Experience Getting Approved For The Chase Ink Business Preferred

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Last week I shared how my dad is desperately in need of a credit card makeover. For years I was focused on optimizing the credit card strategies for everyone in my family, though somehow I fell behind in that regard, and I’d say his current credit card portfolio is sup-optimal, even for someone looking for a simple strategy.

Optimizing his Chase Ultimate Rewards cards

I don’t want to overwhelm him too much with these changes, especially since he’ll have quite a few minimum spends to reach. In the previous post I shared what I consider to be “step one” of this strategy, which will help him optimize his Ultimate Rewards points. Currently he has the Chase Sapphire Preferred® CardInk Business Cash℠ Credit Card, and Chase Freedom® Card. My plan to upgrade his current Chase card portfolio is as follows:

When all is said and done he’ll have the perfect set of four Chase cards, in my opinion, as he’ll have the Chase Sapphire Reserve®Ink Business Preferred℠ Credit CardChase Freedom® Card, and Chase Freedom Unlimited®. Between these four cards he’ll be earning:

  • 5x points in rotating quarterly categories (up to $1,500 of spend per quarter)
  • 3x points on dining and travel
  • 3x points on shipping purchases, internet, cable, phone services, and advertising purchases made with social media sites and search engine (on the first $150,000 in combined purchases per cardmember year)
  • 1.5x points on everyday purchases

That’s an amazing return on spend, when you consider that at a minimum all those points can be redeemed for 1.5 cents each towards a travel purchase (that means even base spend is earning a return of 2.25%).

Why he applied for the Ink Business Preferred Card

Let’s briefly talk about why he applied for the Ink Business Preferred℠ Credit Card, which has a reasonable $95 annual fee:

  • This card has the single best sign-up bonus of any card on the market, as it offers 80,000 Ultimate Rewards points after spending $5,000 within three months; I value Ultimate Rewards points at ~1.7 cents each, so to me that return is worth ~$1,360
  • This card offers 3x points on shipping purchases, internet, cable, phone services, and advertising purchases made with social media sites and search engine (on the first $150,000 in combined purchases per cardmember year)
  • The card offers an incredible cell phone protection plan of up to $600 per claim, against covered theft or damage for you and your employees listed on your monthly cell phone bill when you pay it with your Ink Business Preferred Card; you can have a maximum of three claims in a 12 month period, and there’s a $100 deductible per claim

How did the Ink Business Preferred application go?

My dad applied for the Ink Business Preferred℠ Credit Card last Thursday, and got the typical “thank you for your request” message. Instant approvals on Chase business cards are rare, in my experience.

There are two approaches people can take at this point:

  • You can wait for your application to naturally be processed
  • You can phone up Chase and speak to an analyst; I find this can be quite time consuming, as they ask a lot of questions

My dad let the application just go through the usual process. I was worried he might not be automatically approved since his other Chase business card has a really high credit limit (in those cases they’ll sometimes ask you to switch around some credit lines in order to be approved). However, to my surprise, as of yesterday his online account shows the Ink Business Preferred℠ Credit Card that he had applied for, with a credit limit of $15,000. Sweet!

Bottom line

I’m happy that the first step of my dad’s credit card makeover is complete. Next up he’ll be converting the Sapphire Preferred to the Freedom Unlimited, and then he’ll be applying outright for the Sapphire Reserve. At that point he’ll have the best credit card quadfecta out there, in my opinion.

I’m happy (and sort of jealous, since I can’t get the card myself) that my dad got approved for the Ink Business Preferred℠ Credit Card, and that he’ll earn the huge 80,000 point sign-up bonus. The icing on the cake was that he didn’t even have to call, but rather the application just automatically came through within a few days.

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Comments

  1. Lucky, what is the reasoning for not downgrading the sapphire preferred first, and then apply for the ink preferred and reserve on the same day to combine hard inquiries?

  2. @lucky

    if i was to get the Chase Ink Preferred card and then cancel/downgrade my chase sapphire card, would I still have the ability to transfer my UR points from other chase cards like the freedom/unlimited to airline partners and hotel partners?

    thanks

  3. @ Andy — You sure can, since the Ink Business Preferred is part of the “full” Ultimate Rewards program.

