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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!
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
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
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!
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.
- Freelance writing
- Selling items on Etsy
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!
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.
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.