (no longer available), but don’t count on it.  The Chase Ink Preferred is one of the better travel rewards cards out there, so you’ll have the best odds if your score is above 700!

Chase Ink Business Preferred Approval Tips

A Good Credit Score Is the Golden Ticket to Big Travel

But no matter how great your credit score is, Chase always has the final say.  They look at many factors, and can decline you for any reason.  For example:

  • Credit limit across accounts – If you have lots of Chase credit cards, you may have more difficulty being approved for new cards.  That’s because Chase doesn’t want to lend you too much credit
  • Credit utilization – It could make Chase nervous if you currently have large balances on your credit cards
  • Too many recent credit cards (from any bank)

2.   Operate a For-Profit Venture

The Chase Ink Preferred is a small business card.  So you’ll need a small business to get the card.

Don’t lie on your application form!  If you don’t have a small business, you don’t qualify for the Chase Ink Preferred.

However, you may have a small business without realizing it!  You need a for-profit venture to qualify you as a small business.  This could be things like:

  • Babysitting
  • Coaching
  • Freelance writing
  • Selling items on Etsy
  • Tutoring
Chase Ink Business Preferred Approval Tips

You Don’t Need to Earn Millions to Be Considered a Business

To open a small business card like the Chase Ink Preferred, you do NOT need an Employer Identification Number (EIN).  You can apply as a sole proprietorship and use your social security number.

3.   You Must Be Under the Chase “5/24 Rule”

Chase has tightened its application rules.  So if you’ve opened 5 or more credit cards within the past 24 months from ANY bank (excluding certain business cards), it’s likely you will NOT be approved for the Chase Ink Preferred.

If you aren’t sure, checking your Chase “5/24” status is easy!

What Happens If You’re Not Approved?

When you apply for a credit card you’ll instantly get a message from the bank, telling you the application is either approved, declined, or pending.  Here’s what you should do if you aren’t immediately approved!

1.   Wait for a Response From Chase

Wait for the automated system to give you an answer.  Do not call Chase right away.  That way you have more chances at being approved!

Chase’s automated system may still approve you.  If it doesn’t, then you should call Chase and speak to a representative to plead your case.

2.   Call Chase Reconsideration

If the automated system denies you, it’s time to call Chase!

Chase Ink Business Preferred Approval Tips

Application Declined? Call Chase and Ask Them to Reconsider

You can reach Chase small business card reconsideration at 800-453-9719.  A few tips to remember when calling the reconsideration line:

  • Be friendly.  Customer service representatives put up with a lot.  They’ll appreciate kindness.
  • Know WHY you are applying for this card, other than the sign-up bonus.  Know key features of the card that you’ll use.  Do NOT say you just want the sign-up bonus.
  • Ask if you can move some credit from another card to the Chase Ink Preferred, so Chase doesn’t have to lend you more credit.

Bottom Line

The Chase Ink Preferred has one of the best sign-up bonuses right now!  You’ll earn 80,000 Chase Ultimate Rewards points after you spend $5,000 on purchases in the first 3 months of opening your account.

If you want the best odds of being approved for the Chase Ink Preferred, make sure you:

  • Have a credit score above 700
  • Operate a for-profit venture, like consulting or selling items on eBay
  • Are below the Chase “5/24 rule”

Even if you’re doing everything right, Chase can still decline your application for whatever reason they want.  But you can improve your chances!

If your application isn’t immediately approved, you should wait for the automated system to make a decision.  If you’re declined, you should call Chase to be reconsidered.

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Editorial Disclaimer: Neither the responses below nor the editorial content on this page are provided or commissioned by the bank advertisers, and have not been reviewed, approved or otherwise endorsed by the bank advertisers. Opinions expressed here are the author’s alone, not those of the bank advertisers. It is not the bank advertisers’ responsibility to ensure all posts and/or questions are answered.

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6 responses to “Give Yourself the Best Chance of Approval for the Ink Business Preferred!

  1. My wife received an invitation code to apply for this card by 2/20/17. Is a targeted offer by mail with an invitation code a chance to get approved despite being 8/24. We have been checking our Chase branch every month hoping for preapproved offers without luck. Should we try this targeted offer or is a preapproved in branch offer much better chance to override the 5/24 curse.

  2. I already have the Ink Business Platinum card.

    Would I still be able to get a new Ink Business Preferred and get the 80K point bonus?

  3. Can you transfer/combine the points to the account that gets you 1.5x?

  4. Went in Chase branch 10 days ago and was told they don’t do preapproval for ink business preferred. Since I’m way above 5/24 so I had to give up. Didn’t want to risk wasting a hard pull

  5. Very helpful post…helped me to determine how to time my cc applications. Thanks!