Who is eligible for the Chase Ink Business Preferred card
Editor's Note
The Ink Business Preferred® Credit Card is one of the best business credit cards for travel rewards.
It is currently offering a welcome bonus of 90,000 points after you spend $8,000 on purchases in the first three months of account opening. According to TPG's September 2024 valuations, the bonus offer is worth $1,845.
Before filling out and submitting an application, here are some ways to determine if you are eligible to apply for the Ink Business Preferred and earn the welcome bonus.
Ink Business Preferred card details
As a quick reminder, here are the current offer details and a roundup of the card's key perks:
Current welcome offer
The Ink Business Preferred allows new cardholders to earn 90,000 bonus points after spending $8,000 on purchases in the first three months after account opening.
Annual fee
$95
Earning rates
The Ink Business Preferred earns points at the following rates:
- 3 points per dollar on travel, shipping purchases, internet, cable and phone services
- 3 points per dollar on advertising purchases made with social media sites and search engines
- 1 point per dollar on other purchases
Cardholders only earn 3 points per dollar on the first $150,000 spent in combined purchases each year, after which you earn 1 point per dollar.
Key benefits
- Cellphone protection: Receive up to $600 per claim for damage or theft of cellphones. This is limited to three claims in 12 months, and you must pay a $100 deductible per claim.
- Purchase protection: Eligible items damaged or stolen within the first 120 days after purchase are covered up to $10,000 per claim ($50,000 per account).
- Trip cancellation/interruption insurance: Eligible for up to $5,000 of coverage per person for prepaid, nonrefundable travel expenses.
- Trip delay reimbursement: If a covered trip is delayed by a covered hazard for 12 or more hours, you may be eligible for reimbursement, up to $500 per ticket in reasonable expenses.
- Primary car rental coverage: You are covered for theft and damage in the U.S. and most countries around the world. Bear in mind that thefts don't trigger liability coverage, but you are covered up to the actual cash value of the vehicle you're renting.
- Extended warranty protection: Purchases with a U.S manufacturer warranty of three years or less get coverage for an extra year.
Who's eligible to apply for the Ink Business Preferred?
To be eligible for the Ink Business Preferred, you must have a business, which can be a limited liability company, S corporation or partnership; freelancers and sole proprietors are also eligible. In some instances, Chase may require you to provide documentation as proof of your business, as was the case with my application.
It's easier for those with LLCs or other business structures. However, it can be more challenging for freelancers or sole proprietors. You could provide your 1099 tax forms; in my case, I provided my "doing business as" registration, which I obtained from my county's clerk-recorder office.
Related: Who qualifies for a business credit card?
Unlike the personal Sapphire cards from Chase, the Ink Business Preferred does not state any restrictions on who is eligible to earn the welcome bonus. You can also hold different Chase Ink Business cards, such as the Ink Business Cash® Credit Card or Ink Business Unlimited® Credit Card, and still be eligible for the Ink Business Preferred and its welcome bonus.
Data points also show that cardholders can hold multiple Ink Business Preferred cards. For example, some cardholders have one Ink Business Preferred for their LLC, which they have applied for using an employer identification number, and another Ink Business Preferred for their freelance work, which they've applied for using their Social Security number.
Related: How to get a business credit card with just an EIN
Chase's 5/24 rule
Before applying for the Ink Business Preferred Card, consider Chase's infamous 5/24 rule.
Despite meeting the requirements of owning and proving you have a business and possessing a good credit score, your application could be rejected if you have too many credit cards.
If you have opened five or more new credit card accounts (including authorized user accounts and some business accounts) across all issuers in the past two years, Chase is likely to deny your application.
Before applying, look at your cards and even your credit report to ensure you're under the 5/24 rule before you are rejected; the hard inquiry will stay on your credit report for two years.
Related: Chase's 5/24 rule: Everything you need to know
How to apply for the Chase Ink Business Preferred
The Chase business credit card application has several questions, which can be confusing, so let's review how to navigate it.
The first step of the application asks to add your business information. You'll need to have the following details handy:
- Legal name of business
- Business name on card
- Business mailing address
- Business phone
- Type of business
- Tax identification number
- Number of employees
- Annual business revenue/sales
- Years in business
- General industry/category/specific type
The second part of the application is adding your personal information, which is straightforward. Questions include the home address (if the same address has a business, check the box), SSN and gross annual income, which can include income from your business and other sources.
Finally, you'll add any employee cards that you want and agree to the application terms before submitting your application.
Related: How to complete a Chase business credit card application
Bottom line
The Ink Business Preferred is a fantastic travel rewards credit card for business owners, so those who are eligible should consider applying. The card is open to a variety of business owners, including freelancers and sole proprietors.
Be sure to have all your paperwork in case Chase asks for proof. The card's earning categories, low annual fee and ability to earn transferable Ultimate Rewards points make this product an excellent choice for businesses.
To learn more about the card, read our full review of the Ink Business Preferred.
Apply here: Ink Business Preferred® Credit Card — 90,000 bonus points awarded after spending $8,000 in the first three months after account opening.