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To celebrate national small business week Chase is offering a limited time sign-up bonus of 60,000 Ultimate Rewards points on the Ink Bold® Business Charge Card and Ink Plus® Business Credit Card after spending $5,000 within three months.
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, especially given the otherwise reasonable $95 annual fee is waived the first year. I’ve received lots of questions about the cards, so I figured I’d answer some of them here.
What if I already have a Chase card?
One of the things I really appreciate about Chase is they don’t preclude you from getting the sign up bonus on a new card if you already have another Chase product. This makes it possible to accrue points more quickly, given you can split your spending across various cards (due to bonus categories, card benefits, etc.).
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.
So if you already have another Ultimate Rewards-earning card like the Chase Sapphire Preferred® Card, you should have no problem adding either of the Ink cards and receiving the sign up bonus, assuming you’re otherwise eligible..
Wait, I had an Ink Bold/Ink Plus a while back, but I’m sure it was a Mastercard. Why does the application say this is for a Visa card?
This means the ancillary benefits of the cards are slightly different than they’ve been in the past, as things like rental car coverage are now covered under the Visa umbrella rather than Mastercard.
It also means that if you’ve had either card in the past you may still be eligible for one of these cards, as the Visa versions of the both cards are considered a new product.
The Ink Bold® Business Charge Card is a charge card, which means the balance has to be paid off in full each month. Meanwhile the Ink Plus® Business Credit Card is a credit card. This means you can finance charges over time.
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).
In practice, however, it really shouldn’t make a big difference unless you have a lot of cards with Chase. In some cases they may suggest moving credit line from another one of their cards so they limit their overall exposure.
These are small business cards – do I need to have a tax ID in order to apply?
You don’t have to have a company with a tax ID to apply. Any business — even a sole proprietorship — would make you eligible. If you’re a sole proprietorship without a tax ID then you’d just put your social security number in that field.
I know many people that have been approved for the card with start-ups and limited business income. Just be honest about the type of business, income, etc.
As I mentioned above, these are both business credit cards, so this can be a bit complicated.
If you apply for either card using your EIN, then your personal credit will take an initial hit when the application is processed, though long-term neither card will be considered on your personal credit report. You will see the inquiry listed, but the ongoing spend and utilization won’t typically be factored in to your overall personal credit profile.
So if you’re still trying to build up your personal credit keep in mind that you won’t necessarily get “kudos” for positive behavior on your business credit cards.
Yep, it’s possible to have both of these cards at the same time, and even earn the sign-up bonus on both cards. However, I wouldn’t recommend applying for both at the same time.
It typically 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.
Even though the annual fee is waived the first year, I’d still prefer a no-annual fee card. What are the alternatives?
In that case you’ll want to look at the Ink Cash® Business Card, which is the no annual fee version of the Ink Plus and Ink Bold. They’ve increased the sign-up bonus on that card by 50%, from $200 to $300 after spending $3,000 within three months, and I think it’s the best no-annual-fee small business credit card.
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!