The Chase Ink Preferred offers one of the most valuable signup bonuses out there right now: 80,000 Ultimate Rewards points for $5,000 in spending in the first three months. There is a $95 annual fee that is not waived the first year, but who cares?! Those 80,000 points are worth $1,000 in travel if booked directly through Ultimate Rewards. They can easily be worth more than $1,500 toward travel if transferred strategically to airline and hotel programs.
The card also offers 3 UR points per dollar spend on travel, shipping purchases, advertising purchases made with search engines and social media sites and on internet, cable and cellphone services.
Now the caveat, and it’s a relatively big one: the Ink is a business credit card. You need a business for a business credit card. But here’s the thing: a ton of things count as “businesses” for the purposes of obtaining a business credit card. Do you sell items on Amazon or eBay? Do you do any consulting work? Are you an Airbnb host? Well, then you can apply!
Just be honest on the application. If you sell items on eBay and only made $200 last year, put that down in the income section. If your credit score is above a 700, it’s very likely you will be approved.
Now this part is important: when you apply, unless you do have a have a registered business, select sole proprietor where it asks what kind of business you own and then enter your social security number as your tax ID/EIN. Also important: just put your name down as the business. I’ve read some reports of people running into trouble when their business name doesn’t match their real name. So just keep it simple and just put your name down in both sections.
You will very likely not get approved instantly for this card. That’s fine. Just wait a couple weeks and the card will likely wind up in your mailbox. If you do get a rejection letter, don’t fret, often this can just be because Chase wants to speak with you to verify your identity. So if you do get rejected, call their business card reconsideration line at 800-453-9719.
The $5,000 spend in 3 months for the bonus can be tough to pull and I haven’t done a post yet on ways to “manufacture” spend so if anyone needs a few ideas, just shoot me an email at email@example.com.
Apply for the Chase Ink Preferred here.