UPDATE – LIMITED TIME OFFER IS BACK
Chase is offering a sign-up bonus of 60,000 Ultimate Rewards points on the Ink Bold and Ink Plus cards after spending $5,000 within three months. While the annual fee is a reasonable $95, it’s waived the first year. The normal sign-up bonus on the card is 50,000 points, and I consider that to be the best sign-up bonus out there to begin with, so this is a spectacular bonus, the highest we’ve ever publicly seen on the card. I’ve received lots of questions about the cards, so I figured I’d answer some of the most frequently asked ones here.
Which card is easier to get approved for — the Ink Bold or Ink Plus?
The Ink Bold is a charge card, which means the balance has to be paid off in full each month. Meanwhile the Ink Plus is a credit card, meaning you can finance charges over time. That means in theory the Ink Bold should be easier to be approved for, given that it’s lower risk to Chase (since you can’t finance charges).
What other cards should I apply for at the same time as the Ink Bold/Plus?
If you’re going to apply for multiple cards it usually makes sense to do so on the same day, as the impact of the credit inquiry (which is only a couple of points) on your credit score is usually delayed a bit. As a result, here are a few other cards I’d consider applying for at the same time as the Ink Bold/Plus:
- Chase Sapphire Preferred® Card — This is a pretty obvious companion to the Chase Ink Bold/Plus. With a 40,000 point sign-up bonus (plus an additional 5,000 Ultimate Rewards points when you add an authorized user to the card that makes a purchase within three months.), you’re looking at well over 100,000 points between applying for this and the Chase Ink Bold or Chase Ink Plus card once minimum spend is factored in. The card also accrues double points on all dining and travel, so is a great complement.
- The Enhanced Business Gold Rewards Card® from American Express OPEN — This is still a very good sign-up bonus, and anecdotally I find it to be one of the easiest business credit cards to get approved for.
- Citi® Platinum Select® / AAdvantage® World MasterCard® — Sadly the days of 50,000 mile sign-up bonuses on Citi AAdvantage credit cards is dead, but 40,000 miles is nothing to sneeze at.
- The Lufthansa Premier Miles & More World MasterCard® — This is yet another limited time sign-up offer, for a total of 50,000 miles after spending $5,000 within 90 days. If used strategically these miles can be very valuable.
- Barclaycard Arrival Plus™ World Elite MasterCard® — This is a travel rewards cash back credit card, and the sign-up bonus earned after spending $1,000 within 90 days essentially earns you $440 in travel “credit,” which is a great offer.
- Alaska Airlines Signature Visa Card — Currently they’re offering a 30,000 mile sign-up bonus, and given the fact that you earn the miles upon account activation, that’s a pretty great deal.
For more ideas for cards to sign-up for, check out my my post on the 10 best credit card offers for June.
Do I need to have a tax ID in order to apply?
Nope, you don’t have to have a company with a tax ID to apply. Any business (even a side business) would make you eligible. As far as the application goes, for the legal name of the business, put whatever you’d like, whether that be your name or something else. For the tax ID just put your social security number. Be honest about the type of business, income, etc. They’re not typically opposed to giving credit to start ups or businesses with limited income.
I have one/two/free/four/five Chase personal credit cards — will I be approved for a Chase business card?
Whether you have one, two, three, four, or more Chase personal cards, keep in mind that Chase processes business applications separately. So while everyone’s individual situation varies (income, credit score, number of open accounts, credit utilization, etc.), it’s very possible to be approved for a Chase business card even if they won’t necessarily approve you for another personal card.
I already have the Ink Bold — can I be approved for the Ink Plus as well (or vice versa)?
Yep, it’s possibly to have both of these cards at the same time, and even earn the sign-up bonus on both cards. It’s worth noting that in November 2011 Chase rebranded the Ink Bold card, and completely changed up the benefits. As a result if you have the previous version of the card you can be approved for the new one since it’s considered a new product, and you’d even be eligible for the sign-up bonus. I’ve applied for the only Chase Ink Bold, the new Chase Ink Bold, and the Chase Ink Plus.
Is it possible to be approved for both the Ink Bold and Ink Plus at the same time?
Typically no. It makes sense to wait 30 days between Chase business applications. Some may have luck being approved sooner, though the vast majority of data points suggest getting approved for more than one Chase business application within a month isn’t possible.
I applied for the Ink Bold/Plus in the past. Can I be matched for the higher offer?
It appears as if Chase will match the better offer for those that have applied in the past ~90 or so days. At least that seems to be the case for those that have shared their experiences with me. So that’s great news for anyone that signed up for the card recently.
If anyone has any other questions I didn’t cover above, let me know in the comments section and I’ll do what I can to help!