  4. @ Brian Radigan — Maybe I’m not up to date on this, but as far as I know Chase won’t apprve people for both cards on the same day, especially if there’s not an instant approval on either card? Maybe I’m wrong on that?

  5. Im trying to understand how ongoing the ink preferred is superior to the ink cash (or ink plus) for your dad. I can see the benefit of the 80,000 UR signup bonus. I can see the benefit for the cell phone protection. However for spend I fail to see how 3x on online advertising, and shipping, cell phones, internet, traveland satellite providers is better than 5x points the ink cash/plus offers on office supply stores(amazon gift cards, shell gift cards, ect), cell phone service (although I do charge our cell phone to the ink preferred my wife has over the ink plus bc of insurance), internet providers, netflix, cable, ect.

    I keep seeing this recommendation of the ink preferred for ongoing spend, and unless you spend a ton on shipping or internet advertising (not many of us non bloggers honestly) then I think the ink cash/plus wins hand down on ONGOING spend.

    I guess you skipped the part where he is keeping his ink cash in this blog post, because on rereading you list the ink business cash as a card first, and do not mention canceling it later?

  6. @Lucky yea you could be right, and I would agree it is better to play it safe if you don’t get an instant approval. I don’t have anecdotal experience with Ink Preferred and Reserve applications on the same day, but I do want to mention, my mom and dad both have had success applying for the Ink Preferred and Hyatt card on the same day. They were both instantly approved for both cards. My dad just did this on Sunday and my Mom had done it in November, so I can confirm that scenario works.

  7. @RabbMD It makes sense for the average person to downgrade to the Ink Cash in the second year because of the 5% back on the categories you mentioned. For my family, my mom will keep the Ink Preferred to pay the cell phone bills to get the phone insurance, and my dad will downgrade his Ink Preferred to the Ink Cash to get the 5% on cable and internet bills.

    In terms of the Ink Cash creating opportunities for 5% on gift cards at office stores; 1. There are a plethora of other opportunities for getting gift cards at 5x with other cards (Freedom Apple pay Q1, Freedom Supermarkets Q2, AMEX Everyday Preferred 4.5x Supermarkets) and also Lucky is going to promote credit card behavior that could potentially get your accounts with Chase closed for misuse.

  8. @Brian… i agree that the ink cash is beneficial. I just think for the average person the ink cash is way more beneficial than the ink preferred. I fail to see how 3x ur points on shipping and internet advertising the cash ink preferred ofders is more beneficial than the ink cash 5x broader catagories.

  9. @rabbmd I concur, if I personally were getting these cards, I would go Ink Preferred sign up bonus, and then downgrade to Ink Cash in the second year for the no annual fee, and 5x in phone/internet/cable and office stores. I also didn’t realize Ink Cash earns 2x at gas and restaurants, so that could very useful as well.

  10. Benjamin, you CAN get this card yourself, you just have to apply through BRM (business relationship manager). I was about 20/24 when I was approved PLUS you get 100,000 points instead. I’d give the name of mine but alas, he seems to be no longer be working for Chase.

  11. Wouldn’t he have been better off applying through a BRM (business relationship manager) at a Chase branch with a paper application?

    That way he gets 100,000 Ultimate Rewards points instead of 80,000?

    Plus it doesn’t count against Chase’s 5/24 rule?????

  12. I’m glad your dad got easily approved. I have not had that experience with Chase wanting more and more documentation despite me having a legitimate registered LLC. They won’t accept a property tax bill from the local government but insist on a utility bill. All this after faxing them the articles of organization for the business. I’m about ready to cancel all of my Chase products. Very irritating!

  13. Lucky (and all):
    Question for you: I need to buy tickets on Jet Blue for a group that will cost about $6000. I do not have a JetBlue Plus card, so I was thinking of getting that, as I am at 5/24 so I can’t get a Chase personal card. Seeking opinions from the group – should I instead perhaps do a Chase Ink Biz Preferred card?

    @ Peter – I think the business cards do not count against, nor are the precluded by, 5/24.

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