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In May Chase introduced a new Ink Business Card, meaning they now have three cards in that “family,” including the Ink Business UnlimitedSM Credit Card, Ink Business Cash℠ Credit Card, and Ink Business Preferred℠ Credit Card. The best part about Chase’s portfolio of Ink Cards is that the three cards are complements rather than substitutes, so you can really maximize your rewards by having all three.
I’ve gotten some questions from readers about the best way to go about acquiring all three of those cards, so wanted to share how I’d approach it in this post.
Chase Ink Card basics
Here are the basic details of Chase’s three Ink Cards:
3% of each transaction in U.S. dollars.
• 1.5x points per dollar spent
3% of each transaction in U.S. dollars.
• 5x points on the first $25,000 of combined purchases per cardmember year on office supply stores, internet, cable TV, mobile phones, and landlines
• 2x points on the first $25,000 of combined purchases per cardmember year on restaurants and gas stations
• 1x on all other card purchases
• 3x points on the first $150,000 of combined purchases per cardmember year on travel, shipping purchases, internet, cable, phone services, and advertising purchases made with social media sites and search engines
• 1x on all other card purchases
How much are Chase Ink points worth?
Assuming you have the Ink Business Preferred℠ Credit Card, then all the points you earn on these three cards could be redeemed in one of two ways.
One option is that they could be redeemed for 1.25 cents each towards the cost of a travel purchase. If you have the Chase Sapphire Reserve® Card, then all the points you earn could be redeemed for 1.5 cents each towards the cost of a travel purchase.
The second choice is that you can convert these points into airline miles or hotel points, using one of the Ultimate Rewards transfer partners, which are as follows:
|Aer Lingus Aer Club||IHG Rewards Club|
|Air France KLM Flying Blue||Marriott Rewards|
|British Airways Executive Club||Ritz-Carlton Rewards|
|Iberia Plus||World Of Hyatt|
|Korean Air SkyPass|
|Southwest Airlines Rapid Rewards|
|Virgin Atlantic Flying Club|
What are the restrictions on applying for Chase business cards?
Before we talk about the specific strategy that’s best for applying for these cards, here are some general things to be aware of:
- There’s no hard limit on how many Chase credit cards you can be approved for, but rather there’s often a maximum amount of credit they’re willing to extend you, in which case you may be asked to switch around your credit limits on some cards in order to facilitate an approval
- You can typically be approved for at most two Chase credit cards in 30 days, though there are some inconsistencies when it comes to that; that means you could apply for two credit cards the same day if you want (assuming you haven’t applied for other Chase cards in the past 30 days), or you could space them out
- You won’t be approved for most Chase business credit cards if you’ve opened five or more new card accounts in the past 24 months; the good news is that when you’re approved for a Chase business credit card, that application shouldn’t count towards the 5/24 limit, given that it won’t show up on your personal credit report
- You can have each of the three different Ink Cards, so if you have the Ink Business Preferred you’re still eligible for the Ink Business Cash and Ink Business Unlimited
How can you get approved for all three Chase Ink Cards?
If your goal is to be approved for all three Ink Cards, your best strategy is to apply for two cards on the same day (or a few days apart, if you prefer), and then wait a bit over 30 days before applying for the third card. So you’ll have to decide which two cards to apply for first.
If it were me, I’d definitely recommend making the Ink Business Preferred℠ Credit Card one of the first cards you apply for. The card has a welcome bonus of 80,000 Ultimate Rewards points upon completing minimum spend, which is huge, and which I consider to be the best welcome bonus of any credit card at the moment. Further, the card has great bonus categories, an excellent cell phone protection plan, and having that card lets you transfer all your points to airline and hotel partners.
Then you have to decide whether the Ink Business UnlimitedSM Credit Card or Ink Business Cash℠ Credit Card is a better option for you as the second card to apply for. If it were me, I’d probably apply for the Ink Business Unlimited, given that it offers 1.5x points on all purchases, so nicely balances the 3x points categories on the Ink Business Preferred.
After applying same day, you just wait a bit over a month (or however long you need to in order to be able to complete all the minimum spend), and then once all is said and done, you’ll have the best business credit card portfolio imaginable.
I’d note that while this is how it’s supposed to work, Chase also sometimes has limits on how much credit they’ll give someone, so it’s totally possible that they’ll approve you for two of these, but not the third. Everyone’s situation will vary.
How should you fill out a Chase business credit card application?
Those who already have business credit cards are probably familiar with the application process, but for those who aren’t, here’s what you need to know. It can be intimidating to apply for your first business credit card, though even if you’re a small business or sole proprietorship, you should be eligible. When applying for a Chase business card, you’ll be asked the following questions, in addition to the typical personal questions about your income, Social Security Number, etc.:
- Legal name of business
- Business mailing address & phone number
- Type of business
- Tax identification number
- Number of employees
- Annual business revenue/sales
- Years in business
If you’re a sole proprietorship, how should you approach this? First of all, and most importantly, answer everything truthfully. I think the concern that a lot of people have is that they think they need an incorporated business, a separate office, etc., in order to be considered for a business card. That’s not the case:
- You can use your name as the legal name of your business
- The business mailing address and phone number can be the same as your personal address and phone number
- If you’re a sole proprietorship, you can select that as your type of business
- For the tax identification number, you can put your social security number
- For number of employees, saying just one is perfectly fine
- For your annual business revenue, there’s nothing with saying zero, or whatver the amount is
- For years in business, there’s no shame in saying that it’s new, that it has been 1-2 years, etc.
While a lot of people are intimidated by applying for their first business card, I think most are pleasantly surprised by the results. Again, the most important thing is to always be truthful on the application.
Having the Ink Business UnlimitedSM Credit Card, Ink Business Cash℠ Credit Card, and Ink Business Preferred℠ Credit Card, is an incredible card combination. Not only do the cards offer collective welcome bonuses of 180,000 points, but they can hugely help you maximize your return on everyday spend thanks to the great bonus categories they offer. The Ink Preferred even has a great cell phone protection plan.
Getting all three of these cards is very possible, and I recently outlined how my dad recently got all three. I already have the Ink Cash, and hope to get the Ink Unlimited and Ink Preferred in the coming months.
Does anyone else have all three of the Ink Cards? If so, how did you get them?