Who qualifies for the Chase Ink Business Preferred Card?

The Ink Business Preferred® Credit Card is one of the best business credit cards for travel rewards.

It’s currently offering a welcome bonus of 120,000 points after you spend $8,000 on purchases in the first three months of account opening. According to TPG’s August 2024 estimates, the bonus offer is worth $2,460.

Before you fill out and submit an application, here are a few ways to determine if you’re eligible to apply for Preferred Ink Business and earn the welcome bonus.

Favorite ink business card details

As a quick reminder, here are the current offer details and a summary of the card’s key benefits:

Current welcome offer

The Ink Business Preferred allows new cardholders to earn 120,000 bonus points after spending $8,000 on purchases in the first three months of account opening.

Annual tax

95 dollars

Profit rates

Ink Business Preferred earns points at the following rates:

• 3 points per dollar on travel, transportation purchases, internet, cable and phone services
• 3 points per dollar on ad purchases made with social media sites and search engines
• 1 point per dollar on other purchases

Cardholders earn just 3 points per dollar on the first $150,000 spent on combined purchases each year, after which you earn 1 point per dollar.

Main benefits

• Cell phone protection: Get up to $600 per claim for cell phone damage or theft. 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 of purchase are covered up to $10,000 per claim ($50,000 per account).
• Travel cancellation/interruption insurance: Eligible for up to $5,000 in coverage per person for prepaid, non-refundable travel expenses.
• Reimbursement of travel delay: If a covered trip is delayed by a covered peril for 12 or more hours, you may be entitled to a refund, up to $500 per ticket with reasonable expenses.
• Primary car rental coverage: You are covered for theft and damage in the US and most countries around the world. Keep in mind that theft does not trigger liability coverage, but you are covered up to the actual cash value of the rental vehicle.
• Extended Warranty Protection: Purchases with a US manufacturer warranty of three years or less receive an additional year of coverage.

Who is eligible to apply for Preferred Paint Business?

To qualify for 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 cases, Chase may ask 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 can provide your 1099 tax forms; in my case, I provided my “doing business as” registration, which I obtained from my county clerk’s 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 carry different Chase Ink business cards, such as the Ink Business Cash® Credit Card or the Ink Business Unlimited® Credit Card, and still be eligible for the Ink Business Preferred and its welcome bonus.

The data points also indicate that cardholders may carry some preferred ink business cards. For example, some cardholders have an Ink Business Preferred for their LLC, which they applied for using an employer identification number, and another Ink Business Preferred for their freelance work, which they applied for using use their Social Security number.

Related: How to get a business credit card with just an EIN

Chase rule 5/24

Before you apply for the Preferred Business Ink Card, consider Chase’s infamous 5/24 rule.

Despite meeting the requirements to own and prove that you have a business and have a good credit score, your application may be rejected if you have too many credit cards.

If you’ve 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 will likely decline your application.

Before you apply, look at your cards and even your credit report to make sure you’re under the 5/24 rule before you get turned down; The hard inquiry will stay on your credit report for two years.

Related: Chase’s 5/24 Rule: Everything You Need to Know

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The Ink Business Preferred is a fantastic travel rewards credit card for business owners, so those who qualify should consider applying. The card is open to a variety of business owners, including freelancers and sole proprietors.

Make sure you have all your documents 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 a great choice for businesses.

To learn more about the card, read our full Ink Business Preferred review.

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Apply here: Paint business preferred

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