Who can qualify for the Chase Ink Business Preferred card?

The Ink Business Preferred® Credit Card stands out as one of the top business credit cards for travel rewards.

Currently, there's a welcome bonus of 90,000 points available after you spend $8,000 within the first three months of opening your account. Based on TPG's September 2024 valuations, this bonus is valued at $1,845.

Before you complete your application, here are some methods to check if you’re eligible for the Ink Business Preferred and to earn the welcome bonus.

Details about the Ink Business Preferred card

Here's a quick recap of the current offer details and a summary of the card's main benefits:

Current welcome promotion

With the Ink Business Preferred, new cardholders can earn 90,000 bonus points after spending $8,000 within the first three months of opening their account.

Yearly fee

$95

Point earning rates

The Ink Business Preferred offers points at the following rates:

• 3 points for every dollar spent on travel, shipping, internet, cable, and phone services
• 3 points for every dollar spent on advertising through social media and search engines
• 1 point for every dollar on other purchases

Cardholders can earn 3 points per dollar on the first $150,000 spent in total purchases each year; after that, the rate drops to 1 point per dollar.

Important benefits

• Cellphone protection: Claim up to $600 for damage or theft of cellphones, limited to three claims in 12 months, with a $100 deductible per claim.
• Purchase protection: Covers eligible items that are damaged or stolen within 120 days of purchase, up to $10,000 per claim ($50,000 total per account).
• Trip cancellation/interruption insurance: Offers coverage up to $5,000 per person for prepaid, nonrefundable travel costs.
• Trip delay reimbursement: If a covered trip is delayed for over 12 hours due to a qualifying reason, you may receive reimbursement for reasonable expenses, up to $500 per ticket.
• Primary car rental coverage: Provides coverage for theft and damage in the U.S. and most other countries, though thefts don't activate liability coverage; you are covered up to the actual cash value of the rental vehicle.
• Extended warranty protection: Adds an extra year of coverage for purchases with a U.S. manufacturer warranty of three years or less.

Who can apply for the Ink Business Preferred?

To qualify for the Ink Business Preferred, you must operate a business, which could be a limited liability company, S corporation, or partnership; freelancers and sole proprietors are also eligible. In some cases, Chase may ask for documentation to verify your business, as happened with my application.

For those with LLCs or other business setups, things are simpler. Freelancers or sole proprietors might find it trickier. I shared my 1099 tax forms, and in my case, I presented my "doing business as" registration from my county's clerk-recorder office.

The Ink Business Preferred differs from Chase's personal Sapphire cards, as it doesn't specify any restrictions on who can earn the welcome bonus. You can also possess various Chase Ink Business cards, like the Ink Business Cash® Credit Card or Ink Business Unlimited® Credit Card, while still qualifying for the Ink Business Preferred's welcome bonus.

Data suggests that cardholders can own multiple Ink Business Preferred cards. For instance, some have one for their LLC, applying with an employer identification number, and another for freelance work, using their Social Security number.

Chase's 5/24 rule

Prior to submitting your application for the Ink Business Preferred Card, take note of Chase's well-known 5/24 rule.

Even if you can demonstrate ownership of a business and have a good credit score, your application may still be declined if you possess too many credit cards.

If you've opened five or more new credit card accounts (including authorized user accounts and certain business accounts) with any issuer in the last two years, your application is likely to be rejected by Chase.

Before you apply, review your credit cards and your credit report to confirm you comply with the 5/24 rule; remember, any hard inquiry will affect your credit report for two years.

How to submit an application for the Chase Ink Business Preferred

The application for the Chase business credit card features multiple questions that may be puzzling, so let’s explore how to navigate through them.

The first part of the application requests your business information. Make sure you have the following details ready:

• Legal name of your business
• Name to be displayed on the card
• Mailing address for the business
• Contact number for the business
• Type of business entity
• Tax identification number
• Total number of employees
• Annual revenue or sales
• Years of operation
• Industry category or specific type

The second section of the application involves entering your personal information, which is quite simple. You’ll need to provide your home address (check the box if it’s the same as your business address), your Social Security Number (SSN), and your gross annual income, which can encompass earnings from both your business and other sources.

Next, you can request any employee cards you want and agree to the terms of the application before you submit it.

Key takeaways

The Ink Business Preferred is an excellent travel rewards credit card tailored for business owners, so eligible individuals should think about applying. The card caters to a wide range of business owners, including freelancers and sole proprietors.

Make sure to gather all your documentation in case Chase requests verification. With its attractive earning categories, low annual fee, and the opportunity to earn transferable Ultimate Rewards points, this card is a superb option for businesses.

To discover more about the card, take a look at our in-depth review of the Ink Business Preferred.